Activist investor Elliott Investment Management has acquired a stake worth over $2.5 billion in U.S. oil refiner Phillips 66 and is set to advocate for significant operational changes to enhance the company’s stock value, according to a report by the Wall Street Journal on Monday.
Elliott is expected to push Phillips 66 to sell or spin off its substantial midstream business as part of a broader strategy to simplify the company’s structure. The activist firm aims to implement several changes to improve operational efficiency and boost shareholder returns.
This move follows Elliott’s involvement with Phillips 66 last year, when the firm accepted the company’s performance improvement plan designed to increase shareholder value after it disclosed a $1 billion stake in the refiner.
Neither Elliott Investment Management nor Phillips 66 has responded to requests for comment on the matter.
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