Elliott Management Pushes Phillips 66 for Midstream Business Spin-Off

The activist investor has increased its stake in the oil refiner to $2.5 billion, advocating for structural changes to boost shareholder value.

Elliott Investment Management has built a $2.5 billion stake in Phillips 66, making it one of the company's top five shareholders.
The hedge fund is urging Phillips 66 to sell or spin off its midstream business, which it values at over $40 billion, to simplify operations and unlock value.
Elliott also recommends divesting non-core assets, including CPChem and European retail operations, while refocusing on the company's core refining business.
Phillips 66 shares rose 4-7% on news of Elliott's involvement, though the stock has declined over 14% in the past year.
The investor is calling for new independent directors on Phillips 66's board to ensure accountability and drive operational improvements.