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Investing.com -- Elliott Investment Management, controlled by billionaire Paul Singer, is seeking board positions at Phillips 66 (NYSE:PSX), an oil refining company. The move is part of Elliott’s push for the company to divest or spin off its pipeline operations.
Phillips 66 announced on Wednesday that it had received a notice from Elliott. The activist investor stated its intention to nominate candidates for the board at the company’s annual meeting. Additionally, Elliott requested that the board hold annual elections for directors. The board of Phillips 66 has stated that it will review this notice.
Elliott Investment Management has been advocating for changes at Phillips 66 since 2023. Earlier this month, Elliott revealed that it is now among the top five investors in Phillips 66. The fund believes that the company has not delivered on its commitments to enhance operations. Elliott’s goal is for Phillips 66 to simplify its business and set more ambitious refining objectives.
Elliott has proposed that by divesting its pipeline division, Phillips 66 could achieve a premium valuation exceeding $40 billion. Concurrently, Phillips 66 has been executing a multi-year cost-cutting initiative. This initiative targets $3 billion in asset sales, a move influenced by pressure from Elliott.
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