Activist investor Elliott Investment Management has taken a significant stake in Phillips 66, aiming to sell or spin off its midstream business valued at over $2.5 billion. Elliott plans to push the company for changes aimed at simplifying operations and addressing concerns about board transformation, following what it sees as a failure to meet previous commitments on this front.
Source: https://www.bloomberg.com/news/articles/2025-02-11/investor-elliot-builds-2-5-billion-plus-stake-in-phillips-66