Elliott engaged Phillips 66 in November 2023, calling for a series of improvements. The activist has since grown its position and stepped up its efforts.

Elliott called the vote a clear mandate for change. “Today’s vote sends a clear message: Shareholders demand meaningful change at Phillips 66,” Elliott said in a prepared statement.

The Phillips 66 board and leadership team has sought to engage constructively with Elliott, but Elliott’s thesis relies on market timing and commodity cycles, which are highly volatile.” ...

Phillips 66 said Elliott Investment Management should end its drive to break up the company, because the activist investor is conflicted by an effort to acquire one of the its rivals.

Phillips 66, since Elliott’s campaign began in 2023, has shown little desire to become the kind of company Elliott wants. The refiner announced a $2.2 billion acquisition of natural gas pipeline ...

A general view of the Phillips 66 refinery, as seen from Lone Tree Point on the San Francisco Bay Trail in Rodeo, California, the oldest oil refining town in the American West, U.S. December 14, 2022.

Elliott last month disclosed a stake of more than $2.5 billion in Phillips 66, saying in a letter at the time that there was an urgent need for the Houston-based company to “pursue an ...

Activist investor Elliott Investment Management LP has built up a more than $2.5 billion stake in Phillips 66, and is looking for the oil company to either sell or spin off its midstream unit to ...