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Elliott Investment Management said on Thursday that Phillips 66's stock price could nearly double to $200 if the oil refiner sells or spins off its midstream business and puts more focus on refining and enhances oversight.
Activist investor Elliott Investment Management disclosed the names of its four nominees to join Phillips 66' board of directors, in a move that comes shortly after it sued the oil refiner and its board for seat changes.
Highlights Plan to Improve Performance, Strengthen Accountability and Increase Shareholder Value Identifies Slate of Four Highly Qualified Independent Director Candidates with Decades of Experience in Refining, Midstream Operations and Corporate Governance More Information at Streamline66.com WEST PALM BEACH, Fla. , April 3, 2025 /PRNewswire/ -- Elliott Investment Management L.P.
The latest trading day saw Phillips 66 (PSX) settling at $124.06, representing a -0.23% change from its previous close.
The recovery in the refining sector is under way after the first closure of 2025 and unexpected downtime at competitor PBF's Martinez refinery. Closure announcements in the European petrochemical industry are occurring at a rapid rate as companies exit the structurally disadvantaged market. Phillips 66's chemicals business is positioned to benefit through margin expansion and increased market share following the industry decline in Europe.
HOUSTON--(BUSINESS WIRE)--Phillips 66 announced today the completion of its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP.
HOUSTON--(BUSINESS WIRE)--Phillips 66 executive management will host a webcast on Friday, April. 25, 2025, to discuss the company's first-quarter 2025 financial results.
Phillips 66's independent director, Bob Pease, defended the company's performance and criticized Elliott Investment Management on Friday, as a boardroom battle between the U.S. refiner and the activist investor intensified.
HOUSTON--(BUSINESS WIRE)--Phillips 66 today released a letter from Independent Director Bob Pease to the Company's shareholders.
Goldman Sachs analyst Neil Mehta revised the rating and updated estimates on Thursday for several major American oil companies.