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HOUSTON--(BUSINESS WIRE)--Phillips 66 Announces Quarterly Dividend.
The shares of energy giants BP plc (NYSE:BP) and Phillips 66 (NYSE:PSX) are moving in opposite directions this morning.
Elliott Investment Management said on Tuesday it has built a stake of more than $2.5 billion in U.S. refiner Phillips 66 , and plans to push for operational changes as well as the sale of the company's midstream business.
PSX aims to significantly lower refining costs over the next two years, driven by the Los Angeles Refinery shutdown and strategic efficiency improvements.
Highlights Need to Streamline Portfolio, Improve Operating Performance and Enhance Oversight Discloses a More Than $2.5 Billion Position Full Letter and Presentation Available at Streamline66.com WEST PALM BEACH, Fla. , Feb. 11, 2025 /PRNewswire/ -- Elliott Investment Management L.P.
CNBC's Andrew Ross Sorkin reports on the latest news.
Refiner Phillips 66 is the latest target of activist investor Elliott Management that is aggressively pursuing companies in the energy space.
Activist Elliott Investment Management has built an over $2.5 billion stake in Phillips 66 and plans to push the oil refiner to consider operational changes to boost its stock price, the Wall Street Journal reported on Monday.
I believe we're at a turning point for cyclical stocks, with improving indicators and global growth signaling potential outperformance in industrials, energy, and transportation. I'm positioning my portfolio for this shift, adding to railroads, machinery, and energy stocks. I'm confident these sectors will see strong returns and accelerating dividend growth. Of course, risks remain - geopolitical tensions, inflation, or economic slowdowns could derail this trend. But for now, the risk/reward looks favorable.
Dublin, Feb. 04, 2025 (GLOBE NEWSWIRE) -- The "Enterprise Tech Ecosystem Series: Phillips 66 2024" report has been added to ResearchAndMarkets.com's offering.