Elliott's $1 Billion Stake in Phillips 66 Sparks Board Seat Bid

Elliott Management has acquired a $1 billion stake in Phillips 66 and plans to seek up to two board seats, citing the company's underperformance compared to competitors Marathon Petroleum and Valero. The activist investor claims that Phillips 66's focus shift away from its refining segment has led to declining performance and increased operating expenses, causing investor confidence to waver. Phillips 66 stock rose 4.6% following the news.