Chevron Tells Phillips 66 It’s Interested in CPChem Stake (2)

Chevron Corp. has notified Phillips 66 of its interest in buying out the refiner’s 50% interest in their chemicals joint venture, Chief Executive Officer Mike Wirth said on a call with analysts.

Chevron would purchase the stake “at a reasonable value for both parties,” Wirth said on the call Friday.

Chevron Phillips Chemical is a 50-50 joint venture between the two companies. Activist investor Elliott Investment Management has been pushing Phillips 66 to weigh selling the stake as part of a proxy fight that’s coming to a head at a shareholder vote later this month.

Elliott said in materials earlier ...