Elliott Has $1 Billion Phillips 66 Stake, Seeks Board Seats (3)

Activist investor Elliott Investment Management LP has amassed a $1 billion stake in Phillips 66 and is pushing for two board seats to improve the performance of its refineries and boost its stock price.

Elliott sent a letter to the Houston-based oil refiner’s board saying it sees an opportunity to increase Phillips 66’s stock price by about 75% by improving execution, restoring trust with investors and other measures, according to a statement Wednesday. Elliott didn’t call for ousting Phillips 66 Chief Executive Officer Mark Lashier.

“Mr. Lashier and the rest of the management team deserve investor support so long ...