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Elliott takes $1 billion stake in Phillips 66, seeks board seats

Investing.com -- Elliott Investment Management has taken a position worth $1 billion in Phillips 66 (NYSE:PSX) and is looking to appoint two members to the crude refiner's board, according to a letter from the activist investor on Wednesday.

Shares in Phillips jumped in premarket U.S. trading following the news.

In the letter, Elliott argued that Phillips must take "several steps to reassure investors" after the company has continued to underperform rivals Marathon Petroleum (NYSE:MPC) and Valero "over the past three years."

"[T]he [Phillips] management team deserve[s] investor support so long as they demonstrate meaningful progress against these targets. At the same time, we find the market's skepticism to be understandable," Elliott said.

In particular, Elliott highlighted what it described as "inefficiency" at Phillips' refining business, accusing the firm's leadership of "taking its 'eye off the ball.'" Elliott added that operating expenses at the division had "ballooned" in recent years.

Phillips did not immediately respond to a request for comment, Reuters reported.

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