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Elliott builds more than $2.5B stake in Phillips 66, wants it to sell or spin off midstream unit

By MICHELLE CHAPMAN - Feb 11, 2025, 10:58 AM ET
Last Updated - Feb 11, 2025, 10:58 AM EST
Phillips 66-Elliott
FILE - The logo for Phillips 66 gasoline is shown on a sign topping an old gasoline pump on display outside a store, May 25, 2021, in the gambling hot spot of Deadwood, S.D. (AP Photo/David Zalubowski, file)

Activist investor Elliott Investment Management LP has built up a more than $2.5 billion stake in Phillips 66, and is looking for the oil company to either sell or spin off its midstream unit to help boost its stock price

NEW YORK (AP) — Activist investor Elliott Investment Management LP has built up a more than $2.5 billion stake in Phillips 66, and is looking for the energy company to either sell or spin off its midstream unit to help boost its stock price.

Shares rose nearly 4% in Tuesday morning trading.

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In a letter to Phillips 66's board, Elliott said that it believes the company could get more than $40 billion for its midstream business, or transporting and storing crude and refined products.

“This standout business should separate from a corporate structure that both diminishes and obscures its value,” Elliott wrote. Its investment makes it one of the top five investors in Phillips 66.

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