Activist Elliott Investment Management has built an over $2.5 billion stake in U.S. oil refiner Phillips 66 and plans to push for operational changes to boost its stock price, the Wall Street Journal reported on Monday.
Elliott plans to push Phillips 66 to sell or spin off its big midstream business as it plans to seek a number of changes in a bid to simplify the company, the report said, citing people familiar with the matter.
Last year in March, Elliott accepted the performance improvement plan that Phillips 66 laid out to boost shareholder returns and share price, after the activist disclosed a $1 billion stake in the company.
Elliott and Phillips 66 did not immediately respond to requests for comment.
(Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi Aich)