Elliott Management Makes $1 Billion Investment in Phillips 66

Elliott Investment Management has made a roughly $1 billion investment in Phillips 66 and is pushing for the appointment of two directors as it seeks to bolster the energy company’s fortunes.

In a letter to the Houston-based company’s board, the activist investor outlined what it said is a path to remedying the Houston-based company’s underperformance, improve execution and restore trust with investors. It said it sees about 75% upside to the current share price by unlocking value for shareholders.