Elliott Funding Administration’s push for change at Phillips 66 borrows straight from its profitable playbook at Marathon Petroleum. In different phrases, it will in all probability be a mistake for Phillips 66 to disregard it.
The activist investor mentioned on Wednesday that it had taken a roughly $1 billion stake in U.S. refining big Phillips 66 and pushed the corporate to promote noncore belongings, focus extra on its predominant refining enterprise and repair its observe file of comparatively excessive working prices.
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