Energy

Elliott Nominates Phillips 66 Directors, Escalating Fight

Elliott last month disclosed a stake of more than $2.5 billion in Phillips 66. — Elliott last month disclosed a stake of more than $2.5 billion in Phillips 66.
Photographer: Daniel Acker/Bloomberg

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By Crystal Tse

March 4, 2025 at 6:29 PM UTC

Updated on

March 4, 2025 at 8:09 PM UTC

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Elliott Investment Management is heading toward a proxy battle with Phillips 66 after failing to reach an agreement with the energy group’s leadership on a path to improving performance.

The activist investor has nominated seven directors including Elliott partner John Pike for election to the board of Phillips 66, according to a statement Tuesday. The move comes after Elliott met with Phillips 66 this week and did not reach a settlement.