Activist Elliott has unfinished business at Phillips 66. How its plan to build value may unfold

Phillips 66 ( PSX ) is an energy manufacturing and logistics company.

It operates through the following segments: Midstream, Chemicals , Refining, and Marketing and Specialties.

The company has significantly underperformed the average of its closest peers, Valero Energy ( VLO ) and Marathon Petroleum ( MPC ) over the past 1-, 3-, and 5-year periods.

Elliott has increased its position to $2.5 billion and is going to become more active in creating shareholder value.

The company added Robert Pease , a former executive of Cenovus , to the board in February 2024 , and agreed to continue to work with Elliott on identifying a second director in the coming months .