Elliott takes US$1bil stake in US oil refiner

The activist investment firm said that Phillips 66 management had laid out sensible performance targets but could use help achieving its full potential. — Reuters

NEW YORK: Elliott Investment Management has taken a US$1bil stake in Phillips 66 and is urging the US oil refiner and pipeline operator to revamp its board to boost lagging performance.

The activist investment firm in a letter to the Houston energy company’s board on Wednesday said Phillips 66’s stock, recently trading at around US$118 per share, could hit US$200 with improvements. It said management had laid out sensible performance targets but could use help achieving its full potential.