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Markets  + Commodities  |  November 29, 2023
Elliott Takes $1B Stake in Phillips 66
Joe Palmisano
By: Joe Palmisano

Elliott Takes $1B Stake in Phillips 66

Prominent activist hedge fund Elliott Management has taken a $1 billion stake in crude refinery Phillips 66, making it one of its largest investors, and is also seeking two board seats.

In a letter to the board of Phillips 66, Elliott said that while the company’s 2025 targets are “admirable”, investors are skeptical of its ability to achieve them. “At present, we believe Mr. Lashier (Mark Lashier, Phillips 66 CEO) and the rest of the management team deserve investor support so long as they demonstrate meaningful progress against these targets,” wrote Elliott.

The move is motivated by concerns over Phillips 66’s performance, particularly in its refining operations, where the business has lagged behind its competitors.

“As a result, operational execution has suffered, and the company was poorly positioned to take advantage of the refining super-cycle in 2022 and 2023. During this transformative period, peers such as Marathon Petroleum and Valero Energy were far better prepared,” noted the letter.

Elliott sees approximately 75% upside to the current stock price, or above $200 per share, if the company addresses its concerns.

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Elliott Management

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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