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PSX Jan 2025 95.000 put

OPR - OPR Delayed price. Currency in USD
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  • Financial Times

    Activist fund Elliott seeks board seats at oil refiner Phillips 66

    The US oil refiner Phillips 66 has become the latest target of Elliott Management after the activist investor took a $1bn stake and called for new blood on the company’s board to remedy “underperformance”. In a letter to the board on Wednesday, Paul Singer’s aggressive hedge fund said Phillips 66’s returns had lagged behind peers Valero and Marathon Petroleum and called for the installation of two “highly qualified new directors”. “We find the market’s scepticism to be understandable, and we believe the board must take several steps to reassure investors that Phillips 66 is in the best possible position to achieve its value-creation potential,” wrote Elliott partner John Pike and portfolio manager Mike Tomkins.

  • Bloomberg

    Elliott Has $1 Billion Phillips 66 Stake, Seeks Board Seats

    (Bloomberg) -- Activist investor Elliott Investment Management LP has amassed a $1 billion stake in Phillips 66 and is pushing for two board seats to improve the performance of its refineries and boost its stock price.Most Read from BloombergCharlie Munger, Who Helped Buffett Build Berkshire, Dies at 99Saudi Arabia Offers Iran Investment to Limit Israel-Hamas WarBill Ackman Bets Fed Will Cut Interest Rates as Soon as First QuarterMusk’s Cybertruck Is Already a Production Nightmare for TeslaOkta

  • Reuters

    Elliott takes $1 billion stake in US oil refiner Phillips 66, urges board revamp

    Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. 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 $118 per share, could hit $200 with improvements. It said management had laid out sensible performance targets but could use help achieving its full potential.