Phillips 66 Stock News

An activist investor's battle for influence at downstream energy giant Phillips 66 (PSX 0.18%) is heating up, and it's pushing up the share price. The company's share price was up by nearly 13% week to date as of Thursday night, according to data compiled by S&P Global Market Intelligence, largely as a result of the latest development in that struggle.

Phillips 66 said on Thursday it will sell a 65% stake in its German and Austrian fuel retail business to a private equity-led consortium, valuing the unit at $2.8 billion, as the U.S. refiner streamlines its portfolio under pressure from activist investor Elliott Investment Management.

LONDON & HOUSTON--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH (“JET”), a leading fuel retailer in Germany and Austria, ...

HOUSTON--(BUSINESS WIRE)--Phillips 66 announces agreement to divest majority interest in Germany and Austria retail marketing business.

The activist investor won support from influential proxy advisory firm ISS.

HOUSTON--(BUSINESS WIRE)--Phillips 66 today announced that it strongly disagrees with the recommendations issued by Institutional Shareholder Services and Glass Lewis & Co.

ISS Validates Elliott's Case for Change and Recommends Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt Notes Phillips 66's "Disappointing" Operating Performance, "Selective Disclosure, Unverifiable Claims About Various Operational Successes, and Ambiguous and Vague Responses to Otherwise Basic Questions" Cites the Board's "Failure" to Ensure Strong Governance and Boa...

Elliott Investment Management scored a victory on Monday in its board fight at Phillips 66 when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended that investors elect all four of the activist's director nominees.