Elliott Management has taken a $1 billion stake in Phillips 66 and plans to seek as many as two board seats, sources told CNBC’s David Faber.
Phillips 66 stock rose 4.6% in early trading on Wednesday.
Elliott’s push for the board seats comes as Phillips has underperformed its competitors Marathon Petroleum and Valero with a higher operating expense per barrel.
The activist investor does not appear interested in going after Phillips new CEO Mark Lashier.
This is breaking news. Please check back for updates.
Read More: Elliott takes $1 billion stake in Phillips 66, plans to seek two