With a more-than-$2.5 billion stake in Phillips 66, Elliott has pushed for a streamlining of the oil refiner and seeks more representation on the company’s board.

Elliott Investment Management is seeking seats on the board of oil refiner Phillips 66, the latest effort in a multi-year campaign pushing the company to sell assets, improve operational performance and bolster board oversight.

Phillips 66 (PSX) disclosed earlier that on February 13, Elliott Associates submitted to the company notice of its nomination of director candidates to stand for election to the company’s board at its annual meeting of shareholders and its intent to submit a non-binding business proposal to be made at the meeting,

Phillips 66 (NYSE:PSX) +1.6% in early trading Wednesday as activist investor Elliott Management, which has built a $2.5B-plus stake in the refiner, discloses it will seek seats on the company's board.

Activist investor Elliott Investment Management lifted its stake in energy company Phillips 66 (PSX) with over $2.5 billion in fresh

Elliott plans to push Phillips 66 to sell or spin off its midstream business, the person said. In March last year, Elliott accepted the performance improvement plan that Phillips 66 laid out to boost shareholder returns and share price,

Elliott has built up a $2.5 billion position in Phillips 66 and will push for operations changes to boost the stock, The Wall Street Journal reported.