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In November, the activist investment firm in a letter revealed a $1 billion stake in Phillips 66 and criticized its refining operations saying management had taken its "eye off the ball" by letting operating expenses soar. Prior to Elliott's letter, Phillips 66 had unveiled a plan to raise about $3 billion from non-core asset sales and reduce $1 in cost per barrel. The company forecast its 2024 capital expenditure at $2.2 billion, compared with its estimated 2023 spending of $2.5 billion.

Phillips 66 has 'the right management team and Board in place to deliver long-term, sustainable value'.

Benzinga reviews this weekend's top stories covered by Barron's. Here are the articles investors need to read.

Many activists think of themselves as amicable and constructive, but that could actually be the case in this engagement at the petroleum refiner.

Many activists think of themselves as amicable and constructive, but that could actually be the case in this engagement at the petroleum refiner.