05:59 PM EDT, 03/25/2025 (MT Newswires) -- Elliott Investment Management, which manages funds that have invested more than $2.5 billion in Phillips 66 (PSX), said late Tuesday that it filed a lawsuit in the Court of Chancery of the State of Delaware against the company and its board.

The complaint seeks an order requiring four board seats for election at Phillips' 2025 annual meeting of shareholders, Elliott said.

After receiving Elliott's notice, on Feb. 18, Phillips announced that two sitting directors would not stand for re-election and that the size of the board would be reduced to 12 from 14.

As a result, there would only be two seats up for election in the 2025 class and then five in each of the 2026 and 2027 classes. Elliott argues in its complaint that such a move is in "violation of the company's governing documents requiring director classes to be equalized," according to the statement.

Phillips 66 did not immediately respond to a request for comment from MTNewswires outside of the company's office hours.