07:25 AM EDT, 03/26/2025 (MT Newswires) -- Phillips 66 (PSX) is expected to nominate two new members to its board amid a proxy battle with activist investor Elliott Investment Management, The Wall Street Journal reported Wednesday, citing unnamed sources familiar with the plan.

The oil refiner is also expected to ask its shareholders to approve the declassification of its board, the report added, citing the people.

The company will nominate four new nominees, including the two new ones, on Wednesday, the sources told the WSJ.

Elliott, which manages funds that have invested more than $2.5 billion in Phillips 66, said late Tuesday it filed a lawsuit in the Court of Chancery of the State of Delaware against the company and its board, seeking an order requiring four board seats for election at Phillips' 2025 annual meeting of shareholders instead of two.

Neither Phillips nor Elliott immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)