05:09 AM EST, 02/11/2025 (MT Newswires) -- Phillips 66 (PSX) will face pressure from Elliott Investment Management to sell or spin off its midstream business as the activist investor has built up a stake worth more than $2.5 billion in the oil refining company, news outlets reported late Monday, citing unnamed sources.

Elliott will seek to simplify the company and ask for board changes, Bloomberg reported.

Elliott, overseen by billionaire investor Paul Singer, has argued that Phillips 66 could increase shareholder value by focusing more on refining, the Bloomberg report said.

Phillips 66 and Elliott did not immediately reply to MT Newswires' requests for comment.