While the outward facing bastardization of the oil industry continues from left-wing lunatics, those actually interested in (1) reality and (2) making money realize that the runway for the world’s fossil fuel industry still has plenty of room.
That’s probably why Elliott Investment Management is reported to have amassed a $1 billion position in the American multinational energy company Phillips 66, according to reporting by CNBC’s David Faber this morning.
The investment manager sees potential upside of about 75% in the name, Bloomberg reported, and is seeking two directors at the company.
In a letter to the company, Elliot wrote: “Given the Company’s history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience.”
It continued: “We have identified multiple highly qualified directors who we believe would provide relevant experience and expertise as the Board implements the necessary operational improvements at Phillips 66. Furthermore, we believe these directors will help enhance a Phillips 66 Board that has limited refining-operations expertise, which is particularly noteworthy given the…
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