With a more-than-$2.5 billion stake in Phillips 66, Elliott has pushed for a streamlining of the oil refiner and seeks more representation on the company’s board.

Phillips 66 (NYSE:PSX) +1.6% in early trading Wednesday as activist investor Elliott Management, which has built a $2.5B-plus stake in the refiner, discloses it will seek seats on the company's board.

Elliott Investment Management is seeking seats on the board of oil refiner Phillips 66, the latest effort in a multi-year campaign pushing the company to sell assets, improve operational performance and bolster board oversight.

Phillips 66 (PSX) disclosed earlier that on February 13, Elliott Associates submitted to the company notice of its nomination of director candidates to stand for election to the company’s board at its annual meeting of shareholders and its intent to submit a non-binding business proposal to be made at the meeting,