The Prax Lindsey oil refinery in North Lincolnshire was bought out of administration by US energy company Phillips 66, which plans to merge it with its nearby Humber refinery, ceasing standalone operations but aiming to secure jobs and boost UK fuel supply. The deal follows Prax Lindsey's collapse last summer amid financial irregularities and legal issues involving its former owner, with the future of the site now tied to Phillips 66's expansion plans.
Elliott Management has acquired a $1 billion stake in Phillips 66 and plans to seek up to two board seats, citing the company's underperformance compared to competitors Marathon Petroleum and Valero. The activist investor claims that Phillips 66's focus shift away from its refining segment has led to declining performance and increased operating expenses, causing investor confidence to waver. Phillips 66 stock rose 4.6% following the news.
Phillips 66, the fourth largest crude oil refiner in the United States, plans to cut 175 employees and restructure its global finance and procurement operations. This move is part of the company's 2024 realignment and outsourcing strategy, which will result in a total of 430 employee and contractor roles being changed. The company aims to create an "enterprise service organization" and will partner with external companies to execute certain processes. The job cuts will reduce Phillips 66's workforce by a little over 1%.
The final of the 2023 Phillips 66 Big 12 Softball Championship has been rescheduled to start at noon CT on May 13 due to the threat of inclement weather in the Oklahoma City metro area. The game will feature top-seeded Oklahoma and the winner of No. 2-seeded Texas and No. 6-seeded Kansas, and will be televised on Big 12 Now on ESPN+. Gates will open at 11 a.m. CT while parking lots will open at 8 a.m. CT.
