Phillips 66 (PSX)  shares are jumping about 4% in intraday trading Tuesday following a report by The Wall Street Journal that Elliott Investment Management has built a more than $2.5 billion stake in the oil refiner.

According to the report, which cited people familiar with the matter, Elliott wants Phillips 66 to simplify its operations and spin off or sell its big midstream business, as part of measures to boost the Houston-based energy firm’s lagging share price. 澳洲幸运5官方开奖结果体彩网:Midstream businesses are those that are focused on 澳洲幸运5官方开奖结果体彩网:transportation and involve moving the extracted raw materials to ref🌞ineries to process the oil and gas. 

Investopedia has not independently confirmed Elliott's stake in Phillips 66. Elliott and Phillips 66 did not immediately return requests for comment Tuesday morning.

Phillips 66 shares have fallen more than 11% in the past year.

Elliott in 2023 disclosed a $1 billion stake in the refiner, and a few months later the energy company announced the appointment of a director at the behest of the activist fund firm.

Elliott has had a busy year. It 澳洲幸运5官方开奖结果体彩网:reportedly amassed a significant stake in recent months in BP (BP) and has been pushing it for a strategic reset, which the British oil giant 澳洲幸运5官方开奖结果体彩网:announced plans for Tuesday. Honeywell International (HON) 澳洲幸运5官方开奖结果体彩网:last week announced plans for a three-way split following pressure from Elliott to break up.