Elliott takes $1 billion stake in Phillips 66, plans to seek two board seats, sources say

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A vehicle refuels at a Phillips 66 gas station in Rockford, Illinois, U.S., on Monday, July 29, 2019.

Daniel Acker | Bloomberg | Getty Images

Elliott Management has taken a $1 billion stake in Phillips 66 and plans to seek as many as two board seats, sources told CNBC's David Faber.

Phillips 66 stock rose 4.6% in early trading on Wednesday.

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