Phillips 66 Expects to Surpass Its $3 Billion Asset-Sale Target

Phillips 66, the biggest US fuelmaker by market value, told investors Tuesday it expects to surpass its $3 billion target for asset sales with more dispositions planned.

The Houston refiner, which is closing a refinery in 2025 and shedding other investments to address strategic and governance concerns raised by activist Elliott Investment Management, said it has sold about $2.7 billion in assets since 2022.

“We continue to evaluate all of our assets as part of our strategic priorities and ongoing portfolio optimization,” Chief Executive Officer Mark Lashier said during a third-quarter earnings call.

The $3 billion target ...