Activist Elliott has unfinished business at Phillips 66. How its plan to build value may unfold

1. Elliott Investment Management plans to streamline PSX's underperforming segments. 2. Proposed sales could yield $48 billion, increasing share buybacks significantly. 3. Elliott suggests board changes to bolster accountability and operational efficiency. 4. PSX's current valuation is below its peers due to management performance issues. 5. A successful restructuring could elevate PSX's stock price to over $200.