Tuesday marked a new chapter in corporate disputes within the oil sector when activist investor Elliott Investment Management filed a lawsuit against Phillips 66. The suit, submitted in the Delaware Chancery Court, demands the election of four directors at the upcoming annual shareholders meeting. This legal move highlights the critical issues of corporate bylaws adherence and the protection of shareholder rights.

Recent news regarding Chevron's $CVX interest in acquiring Phillips 66's $PSX stake in a joint venture focused on petrochemical production has drawn attention from analysts and investors. This potential deal unfolds against the backdrop of hedge fund Elliott Investment Management LP's active position, which seeks to push Phillips 66 toward strategic changes, including a possible exit from the joint venture.