Article

Phillips 66 is embarking on a new venture by seeking long-term contracts to purchase liquefied natural gas (LNG) from the U.S., marking a significant shift for the Houston-based oil refiner. The company is expanding its workforce in Houston to facilitate this move, which aligns with broader trends as U.S. gas producers aim to penetrate global markets. This strategic pivot also comes in response to activist investor Elliott Investment Management's criticism, which has urged Phillips to refocus on its traditional refining operations.