Phillips 66 (NYSE:PSX) recently witnessed a 13% increase in its share price over the last quarter, amid a backdrop of investor activism. The company urged shareholders to support its board nominees over alternatives proposed by Elliott Investment Management,

Phillips 66 said on Wednesday it has nominated four executives to stand for election as directors at its upcoming annual shareholders' meeting as the proxy fight with activist Elliott Investment Management intensifies.

Activist investor Elliott Management said post-market Tuesday it had filed a lawsuit against Phillips 66 (NYSE:PSX) and its board, seeking an order that would require four board seats to be up for election at the refining company's annual shareholders meeting later this year.