In 2023, hedge fund Elliott Investment Management acquired a $1 billion stake in Phillips 66 and pushed for a refocus on the refining business and reduction in operating costs. The company responded by announcing its intention to sell its JET brand gas stations at 1,270 sites in Austria, Germany, and the U.K., as reported by Argus Media. This move is expected to generate €3 billion (about $3.2 billion) and is part of a multiyear cost-cutting project that Phillips 66 has been working on.
The sale of the JET gas stations follows similar moves in the industry. TotalEnergies recently completed the sale of its petrol stations in Germany and the Netherlands, while Shell has announced plans to divest approximately 1,000 of its petrol stations to focus on establishing electric vehicle charging stations. This strategic shift for Phillips 66 is aimed at optimizing its portfolio and strengthening its core refining business.
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