Phillips 66 is expected to nominate two new directors to its board amid an intensifying proxy fight with activist Elliott Investment Management, according to people familiar with the matter. The oil refiner is set to disclose four nominees,

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.