The barroom brawl of a boardroom fight between Phillips 66 and activist investor Elliott Investment Management to break up the massive energy company concluded May 21 with a split vote and both sides declaring victory.

Phillips 66 and Elliott Investment Management are poised to split a heated boardroom battle that culminated Wednesday, with the activist expected to win two of the four seats it wanted on the oil refiner’s board,

Elliott Investment Management scored a victory on Monday in its board fight at Phillips 66 when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended that investors elect all four of the activist's director nominees.