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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "bc23e74a-58b4-4331-b076-7c77d26438d5", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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21:18:53.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "map-spatial" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Filed as Exhibit 99.1 to a DFAN14A on March 6, 2025; Elliott presented this deck at the Wolfe Refining Conference. Part of the active 'Streamline 66' proxy contest at Phillips 66 (preliminary proxy filed March 5, 2025; Elliott held 5.6% economic interest with a slate of independent director nominees). A follow-up/abridged version of the fuller February 11, 2025 Streamline66 presentation. Strong custom campaign branding (Route 66 cover imagery, red 'Streamline 66' wordmark, consistent two-color charts). Thesis cleanly inverts the prevailing market narrative: management blames asset quality, but Elliott uses peer-benchmarked operating data (coking %, OpEx/bbl, EBITDA spread to VLO) to argue the assets are best-in-class and the problem is execution. Page 8 (deck) uses sell-side analyst quotes from UBS (Jan 2021) and JPMorgan (Oct 2018) as the 'before' state to contrast with current underperformance — a soft variant of CEO-quote-contradiction using analyst quotes. No specific human author/signatory appears; the deck is firm-branded to Elliott. No explicit price target or sum-of-parts in this deck; valuation upside is implied via the peer EBITDA gap. PDF pages 15-19 are boilerplate website-materials screenshots, not substantive content.", "kpisCited": [ { "detail": "~2 MMbbl/d across 11 refineries", "metric": "Refining system scale" }, { "detail": "PSX 19% vs VLO 13% vs MPC 11%", "metric": "Coking capacity (% of crude)" }, { "detail": "PSX 31% vs VLO 32% vs MPC 27%", "metric": "FCC capacity (% of crude)" }, { "detail": "PSX 41% vs VLO 44% vs MPC 31%", "metric": "Hydrocracking + distillate hydrotreating" }, { "detail": "PSX 30% vs VLO 26% vs MPC 32%", "metric": "Octane capacity" }, { "detail": "PSX 32% vs VLO 22% vs MPC 15%", "metric": "Advantaged crude in slate" }, { "detail": "PSX +$2.73/bbl; MPC +$1.20/bbl in 2024", "metric": "Crude cost advantage vs VLO" }, { "detail": "PSX $72.60 vs VLO $75.33 vs MPC $74.14", "metric": "Weighted average cost of crude (2024)" }, { "detail": "PSX ~$7/bbl in Q4 2024 vs VLO ~$4.70 vs MPC ~$5.30", "metric": "Operating expense per barrel (ex-TAR)" }, { "detail": "Negative every quarter 2019-2024, widening to roughly -$5/bbl in Q4 2024", "metric": "EBITDA per barrel spread to VLO" }, { "detail": "11.1 — historically cited by UBS as best-in-class", "metric": "Nelson Complexity Index" }, { "detail": "5.6% (16,925,000 shares plus derivatives) as of March 5, 2025", "metric": "Elliott economic interest in PSX" } ], "closingAsk": "Back Streamline66 — portfolio streamlining, operating review, and enhanced board oversight — and engage with Elliott on this 'remarkable opportunity' at Phillips 66.", "extraction": { "at": "2026-04-22 14:26:20+00", "model": "unknown-legacy", "runId": null, "seconds": 221.8316, "promptVersion": null }, "scqaReward": "Closing the $3-5/bbl EBITDA-per-barrel gap to Valero on a ~2MMbbl/d kit, combined with portfolio rationalization, implies billions in incremental EBITDA and a re-rating toward refining peer multiples. No explicit price target disclosed.", "thesisTypes": [ "operational_turnaround", "governance_board", "management_change", "breakup_spinoff" ], "top3Reasons": [ "PSX refining assets rival Valero and Marathon, but EBITDA/bbl has lagged VLO by $2-5 every quarter since 2019", "Operating expense runs ~$7/bbl at PSX vs ~$4.70 at Valero, evidence of bloated corporate and weak cost control", "Best-in-class crude slate gives PSX a $2.73/bbl input cost advantage that management squanders" ], "scqaSituation": "Phillips 66 runs ~2MMbbl/d across 11 refineries in the Central Corridor, Atlantic Basin/Europe and US Gulf Coast — a complex, geographically diverse kit once regarded as best-in-class by the sell side.", "thesisSummary": "Phillips 66 operates a ~2MMbbl/d, 11-refinery system spanning the Central Corridor, Atlantic Basin/Europe and US Gulf Coast, with coking, FCC and hydrocracking capacity comparable to Valero and Marathon and a structural crude-cost edge of roughly $2.73/bbl versus VLO. Despite this advantaged kit, PSX's EBITDA per barrel has lagged Valero by $2-5/bbl every quarter since 2019 because of a weak commercial function, ineffective leadership, oversized corporate overhead and a culture that 'doesn't know what good looks like' in refining. Elliott — holding a 5.6% economic interest and running a proxy contest under the 'Streamline 66' banner — asks shareholders to back portfolio streamlining, an operating review and a refreshed board to install enhanced oversight. Closing the VLO gap implies meaningful EBITDA upside and a re-rating toward refining peer multiples.", "primaryDemands": [ "Streamline the portfolio through divestitures and simplification", "Conduct a comprehensive operating review of the refining business", "Install enhanced board oversight via Elliott's slate of director nominees at the 2025 annual meeting", "Close the refining EBITDA-per-barrel gap versus Valero and Marathon" ], "scqaResolution": "Adopt Streamline66: streamline the portfolio through divestitures, run a full operating review of refining, and install Elliott's slate of director candidates at the 2025 annual meeting for enhanced oversight.", "thesisOneLiner": "Phillips 66's refining kit rivals Valero's, but weak commercial execution and bloated corporate leave a multi-dollar EBITDA-per-barrel gap that Streamline66 — portfolio fixes and a refreshed board — closes.", "precedentsCited": [], "scqaComplication": "Despite coking, FCC and hydrocracking capacity comparable to 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SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. 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(“Elliott International”), The Liverpool Limited Partnership (“Liverpool”), Elliott Investment Management GP LLC (“EIM GP”), Paul E. Singer, Brian S. Coffman, Sigmund L. Cornelius, Michael A. Heim, Alan J. Hirshberg, Gillian A. Hobson, Stacy D. 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As of March 5, 2025, Elliott Management, the investment manager of Elliott Associates and Elliott International (together, the “Elliott Funds”) with respect to investments in the Company by the Elliott Funds and/or their respective subsidiaries, beneficially owns 16,925,000 shares of the Company’s Common Stock, $0.01 par value per share (the “Common Stock”), including 14,425,000 shares of Common Stock and 2,500,000 shares of Common Stock underlying certain exercisable call option contracts held by the Elliott Funds. As of March 5, 2025, the Elliott Funds are party to notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 5,952,500 shares of Common Stock and hold exercisable over-the-counter American-style call option contracts with respect to an aggregate of 2,500,000 shares of Common Stock having a strike price of $135.00 and expiring on June 20, 2025 (collectively, “Derivative Agreements”). 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(\"Elliott Management\"), Elliott Associates, L.P. (\"Elliott Associates\"), Elliott International, L.P. (\"Elliott International\"), The Liverpool Limited Partnership (\"Liverpool\"), Elliott Investment Management GP LLC (\"EIM GP\"), Paul E. Singer, Brian S. Coffman, Sigmund L. Cornelius, Michael A. Heim, Alan J. Hirshberg, Gillian A. Hobson, Stacy D. Nieuwoudt and John Pike.\n\nAs of March 5, 2025, Elliott holds a 5.6% economic interest in the Company. As of March 5, 2025, Elliott Management, the investment manager of Elliott Associates and Elliott International (together, the \"Elliott Funds\") with respect to investments in the Company by the Elliott Funds and/or their respective subsidiaries, beneficially owns 16,925,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 14,425,000 shares of Common Stock and 2,500,000 shares of Common Stock underlying certain exercisable call option contracts held by the Elliott Funds. As of March 5, 2025, the Elliott Funds are party to notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 5,952,500 shares of Common Stock and hold exercisable over-the-counter American-style call option contracts with respect to an aggregate of 2,500,000 shares of Common Stock having a strike price of $135.00 and expiring on June 20, 2025 (collectively, \"Derivative Agreements\"). Elliott Associates, Elliott International and Liverpool are the direct holders of the shares of Common Stock beneficially owned by Elliott Management, and are party to the Derivative Agreements. Liverpool is a wholly-owned subsidiary of Elliott Associates. EIM GP is the sole general partner of Elliott Management. Mr. Singer is the sole managing member of EIM GP. As of March 5, 2025, Mr. Cornelius may be deemed to beneficially own 20,000 shares of Common Stock, which are held jointly in an account with his spouse, and Mr. Hirshberg may be deemed to beneficially own an aggregate of 27,018 shares of Common Stock, which are held personally and through two estate planning vehicles of which he serves as trustee and co-general partner, respectively. As of March 5, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:54.934+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a31c441-26c1-49f7-867e-5e246540c10f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "setup", "title": "This is a webpage screenshot acting as a disclosure slide.", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 4, "textChars": 620, "nDataPoints": 2, "notes": "This is a webpage screenshot acting as a disclosure slide.", "elementsJson": [ "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:55.299+00", "seconds": 2.799, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-c658d3934559/18", "deck": "/decks/019dd923-622b-71dc-a6d8-c658d3934559", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-c658d3934559#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6d8-c658d3934559.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.84, "x": 0.08, "y": 0.77 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS... Elliott Investment Management L.P., together with the other participants named herein (collectively, “Elliott”), has filed a preliminary proxy statement...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:55.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f929c98e-30cb-4ac8-b84d-91f5bf9d0fa4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.38, "y": 0.6 }, "kind": "list", "text": "Media Contact: Casey Friedman... Investor Contacts: Elliott Investment Management, Bruce Goldfarb / Pat McHugh", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:55.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25a2ff6a-b71f-4989-8bd7-8ddc3dde16ea", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.34 }, "kind": "paragraph", "text": "Founded in 1977, Elliott Investment Management L.P. (together with its affiliates, “Elliott”) is one of the oldest investment managers of its kind under continuous management. Elliott manages multi-strategy investment funds with approximately $72.7 billion of assets as of December 31, 2024.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:55.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df1fd010-6069-4f00-8de3-b4a47df037f5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.08, "y": 0.13 }, "kind": "title", "text": "ABOUT ELLIOTT", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:55.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63748bd3-175b-4fa7-abf8-642b6e9f3d20", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "Standard regulatory/legal disclosure slide.", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 1, "textChars": 1754, "nDataPoints": 0, "notes": "Standard regulatory/legal disclosure slide.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:55.043+00", "seconds": 2.515, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-c658d3934559/19", "deck": "/decks/019dd923-622b-71dc-a6d8-c658d3934559", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-c658d3934559#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6d8-c658d3934559.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "International (together, the \"Elliott Funds\") with respect to investments in the Company by the Elliott Funds and/or their respective subsidiaries, beneficially owns 16,925,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 14,425,000 shares of Common Stock and 2,500,000 shares of Common Stock underlying certain exercisable call option contracts held by the Elliott Funds. As of March 5, 2025, the Elliott Funds are party to notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 5,952,500 shares of Common Stock and hold exercisable over-the-counter American-style call option contracts with respect to an aggregate of 2,500,000 shares of Common Stock having a strike price of $135.00 and expiring on June 20, 2025 (collectively, \"Derivative Agreements\"). Elliott Associates, Elliott International and Liverpool are the direct holders of the shares of Common Stock beneficially owned by Elliott Management, and are party to the Derivative Agreements. Liverpool is a wholly-owned subsidiary of Elliott Associates. EIM GP is the sole general partner of Elliott Management. Mr. Singer is the sole managing member of EIM GP. As of March 5, 2025, Mr. Cornelius may be deemed to beneficially own 20,000 shares of Common Stock, which are held jointly in an account with his spouse, and Mr. Hirshberg may be deemed to beneficially own an aggregate of 27,018 shares of Common Stock, which are held personally and through two estate planning vehicles of which he serves as trustee and co-general partner, respectively. As of March 5, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:55.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd9d1447-5624-4626-beb1-4d96df09085a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 8, "to": 8, "label": "Problem (Identify pain)", "description": "Clear problem statement on slide 8" }, { "from": 7, "to": 7, "label": "Agitate (Make it worse)", "description": "Highlighting Phillips' weak EBITDA per barrel on slide 7" }, { "from": 10, "to": 10, "label": "Solution (Provide relief)", "description": "Potential solution presented on slide 10" } ], "loops": [ { "from": 4, "to": 7, "label": "Cost Of Inaction", "description": "Highlight the cost of inaction (underperformance)" }, { "from": 10, "to": 10, "label": "Quick Win Big Bet", "description": "Present a potential solution (quick win or big bet)" } ] }