{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d8-caf7ba55853c", "slug": "de33cb3292ec", "title": "Phillips 66 (PSX)", "subtitle": "John Pike · 2025-02", "author": "John Pike", "date": "2025-02-11 00:00:00", "pageCount": 105, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6d8-caf7ba55853c", "slug": "de33cb3292ec", "title": "Phillips 66 (PSX)", "rawTitle": "ex991todfan10168003 030425", "authorId": "02_Elliott_Management", "authorName": "John Pike", "authorDisplay": "John Pike", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-02-ex991todfan10168003_030425.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001791786&type=DFAN14A", "sourceDate": null, "presentationDate": "2025-02-11 00:00:00", "ingestedAt": "2026-04-22 14:28:00+00", "status": "ready", "pageCount": 105, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/de33cb3292ec", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 322.201780796051 } }, "coverage": { "pageCount": 105, "pagesIndexed": 105, "pagesWithImages": 105, "pagesWithMetadata": 105, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 602, "chartCount": 34, "metricSlides": 0, "toolMatches": 36, "documentToolMatches": 5, "frameworkMatches": 42, "arcMatches": 1, "beatMatches": 0, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "d809f92d-ab66-43ed-9280-b30746f72dc5", "evidence": "The document follows a clear problem-agitate-solution narrative, highlighting the company's underperformance and presenting a solution to unlock shareholder value.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:53:23.845374+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 47, "from": 43, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "3ba0fdff-5504-43b8-8d9b-97bfa332a7d7", "evidence": "The document presents a valuation overview and breaks down the company's value into its component parts.", "position": 1, "objective": "Break down the company's value into its component parts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.909293+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. 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": "520ec86d-8c1e-4a83-bb76-1a48b79cd206", "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**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a1f8561a-4d88-4447-a7bd-bf2646fb4951", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "eb0b4b2e-d65a-4717-8fb9-921f8a1a2ef6", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2cd71d74-f4be-46b7-ab11-f1e640cc23bc", "evidence": "Mark Lashier (CEO and Chairman) and the Phillips 66 Board", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c31290e5-786c-4b64-a4ce-1e9b49e18d2b", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "cc6c69a0-4891-4e3a-8266-5e59ba21d8ea", "evidence": "This slide serves as an executive summary, highlighting key points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:31.643509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0891800d-074a-4601-a0bb-d2302fd7f6de", "evidence": "This slide provides a concise overview of the main points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:31.764206+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4c12c8a2-76cd-4770-954b-d4dbfd7cdde8", "evidence": "type: cover", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:28.648815+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "c7cb2a59-f305-4d56-ac5d-b3e51c5ebff1", "evidence": "type: cover", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:28.735522+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "7e237e6b-02dd-45da-8417-48e56fa78aa3", "evidence": "Elliott Investment Management L.P.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:28.900875+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f3232062-7587-4559-9e56-7a2776fcdc18", "evidence": "type: executive_summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:28.859629+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e3c6e2e9-8b18-49bb-adde-f65e7330829c", "evidence": "list/bullet", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:28.983275+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f257ef09-0035-4d4d-942b-5ca008663eb4", "evidence": "type: executive_summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:29.066142+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "adafef50-4285-4fd0-bca1-cf09e28c6c79", "evidence": "chart/waterfall-bridge", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:29.148255+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "94ce380d-9364-41e0-b696-ba6a54499697", "evidence": "chart/waterfall-bridge", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:29.273393+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8704a2e9-713a-419a-9148-355319a115b9", "evidence": "chart/waterfall-bridge", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:29.356044+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "1fd6c109-c902-44ad-80f0-7bf63463cb86", "evidence": "The slide presents a quote from Raymond James, indicating an understanding of the audience's perspective on valuation.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:38.27899+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d64177bb-5af3-40ee-a798-91a30252f26f", "evidence": "The slide presents a list of bullet points highlighting different aspects of Phillips' asset base.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:38.340912+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d6281071-c0ec-4309-996d-d6920c8762d3", "evidence": "quote: \"[D]o you ever see a situation where midstream is somehow separated or is a standalone business? ... just in terms of the scale, the importance and maybe the failure of the market to recognize the value in your st", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:31.09952+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "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**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "55a52584-4858-43ac-8723-6d9dac01d7e8", "evidence": "chart/waterfall-bridge: Valuation bridge from $120 to $200 and $300+", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.577019+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e42770ed-237c-4901-86de-24e27e8bebc9", "evidence": "table/data: Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:36.646643+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "05711eed-f6db-4484-83e3-ec8d766a03a4", "evidence": "table/data: Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:36.714598+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "ed5dbf5c-cc21-4d98-8e91-97cc8236d8bb", "evidence": "paragraph/paragraph: As Marathon sold assets and repurchased shares, its stock price appreciated to a level that exceeded the high end of our range:", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:46:36.850694+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "180361ec-4c38-4dc1-9a07-9386d376f2a8", "evidence": "paragraph/paragraph: We welcome the opportunity to engage with Phillips 66 shareholders on this remarkable opportunity", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.918386+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aaf63a20-8c48-4a8f-b255-31454c501c8a", "evidence": "table/valuation: Midstream Spin, CPChem Sale, and JET Austria/Germany Retail valuation tables", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:43.596669+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aececabd-09b8-475f-8ad1-747d28f1680c", "evidence": "table/data: Net Cash Proceeds Generated by Selling Assets table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:43.676795+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5babfd27-3bc9-477c-896b-55285cef0bc5", "evidence": "list/bullet: Counterpoints: Phillip's $5bn refining mid-cycle EBITDA target suggests the company agrees it should be able to achieve EBITDA per barrel parity to peers.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:43.797744+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bb79549f-18ed-4d89-8a0a-1f3b250c83b1", "evidence": "list/bullet: Potential defense: Rather than sell or spin, a piece of the midstream business should be listed as a public subsidiary to offer a valuation datapoint.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:43.876672+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "14f9af0b-b997-48cd-befc-e3fbf1fd5f55", "evidence": "paragraph/paragraph: In the balance of this letter, we outline the drivers of Phillips 66’s underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upsid", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:43.998614+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8ecc16d5-b7aa-4307-9a56-6ba9be8abf73", "evidence": "We are hopeful the current management team... should Phillips 66 fail to show material progress... we believe that the Company", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:41.131755+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "3fbe1d1d-da29-4300-ae37-1fc5e9c52a1a", "evidence": "And should the Company fail to meet its targets, we believe there is an alternative path available that would lead to significant value creation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:41.163866+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "ad0d1fde-f94f-41cf-b607-7f9f86ffca1d", "evidence": "Phillips 66 has the ability to remedy its recent period of underperformance through strong execution and a restoration of trust with investors.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:41.230369+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "fccaa535-d2d1-46d4-a382-bb0ad4f38523", "evidence": "If it becomes necessary, we are confident Phillips 66 could follow a similar path by:", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:41.263443+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "bbcf9bfc-7ccd-4f11-a668-249746ed415b", "evidence": "Elliott's Plan to Streamline Phillips 66", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:41.362242+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d8f5da56-239e-4482-898b-b41aad1c0c28", "evidence": "The slide contains a list/bullet component with multiple items.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.688646+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 102, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "56010086-d1f6-4338-8139-0e1d64cc82ec", "evidence": "The slide contains a list/bullet component with multiple items.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.783667+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 104, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "0ea2fcb0-4d58-4943-ae4c-217e8ff97201", "evidence": "The slide explicitly lists three core pillars of underperformance (structure, operations, credibility) as the diagnosis for the company's valuation discount.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "diagnostic-test" }, { "matchId": "50ec0b3c-5c20-4b3b-a11f-e88274c3e26e", "evidence": "The slide is explicitly titled Executive Summary and follows a classic problem-solution structure.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "executive-summary" }, { "matchId": "e442d019-1447-4095-9e2e-144e37060968", "evidence": "Comparison of current trading multiple vs SOTP multiple", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "valuation-gap" }, { "matchId": "5364b744-9af7-4ccf-b203-80bcf11cabe3", "evidence": "The slide identifies symptoms (underperformance) and root causes (structure, operations, credibility).", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "diagnostic-test" }, { "matchId": "73d317ef-d16e-4240-a4a4-37a51246ab24", "evidence": "Waterfall chart showing components of Enterprise Value", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "valuation-bridge" }, { "matchId": "18179704-438a-4a6f-9396-3d2e59994534", "evidence": "The chart visualizes the components of value creation leading to a higher stock price.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "waterfall-bridge" }, { "matchId": "3d620158-8e7d-404c-8225-1d20c8be6630", "evidence": "Contrasts pre-activist performance with post-activist/leadership change performance.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "before-after-framing" }, { "matchId": "ec6474b1-6d81-4ce3-b351-c50cc8011b79", "evidence": "Uses a third-party analyst quote to validate the investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:37.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "authority-citation" }, { "matchId": "3532ca3c-59f0-4c15-9a71-291392977b2e", "evidence": "Direct comparison of PSX against MPC and VLO across four key operational metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "comparison_frame" }, { "matchId": "786b738c-808c-4101-82a8-6c1319e81102", "evidence": "Benchmarking PSX against midstream peers across three key metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "comparison_frame" }, { "matchId": "222ff422-8796-4912-b8f9-dad58bf3f241", "evidence": "Phillips Disclosed Ethylene Cost Curve chart", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "cost-curve-analysis" }, { "matchId": "77c68d63-aeac-4462-8035-16c9d94a810f", "evidence": "Direct comparison of TSR performance against peers and benchmarks", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:38.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "comparison_frame" }, { "matchId": "978710b3-3244-43d4-a2b4-b24795848fe3", "evidence": "The slide systematically breaks down the root causes of underperformance into three distinct pillars.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "diagnostic-test" }, { "matchId": "182d010d-526a-4d73-a93e-aa0da3eab830", "evidence": "Contrasting CEO statement with market performance data", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "83e73e6f-073b-41b0-a0f3-152945bd9af1", "evidence": "The slide uses a side-by-side comparison to highlight structural misalignment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison_frame" }, { "matchId": "275748e6-e946-4d10-9c14-127613c9fdff", "evidence": "Compares internal trading multiples against external acquisition multiples to demonstrate dilution.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" }, { "matchId": "e2f78e0a-d2f2-40d0-9677-c2b3b30c4f63", "evidence": "Contrasting analyst quotes with management quotes to expose strategic misalignment.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "2bb7ad4c-3187-4f5f-937b-f02720c8157c", "evidence": "Direct comparison of PSX against VLO and MPC peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "comparison_frame" }, { "matchId": "04aa6968-5695-4254-9aa9-f867f57b9b9d", "evidence": "Categorizes management dysfunction into three distinct operational pillars.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "diagnostic-test" }, { "matchId": "5545b820-8fc3-4c11-8d39-aabf34a9dd58", "evidence": "Contrasts stated promises with current reality to expose failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:41.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "before-after-framing" }, { "matchId": "17754fef-452e-4ee4-b4b1-288d230ca935", "evidence": "Juxtaposition of management quote against performance data", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "abd97155-ec8b-46c2-9d14-64fe19a6e853", "evidence": "Contrasting management quotes with historical data to expose a false narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "10b7b61d-c871-4a85-8ee5-6609e0f878c7", "evidence": "Side-by-side comparison of Suncor's transparency vs Phillips 66's lack thereof.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "expose_contradiction" }, { "matchId": "3e0961c6-9b48-414a-8721-8b9f68763541", "evidence": "Direct comparison of two entities against a set of criteria.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "comparison_frame" }, { "matchId": "f7a8d727-9393-4f6e-a33c-47962417ea6d", "evidence": "The slide explicitly frames management as the 'villain' by attacking their credibility on capital allocation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "antagonist-introduction" }, { "matchId": "5779ceb2-e5b1-4967-8d8a-3319bc00452d", "evidence": "Contrasts CEO quote with actual capital allocation behavior", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "373a7960-a89d-4bf9-af61-b7cbfc4aadee", "evidence": "Table structure comparing targets against shortfalls.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:49.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "comparison_frame" }, { "matchId": "aacef964-3375-4a2f-af8f-09aa9eac3401", "evidence": "Uses an external analyst quote to highlight a strategic failure or contradiction in management's current path.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7dda299c-8eb1-4066-9f06-329907beeb29", "evidence": "Visual bridge showing value add components to reach target price", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "waterfall-bridge" }, { "matchId": "2d97a18c-db9b-4017-b122-97c298f9379d", "evidence": "Standalone Midstream Valuation chart showing TEV and share uplift", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "valuation_bridge" }, { "matchId": "f5f7fe07-c27a-48d3-bd56-84b02a26be30", "evidence": "Matrix comparing strategic fit across multiple competitors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "comparison-frame" }, { "matchId": "fb12b85e-c484-454f-b246-99566cc633dc", "evidence": "Direct comparison of strategic actions between two companies to suggest a path forward.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:44.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "comparison_frame" }, { "matchId": "50089a8c-88b6-4c02-9f68-bb242a388e5c", "evidence": "Calculates net proceeds from asset sales and applies them to share repurchases to show valuation uplift.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "valuation_bridge" }, { "matchId": "36389d6b-710f-4cb5-89d7-ab98857395fd", "evidence": "Contrasts 2019 projections with current actual results to demonstrate value creation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "before-after-framing" }, { "matchId": "d5b25362-e5ac-4cb9-bf5d-43fab485b153", "evidence": "Visual representation of stock price growth components", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "waterfall-bridge" }, { "matchId": "86baf96d-76bc-4e41-9c25-de4820b83523", "evidence": "Table comparing financial metrics across a peer group", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:50.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "comparison_frame" }, { "matchId": "3651b33e-9555-4ae5-8c42-1fd03be14ca7", "evidence": "The slide explicitly structures arguments as 'Potential excuse' followed by 'Counterpoints'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "preempt_rebuttal" }, { "matchId": "d5f6551f-a35d-49a8-a9af-3531093ea847", "evidence": "The slide explicitly lists 'Potential defense' followed by 'Counterpoints' to address anticipated arguments.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:45.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "preempt_rebuttal" }, { "matchId": "cd9a7799-b0a2-4c34-92a2-b2f7345cae0b", "evidence": "Comparing PSX leverage against peer groups (Refining, Midstream, Chemicals) to justify valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "comparison_frame" }, { "matchId": "8f9de2a4-bdf8-456f-acd8-b6cc741a5bfc", "evidence": "Comparing PSX performance metrics against VLO and MPC peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "comparison_frame" }, { "matchId": "ff24f0e0-be89-4209-bf65-fe7bd307515a", "evidence": "Contrasting CEO performance and analyst skepticism regarding management's ability to execute.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "c6b08246-6840-4f41-9d3d-b10bb4a4223a", "evidence": "Uses Marathon's 2019 transformation as a precedent for Phillips 66's potential future path.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "argument-from-analogy" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Filed as Exhibit 99.1 to a DFAN14A (definitive proxy soliciting additional materials). The PDF bundles three artifacts: a 5-page press release / board letter (PDF p2-5), an 'About Elliott' page (p6), and the full 'Streamline66' branded deck (p8 onward, 95+ slides ending in extensive valuation appendix). Classified as full_deck because the deck dominates substance. This is Elliott's second public engagement on Phillips 66 — the first was a November 2023 letter — so coded as follow_up rather than initial_thesis. The deck explicitly anchors its case to Elliott's 2019 Marathon Petroleum playbook (sale of Speedway, buybacks, EBITDA gap-closing) as both validation and template. Deck has unusually strong custom brand identity (Streamline66 / Route 66 visual metaphor, color-coded section navigation tabs, consistent typography). Position size disclosed at >$2.5bn. Microsite Streamline66.com referenced. Letter signed by John Pike (Partner) and Mike Tomkins (Senior PM).", "kpisCited": [ { "detail": "Phillips lags MPC by 188%", "metric": "10-year cumulative TSR vs Marathon Petroleum" }, { "detail": "Phillips lags VLO by 138%", "metric": "10-year cumulative TSR vs Valero" }, { "detail": "$3.75/bbl in 2024, widening to $4.75/bbl in Q4 2024", "metric": "Refining EBITDA per barrel gap to Valero" }, { "detail": "$14.0bn target vs $8.4bn 2025E consensus — $5.7bn shortfall", "metric": "2025 mid-cycle Adj. EBITDA target vs consensus" }, { "detail": "~$1bn implied vs $34bn at Valero $/bbl parity", "metric": "Implied enterprise value of refining at current share price" }, { "detail": ">$40bn (range $37-49bn at 9.0-12.0x 2026E EBITDA)", "metric": "Standalone Midstream TEV potential" }, { "detail": "PSX trades at 6.6x vs midstream peer avg 10.2x", "metric": "TEV/EBITDA — Phillips conglomerate vs midstream peers" }, { "detail": "~$300mm implied by financials, with little tangible benefit", "metric": "Spending on management consultants since 2022" }, { "detail": "PSX ~$7/bbl Q4 2024 vs VLO ~$4.70 and MPC ~$5.30", "metric": "Operating expense per barrel" }, { "detail": "$3.5bn proceeds offset by $3.0bn acquisitions = $0.5bn net", "metric": "Net divestitures since program announcement" } ], "closingAsk": "Streamline the portfolio, commit to an operating review, and refresh the Board — 'we welcome the opportunity to engage with Phillips 66 shareholders on this remarkable opportunity.'", "extraction": { "at": "2026-04-22 14:28:00+00", "model": "unknown-legacy", "runId": null, "seconds": 322.20178, "promptVersion": null }, "scqaReward": "Base case lifts PSX from $120 to ~$200/share (+65%); replicating Marathon Petroleum's post-Elliott asset-sale-plus-buyback playbook could deliver $300+ per share — over 150% upside.", "thesisTypes": [ "breakup_spinoff", "operational_turnaround", "governance_board", "management_change", "capital_return", "multiple_rerating" ], "top3Reasons": [ "Phillips trades like a refiner — current price implies just $1bn of value for refining vs $34bn at Valero parity", "Refining EBITDA/bbl trails Valero by $3.75 in 2024, widening to $4.75 in Q4 2024", "Promised $3bn divestiture program was recycled into dilutive midstream M&A, not buybacks or debt paydown" ], "scqaSituation": "Phillips 66 is the third-largest US independent refiner, also operating a wellhead-to-water midstream NGL platform, the 50% CPChem JV with Chevron, and the JET European retail business — a four-segment energy conglomerate.", "thesisSummary": "Phillips 66 is a US refining-and-midstream conglomerate combining the third-largest US refiner, a vertically integrated NGL midstream platform, the CPChem JV with Chevron, and the JET European retail chain. Despite world-class assets, Phillips trades at a sum-of-parts discount and has lagged Valero by 138% and Marathon by 188% over a decade — the conglomerate denies each business its natural investor base, refining EBITDA per barrel trails Valero by $3.75, and management has missed its 2025 mid-cycle $14bn EBITDA target by ~$5.7bn while recycling a promised $3bn divestiture program into dilutive midstream M&A. Elliott's 'Streamline66' plan demands three actions: streamline the portfolio (spin Midstream, sell CPChem and JET), commit to a refining operating review that closes the per-barrel gap, and add independent directors with refining expertise. Execution lifts PSX from $120 to ~$200/share base case, with $300+ achievable on the Marathon precedent path.", "primaryDemands": [ "Spin or sell the Midstream business (standalone value >$40bn TEV)", "Sell Phillips' interest in the CPChem petrochemical JV", "Sell the JET retail operations in Germany and Austria", "Commit to ambitious refining EBITDA/bbl targets in line with Valero and Marathon", "Add new independent directors with refining-operating experience", "Conduct a comprehensive review of the executive leadership team" ], "scqaResolution": "Execute 'Streamline66': sell or spin Midstream, divest the CPChem JV stake and JET retail business, commit to VLO/MPC-parity refining EBITDA targets, and add independent directors with refining experience to refresh management oversight.", "thesisOneLiner": "Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.", "precedentsCited": [ "Marathon Petroleum (Elliott 2019 engagement / Mike Hennigan transformation)", "Speedway divestiture by Marathon (~$17bn proceeds, recycled into buybacks)", "Suncor turnaround under CEO Rich Kruger" ], "scqaComplication": "The conglomerate caps PSX at a refiner multiple, masking ~40% of EBITDA from premium midstream and chemicals; refining lags Valero by $3.75-4.75/bbl while management has missed EBITDA targets and recycled $3bn of divestiture proceeds back into dilutive midstream M&A.", "narrativeInterest": 5, "notableSlidePages": [ 12, 16, 20, 21, 47, 53 ], "peerCompaniesCited": [ "Valero Energy (VLO)", "Marathon Petroleum (MPC)", "Sunoco (SUN)", "Enterprise Products (EPD)", "MPLX", "ONEOK (OKE)", "Targa Resources (TRGP)", "Dow", "LyondellBasell (LYB)", "Energy Transfer", "Kinder Morgan", "Williams" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "appendix", "function": "appendix", "imagePath": "https://imgproxy.kitesheet.com/BfrchDrkW18OHq6zI14Bq7N1m862cgX51YscrTHRJY8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZTMzY2IzMjkyZWMvcDAwMS5qcGc", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 48, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:34.855+00", "seconds": 1.49, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/1", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.025, "w": 0.61, "x": 0.195, "y": 0.093 }, "kind": "title", "text": "February 11, 2024 Press Release and Board Letter", "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 21:18:34.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd100bd4-bdea-4b48-ab4c-a1e75974c750", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/jmYOpbB6uiGbZCywKPKBVakzN-_XI_vazGe5Ml49Ilc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZTMzY2IzMjkyZWMvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/RugoC0KbtunGdzVvJ9wjQVuiJUA7OKmmfS-ItwQ36i8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZTMzY2IzMjkyZWMvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/2iXAON2afSXIUmodu3-9FyME17NR_t4yjg1h7-JdOds/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZTMzY2IzMjkyZWMvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "title": "This is a press release document formatted as a slide.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 11, "textChars": 2022, "nDataPoints": 3, "notes": "This is a press release document formatted as a slide.", "elementsJson": [ "logo_grid", "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.18+00", "seconds": 8.772, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/2", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Specifically, Elliott noted Phillips’ conglomerate structure, poor operating performance and damaged credibility with shareholders as factors driving the Company’s underperformance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-4037e0a1b831", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.35, "y": 0.08 }, "kind": "image", "text": "ELLIOTT", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "744cab21-2ef1-4ef8-b149-19a4ada6d0fa", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "list", "text": "1) Portfolio Simplification – A streamlined Phillips would include the sale or spinoff of the Midstream business, the sale of the Company’s interests in CPChem and the sale of the JET retail operations in Germany and Austria. 2) Operating Review – Phillips must commit to ambitious refining targets that reflect best-in-class performance.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ca6eae5-e6af-424b-869e-614ebf50f364", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.1, "y": 0.38 }, "kind": "paragraph", "text": "Discloses a More Than $2.5 Billion Position", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9add598-f349-464e-88d3-d8d18f528059", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "paragraph", "text": "In its letter, Elliott noted that when it first publicly shared its views on the opportunities and challenges at Phillips in late 2023, investors were hopeful the Company would finally take the necessary actions to improve its operations and realize the significant potential of its underappreciated assets. Unfortunately, this progress failed to materialize, and it has become evident that urgent changes are needed.", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9b5fbfc-7c91-4360-a5cb-25337526062b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.46 }, "kind": "paragraph", "text": "WEST PALM BEACH, FLA. (February 11, 2025) – Elliott Investment Management L.P. (“Elliott”), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE: PSX) (the “Company” or “Phillips”), today sent a letter to the Board of Directors of Phillips 66.", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4e03861-3ee2-41e0-a744-ae652a1f1366", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "Specifically, Elliott noted Phillips’ conglomerate structure, poor operating performance and damaged credibility with shareholders as factors driving the Company’s underperformance. The letter highlighted that over the past decade, Phillips’ total shareholder returns have lagged peers Valero Energy Corp. by 138% and Marathon Petroleum by 188%, and that the Company trades at a substantial discount to the sum of its parts.", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5a76b18-46c9-46d3-9f3f-15ffa6a7c3b3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "Media Contact: Casey Friedman, Elliott Investment Management L.P. (212) 478-1780, cFriedman@elliottmgmt.com", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f22048e1-dcb9-40d4-ac64-13dc256cbf32", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "paragraph", "text": "Full Letter and Presentation Available at Streamline66.com", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f59e75b3-67c5-4835-80d4-3468288cf6cf", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.31 }, "kind": "title", "text": "Highlights Need to Streamline Portfolio, Improve Operating Performance and Enhance Oversight", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4498415-2f37-49f8-ba50-6e46e2121eab", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.27 }, "kind": "title", "text": "Elliott Sends Letter and Presentation to the Board of Phillips 66", "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 21:18:42.18+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fffa4cba-39c7-43e7-9d53-c152341d4cd8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "cc6c69a0-4891-4e3a-8266-5e59ba21d8ea", "evidence": "This slide serves as an executive summary, highlighting key points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:31.643509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "This is a text-heavy slide serving as a formal letter introduction.", "function": "state_demand", "rawType": "demand_list", "block": null, "metadata": { "slideType": "demand_list", "slideTypeCanon": { "name": "Demand list", "slug": "demand_list", "status": "active", "canonId": "019de52d-110e-76af-8c96-2017430183b1", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 8, "textChars": 2629, "nDataPoints": 4, "notes": "This is a text-heavy slide serving as a formal letter introduction.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.973+00", "seconds": 5.453, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/3", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.3, "x": 0.14, "y": 0.19 }, "kind": "paragraph", "text": "The full text of the letter follows: February 11, 2025 The Board of Directors Phillips 66 2331 CityWest Boulevard Houston, TX 77042 Dear Members of the Board:", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31e8ad91-72be-482f-b034-294f2b107f65", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.14, "y": 0.15 }, "kind": "paragraph", "text": "The letter and presentation can be downloaded at Streamline66.com.", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64ee74e0-0a51-466f-8c40-1b20c959c1ac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.64 }, "kind": "paragraph", "text": "The 2023 publication of these views put a spotlight on the significant opportunity present at Phillips and initially sparked market optimism for a long-overdue turnaround at the Company. Unfortunately for investors, patience has been punished.", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a948369-c85c-4d44-8a53-f743ca025c7d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.7 }, "kind": "paragraph", "text": "As detailed in the enclosed presentation, available at Streamline66.com, Phillips has failed to make meaningful progress on its targets. It abandoned serious collaboration on Board and corporate governance improvements by failing to honor its commitment to add a second director and reverting to a combined CEO-Chairman role. And despite possessing valuable assets and a clear, achievable path to realizing their full potential, Phillips’ total shareholder return has continued to disappoint, lagging well behind peers. Over the past decade, Phillips has underperformed Valero by 138% and Marathon by 188%.²", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8368a93b-9f1b-4c35-beef-a367a8dfc6c5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.33 }, "kind": "paragraph", "text": "We are writing to you on behalf of funds managed by Elliott Investment Management L.P. (together with such funds, “Elliott” or “we”). We have an investment of more than $2.5 billion in Phillips 66 (the “Company” or “Phillips”), making us one of your top five investors.", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9f43cae-3f17-473a-a612-3d2690496ad7", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.14, "y": 0.41 }, "kind": "paragraph", "text": "As you know, this is not the first time we have publicly shared our views on Phillips’ opportunities and challenges. In November of 2023, we published a letter to the Board noting the Company’s ambitious targets in the areas of operational improvement, portfolio-rationalization and improved capital return to shareholders. To repair Phillips’ damaged credibility with investors and ensure the right oversight and accountability, we called for collaboration on the addition of two new directors with refining-operation experience. And if Phillips failed to show material progress, we suggested an alternative path similar to the one taken by Marathon Petroleum (“Marathon”) following our engagement there in 2019. In that situation, board and management enhancements led to operational improvement, portfolio-rationalization and significant long-term share-price outperformance. Since our engagement, Marathon’s total shareholder return has outperformed Valero Energy Corp. (“Valero”) by 120% and Phillips by 178%.¹", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5948336-9f2e-400c-82e7-db32ef956f24", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.14, "y": 0.84 }, "kind": "source-note", "text": "¹ Bloomberg, from 9/24/2019 (the day prior to Elliott’s public presentation) to 2/7/2025\n² Bloomberg, as of 2/7/2025", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e465882-59a0-4327-8a9a-227f493ab254", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "3) Enhanced Oversight – New independent directors are needed to bolster accountability and oversee a comprehensive review of the executive leadership team.", "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 21:18:38.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "112945c5-adb9-4cbf-841c-b6bc6b6ec0a1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "analysis", "title": "This is a text-heavy slide acting as an executive summary or introduction to the activist thesis.", "function": "diagnose_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 7, "textChars": 1614, "nDataPoints": 3, "notes": "This is a text-heavy slide acting as an executive summary or introduction to the activist thesis.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.002+00", "seconds": 4.139, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/4", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Phillips' 2024 refining EBITDA per barrel has trailed best-in-class peer Valero by $3.75 per barrel, widening to a $4.75 per barrel shortfall in the most recent fourth quarter.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-269aacb1fcac", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.8, "x": 0.1, "y": 0.5 }, "kind": "list", "text": "Conglomerate Structure: Phillips’ inefficient structure obscures the true value of its assets. Poor Operating Performance: Phillips has repeatedly failed to meet key targets. Damaged Credibility: Persistent financial misses and the pursuit of acquisitions.", "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 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1dd0fed0-e589-45f6-8e2d-c8427e52685f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "refining EBITDA per barrel: $4.75", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-28dd9cbb8ab4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "This experience has been frustrating but has clarified the scale of the problem and reinforced the urgent need for the Company to pursue an alternative path, namely (i) an overhaul of the Company’s conglomerate structure, (ii) demonstrable improvements in its operating performance and (iii) a refresh of the Board and executive team.", "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 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "381f3655-ae3e-4092-9d0f-15ed502381af", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "paragraph", "text": "We remain committed, engaged investors in Phillips due to our conviction in the significant opportunity for value creation represented by the quality of the Company’s assets. These underappreciated assets benefit from significant scale and strong competitive positioning across the Company’s businesses. In addition to its core refining business, Phillips has a highly valuable midstream business focused on the NGL value chain and a world-class chemicals joint venture.", "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 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97869d5a-5641-4f8d-aee8-c30a94590f40", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.4 }, "kind": "paragraph", "text": "However, Phillips today trades at a substantial discount to a sum-of-its-parts valuation, and investors have plainly lost confidence in the Company’s ability to unlock this value under its current structure. We believe the factors driving this underperformance are clear:", "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 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3b38e43-999f-4e97-9e26-4776790587dc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.1, "y": 0.92 }, "kind": "source-note", "text": "3 Company filings, Q4 2024 earnings, see analysis in enclosed presentation", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e49c23bc-599c-4a52-bf31-3857d60d9044", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0891800d-074a-4601-a0bb-d2302fd7f6de", "evidence": "This slide provides a concise overview of the main points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:31.764206+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "0ea2fcb0-4d58-4943-ae4c-217e8ff97201", "evidence": "The slide explicitly lists three core pillars of underperformance (structure, operations, credibility) as the diagnosis for the company's valuation discount.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:38.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "diagnostic-test" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "This is a text-heavy slide formatted as a formal letter from John Pike and Mike Tomkins.", "function": "state_demand", "rawType": "demand_list", "block": null, "metadata": { "slideType": "demand_list", "slideTypeCanon": { "name": "Demand list", "slug": "demand_list", "status": "active", "canonId": "019de52d-110e-76af-8c96-2017430183b1", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1249, "nDataPoints": 1, "notes": "This is a text-heavy slide formatted as a formal letter from John Pike and Mike Tomkins.", "elementsJson": [ "paragraph", "numbered_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:36.519+00", "seconds": 2.609, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/5", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-087eb62a13ce", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "list", "text": "1) Streamline Portfolio... 2) Operating Review... 3) Enhanced Oversight...", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:36.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "611385c6-015a-4733-9438-93f31b59aedf", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "As detailed in our “Streamline66” presentation, we believe Phillips can resolve these issues through decisive action. Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:", "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 21:18:36.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b97a3f82-217e-4631-8fd1-28960414f554", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.6 }, "kind": "paragraph", "text": "Taken together, this plan offers a pathway for restored investor credibility and a realization of the full value of the Company’s attractive asset base...", "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 21:18:36.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce7be3c0-505a-418b-8a75-9ca869ff1bec", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "paragraph", "text": "The past year has provided strong evidence that change is needed. In our November 2023 letter, we wrote, “At present, we believe [CEO Mark] Lashier and the rest of the management team deserve investor support so long as they demonstrate meaningful progress against [their financial] targets.” Since then, Phillips has failed to do so.", "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 21:18:36.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d740a3a5-e87f-4d16-8de1-00fc33d0f38b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "At present, we believe [CEO Mark] Lashier and the rest of the management team deserve investor support so long as they demonstrate meaningful progress against [their financial] targets. — Elliott Investment Management (November 2023 letter)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-0df3233e3b68", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.1, "y": 0.95 }, "kind": "source-note", "text": "4 See analysis in enclosed presentation", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:36.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a4d9029-8f35-4856-a2ae-4a80a2f54175", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "appendix", "title": "Standard corporate boilerplate disclosure.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 2, "textChars": 417, "nDataPoints": 2, "notes": "Standard corporate boilerplate disclosure.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:36.001+00", "seconds": 2.058, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/6", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.146 }, "kind": "paragraph", "text": "Elliott Investment Management L.P. (together with its affiliates, \"Elliott\") manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.", "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 21:18:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90bb4339-a15a-4490-a3db-2520baeb6981", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.095, "x": 0.118, "y": 0.113 }, "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 21:18:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc40eff7-e360-4213-bfbc-ef4cbb1e116a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "setup", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": 1, "textChars": 12, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:35.662+00", "seconds": 1.579, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/7", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.021, "w": 0.206, "x": 0.397, "y": 0.095 }, "kind": "title", "text": "PRESENTATION", "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 21:18:35.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1453b58-dbbd-4038-8eea-f1d3573a4eb3", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4c12c8a2-76cd-4770-954b-d4dbfd7cdde8", "evidence": "type: cover", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:28.648815+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "The slide uses a visual metaphor of Route 66 to align with the company name.", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 4, "textChars": 116, "nDataPoints": 0, "notes": "The slide uses a visual metaphor of Route 66 to align with the company name.", "elementsJson": [ "headline_text", "subtitle_text", "photo" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:36.539+00", "seconds": 1.915, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/8", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "ELLIOTT’S VIEWS ON VALUE CREATION AT PHILLIPS 66", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-67a7f19485ec", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.835, "y": 0.235 }, "kind": "image", "text": "ELLIOTT", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:36.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7f446a1-21bf-4626-833d-97a1ff9e5c20", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.06, "y": 0.535 }, "kind": "paragraph", "text": "ELLIOTT’S VIEWS ON VALUE CREATION AT PHILLIPS 66", "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 21:18:36.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e55b3619-e551-4dbb-b4b5-49dc0f240ffb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.63, "x": 0.06, "y": 0.44 }, "kind": "title", "text": "STREAMLINE 66", "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 21:18:36.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07390ead-b7bd-406d-ba9c-ab1b217e3d2a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "c7cb2a59-f305-4d56-ac5d-b3e51c5ebff1", "evidence": "type: cover", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:28.735522+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "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": "sparse", "densityScore": 6, "componentCount": 2, "textChars": 188, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:36.804+00", "seconds": 2.168, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/9", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.27 }, "kind": "disclaimer", "text": "This presentation is for discussion and informational purposes only. The views expressed herein represent the opinions of Elliott Investment Management L.P. and its affiliates...", "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 21:18:36.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c048e13-1c42-4f18-9165-1ad7cd1b1c1f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "DISCLAIMER", "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 21:18:36.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4db51a9d-8ed2-47bd-8331-3b76aaa9fb71", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Includes a navigation bar at the top and a list of representative energy investments.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 8, "textChars": 785, "nDataPoints": 2, "notes": "Includes a navigation bar at the top and a list of representative energy investments.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "bar_chart_vertical", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:37.531+00", "seconds": 2.796, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/10", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.25, "x": 0.68, "y": 0.33 }, "kind": "chart", "text": "TSR of Elliott’s Recent Energy Investments", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d842c6c8-a3aa-4862-a5b4-6eddcdbcf2a4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.61 }, "kind": "image", "text": "Representative Investments", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b808d21-3834-49f1-bf31-8fcbe816e3a7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.35, "y": 0.33 }, "kind": "list", "text": "Elliott’s Energy Experience: Invested capital globally, spans public/private, assets in Permian, Marcellus, MidCon, Gulf of Mexico", "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 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c2d9f8c-5e38-431b-a566-08376107dd64", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "Elliott’s Approach to Investing: Extensive Due Diligence, Team Approach, Hands-on Effort, Industry Focus", "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 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55ce67c0-409e-445f-b5f5-931477888001", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TSR: 69", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-84680eea4566", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "Founded in 1977, Elliott Investment Management L.P. (together with its affiliates, “Elliott”) is one of the oldest private investment firms of its kind under continuous management. As of June 30, 2024, Elliott manages approximately $69.7billion in assets.", "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 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10f81252-4b82-4a4e-a314-3537672fe808", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.72 }, "kind": "source-note", "text": "Source: Bloomberg as of 2/7/25. 1) “TSR of Elliott’s Recent Energy Investments” represents the average total shareholder return (“TSR”) of Elliott energy & utilities investments in North America since 2017...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e2506b0-2d19-44d6-8dba-ebb610e6ec33", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.25 }, "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 21:18:37.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f901dcbf-7fb1-4f98-a39d-e19f8dc51dad", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "7e237e6b-02dd-45da-8417-48e56fa78aa3", "evidence": "Elliott Investment Management L.P.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:28.900875+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f3232062-7587-4559-9e56-7a2776fcdc18", "evidence": "type: executive_summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:28.859629+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 11, "type": "appendix", "title": "The slide establishes credibility by listing various professional firms and industry contacts engaged for the analysis.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 9, "textChars": 1217, "nDataPoints": 0, "notes": "The slide establishes credibility by listing various professional firms and industry contacts engaged for the analysis.", "elementsJson": [ "headline_text", "bullet_list", "photo" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.312+00", "seconds": 3.489, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/11", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-11", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.28, "x": 0.69, "y": 0.32 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5cad459-7465-4b1d-bf25-c2d66c8c0949", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "Former Employees and Industry Executives: Engaged with former Phillips employees, industry executives, suppliers, customers and competitors", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "695fd900-c4dd-4357-86a6-b06973d4f8e8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.03, "y": 0.75 }, "kind": "list", "text": "Legal Advisors: Consulted with multiple top-tier law firms to analyze Phillips' corporate structure and governance practices", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7239c7b0-efe9-42c0-bd04-810915fba44d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.6, "x": 0.03, "y": 0.68 }, "kind": "list", "text": "Global Investment Bank: Worked with a leading investment bank to inform our views on the competitive landscape and the value proposition of each of Phillips' business segments", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8c4a701-0cb0-4166-86bd-6309504d30e6", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.6, "x": 0.03, "y": 0.51 }, "kind": "list", "text": "Leading Energy Market Consultant: Worked with one of the leading midstream-focused consultants to evaluate Phillips' asset base and competitive footprint", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e32cc026-c2b6-4355-94b2-c15d5abdfa7a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.03, "y": 0.58 }, "kind": "list", "text": "Top Accounting Firm: Hired an industry-leading accounting firm to help us conduct a thorough analysis on feasibility and tax implications of potential transactions around Phillips' assets or a restructuring of its corporate structure", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7c31c32-f4bc-4f61-932c-adac189c357a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.03, "y": 0.41 }, "kind": "list", "text": "Operational Consulting Firm: Retained a leading operational consulting firm to help us analyze Phillips' marketing, refining and midstream operations, organization and cost structure to identify value-creation opportunities", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff7c32fa-b041-461b-8574-69f80d44fabb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "We have conducted extensive due diligence on Phillips' strategy, financial performance, asset portfolio, operations and market position", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bde7db8-8b68-40cf-9579-1563f3ca80f1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "ELLIOTT'S DUE DILIGENCE ON PHILLIPS", "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 21:18:38.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11b5d876-7d25-4b3a-acaa-991019d31484", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e3c6e2e9-8b18-49bb-adde-f65e7330829c", "evidence": "list/bullet", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:28.983275+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The slide uses a three-column structure to frame the investment thesis: Assets, Problems, and Solution.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 693, "nDataPoints": 3, "notes": "The slide uses a three-column structure to frame the investment thesis: Assets, Problems, and Solution.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:19:18.41+00", "seconds": 43.49, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/12", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-12", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.71 }, "kind": "callout", "text": "PHILLIPS 66 HAS A UNIQUE OPPORTUNITY TO DRIVE SUBSTANTIAL STOCK PRICE UPSIDE", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21dd03d7-192b-4d1e-8528-ce8d716c224e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "By executing plan \"Streamline66,\" we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-ff0165cdab2e", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.67, "y": 0.33 }, "kind": "list", "text": "STREAMLINE 66: Streamline Portfolio, Operating Review, Enhanced Oversight", "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 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21f52a55-5052-42d3-8535-f5d6c6cf5888", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "Valuable Assets: Refining, Marketing & Specialties, Midstream, Chemicals", "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 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dee0a7a-abc8-4797-8a8b-92267b2a37c7", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.35, "y": 0.33 }, "kind": "list", "text": "Underperforming: Inefficient Conglomerate Structure, Poor Operating Performance, Damaged Management Credibility", "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 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3935473-0f94-4a27-908a-c3a498c26b0d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price: $200", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-02c9391aca5d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "Phillips is falling short of its potential. A streamlined Phillips would unlock significant value and create a stronger company", "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 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0691382d-a940-4af4-ae42-17f8136453ba", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "EXECUTIVE SUMMARY", "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 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ba0d7f8-170f-447a-99e1-44860b31a384", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f257ef09-0035-4d4d-942b-5ca008663eb4", "evidence": "type: executive_summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:29.066142+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "50ec0b3c-5c20-4b3b-a11f-e88274c3e26e", "evidence": "The slide is explicitly titled Executive Summary and follows a classic problem-solution structure.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:19:18.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "executive-summary" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 13, "type": "setup", "title": "Includes a pie chart showing PSX EBITDA mix and a quote from Bank of America.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 9, "textChars": 1024, "nDataPoints": 14, "notes": "Includes a pie chart showing PSX EBITDA mix and a quote from Bank of America.", "elementsJson": [ "headline_text", "subtitle_text", "quote_block", "donut_chart", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.046+00", "seconds": 4.029, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/13", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-13", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-67c7183fc03e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "chart", "text": "TEV / EBITDA (2026E) comparison chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36d92e91-ddc1-429d-804d-2a48e06859e0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.7, "y": 0.34 }, "kind": "chart", "text": "PSX EBITDA MIX", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "000a2d2c-c529-4c95-878c-f9dd353ef210", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TEV / EBITDA: 8.4x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-6d149be5d619", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value", "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 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd0b79cb-174e-46bb-b4cd-1e0feebc0fc5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": ">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23ff23c9-2601-42dd-938c-49a5289c0c53", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": ">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-6b58b6c3c798", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.74 }, "kind": "source-note", "text": "Source: Bloomberg. Note: See appendix for valuation details. Phillips % breakdown based on % of 2026E consensus EBITDA excluding corporate. Refiner estimates exclude turnaround expense for comparability.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c546b05d-b11d-4996-b144-bcf3cde73cab", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "DESPITE ITS ATTRACTIVE ASSETS, PHILLIPS TRADES AT A SIGNIFICANT DISCOUNT", "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 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ce73644-aa96-4d3c-8744-0db0e595d610", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "adafef50-4285-4fd0-bca1-cf09e28c6c79", "evidence": "chart/waterfall-bridge", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:29.148255+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e442d019-1447-4095-9e2e-144e37060968", "evidence": "Comparison of current trading multiple vs SOTP multiple", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "valuation-gap" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses a bar chart to show negative cumulative total returns over 1, 3, 5, and 10 years, paired with a list of three core reasons for the underperforman", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 845, "nDataPoints": 4, "notes": "The slide uses a bar chart to show negative cumulative total returns over 1, 3, 5, and 10 years, paired with a list of three core reasons for the underperformance.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.097+00", "seconds": 3.93, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/14", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-14", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Shares have underperformed peers for more than a decade. Despite this clear market signal, Phillips has ignored the need for change and continually praises the benefits of its diversified portfolio", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-b68381a52d29", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.05, "y": 0.35 }, "kind": "chart", "text": "Phillips Cumulative Total Return vs. VLO | MPC", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a474d23b-1804-4cb3-9248-5758e64468d6", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.5, "x": 0.45, "y": 0.35 }, "kind": "list", "text": "INEFFICIENT CONGLOMERATE STRUCTURE: Each business is denied the capital, investor base, focus and oversight needed to achieve its potential. POOR OPERATING PERFORMANCE: Refining operations materially underperform peers. DAMAGED MANAGEMENT CREDIBILITY: Management insists that current structure is advantageous.", "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 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1554c72a-3bd2-4a37-bdcd-73ee1ff44efe", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Cumulative Total Return: -163%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-bb18d0bbe6c6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "paragraph", "text": "Shares have underperformed peers for more than a decade. Despite this clear market signal, Phillips has ignored the need for change and continually praises the benefits of its diversified portfolio", "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 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1dda58c6-3e32-47d1-a772-f922a07ac400", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg as of 2/7/25.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6bdbb5f-3787-4eaf-9527-39d26940b4d9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "title", "text": "PHILLIPS IS DEEPLY UNDERPERFORMING", "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 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2a7cd83-7be5-443e-b095-7ccb28ca349d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5364b744-9af7-4ccf-b203-80bcf11cabe3", "evidence": "The slide identifies symptoms (underperformance) and root causes (structure, operations, credibility).", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:39.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "diagnostic-test" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 15, "type": "setup", "title": "Uses a sum-of-the-parts (SOTP) valuation bridge to highlight market undervaluation.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 9, "textChars": 1157, "nDataPoints": 7, "notes": "Uses a sum-of-the-parts (SOTP) valuation bridge to highlight market undervaluation.", "elementsJson": [ "headline_text", "subtitle_text", "waterfall_chart", "quote_block", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.769+00", "seconds": 3.589, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/15", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-15", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.2, "x": 0.78, "y": 0.34 }, "kind": "callout", "text": "Valero is a ~3MMbbl/d pure play refining system with a $49bn TEV. If Phillips' ~2MMbbl/d refining system was valued at an equivalent $/bbl it would be valued at $34bn.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10bd0a87-9b9b-4efe-b1bc-e78c9822c79d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.48, "y": 0.54 }, "kind": "callout", "text": "Using market multiples for the rest of Phillips' assets implies its Refining system is valued at $1bn today", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79831027-94c4-4a9f-ae64-c8585c0c136c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.95, "x": 0.03, "y": 0.33 }, "kind": "chart", "text": "Enterprise Value Decomposition at Current Share Price ($bn)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11dbe4fc-abc7-4112-83fb-0234ab43c7b2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $69bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-3a38b8d3ab87", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.03, "y": 0.36 }, "kind": "quote", "text": "[There] is no value for refining in PSX at current levels... This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a47b16e6-2208-4eff-951e-aabf0e5265d9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "[There] is no value for refining in PSX at current levels... This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis: but no part of its assets are public, and with no obvious intent to monetize individual assets and disposal / deleveraging plans... — Wolfe Research, January 2, 2025", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-36f41e15b520", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.03, "y": 0.74 }, "kind": "source-note", "text": "Source: Bloomberg. Note: See appendix for valuation details. Emphasis added.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "178b951f-0bee-4a5d-8531-0d8a7930d748", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.03, "y": 0.28 }, "kind": "title", "text": "Applying appropriate valuation multiples to Phillips' non-refining segments implies little value for its refining assets, despite their scale and strong competitive positioning", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73e2f415-ac59-4726-9fd4-a67e2b0d365d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.03, "y": 0.25 }, "kind": "title", "text": "PHILLIPS' CURRENT STOCK PRICE IMPLIES DE-MINIMIS VALUE FOR REFINING", "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 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4e5aa3b-2d40-46f4-aab1-e5d99e8e386a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "94ce380d-9364-41e0-b696-ba6a54499697", "evidence": "chart/waterfall-bridge", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:29.273393+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "73d317ef-d16e-4240-a4a4-37a51246ab24", "evidence": "Waterfall chart showing components of Enterprise Value", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:38.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "valuation-bridge" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "Uses a waterfall-bridge chart to visualize the path to valuation upside.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 6, "textChars": 663, "nDataPoints": 6, "notes": "Uses a waterfall-bridge chart to visualize the path to valuation upside.", "elementsJson": [ "headline_text", "bullet_list", "waterfall_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.311+00", "seconds": 2.89, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/16", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.25, "x": 0.68, "y": 0.28 }, "kind": "callout", "text": "If Phillips is able to execute the \"Marathon Path\"(1) the stock price could increase to $300+", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "012e3644-68a5-418d-a61e-b0f1d3698f1b", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.52, "y": 0.25 }, "kind": "chart", "text": "Waterfall chart showing growth from $120 to $200 and $300+ per share.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf09e220-ef38-4189-bc65-83bd4591fbd8", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.32 }, "kind": "list", "text": "Streamline Portfolio: Sell or spin Midstream, sell JV interest in CPChem, sell German/Austrian JET retail. Operating Review: Ambitious refining targets, target EBITDA per barrel parity with VLO/MPC. Enhanced Oversight: Add independent directors, review management.", "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 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebe7eedd-1f7a-4b8a-9452-9bbc40c80a60", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price: $300+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-d809542afe99", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg. Note: Estimated potential upside based on indicative valuation calculations presented in the appendix. 1) Required assumptions for \"Marathon Path\" scenario can be found on slides 39 – 40.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d516604-ea11-4501-8165-af30fddaa689", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.05, "y": 0.25 }, "kind": "title", "text": "STREAMLINE 66", "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 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff9dd6a9-bc44-4ce1-ba54-c59b2b0db03e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8704a2e9-713a-419a-9148-355319a115b9", "evidence": "chart/waterfall-bridge", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:29.356044+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "18179704-438a-4a6f-9396-3d2e59994534", "evidence": "The chart visualizes the components of value creation leading to a higher stock price.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:38.311+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "waterfall-bridge" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "evidence", "title": "The slide uses a before-and-after narrative to justify the activist's intervention in Phillips 66.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 8, "textChars": 892, "nDataPoints": 3, "notes": "The slide uses a before-and-after narrative to justify the activist's intervention in Phillips 66.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "bar_chart_vertical", "callout_box", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.96+00", "seconds": 3.402, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/17", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-17", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.73 }, "kind": "callout", "text": "LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f633697e-5ab8-4314-81e4-8e54ba473d8f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.38, "x": 0.58, "y": 0.35 }, "kind": "chart", "text": "TSR performance chart showing -21%, 149%, and 495% growth across three periods.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "494b767c-ab9f-4655-97ef-0c076ef09bac", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TSR: 495%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-1a568051ee68", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.03, "y": 0.35 }, "kind": "paragraph", "text": "In the mid-2010s, MPC doubled down on a conglomerate model by retaining its retail operation and then acquiring Andeavor in 2018. Shareholder returns lagged peers from 2017 to 2019 on inconsistent execution following the Andeavor transaction...", "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 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ad4ba7b-e8c1-4fdd-8676-6fcdc63137bb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.03, "y": 0.61 }, "kind": "quote", "text": "Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43a1ea45-8a0d-4edb-a1a9-0808bc073cba", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-1741bc6f5962", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.3 }, "kind": "title", "text": "Marathon dramatically outperformed its US refining peers after reviewing its structure and operating performance", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "230d3792-f24e-4237-9111-d61c6e928eca", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.24 }, "kind": "title", "text": "MARATHON PETROLEUM CASE STUDY", "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 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bdc2383-f6ad-444d-971a-8a5a1deedf58", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3d620158-8e7d-404c-8225-1d20c8be6630", "evidence": "Contrasts pre-activist performance with post-activist/leadership change performance.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:38.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "evidence", "function": "cite_precedent", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 4, "textChars": 523, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:37.625+00", "seconds": 2.056, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/18", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.32, "x": 0.62, "y": 0.545 }, "kind": "paragraph", "text": "Raymond James, October 27, 2023", "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 21:18:37.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c91953-c2fc-4bb0-aa71-f14a883f0e21", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.45 }, "kind": "quote", "text": "We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:37.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6679eb4-05cf-49b1-b991-499d2d91dfe7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baaa-f3008a60d9a3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.08, "y": 0.27 }, "kind": "title", "text": "01 VALUABLE ASSETS", "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 21:18:37.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4bdd53f-c57a-47b5-8d45-78212ef7fd5f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "1fd6c109-c902-44ad-80f0-7bf63463cb86", "evidence": "The slide presents a quote from Raymond James, indicating an understanding of the audience's perspective on valuation.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:38.27899+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "ec6474b1-6d81-4ce3-b351-c50cc8011b79", "evidence": "Uses a third-party analyst quote to validate the investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:37.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "resolution", "title": "The slide uses a navigation bar at the top to indicate the current section is 'Valuable Assets'.", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 8, "textChars": 673, "nDataPoints": 6, "notes": "The slide uses a navigation bar at the top to indicate the current section is 'Valuable Assets'.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.889+00", "seconds": 3.312, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/19", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.73 }, "kind": "callout", "text": "THIS PORTFOLIO IS UNDERVALUED IN THE CURRENT STRUCTURE", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d97e59fb-6a35-4d51-976d-7368ecafd641", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.05, "y": 0.79 }, "kind": "disclaimer", "text": "Note: This presentation combines the Company's Refining and Renewable Fuels segments under one title of Refining.", "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 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d73bbe6b-661a-4ec8-ba0d-b8c882871706", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.54 }, "kind": "list", "text": "MIDSTREAM: Integrated NGL business, stable cash flow, benchmarks to 10-12x EBITDA peers.", "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 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c92ff44-e2e0-45b4-a0e8-70aeed8df03a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "MARKETING & SPECIALTIES: 7,300 branded U.S. locations, 1,700 international, high cash flow, low capex.", "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 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d991bc6-c606-44cb-beb9-34a1baaaa4d3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "list", "text": "REFINING: 11 refineries, ~2MMbbl/d capacity, specialty product upside, trade reach.", "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 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f3c355e-de25-45ba-a0d3-39d8a6cadc41", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.63 }, "kind": "list", "text": "CHEMICALS: 50% CPChem JV, low cost curve, high cash flow, no required investment.", "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 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf21d5ca-e262-410a-8dcb-cd2e677301fa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "title", "text": "Phillips' asset base is significantly undervalued, given each segment's competitive scale and positioning", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "576ff61b-c2ed-4ba9-9c25-f88882d369b7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS OPERATES A PORTFOLIO OF QUALITY ASSETS", "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 21:18:38.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5be9f3aa-6683-4e0e-8617-82f16ef0a549", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d64177bb-5af3-40ee-a798-91a30252f26f", "evidence": "The slide presents a list of bullet points highlighting different aspects of Phillips' asset base.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:38.340912+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 20, "type": "setup", "title": "Part of the 'Valuable Assets' section of the activist deck.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 10, "textChars": 655, "nDataPoints": 24, "notes": "Part of the 'Valuable Assets' section of the activist deck.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "bar_chart_vertical", "bar_chart_stacked", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.782+00", "seconds": 2.972, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/20", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-886327a906de", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.68, "y": 0.33 }, "kind": "chart", "text": "Capacity by Region", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2136124e-668a-4af5-83a3-cbfd38879454", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.38, "y": 0.53 }, "kind": "chart", "text": "Product Mix", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "427f397e-bc9c-43e4-9e0b-839076c3c208", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.68, "y": 0.53 }, "kind": "chart", "text": "Nelson Complexity Index", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d247ef7-4e62-4e3d-8269-0acc7a909e3d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.38, "y": 0.33 }, "kind": "chart", "text": "Average Refinery Size (kbbl/d)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e22a9bc-f540-468e-9d0a-3db79e1b9e82", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "~2MMbbl/d refining system with 11 refineries; Geographic and product diversity; Scaled asset base; Flexible refining kit", "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 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fa01771-5761-466a-88e0-68f7a7303523", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Average Refinery Size: 213", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-8e0d953c7299", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management", "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 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "143ece70-1d55-4bf7-9fd9-4e60682d6b92", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.03, "y": 0.66 }, "kind": "source-note", "text": "Source: Company filings, websites and Oil and Gas Journal.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b871026-faaf-40b1-ba89-ab7390a2b6ca", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "REFINING: THIRD-LARGEST INDEPENDENT REFINING SYSTEM IN THE U.S.", "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 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b33589e-b588-47e0-a134-262f805864d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3532ca3c-59f0-4c15-9a71-291392977b2e", "evidence": "Direct comparison of PSX against MPC and VLO across four key operational metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:38.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 21, "type": "resolution", "title": "Includes a combo chart showing EBITDA-Capex and % conversion over a 12-year period (2015-2026E).", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 9, "textChars": 1310, "nDataPoints": 24, "notes": "Includes a combo chart showing EBITDA-Capex and % conversion over a 12-year period (2015-2026E).", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "bar_chart_vertical", "line_chart", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:40.038+00", "seconds": 4.225, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/21", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-ad9e9209b76a", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.54, "x": 0.43, "y": 0.32 }, "kind": "chart", "text": "Strong Free Cash Flow Generation", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5aa9044-67e2-4bc2-9b5e-aab2726fbd42", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.38, "x": 0.03, "y": 0.63 }, "kind": "image", "text": "Portfolio of Attractive Retail Brands", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a33fe271-357b-4199-a7f7-be09bf10515f", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.38, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "Marketing helps deliver optimal refined product placement in the U.S. and Europe across gasoline, diesel and aviation fuel. Portfolio of attractive retail logos across the U.S. and Europe with brand value. Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates. Manufacturing and sale of high-margin specialty lubricants and other base oils, including Phillips’ 50% stake in Excel Paralubes", "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 21:18:40.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c31a1462-98fa-4dab-975b-a065c8d9bf47", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Free Cash Flow Conversion: $3bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-b6805011da34", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "Business markets refined products across ~7,300 branded U.S. and ~1,700 branded international outlets, generating substantial free cash flow while requiring limited capital investment", "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 21:18:40.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71d00752-a7b7-4ec0-8c8f-0c556d8965ac", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“potential value of $3bn assuming a 10x multiple” — Wolfe Research, January 2, 2025.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-b3b6cb039eb9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.03, "y": 0.73 }, "kind": "source-note", "text": "Source: Logos per Phillips’ latest investor presentations. 1) Conversion refers to segment EBITDA – Capex divided by segment EBITDA. 2) Wolfe Research, January 2, 2025.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "068194a6-8b52-4727-8b9c-0c2dd1e50e0f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "MARKETING & SPECIALTIES: STABLE, HIGHLY CASH FLOW GENERATIVE BUSINESS", "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 21:18:40.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2305d79-4fef-4701-9196-189e669f2a08", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "setup", "title": "The slide uses a 'Streamline 66' branding and compares PSX against peers like ET, EPD, OKE, TRGP, MPLX, KMI, and WMB.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 10, "textChars": 661, "nDataPoints": 24, "notes": "The slide uses a 'Streamline 66' branding and compares PSX against peers like ET, EPD, OKE, TRGP, MPLX, KMI, and WMB.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "bar_chart_stacked", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.565+00", "seconds": 3.702, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/22", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-22", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "ATTRACTIVE EARNINGS STREAM IN-LINE WITH HIGHLY VALUED PUBLIC MIDSTREAM PEERS", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-db305fe8eb10", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.6, "y": 0.35 }, "kind": "chart", "text": "Product Diversification", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart (100%)", "slug": "bar-stacked-100pct", "status": "active", "canonId": "019de52c-ff14-71b8-8d88-860f8d7da84b", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked-100pct", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f5d7f4a-b934-4dd1-8afd-65397ed8805e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.6, "y": 0.5 }, "kind": "chart", "text": "Fee-based Earnings", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart (100%)", "slug": "bar-stacked-100pct", "status": "active", "canonId": "019de52c-ff14-71b8-8d88-860f8d7da84b", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked-100pct", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41ff31b1-63f5-4e5d-a88a-f73d0865b539", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.35, "x": 0.6, "y": 0.65 }, "kind": "chart", "text": "Asset Mix", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart (100%)", "slug": "bar-stacked-100pct", "status": "active", "canonId": "019de52c-ff14-71b8-8d88-860f8d7da84b", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked-100pct", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be9a3d25-a4e9-4844-ba78-e98807543c0f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.28, "x": 0.32, "y": 0.32 }, "kind": "list", "text": "TRANSPORTATION ~35% of EBITDA: Network of crude and refined product pipelines, tanks and terminals", "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 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "457dec7b-4180-4d3b-aaae-f572102e3cb5", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.28, "x": 0.03, "y": 0.32 }, "kind": "list", "text": "NGL BUSINESS ~65% of EBITDA: Wellhead-to-market NGL system focused on the Permian and DJ basins", "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 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52779d20-df57-44f2-ac37-99e55f1323c4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "standalone value: $40bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-df27151abd8b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Elliott estimates and third-party energy market consultant views. Phillips reflects Phillips' Midstream segment based on publicly available data and estimates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe43f851-6247-4561-9f86-b6ebcb9ccd31", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.03, "y": 0.28 }, "kind": "title", "text": "Fee-based, recurring EBITDA with favorable market exposure. We see >$40bn in standalone value", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b04e70d3-2405-4ebd-966e-788bb51a03e4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "MIDSTREAM: HIGHLY ATTRACTIVE NGL, CRUDE & PRODUCTS PLATFORM", "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 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c899a1b5-1334-4448-91cf-a44c674019df", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "786b738c-808c-4101-82a8-6c1319e81102", "evidence": "Benchmarking PSX against midstream peers across three key metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "setup", "title": "The slide uses a cost curve to demonstrate competitive advantage and cites Wells Fargo to support the M&A thesis.", "function": "quantify_opportunity", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 1280, "nDataPoints": 5, "notes": "The slide uses a cost curve to demonstrate competitive advantage and cites Wells Fargo to support the M&A thesis.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "line_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.55+00", "seconds": 3.678, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/23", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-23", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.69 }, "kind": "callout", "text": "THIS BUSINESS WOULD LIKELY ATTRACT SIGNIFICANT INTEREST FROM THE EXISTING JV PARTNER OR ANOTHER BUYER", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3760a7b8-858c-4a0c-8ca5-94c7c7c5afa1", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.45, "x": 0.52, "y": 0.33 }, "kind": "chart", "text": "Phillips Disclosed Ethylene Cost Curve (cents/lb)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2e4bc85-422f-4500-9dfb-4e9be875e634", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "50% equity investment in CPChem, which owns or holds interest in ~30 chemical manufacturing facilities; Produces and markets ethylene and other olefin products with ~19 MMTA of capacity; Assets economically resilient running ~95% advantaged feedstocks; +3.2 MMTA of growth coming in 2026; CPChem deserves a premium valuation.", "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 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5db27e5d-ddde-4e68-8c81-a18fdafcf963", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "ethylene cost: 95%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-03c04399c751", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.27 }, "kind": "paragraph", "text": "Phillips' CPChem joint venture with Chevron is a world-scale, low-cost, highly strategic producer of olefins and derivatives, creating a business unit that has always been free cash flow positive throughout the cycle", "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 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06a17ccd-d6e8-46d7-b318-a90c8c3fb6c5", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.45, "x": 0.03, "y": 0.6 }, "kind": "quote", "text": "Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. Wells Fargo, November 30, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fe8fec1-35fd-4902-8c30-c08bc84186cd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. — Wells Fargo, November 30, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baab-fc37a11aaccb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.03, "y": 0.74 }, "kind": "source-note", "text": "Source: '19-'23 average ethylene production cost curve per Phillips Investor Presentation. Note: Emphasis added.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69fb6e66-f1c3-46e8-ba9e-02ece823862a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "CHEMICALS: WORLD-SCALE ASSETS ON THE LOW END OF THE GLOBAL COST CURVE", "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 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73faa266-6035-48d1-a558-9a050fd67c5f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "222ff422-8796-4912-b8f9-dad58bf3f241", "evidence": "Phillips Disclosed Ethylene Cost Curve chart", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "cost-curve-analysis" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 405, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:41.888+00", "seconds": 5.779, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/24", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-24", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.07, "y": 0.44 }, "kind": "quote", "text": "Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33f92bc2-6226-4410-bf93-c3eccdcbdb2b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program.” — TD Cowen, December 4, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-1d427b2c03fa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.67, "y": 0.54 }, "kind": "source-note", "text": "TD Cowen, December 4, 2023", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "409807e8-0f37-4bc5-9b71-766abbfc7efb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.07, "y": 0.26 }, "kind": "title", "text": "02 UNDERPERFORMING", "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 21:18:41.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c62914d-a667-4245-966c-370558071148", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "setup", "title": "The slide uses a rhetorical question as an action title to challenge management's narrative.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 5, "textChars": 564, "nDataPoints": 50, "notes": "The slide uses a rhetorical question as an action title to challenge management's narrative.", "elementsJson": [ "headline_text", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:38.623+00", "seconds": 2.431, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/25", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-25", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.64 }, "kind": "callout", "text": "HOW CAN MANAGEMENT CONTINUE TO ASSERT THE ADVANTAGES OF THIS STRUCTURE WITH THESE RESULTS?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b192923-8ee3-4376-a78b-4891e14512e0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Cumulative Total Shareholder Return", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-2cda67cb267d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.73 }, "kind": "source-note", "text": "Source: Bloomberg as of 2/7/25. 1) Performance peers are used to evaluate relative TSR performance for the Company's Performance Share Program; performance peers include DK, DINO, MPC, PBF, VLO, MPLX, OKE, TRGP, WMB, DOW, LYB, and WLK. 2) The Company uses the S&P 100 as one of its relative TSR performance benchmarks.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d83c88cd-c2e3-429a-b200-38ae34be7929", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.94, "x": 0.03, "y": 0.29 }, "kind": "table", "text": "Phillips Cumulative Total Shareholder Return Relative to Peers (%)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:38.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b08df01a-7d83-411d-9872-7e92b6bf0989", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "PHILLIPS UNDERPERFORMS ITS CLOSEST PEERS AND BENCHMARKS", "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 21:18:38.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cde7575-3deb-4f17-9b57-beb0e2631d4a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "77c68d63-aeac-4462-8035-16c9d94a810f", "evidence": "Direct comparison of TSR performance against peers and benchmarks", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:38.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "Uses a three-column layout to categorize the root causes of the company's issues.", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 910, "nDataPoints": 0, "notes": "Uses a three-column layout to categorize the root causes of the company's issues.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.949+00", "seconds": 3.607, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/26", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-26", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Phillips' problems originate from its inefficient conglomerate structure, which obscures value and hinders operational performance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-422b74e4e868", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.69, "y": 0.4 }, "kind": "list", "text": "DAMAGED MANAGEMENT CREDIBILITY: Public commentary is false, Investors ignore targets due to broken promises, Dilutive M&A instead of debt paydown", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6396ba5c-87e0-4d69-b4bf-df2e3f8b3f8d", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.37, "y": 0.4 }, "kind": "list", "text": "POOR OPERATING PERFORMANCE: Refining profitability lags peers, Missed mid-cycle EBITDA targets, Management focus on midstream over refining", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "772296f6-fca3-4da1-99c6-6a3b166153ee", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.05, "y": 0.4 }, "kind": "list", "text": "INEFFICIENT CONGLOMERATE STRUCTURE: Mismatched value proposition, Mutually exclusive capital allocation expectations, Incongruent capital structures", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbe31184-3f3f-4e43-9065-15248fd1a468", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.31 }, "kind": "paragraph", "text": "Phillips' problems originate from its inefficient conglomerate structure, which obscures value and hinders operational performance. These issues are compounded by Phillips' leaders who insist that shareholders benefit from its structure and that operating improvements have materialized, despite evidence to the contrary", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95f8a2e8-efea-45d7-bd8d-bf2057a4f8d7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "DRIVERS OF UNDERPERFORMANCE", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30e6144b-c3aa-4cb8-b829-2992dd28318b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "978710b3-3244-43d4-a2b4-b24795848fe3", "evidence": "The slide systematically breaks down the root causes of underperformance into three distinct pillars.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "diagnostic-test" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "The slide uses a quote from the CEO to contrast with the market's valuation behavior.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1153, "nDataPoints": 3, "notes": "The slide uses a quote from the CEO to contrast with the market's valuation behavior.", "elementsJson": [ "headline_text", "subtitle_text", "line_chart", "quote_block", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.797+00", "seconds": 3.016, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/27", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-27", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.15, "x": 0.8, "y": 0.43 }, "kind": "callout", "text": "Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c76d643-f426-4595-a2fe-07184c47a211", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.75, "x": 0.05, "y": 0.35 }, "kind": "chart", "text": "Share Price Performance vs. Refining and Midstream Peers since Elliott Letter", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1fba4c4-a8bc-4d6a-97ee-88076f21e24a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Since our engagement in late 2023, it has become clear that the Company's midstream assets will not receive full value in the current structure", "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 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "239499d8-c6af-49a8-93d1-9155ddeda05a", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.38, "x": 0.08, "y": 0.36 }, "kind": "quote", "text": "We're not just a refining company. We shouldn't be viewed just through a refining lens, whether it's our balance sheet or whether it's our earnings and earnings volatility. We are diversified on purpose.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ed17702-05ab-4393-8b4c-e711d884ba7f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We're not just a refining company. We shouldn't be viewed just through a refining lens, whether it's our balance sheet or whether it's our earnings and earnings volatility. We are diversified on purpose. — Mark Lashier, January 7, 2025", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-597141649658", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.83 }, "kind": "source-note", "text": "Source: Bloomberg. Note: Emphasis added. 1) Refining peers reflect Valero and Marathon; midstream peers reflect Enterprise Products, MPLX, ONEOK, and Targa. Performance shown since November 29, 2023, the date of the publication of Elliott's letter.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bf91c81-00bc-443c-adbf-27b339e80091", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS TRADES LIKE A REFINER, WITH NO CREDIT FOR ITS MIDSTREAM BUSINESS", "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 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "690866a1-2716-445d-86eb-3fe61840ce9b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "182d010d-526a-4d73-a93e-aa0da3eab830", "evidence": "Contrasting CEO statement with market performance data", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 28, "type": "setup", "title": "The slide uses a 'villain' framing by highlighting 'Phillips Today' as the underperforming entity compared to the distinct characteristics of the two segments.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 6, "textChars": 583, "nDataPoints": 12, "notes": "The slide uses a 'villain' framing by highlighting 'Phillips Today' as the underperforming entity compared to the distinct characteristics of the two segments.", "elementsJson": [ "headline_text", "subtitle_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.326+00", "seconds": 5.541, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/28", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-28", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-7115ea437e07", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "valuation multiple: 6-12x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-777d0ef16fb3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream", "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 21:18:42.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f5e2778-504f-4917-885e-24c30bdb5034", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.76 }, "kind": "source-note", "text": "Source: Bloomberg. 1) 4Q24 EPS of ($0.15). 2) Based on 2026E multiples.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10721cdf-7367-45c2-8384-d9246a79b5c6", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "table", "text": "Comparison matrix of Refining, Midstream, and Phillips Today across Industry Appeal, Capital Allocation, Growth Profile, Balance Sheet, and Valuation Range.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d1c2414-374f-4547-b954-7d7ef21ffd9b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS' REFINING AND MIDSTREAM BUSINESSES DO NOT FIT TOGETHER", "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 21:18:42.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2a3ad09-d643-414b-9e23-581b17e29469", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "83e73e6f-073b-41b0-a0f3-152945bd9af1", "evidence": "The slide uses a side-by-side comparison to highlight structural misalignment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 29, "type": "setup", "title": "The slide uses a bar chart to show that Phillips' acquisitions are priced at multiples higher than its own trading multiple, effectively destroying value.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1009, "nDataPoints": 6, "notes": "The slide uses a bar chart to show that Phillips' acquisitions are priced at multiples higher than its own trading multiple, effectively destroying value.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:39.949+00", "seconds": 2.942, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/29", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-29", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "PHILLIPS’ STRATEGY OF BUYING ITS WAY TO A HIGHER MULTIPLE HAS FAILED", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-8c8a14484843", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "chart", "text": "Midstream Acquisition TEV / EBITDA Multiples vs. Phillips Trading Multiple (excl. TAR)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06d5812e-6270-4d46-b889-11dff45223b5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TEV / EBITDA multiple: 10x - 12x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-9324a45a138e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Phillips' weak conglomerate multiple has made recent midstream acquisitions dilutive on a TEV / EBITDA basis. These deals would have been accretive to a standalone Phillips midstream company", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e38e30db-3661-41a9-9191-ff097ba08ac2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "Source: Bloomberg. 1) Reflects Phillips' average FY1 TEV/EBITDA multiple between October 27, 2021, which is the date the PSXP transaction was announced, and February 7, 2025. 2) Based on sellside research estimated transaction multiples at the time of transaction announcement for PSXP and at transaction agreement (post-price increase) for DCP. 3) Based on Company disclosures. 4) Estimated current EBITDA multiple based on latest S&P credit report, rather than PSX's reported Q4 2026 synergized number.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ec9c582-e16a-4519-87ab-7595d55e87bc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "title", "text": "PHILLIPS' STRATEGY OF BUYING ITS WAY TO A HIGHER MULTIPLE HAS FAILED", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69b02a93-f0fe-46d8-860f-74ccd35c4089", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "INVESTORS DISLIKE MIDSTREAM M&A IN THE CONGLOMERATE STRUCTURE", "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 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a90d54a8-dbda-403c-a263-749d5310f4b3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "275748e6-e946-4d10-9c14-127613c9fdff", "evidence": "Compares internal trading multiples against external acquisition multiples to demonstrate dilution.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:39.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "Uses a 'lips' graphic to symbolize silence or refusal to act, contrasting with external analyst pressure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 1573, "nDataPoints": 0, "notes": "Uses a 'lips' graphic to symbolize silence or refusal to act, contrasting with external analyst pressure.", "elementsJson": [ "headline_text", "quote_block", "photo" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:40.391+00", "seconds": 3.289, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/30", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-30", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "...[T]he question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-e219260a5817", "parentComponentId": null }, { "bbox": null, "kind": "framework", "text": "ceo-quote-contradiction", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4a39da0-9092-404c-9e86-a6fce0315e3d", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.55, "y": 0.32 }, "kind": "image", "text": "Hand crushing a sign that says LIPS 6", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "620ed316-af53-4a64-9dce-8b2d45152772", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.69 }, "kind": "paragraph", "text": "...[T]he question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?", "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 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d4aaa6c-1969-4b5f-9a33-ef9965aded58", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.52 }, "kind": "quote", "text": "\"...[W]e believe we can create more shareholder value by keeping the midstream business integrated...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa608d99-31d9-4dbe-b6e0-e48c1b77a677", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.32 }, "kind": "quote", "text": "\"...[D]o you ever see a situation where midstream is somehow separated or is a standalone business? ... just in terms of the scale, the importance and maybe the failure of the market to recognize the value in your structure ...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0d7e514-5d37-4d8b-900a-6999fdc99a1e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"[D]o you ever see a situation where midstream is somehow separated or is a standalone business? ... just in terms of the scale, the importance and maybe the failure of the market to recognize the value in your structure ...\" — Wolfe Research, Q4 2024 Earnings Call. \"...[W]e believe we can create more shareholder value by keeping the midstream business integrated...\" — Mark Lashier, Q4 2024 Earnings Call. \"...[T]he question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?\" — Goldman Sachs, January 7, 2025.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-e7671f7cb2b1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "ANALYSTS SEE TRAPPED VALUE, BUT MANAGEMENT HAS REFUSED TO TAKE ACTION", "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 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff702658-ef51-49f0-8df2-57c6b32191af", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d6281071-c0ec-4309-996d-d6920c8762d3", "evidence": "quote: \"[D]o you ever see a situation where midstream is somehow separated or is a standalone business? ... just in terms of the scale, the importance and maybe the failure of the market to recognize the value in your st", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:31.09952+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "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**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e2f78e0a-d2f2-40d0-9677-c2b3b30c4f63", "evidence": "Contrasting analyst quotes with management quotes to expose strategic misalignment.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:18:40.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 31, "type": "analysis", "title": "The slide uses a red-highlighted header to emphasize 'POOR OPERATING PERFORMANCE'.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 6, "textChars": 393, "nDataPoints": 40, "notes": "The slide uses a red-highlighted header to emphasize 'POOR OPERATING PERFORMANCE'.", "elementsJson": [ "headline_text", "subtitle_text", "line_chart", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:40.425+00", "seconds": 3.172, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/31", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-31", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.4, "x": 0.55, "y": 0.36 }, "kind": "callout", "text": "Despite claims of success, Phillips has not closed any of the profitability gap to VLO", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "942f1632-aa96-4751-9fd5-33fecbdd0b34", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.51, "y": 0.33 }, "kind": "chart", "text": "EBITDA per Barrel (excl. TAR) Spread to VLO ($/bbl)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8ccda8c-fcd4-4ad2-904b-7b188dae1147", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.03, "y": 0.33 }, "kind": "chart", "text": "Operating Expense per Barrel (excl. TAR) ($/bbl)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a0469a0-314b-49bd-8d39-b420e35f4c9a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.03, "y": 0.95 }, "kind": "disclaimer", "text": "Note: Phillips and Valero Refining EBITDA based on definitions in the appendix. Utilizes most recent re-casting.", "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 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "157dc98a-3532-4e1a-bdc6-65607336ef66", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA per barrel spread", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-ad346ee5723e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.03, "y": 0.25 }, "kind": "title", "text": "DESPITE CLAIMS OF TURNAROUND SUCCESS, PHILLIPS REFINING STILL LAGS PEERS", "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 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d12ee087-7bfa-4308-b020-b2232bd9c9d3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2bb7ad4c-3187-4f5f-937b-f02720c8157c", "evidence": "Direct comparison of PSX against VLO and MPC peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:40.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 32, "type": "tension", "title": "Uses a three-part diagnostic framework to categorize operational failures.", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 976, "nDataPoints": 1, "notes": "Uses a three-part diagnostic framework to categorize operational failures.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.602+00", "seconds": 6.698, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/32", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-32", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-f50210665616", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "list", "text": "COMMERCIALLY INEFFICIENT: Trading organization viewed as “unsophisticated”; “Price-taker” approach; Talent flight due to poor compensation.", "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 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "345f7a31-69ad-4c83-bf0c-df9e2f29ed90", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.66 }, "kind": "list", "text": "LACK OF REFINING EXPERIENCE: Leadership lacks background; Over-reliance on external consultants.", "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 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80987505-6c52-41f5-bf97-367607f245e2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "BLOATED COST STRUCTURE: Gaming of cost savings targets; Extraneous overhead; Complex structure leading to disparate IT systems.", "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 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1cd40da-7c06-4506-90f1-153a1654ce0c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results", "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 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54c393f9-21f5-422e-8f6f-d458233fb992", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "source-note", "text": "1) Baseline year of 2022 had elevated opex due to high natural gas prices. We estimate 65% of claimed opex reductions were driven by natural gas price reductions rather than fundamentally lower costs.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b11eae81-ead3-4ecc-b448-a6e67a11381d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "LAGGING PROFITABILITY IS A SYMPTOM OF MANAGEMENT DYSFUNCTION", "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 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdf13ff8-4b93-4549-b44d-0d9fd26b7a9f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "04aa6968-5695-4254-9aa9-f867f57b9b9d", "evidence": "Categorizes management dysfunction into three distinct operational pillars.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:18:44.602+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "diagnostic-test" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 33, "type": "tension", "title": "Part of an activist investor deck (Elliott Management) targeting Phillips 66.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 8, "textChars": 1654, "nDataPoints": 2, "notes": "Part of an activist investor deck (Elliott Management) targeting Phillips 66.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:19:41.123+00", "seconds": 63.152, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/33", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-33", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.69 }, "kind": "callout", "text": "THE COMPANY'S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:19:41.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51ca693f-6901-4105-a27f-27bdaf3e9307", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "THE COMPANY’S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-cb2f12f0ee4b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "list", "text": "...Resulting in the Proliferation of Straw-Man Cost Initiatives. Consultants set targets that can be gamed. Rather than actually lowering the cost base, consultants define success as reducing costs from initial supplier quotes. Employee compensation plans are aligned with the consultant's rubric, incentivizing employees to deliver on illusory savings rather than real cost cuts. Management claims cost cuts, but improvements never 'hit the bottom line'", "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 21:19:41.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a1bb218-e497-4fb7-b0bd-d9a3d05b8c60", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "list", "text": "Phillips Makes Liberal Use of Consultants... At any given time, multiple management consulting firms engaged across multiple business segments. Use of consultants common at CPChem, has spread to the rest of the business units after Lashier joined Phillips. Given the lack of refining expertise in-house, consultants used to help run the organization and improve operations.", "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 21:19:41.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3958f87-da70-4e11-9692-83124018e17f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "consulting spend: $300MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baac-cdc67be18783", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "A consistent set of themes have emerged from our conversations with experts, including former employees:", "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 21:19:41.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2d87a0c-d471-4435-84c3-2563da816193", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.79 }, "kind": "source-note", "text": "Note: Based on interviews with former employees and other industry participants. 1) Phillips' Earnings Supplement shows $177mm and $115mm of business transformation restructuring costs in 2023 and 2022, respectively (excluding a held-for-sale asset impairment). Footnotes in the financials describe these figures as \"primarily due to consulting fees.\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:19:41.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e7e4687-6637-49cf-83b5-6eeb1a542766", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS RELIES ON CONSULTANTS INSTEAD OF BUILDING INTERNAL COMPETENCE", "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 21:19:41.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe8d2ad1-9246-42fc-82ed-64eecbd82058", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 34, "type": "tension", "title": "The slide uses a 'Promises vs. Reality' framework to undermine management credibility.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 736, "nDataPoints": 4, "notes": "The slide uses a 'Promises vs. Reality' framework to undermine management credibility.", "elementsJson": [ "headline_text", "subtitle_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:41.225+00", "seconds": 2.827, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/34", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-34", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips' 2019 “AdvantEdge66” cost-cutting initiative", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-0dea61d4736b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips' 2019 “AdvantEdge66” cost-cutting initiative", "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 21:18:41.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecbe498a-81d0-4569-9c05-0201a74211b6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.86 }, "kind": "source-note", "text": "1) Based on Bloomberg consensus estimates with an average excluding turnaround expenses of ~$10.4bn. 2) See 'Impact of Natural Gas Prices on PSX Opex/bbl Declines' calculation on slide 49 in the appendix.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d960808-9034-4438-b706-9cf5d45ccaaa", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "table", "text": "Promises vs Reality table for Profit Targets, Accretive Growth, and Capital Returns", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9553fe12-aa47-4767-aa34-bfb27b274def", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS HAS AGAIN FAILED TO DELIVER ON ANALYST DAY INITIATIVES", "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 21:18:41.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "612432d1-932f-4757-b1bd-c17b0a727bf4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5545b820-8fc3-4c11-8d39-aabf34a9dd58", "evidence": "Contrasts stated promises with current reality to expose failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:41.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 35, "type": "tension", "title": "Uses a 'villain' framing technique by juxtaposing management's optimistic quote against quantitative performance data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 11, "textChars": 1085, "nDataPoints": 7, "notes": "Uses a 'villain' framing technique by juxtaposing management's optimistic quote against quantitative performance data.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.404+00", "seconds": 3.825, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/35", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-35", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.15, "x": 0.83, "y": 0.33 }, "kind": "callout", "text": "2026 consensus estimates indicate a $4.0bn shortfall", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26a1fa2f-ddd0-424e-b6a2-ec4ce53cd7f1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.25, "y": 0.37 }, "kind": "callout", "text": "Phillips' best quarter in 2024 annualized still falls over $5bn short of the mid-cycle target", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a516964f-5c13-403c-b805-34f23dec85fe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.18, "x": 0.63, "y": 0.37 }, "kind": "callout", "text": "2025 consensus estimates indicate a $5.7bn shortfall. The bulk of the deficit (~$3.6bn) is driven by refining", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e943081e-47af-4fe9-ae74-7cddd3543616", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Phillips is far from achieving its 2025 mid-cycle EBITDA target, with analyst's 2026 estimates signaling a major shortfall – despite consensus assuming a reasonable mid-cycle price environment", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-2513c46b9c63", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "chart", "text": "Phillips Adj. EBITDA Target ($bn)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e028d26f-e4ab-46a1-a92a-82127e18469d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.2, "x": 0.05, "y": 0.68 }, "kind": "framework", "text": "How can management claim success?", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20bf6946-376c-4d71-8ef6-36594b4f3169", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA: $14.0bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-2ecbaf0cb507", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Phillips is far from achieving its 2025 mid-cycle EBITDA target, with analyst's 2026 estimates signaling a major shortfall – despite consensus assuming a reasonable mid-cycle price environment", "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 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bef927eb-99e2-4b2e-872d-5e1c938217b5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.25, "y": 0.68 }, "kind": "quote", "text": "We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ff64530-9ba9-40bc-819f-52617f1ba313", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024. — Mark Lashier, Q4 2024 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-2adf6f3a9d93", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "THE COMPANY HAS FALLEN SHORT OF ITS 2025 MID-CYCLE EBITDA TARGETS...", "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 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fee6d07-091d-43e2-92c8-84dcd2a5e168", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "17754fef-452e-4ee4-b4b1-288d230ca935", "evidence": "Juxtaposition of management quote against performance data", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:42.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 36, "type": "tension", "title": "The slide uses a bar chart to contrast historical performance with management's stated targets, supported by quotes from management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 10, "textChars": 1898, "nDataPoints": 30, "notes": "The slide uses a bar chart to contrast historical performance with management's stated targets, supported by quotes from management.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_grouped", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.713+00", "seconds": 9.039, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/36", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-36", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.34, "x": 0.12, "y": 0.36 }, "kind": "callout", "text": "In an effort to avoid admitting a large miss, management has recently started stating that “to get to its mid-cycle EBITDA PSX needs adjusted gross margin of $14.50/bbl,”(1) a level that even VLO (best-in-class operator) is not expected to achieve", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2a81c36-eb01-40e8-b578-94a18380a63b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In an effort to avoid admitting a large miss, management has recently started stating that \"to get to its mid-cycle EBITDA PSX needs adjusted gross margin of $14.50/bbl,\" a level that even VLO (best-in-class operator) is not expected to achieve", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-add13e7725e2", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.64, "x": 0.03, "y": 0.325 }, "kind": "chart", "text": "Phillips & Valero Refining Gross Margin per Barrel ($/bbl)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94bb02b4-702a-4f9d-9f7c-b1692d7b0d81", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Refining Gross Margin per Barrel: $10.56", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-b6d96f52183d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.27 }, "kind": "paragraph", "text": "Management is citing the crack environment for the shortfall in forward estimates, despite consensus estimates for 2026 assuming the same 2012-2019 average Phillips used for original mid-cycle goals", "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 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cc3db4e-9715-4824-ba1d-00b797c4df5c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.3, "x": 0.67, "y": 0.47 }, "kind": "quote", "text": "Q: ...[W]hen you look at the differences... between Wall Street and that $14 billion, where do you think the biggest delta still are? Is it chems? Is it refining?\nA: The biggest delta is in refining and well below mid-cycle refining environments baked into the ’25, ’26 outlook...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aab9b7b-be1f-4384-955f-7e7d0e3aa636", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.3, "x": 0.67, "y": 0.32 }, "kind": "quote", "text": "...[We] designed our mid-cycle methodology around the 2012 to 2019 time frame. You had cycles of strong margins and weak margins during that period of time.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cee8c4f7-eeb9-4a65-b53f-ea3af48d3ba8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"[We] designed our mid-cycle methodology around the 2012 to 2019 time frame. You had cycles of strong margins and weak margins during that period of time.\" — Phillips 66 IR, March 14, 2024; \"Q: ...[W]hen you look at the differences... between Wall Street and that $14 billion, where do you think the biggest delta still are? Is it chems? Is it refining? A: The biggest delta is in refining and well below mid-cycle refining environments baked into the '25, '26 outlook...\" — Mark Lashier, January 7, 2025", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-b1809ab22577", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.72 }, "kind": "source-note", "text": "Source: Bloomberg. Note: See appendix for definitions. 1) As reported in UBS’s December 16, 2024 research note...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "038c6add-c721-41cd-9cf9-fb038d07c5d6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "...FALSELY BLAMING THE SHORTFALL ON THE MARKET ENVIRONMENT", "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 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4abcdb1f-eb87-46d1-bb05-30ef77c97b09", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "abd97155-ec8b-46c2-9d14-64fe19a6e853", "evidence": "Contrasting management quotes with historical data to expose a false narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:47.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 37, "type": "tension", "title": "The slide uses a 'villain' framing for Phillips 66, highlighting their lack of disclosure as a failure of accountability.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 9, "textChars": 867, "nDataPoints": 12, "notes": "The slide uses a 'villain' framing for Phillips 66, highlighting their lack of disclosure as a failure of accountability.", "elementsJson": [ "headline_text", "comparison_table", "bar_chart_vertical", "callout_box", "quote_block", "logo_grid" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:41.722+00", "seconds": 2.958, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/37", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-37", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.35, "x": 0.55, "y": 0.53 }, "kind": "callout", "text": "INSUFFICIENT DISCLOSURE TO NORMALIZE RESULTS FOR COMMODITY PRICE", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c14a406-8b3d-4ea2-bcfb-ca2aa3268099", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'19) or sufficient disclosure for investors to calculate it themselves.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-44bb6872e2ef", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.18, "y": 0.35 }, "kind": "chart", "text": "Suncor 2024 Free Funds Flow normalization chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c8efc16-685e-46e8-a987-890f4f1f3635", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.55, "y": 0.68 }, "kind": "quote", "text": "We also delivered on our goal of improving Refining performance...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05c2631c-7442-40f9-94fc-f3ea7e160ecc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.05, "y": 0.68 }, "kind": "quote", "text": "Volumes delivery, asset utilization and cost management, each require discipline, determination, attention to detail...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b2d6873-3bc0-4f69-80f1-c6a513b0c860", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Volumes delivery, asset utilization and cost management, each require discipline, determination, attention to detail and a mindset that every barrel and every dollar matter. That is the mindset and culture of today's Suncor. — Rich Kruger, Suncor CEO, February 6, 2025", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-4be98099cf55", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.55, "y": 0.45 }, "kind": "table", "text": "Phillips 66 indicator definitions table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e7afe8e-dbc8-4b85-a4e0-2dcf10b1e865", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.18, "y": 0.52 }, "kind": "table", "text": "Suncor AFFO normalization table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2213fd0-8275-4f9c-8a74-b8f5aac54aae", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "title", "text": "BEST-IN-CLASS COMPANIES SET TRACKABLE TARGETS THAT DRIVE ACCOUNTABILITY", "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 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d94dce75-624e-458b-aa6c-33ae5e89be26", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "10b7b61d-c871-4a85-8ee5-6609e0f878c7", "evidence": "Side-by-side comparison of Suncor's transparency vs Phillips 66's lack thereof.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:41.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 38, "type": "setup", "title": "Uses a central column for 'Turnaround Best Practices' with Suncor (left) and Phillips 66 (right) as the comparison subjects.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1054, "nDataPoints": 3, "notes": "Uses a central column for 'Turnaround Best Practices' with Suncor (left) and Phillips 66 (right) as the comparison subjects.", "elementsJson": [ "headline_text", "comparison_table", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:41.808+00", "seconds": 3.023, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/38", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-38", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Management lacks refining experience; over-reliant on consultants", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-98dbcaa4bddf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.61 }, "kind": "paragraph", "text": "THE MARKET HAS BOUGHT IN TO SUNCOR'S TURNAROUND", "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 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77c0f03b-ea90-4e1d-b171-d44ea622dad8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.64 }, "kind": "quote", "text": "The culture of success that has taken root at Suncor is stunning... SU has beat on the quarter five consecutive times... Record Setting Year... SU is pulling forward savings... I would follow Rich into battle.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af45e3c1-9639-43ee-954b-f7db92a7cede", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The culture of success that has taken root at Suncor is stunning...\" — RBC, 11/13/24; \"SU has beat on the quarter five consecutive times...\" — TD Cowen, 12/12/2024; \"Record Setting Year. Suncor ended a remarkable year with a bang.\" — BMO, 2/6/25; \"I would follow Rich into battle. New leadership at SU is clearly paying proverbial dividends with continued operational improvements in both the upstream and downstream.\" — Raymond James, 2/6/25", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-9d8c55fd4d8e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.75 }, "kind": "source-note", "text": "Note: Emphasis added. 1) Suncor Q4 2024 Earnings Call, February 6, 2025.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a725f07-4acf-432e-8495-42b36952d79e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "Comparison of Suncor and Phillips 66 across four turnaround best practices: Experienced Leadership, Financial Targets, Disclosure, and Operational Focus.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e0c8a8c-7cbe-449a-96d4-74d8930dafbc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS FALLS SHORT OF BEST PRACTICES IN ATTEMPTING A TURNAROUND", "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 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88b7918a-b7ab-4e81-9b0f-87751baf7562", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3e0961c6-9b48-414a-8721-8b9f68763541", "evidence": "Direct comparison of two entities against a set of criteria.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:41.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 39, "type": "tension", "title": "Uses a 'Damaged Management Credibility' banner to frame the argument.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 650, "nDataPoints": 11, "notes": "Uses a 'Damaged Management Credibility' banner to frame the argument.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "bar_chart_grouped", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.471+00", "seconds": 3.474, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/39", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-39", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The multiple management communicated for the EPIC acquisition was based on 2yr forward synergized projections", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-62c0cdcc6a4f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.45, "x": 0.52, "y": 0.37 }, "kind": "chart", "text": "Diminished Credibility on Growth Capex", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73cc161d-4a7a-408a-9189-745888bced24", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.45, "x": 0.05, "y": 0.37 }, "kind": "chart", "text": "EPIC NGL Acquisition Multiple (xEBITDA)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b466a49-643b-46d3-8ed3-8a56ec154a5d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Capital Expenditure Budget Variance: -47%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-66e8f68a8a62", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Phillips stretches when communicating multiples on acquisitions to sell transactions to the market as more accretive, and has been unable to deploy organic growth capital within budget", "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 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a343709b-8a7b-47df-b2af-1f5d31724e1d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "source-note", "text": "Source: Company transcripts and filings. Note: Emphasis added. 1) Estimated current EBITDA multiple based on latest S&P credit report, rather than PSX's reported Q4 2026 synergized number.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6252afad-241d-4c47-adef-3de7ac596a21", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS HAS LOST CREDIBILITY ON CAPITAL ALLOCATION", "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 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "804a5fcd-a8ad-4bef-a1d3-6510f190ee38", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f7a8d727-9393-4f6e-a33c-47962417ea6d", "evidence": "The slide explicitly frames management as the 'villain' by attacking their credibility on capital allocation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 40, "type": "tension", "title": "Uses a 'villain' framing technique to highlight management's broken promises regarding capital allocation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 9, "textChars": 1330, "nDataPoints": 8, "notes": "Uses a 'villain' framing technique to highlight management's broken promises regarding capital allocation.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "data_table", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.046+00", "seconds": 2.865, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/40", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-40", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In reality, proceeds from divestitures were recycled into acquisitions", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-f7947eae4b6c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.34, "x": 0.63, "y": 0.38 }, "kind": "chart", "text": "Net Proceeds from Divestiture Program ($bn)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Waterfall chart", "slug": "waterfall", "status": "active", "canonId": "019de52d-002e-733e-b5cf-dd3beb6692cc", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51724b13-ad96-4978-ac58-75a9a78dc211", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Divestitures: $0.5bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-50075a66d488", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "Investors were excited about management's divestiture program; but rather than retiring debt and increasing capital returns with proceeds, Phillips bought more midstream assets", "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 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "639f89ca-cfd3-4551-bc92-310496b3ed42", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.58, "x": 0.03, "y": 0.4 }, "kind": "quote", "text": "During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1202f7a7-7e4b-416f-a1db-48a4ee386916", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.34, "x": 0.63, "y": 0.58 }, "kind": "quote", "text": "Yesterday afternoon PSX announced it will acquire Pinnacle Midstream for $550mm... we suspect investors will react negatively to PSX's decision on capital allocation.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09ce4ed6-c89b-4a3d-a56f-cb6b078cf30f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions.\" — Mark Lashier, January 31, 2025; \"Yesterday afternoon PSX announced it will acquire Pinnacle Midstream for $550mm... While the deal looks fine on its own, we suspect investors will react negatively to PSX's decision on capital allocation. PSX had previously laid out a plan to sell at least $3B of non-core assets, which likely would include some non-op midstream, in an attempt to focus its portfolio and provide support for capital returns to shareholders...\" — TPH & Co., May 21, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-4d8b8f7026b2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.58, "x": 0.03, "y": 0.47 }, "kind": "table", "text": "Exceeded $3 B Non-Core Asset Disposition Target", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b7c2350-a6dc-4e3e-9b8d-86bee87202d2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "PHILLIPS BROKE PROMISE TO SIMPLIFY AND INCREASE SHAREHOLDER RETURNS", "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 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87452946-9479-40e5-bae8-3ee1f496b8fd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5779ceb2-e5b1-4967-8d8a-3319bc00452d", "evidence": "Contrasts CEO quote with actual capital allocation behavior", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:42.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 41, "type": "tension", "title": "The slide uses a red header to emphasize 'DAMAGED MANAGEMENT CREDIBILITY' as the primary theme.", "function": "expose_gap", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 591, "nDataPoints": 6, "notes": "The slide uses a red header to emphasize 'DAMAGED MANAGEMENT CREDIBILITY' as the primary theme.", "elementsJson": [ "headline_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:49.111+00", "seconds": 9.814, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/41", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-41", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Target falls short vs. refining peers that are offering ~100% FCF", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-8274a0398e60", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "disclaimer", "text": "1) Valero and Marathon have both committed to returning all excess free cash flow to shareholders during earnings calls, despite various capital return frameworks. 2) Adds ~$0.50/bbl of Taxes Other Than Income (TOTI) in-line with 2024 results in order to include all costs between gross margin and Adj. EBITDA (excl. TAR).", "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 21:18:49.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1cb7435-0e47-4578-a867-a5741c0ef853", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Refining Opex: $5.50 / bbl", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-85850d30f8ed", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "Comparison of Q4 2024 targets vs shortfalls across Shareholder Returns, Refining Opex, EBITDA Target, Capital Efficiency, and Leverage.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:49.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "720eb6f2-2c03-407c-8ae8-70073eecd63c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS' 2027 TARGETS ARE MORE OF THE SAME", "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 21:18:49.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b169de9-cf4d-4127-81ac-337ae435b53f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "373a7960-a89d-4bf9-af61-b7cbfc4aadee", "evidence": "Table structure comparing targets against shortfalls.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:49.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [ { "to": 41, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.877741+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 42, "type": "tension", "title": "The slide uses a quote to frame the activist's argument that the company is undervalued due to complexity.", "function": "expose_contradiction", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 4, "textChars": 986, "nDataPoints": 0, "notes": "The slide uses a quote to frame the activist's argument that the company is undervalued due to complexity.", "elementsJson": [ "headline_text", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.317+00", "seconds": 2.959, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/42", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-42", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.85, "x": 0.07, "y": 0.43 }, "kind": "quote", "text": "My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f4596d0-f4c2-497c-a0d7-4542a492abdf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?\" — TPH&Co., November 9, 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-cf05c78216d0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.65, "y": 0.68 }, "kind": "source-note", "text": "TPH&Co., November 9, 2022", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cf9449e-2a71-4aa5-b6aa-5c890f96abe7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.07, "y": 0.25 }, "kind": "title", "text": "STREAMLINE 66", "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 21:18:42.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b4fbcc3-1281-4629-9193-fddae5f2e6fd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "aacef964-3375-4a2f-af8f-09aa9eac3401", "evidence": "Uses an external analyst quote to highlight a strategic failure or contradiction in management's current path.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 43, "type": "setup", "title": "Uses a waterfall-bridge chart to illustrate value creation levers.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 7, "textChars": 534, "nDataPoints": 7, "notes": "Uses a waterfall-bridge chart to illustrate value creation levers.", "elementsJson": [ "headline_text", "bullet_list", "waterfall_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:41.922+00", "seconds": 2.531, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/43", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-43", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.2, "x": 0.68, "y": 0.27 }, "kind": "callout", "text": "If Phillips is able to execute the \"Marathon Path\" the stock price could increase to $300+", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67e29ac5-42c6-4292-b5c2-3e1298a43d14", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "If Phillips is able to execute the \"Marathon Path\"(1) the stock price could increase to $300+", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-d9b6c91f4808", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.5, "y": 0.25 }, "kind": "chart", "text": "Valuation bridge from $120 to $200 and $300+", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c47a222-ba44-4b66-8d28-49c50e21c7ab", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Inefficient conglomerate structure vs Streamline portfolio; Poor operating performance vs Operating review; Damaged management credibility vs New directors", "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": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a796eb96-ab8e-465f-bd6a-449a6d345d5f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price: $300+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-536f-7579-baad-df43c4c3f96b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.75 }, "kind": "source-note", "text": "Source: Bloomberg. Note: Estimated potential upside based on indicative valuation calculations presented in the appendix.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "681871ed-d760-49ae-8afa-3f8f43a2ee12", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.25 }, "kind": "title", "text": "STREAMLINE 66", "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 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "087f5f72-daea-4c20-b566-d95aca417757", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "55a52584-4858-43ac-8723-6d9dac01d7e8", "evidence": "chart/waterfall-bridge: Valuation bridge from $120 to $200 and $300+", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.577019+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "7dda299c-8eb1-4066-9f06-329907beeb29", "evidence": "Visual bridge showing value add components to reach target price", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:41.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "waterfall-bridge" } ], "arcBeats": [], "loops": [ { "to": 47, "from": 43, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "3ba0fdff-5504-43b8-8d9b-97bfa332a7d7", "evidence": "The document presents a valuation overview and breaks down the company's value into its component parts.", "position": 1, "objective": "Break down the company's value into its component parts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.909293+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 44, "type": "setup", "title": "Part of the 'Streamline 66' activist campaign deck.", "function": "quantify_opportunity", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 9, "textChars": 597, "nDataPoints": 15, "notes": "Part of the 'Streamline 66' activist campaign deck.", "elementsJson": [ "headline_text", "subtitle_text", "map", "donut_chart", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.776+00", "seconds": 3.34, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/44", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-44", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.18, "x": 0.3, "y": 0.59 }, "kind": "callout", "text": "DJ G&P rates can be ~2x greater than Permian G&P rates, allowing for high FCF generation despite lower growth", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b24dd665-eb0e-4c06-b9f6-8f6f03049a86", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The embedded midstream assets could be worth >$40bn TEV as a standalone midstream company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-8815c9fb71c1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.52, "y": 0.31 }, "kind": "chart", "text": "Standalone Midstream Valuation", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9502997a-3f6b-4656-9a73-ec96378b8602", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.25, "x": 0.03, "y": 0.57 }, "kind": "chart", "text": "#1 POSITION IN THE DJ BASIN (% of G&P VOLUMES)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35d5276d-dc15-4923-b524-5b3bcac119d4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.03, "y": 0.76 }, "kind": "disclaimer", "text": "Source: Company presentations, Elliott estimates and third-party energy market consultant views.", "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 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82e7c8de-a9d0-4bb4-9251-310fbfffb642", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.03, "y": 0.31 }, "kind": "image", "text": "4th LARGEST FULLY INTEGRATED, WELLHEAD-TO-WATER PERMIAN NGL PLATFORM", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7475bb83-2408-4513-9d06-ec7a2abe98fa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TEV: $40bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-8e6de38192d8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.85, "x": 0.03, "y": 0.27 }, "kind": "title", "text": "The embedded midstream assets could be worth >$40bn TEV as a standalone midstream company", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37b0c053-8c40-4390-93e8-0b15603bad31", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "MIDSTREAM WOULD BE HIGHLY VALUABLE AS ITS OWN PUBLIC COMPANY", "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 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fa5689a-d649-4532-a793-609685c715d4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e42770ed-237c-4901-86de-24e27e8bebc9", "evidence": "table/data: Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:36.646643+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "2d97a18c-db9b-4017-b122-97c298f9379d", "evidence": "Standalone Midstream Valuation chart showing TEV and share uplift", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.776+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "valuation_bridge" } ], "arcBeats": [], "loops": [ { "to": 47, "from": 43, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "3ba0fdff-5504-43b8-8d9b-97bfa332a7d7", "evidence": "The document presents a valuation overview and breaks down the company's value into its component parts.", "position": 1, "objective": "Break down the company's value into its component parts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.909293+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 45, "type": "setup", "title": "The slide uses a checkmark matrix to demonstrate strategic alignment across key operational areas.", "function": "compare_peers", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 6, "textChars": 552, "nDataPoints": 21, "notes": "The slide uses a checkmark matrix to demonstrate strategic alignment across key operational areas.", "elementsJson": [ "headline_text", "comparison_table", "logo_grid", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.577+00", "seconds": 3.12, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/45", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-45", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "callout", "text": "A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64feb63a-de7b-4fe8-925b-f576f4688a9a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TEV/EBITDA: $45bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-72842cd56faa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.82 }, "kind": "source-note", "text": "Source: Bloomberg. 1) Consensus 2026E TEV / EBITDA. 2) Calculation details presented in the Net Proceeds column on slide 48 in the appendix.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75382e24-68de-40ec-a082-a46acab81920", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c24aa8ed-d004-4923-a524-1b60a3eafd0e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "title", "text": "PHILLIPS MIDSTREAM COULD BE AN ATTRACTIVE STRATEGIC TARGET AT A PREMIUM VALUATION FOR MANY BUYERS GIVEN OVERLAPPING ASSETS AND SUBSTANTIAL SYNERGY POTENTIAL", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df7e40d7-9a29-4955-aeb6-bfcc3781118e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "title", "text": "MIDSTREAM COULD ALSO BE ATTRACTIVE FOR MULTIPLE STRATEGIC BUYERS", "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 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "368dcec8-15eb-4a6c-a203-6d02876020b4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "05711eed-f6db-4484-83e3-ec8d766a03a4", "evidence": "table/data: Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:36.714598+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "f5f7fe07-c27a-48d3-bd56-84b02a26be30", "evidence": "Matrix comparing strategic fit across multiple competitors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.577+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [ { "to": 47, "from": 43, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "3ba0fdff-5504-43b8-8d9b-97bfa332a7d7", "evidence": "The document presents a valuation overview and breaks down the company's value into its component parts.", "position": 1, "objective": "Break down the company's value into its component parts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.909293+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 46, "type": "setup", "title": "The slide uses a 'Streamline 66' branding theme to advocate for a specific corporate strategy.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 512, "nDataPoints": 10, "notes": "The slide uses a 'Streamline 66' branding theme to advocate for a specific corporate strategy.", "elementsJson": [ "headline_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.322+00", "seconds": 4.83, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/46", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-46", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We estimate Phillips could retire ~60% to ~90% of its shares outstanding(4)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-adce00052052", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "shares outstanding: ~90%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-b2fa10aea7e9", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "Note: See appendix for valuation details. 1) Speedway % of market cap... 2) MPC cumulative TSR... 3) Includes Midstream, CPChem, JET... 4) See calculation details on next page.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1ab3aee-1bac-4407-ab19-6992305a4bc3", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "Comparison matrix between Marathon Petroleum and Phillips 66 across four strategic pillars: Operating Performance, Divest Assets, Share Repurchases, and Stock Price Impact.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0800087-6ffb-47d5-8fd3-65458ba67052", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "title", "text": "PHILLIPS COULD FOLLOW MARATHON'S PATH OF ASSET SALES AND BUYBACKS", "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 21:18:44.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de455dd9-d265-49c9-9f7f-fcaff54119e2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fb12b85e-c484-454f-b246-99566cc633dc", "evidence": "Direct comparison of strategic actions between two companies to suggest a path forward.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:44.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [ { "to": 47, "from": 43, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "3ba0fdff-5504-43b8-8d9b-97bfa332a7d7", "evidence": "The document presents a valuation overview and breaks down the company's value into its component parts.", "position": 1, "objective": "Break down the company's value into its component parts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.909293+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 47, "type": "setup", "title": "Includes a sensitivity table for share buyback premiums and their impact on stock price upside.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 9, "textChars": 799, "nDataPoints": 45, "notes": "Includes a sensitivity table for share buyback premiums and their impact on stock price upside.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.569+00", "seconds": 3.062, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/47", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-47", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "BY FOLLOWING MARATHON'S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-220b7da7ef89", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.43, "x": 0.52, "y": 0.3 }, "kind": "list", "text": "RemainCo financials summary.", "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 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40206f8c-1b74-4716-852d-f263cd426aa4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Illustrative assumptions for asset sales (Midstream, CPChem, JET).", "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 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af8a2b47-870a-4fdd-bcb5-79085b4a978c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Stock Price Upside: 1,415%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-256444c16e41", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "source-note", "text": "Note: See appendix for valuation details. 1) See appendix slide 47... 2) See calculation for total debt paydown...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbe7782a-59e7-4f90-8349-c499c2fb8ab0", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.45, "x": 0.05, "y": 0.46 }, "kind": "table", "text": "Net Proceeds Calculations table showing $68.2bn gross proceeds and $47.7bn net cash proceeds.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9aee4d91-55d8-4c3a-8156-af8dfa88d160", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.43, "x": 0.52, "y": 0.51 }, "kind": "table", "text": "Buyback Uplift sensitivity table showing share price upside at various repurchase premiums.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b31851c3-f7f2-42eb-a471-9018580fdcf2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "title", "text": "BY FOLLOWING MARATHON'S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5603bf1c-c74c-479a-b344-fb02bd64d418", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "ILLUSTRATIVE MATH IF PHILLIPS FOLLOWS MARATHON'S PATH", "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 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aad2c56a-127c-435c-8cb4-ac6c5a19ced9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "50089a8c-88b6-4c02-9f68-bb242a388e5c", "evidence": "Calculates net proceeds from asset sales and applies them to share repurchases to show valuation uplift.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "valuation_bridge" } ], "arcBeats": [], "loops": [ { "to": 47, "from": 43, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "3ba0fdff-5504-43b8-8d9b-97bfa332a7d7", "evidence": "The document presents a valuation overview and breaks down the company's value into its component parts.", "position": 1, "objective": "Break down the company's value into its component parts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.909293+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 48, "type": "evidence", "title": "Uses a 'before' screenshot from a 2019 presentation to contrast with 'actual results' in a table.", "function": "expose_contradiction", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 9, "textChars": 850, "nDataPoints": 8, "notes": "Uses a 'before' screenshot from a 2019 presentation to contrast with 'actual results' in a table.", "elementsJson": [ "headline_text", "subtitle_text", "screenshot", "comparison_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.903+00", "seconds": 7.864, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/48", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-48", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.35, "x": 0.63, "y": 0.42 }, "kind": "callout", "text": "2) We saw >100% upside as achievable if Marathon could drive operational improvements and valuation uplifts in-line with peers", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac0fda19-12e7-4d85-b9a7-906841a81d74", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.63, "y": 0.33 }, "kind": "callout", "text": "1) When we engaged with Marathon, our base case implied +60% upside", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d75f43bb-49a7-4152-86a8-8c11994471a8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "When we engaged with Marathon, our base case implied +60% upside", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-d05b23ec722b", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.55, "x": 0.03, "y": 0.33 }, "kind": "image", "text": "Screenshot of Page 41 from Elliott's public presentation to Marathon, published 9/25/19", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e3513e4-3b84-4656-b6e9-3b84ae58d0d5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TSR: 322%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-d6b4ffe9d179", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "As Marathon sold assets and repurchased shares, its stock price appreciated to a level that exceeded the high end of our range: for the past 12 months Marathon has traded between $130 and $220 per share", "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 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eea6ac9-d103-4cb4-ba08-4f75c38c2afa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Required assumptions for 'Marathon Path' scenario can be found on slides 39 – 40. 2) MPC cumulative TSR and cumulative TSR vs. VLO since Elliott's public presentation on 9/25/2019.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4279707c-10e4-486d-9958-3daa734ca3dc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.38, "x": 0.6, "y": 0.55 }, "kind": "table", "text": "Comparison table of Elliott-presented upsides vs actual results", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "204b8b54-a095-4569-9f23-65c864f77b70", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "MARATHON FAR EXCEEDED ELLIOTT’S UPSIDE PROJECTION", "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 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "586e6d75-b3cc-494a-b328-e7c3723a40bc", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "ed5dbf5c-cc21-4d98-8e91-97cc8236d8bb", "evidence": "paragraph/paragraph: As Marathon sold assets and repurchased shares, its stock price appreciated to a level that exceeded the high end of our range:", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:46:36.850694+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "36389d6b-710f-4cb5-89d7-ab98857395fd", "evidence": "Contrasts 2019 projections with current actual results to demonstrate value creation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:47.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 49, "type": "setup", "title": "The slide uses a waterfall-style bridge to illustrate value creation from $120 to $300+ per share.", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 7, "textChars": 515, "nDataPoints": 3, "notes": "The slide uses a waterfall-style bridge to illustrate value creation from $120 to $300+ per share.", "elementsJson": [ "headline_text", "bullet_list", "paragraph", "bar_chart_stacked", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.713+00", "seconds": 2.627, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/49", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-49", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If Phillips is able to execute the \"Marathon Path\" the stock price could increase to $300+", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-eed1ccbff987", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.25, "x": 0.68, "y": 0.28 }, "kind": "chart", "text": "Valuation bridge from $120 to $300+", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b20a195f-c17b-4a5b-972f-cec2a5f054cf", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.05, "y": 0.38 }, "kind": "list", "text": "Streamline Portfolio\nOperating Review\nEnhanced Oversight", "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 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f91e00e2-545d-4f8c-b49d-cbd8e6a70a17", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price: $300+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c51-f278ef99e3ff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.55, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "We welcome the opportunity to engage with Phillips 66 shareholders on this remarkable opportunity", "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 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "176308c1-4fe9-4c7a-a5a2-d93607df05a7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.02, "y": 0.76 }, "kind": "source-note", "text": "Source: Bloomberg. Note: Estimated potential upside based on indicative valuation calculations presented in the appendix. 1) Required assumptions for 'Marathon Path' scenario can be found on slides 39 – 40.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e60d8b09-70cd-4181-9cb3-7c57b186b51f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.27 }, "kind": "title", "text": "STREAMLINE 66", "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 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0eaba0d3-11ad-41ca-82a0-118b30329ac1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "180361ec-4c38-4dc1-9a07-9386d376f2a8", "evidence": "paragraph/paragraph: We welcome the opportunity to engage with Phillips 66 shareholders on this remarkable opportunity", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.918386+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "d5b25362-e5ac-4cb9-bf5d-43fab485b153", "evidence": "Visual representation of stock price growth components", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:42.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "waterfall-bridge" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 50, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": 1, "textChars": 11, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:19:21.017+00", "seconds": 40.7, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/50", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-50", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.3, "x": 0.05, "y": 0.25 }, "kind": "title", "text": "04 Appendix", "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 21:19:21.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7330c5a2-5011-439f-a2a1-df6cab18e9d4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 51, "type": "analysis", "title": "Contains detailed footnotes explaining the methodology for EBITDA adjustments and consensus estimates.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 340, "nDataPoints": 150, "notes": "Contains detailed footnotes explaining the methodology for EBITDA adjustments and consensus estimates.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:42.559+00", "seconds": 2.186, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/51", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-51", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "EBITDA: $15,550", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-0dcb8e78e45a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.025, "y": 0.75 }, "kind": "paragraph", "text": "Source: Bloomberg as of 2/7/2025, Wall Street Estimates, Company filings. Footnotes 1-10 detailing adjustments and definitions.", "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 21:18:42.559+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "193bd6f2-db41-434d-99ad-fd7c2c7b64ab", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.52, "y": 0.28 }, "kind": "table", "text": "Refining Unit Calculations - Consensus Estimates table.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.559+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7566959e-ee7f-4758-a5ae-1750ec5d0181", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.025, "y": 0.28 }, "kind": "table", "text": "EBITDA Estimates table including segment breakdown, 2026E consensus, management mid-cycle targets, and shortfalls.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:42.559+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0598960-f8c5-4eba-b85b-4ba10e21f3ce", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.025, "y": 0.245 }, "kind": "title", "text": "EBITDA AND REFINING ESTIMATES", "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 21:18:42.559+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29a51b34-c52a-479e-a7ec-ea1971d14c2b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 52, "type": "setup", "title": "Part of an activist investor deck (Elliott Management) targeting Streamline 66.", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 4, "textChars": 813, "nDataPoints": 100, "notes": "Part of an activist investor deck (Elliott Management) targeting Streamline 66.", "elementsJson": [ "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.91+00", "seconds": 10.528, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/52", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-52", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Consensus TEV / EBITDA: 7.7x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-645d33ed9472", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.027, "y": 0.698 }, "kind": "paragraph", "text": "Source: Bloomberg as of 2/7/2025, Wall Steet Estimates, Company filings. Note: Phillips' consensus estimates built up using segment level estimates rather than a consolidated estimate. 1) PSX net debt adjusted to reflect M&A announced but not yet closed. 2) SUN fully diluted share count adjusted for estimated IDR value by dividing the diluted shares by the current distribution split to the GP (~23%). 3) OKE share count adjusted to account for the EnLink Controlling Interest Acquisition Transaction. 4) TRGP non-controlling interest adjustments excluded given pro rata EBITDA reporting, similar to PSX. 5) DOW adjusted to account for sale of stake in Diamond Infrastructure Solutions JV.", "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 21:18:50.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fe66657-14e4-49e5-a1b3-b716b5d6ec70", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.945, "x": 0.027, "y": 0.28 }, "kind": "table", "text": "Trading comparables table for PSX, VLO, SUN, EPD, MPLX, OKE, TRGP, DOW, LYB", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:50.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72896a77-064e-40e7-b6e7-580f5db13244", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.305, "x": 0.027, "y": 0.248 }, "kind": "title", "text": "TRADING COMPARABLES", "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 21:18:50.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "703882ca-5bba-44e9-ab05-b7da69bb2bf1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "86baf96d-76bc-4e41-9c25-de4820b83523", "evidence": "Table comparing financial metrics across a peer group", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:50.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "setup", "title": "The table uses 2026E EBITDA and various trading multiples to derive equity value and share price upside across multiple scenarios.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 660, "nDataPoints": 100, "notes": "The table uses 2026E EBITDA and various trading multiples to derive equity value and share price upside across multiple scenarios.", "elementsJson": [ "headline_text", "valuation_table", "footnote", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:43.172+00", "seconds": 2.764, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/53", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-53", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-4d46f6905b33", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.27, "x": 0.7, "y": 0.24 }, "kind": "disclaimer", "text": "All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right.", "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 21:18:43.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afb770d4-8625-4c57-b328-9325423310c4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Equity Value: $312.27", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-527ab3e4103b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.75 }, "kind": "subtitle", "text": "Source: Bloomberg as of 2/7/2025. Wall Street Estimates, Company filings. (1-10 footnotes)", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:43.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41d41a0f-ffc0-4556-94d1-27351dcd277d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.94, "x": 0.03, "y": 0.29 }, "kind": "table", "text": "Valuation table showing 2026E EBITDA and After-Tax Value to Phillips across different scenarios (As-Is, Improved Refining, Curr. Trading, Spin Midstream, etc.)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:43.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e44b0fe3-a38c-4f54-87ac-ef23b60b5835", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "VALUATION OVERVIEW", "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 21:18:43.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11859b6c-5f11-43c6-b17e-af13fdabdff9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 54, "type": "analysis", "title": "Contains detailed footnotes explaining valuation assumptions and tax treatments.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 5, "textChars": 312, "nDataPoints": 45, "notes": "Contains detailed footnotes explaining valuation assumptions and tax treatments.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:43.03+00", "seconds": 2.188, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/54", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-54", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Net Proceeds: $33,315", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-39efcf5c9996", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.025, "y": 0.89 }, "kind": "source-note", "text": "Footnotes 1-9 detailing methodology and assumptions.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:43.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d72dd71f-3c4e-48b7-8d0b-a1909f732019", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.025, "y": 0.84 }, "kind": "subtitle", "text": "Source: Bloomberg as of 2/7/2025, Wall Street estimates, Company filings. Note: EBITDA estimates exclude the burden of turnaround expenses.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:43.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba9ec573-d08a-4fc4-8f31-da99d4d2205d", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.95, "x": 0.025, "y": 0.28 }, "kind": "table", "text": "Midstream Spin, CPChem Sale, and JET Austria/Germany Retail valuation tables", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:43.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "209acbc9-4720-4ecc-82ff-890940f54c9a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.025, "y": 0.245 }, "kind": "title", "text": "ASSET SALES CALCULATIONS", "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 21:18:43.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77a0db69-f7c8-4d5d-a1df-e8f6e7693686", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aaf63a20-8c48-4a8f-b255-31454c501c8a", "evidence": "table/valuation: Midstream Spin, CPChem Sale, and JET Austria/Germany Retail valuation tables", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:43.596669+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 55, "type": "analysis", "title": "Contains four distinct data tables related to capital allocation and balance sheet restructuring.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 8, "textChars": 296, "nDataPoints": 80, "notes": "Contains four distinct data tables related to capital allocation and balance sheet restructuring.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.677+00", "seconds": 3.719, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/55", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-55", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Net Cash Proceeds: $60,258", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-7af0d1902e73", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.95, "x": 0.02, "y": 0.71 }, "kind": "source-note", "text": "Source: Bloomberg as of 2/7/2025, Wall Steet Estimates, Company filings. 1-5 footnotes.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b5f836f-354d-4e4f-ab3a-b9af8e293b44", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.42, "x": 0.02, "y": 0.52 }, "kind": "table", "text": "Pro-Rata Debt table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b7e8154-2f57-4e14-913b-de8ae1e6ac0e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.02, "y": 0.63 }, "kind": "table", "text": "Cash table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bebb9f7-4ea9-4a5d-b88f-a28c941d0598", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Net Cash Proceeds Generated by Selling Assets table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a5b7265-df77-49ed-9883-24301d6280f0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.42, "x": 0.45, "y": 0.52 }, "kind": "table", "text": "Pending M&A table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b1e38cc-eb6e-4677-a1d5-18db702ea468", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.02, "y": 0.44 }, "kind": "table", "text": "Pro-Forma Share Count After Asset Sales table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83f4b40f-6bb3-41c6-9a5c-d598db2c0ca0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.24 }, "kind": "title", "text": "BUYBACK & PRO-FORMA NET DEBT CALCULATIONS", "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 21:18:44.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0968d5d7-186b-48f2-91fc-d31dfd81d63c", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aececabd-09b8-475f-8ad1-747d28f1680c", "evidence": "table/data: Net Cash Proceeds Generated by Selling Assets table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:43.676795+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 56, "type": "analysis", "title": "Contains two distinct tables: one for SOTP valuation and one for Opex sensitivity analysis.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 392, "nDataPoints": 45, "notes": "Contains two distinct tables: one for SOTP valuation and one for Opex sensitivity analysis.", "elementsJson": [ "headline_text", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.338+00", "seconds": 2.682, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/56", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-56", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "TEV/EBITDA: 8.4x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-8ed8c3000a0a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.03, "y": 0.75 }, "kind": "source-note", "text": "Source: Bloomberg as of 2/7/2025, Wall Steet Estimates, Company filings. 1) See Asset Sales Calculations on slide 47... 2) Valuation assumes a 1.0x premium... 3) PSX opex/bbl based on opex definition on appendix page 44...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.338+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "721dc985-1b2e-423b-81b9-3cd8a3d523a4", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.53, "y": 0.28 }, "kind": "table", "text": "Impact of Natural Gas Prices on PSX Opex/bbl Declines", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.338+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b693488c-541f-4eef-bb36-bbcfb0bab588", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.44, "x": 0.03, "y": 0.28 }, "kind": "table", "text": "Implied Value of Refining based on SOTP and SOTP Weighted Avg Multiple tables", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:44.338+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f5ede99-ff8b-40bf-8cc0-151c1a340428", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "SOTP & OPEX CALCULATIONS", "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 21:18:44.338+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26cbdd0a-b5a9-4eda-9e82-06bf5adf84bc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 57, "type": "setup", "title": "Part of the 'STREAMLINE 66' activist campaign by Elliott Management.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 6, "textChars": 1288, "nDataPoints": 1, "notes": "Part of the 'STREAMLINE 66' activist campaign by Elliott Management.", "elementsJson": [ "headline_text", "bullet_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:45.024+00", "seconds": 2.885, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/57", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-57", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-b2e0711241aa", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.57 }, "kind": "list", "text": "Counterpoints: Phillip's $5bn refining mid-cycle EBITDA target suggests the company agrees it should be able to achieve EBITDA per barrel parity to peers. Pre-COVID, Phillips had refining operating costs in-line with Marathon. Both Phillips' Refining and Phillips Marketing & Specialties are underperforming their respective peers.", "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 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ee93ac2-ecbd-4bb4-aaad-5e1393c26a8d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "Potential excuse: The shortfall in Phillips' refining EBITDA per barrel is due to allocating more SG&A into its refining segment than peers and/or allocating some refining earnings into its Marketing and Specialities segment", "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 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d917574-0a0e-4dbf-929f-b0ad4216ceff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.37 }, "kind": "list", "text": "Counterpoints: In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture. Compared to Valero and Marathon, Phillips' refining system scale and complexity differences are relatively minimal.", "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 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2608e2c3-777d-4be2-90b2-979030a454a9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Potential excuse: Phillips' refining assets are being run optimally and any shortfall in EBITDA per barrel vs Valero and Marathon is due to structural aspects of the assets that are beyond management's control", "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 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e83b130-b68a-4cf3-a707-c25da80a71c3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS' POTENTIAL EXCUSES FOR POOR REFINING PERFORMANCE", "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 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06212cf8-40a3-4d6e-a763-3f00fe3143c2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5babfd27-3bc9-477c-896b-55285cef0bc5", "evidence": "list/bullet: Counterpoints: Phillip's $5bn refining mid-cycle EBITDA target suggests the company agrees it should be able to achieve EBITDA per barrel parity to peers.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:43.797744+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "3651b33e-9555-4ae5-8c42-1fd03be14ca7", "evidence": "The slide explicitly structures arguments as 'Potential excuse' followed by 'Counterpoints'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:45.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 58, "type": "setup", "title": "The slide uses a 'Potential Defense' vs 'Counterpoints' structure to systematically dismantle management's likely arguments.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 5, "textChars": 2015, "nDataPoints": 3, "notes": "The slide uses a 'Potential Defense' vs 'Counterpoints' structure to systematically dismantle management's likely arguments.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:45.052+00", "seconds": 2.867, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/58", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-58", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-9f0f039f879d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "list", "text": "Potential defense: Rather than sell or spin, a piece of the midstream business should be listed as a public subsidiary to offer a valuation datapoint. Counterpoints: Publicly traded but controlled midstream subsidiaries have not historically helped drive sum-of-the-parts value recognition for the parent company. Phillips' midstream asset base has more independence from its refining system than peers, making it a more attractive fully separated business. We estimate the percent of midstream EBITDA that comes from earnings generated “inside the refinery gate” of its parent company to be only ~15% for Phillips compared to ~30-40% for DKL and 50%-60% for MPLX.", "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 21:18:45.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06b2abc3-fe2a-4463-8c0a-a85f33b9f5bc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "list", "text": "Potential defense: Phillips should keep their Midstream and CPChem business because the benefits of integration provide more value to shareholders than selling or separating those businesses. Counterpoints: Industry executives and former employees indicate no significant commercial integration between Phillips' Refining, Midstream and Chemicals segments and characterize the business as easily separable. CPChem and DCP both have equity partners, likely preventing better-than-market rates for Phillips. In our experience, the analyses companies rely on to support the value of integration can exaggerate the benefits.", "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 21:18:45.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b929245c-57b0-447b-b9d4-b6125a34e9a9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.53 }, "kind": "list", "text": "Potential defense: It's too early to pivot, Phillips began buying in its midstream businesses in 2021. Phillips should stick to its current midstream growth strategy and the stock will eventually re-rerate. Counterpoints: Companies can perpetually trade at a discount to their sum-of-the-parts. The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential.", "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 21:18:45.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e259e72d-3a70-4ad3-8509-ed5b699de4b1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.24 }, "kind": "title", "text": "PHILLIPS' POTENTIAL DEFENSE OF CONGLOMERATE STRUCTURE", "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 21:18:45.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e7df877-1ea7-4629-a9c0-fbcf64d5b199", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bb79549f-18ed-4d89-8a0a-1f3b250c83b1", "evidence": "list/bullet: Potential defense: Rather than sell or spin, a piece of the midstream business should be listed as a public subsidiary to offer a valuation datapoint.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:43.876672+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "d5f6551f-a35d-49a8-a9af-3531093ea847", "evidence": "The slide explicitly lists 'Potential defense' followed by 'Counterpoints' to address anticipated arguments.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:18:45.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 59, "type": "setup", "title": "The slide uses a peer-based weighted average to argue that PSX's current leverage is appropriate.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1114, "nDataPoints": 11, "notes": "The slide uses a peer-based weighted average to argue that PSX's current leverage is appropriate.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:45.284+00", "seconds": 2.997, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/59", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-59", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Standalone Phillips Midstream would be able to drive higher leverage to fund competitive growth", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-f5911c134552", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.95, "x": 0.03, "y": 0.35 }, "kind": "chart", "text": "Phillips 2026E Net Leverage vs. Peers", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "557969b2-422c-409a-b4ac-da037c908138", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Leverage: 2.6x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-feb9483455c4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.95, "x": 0.03, "y": 0.66 }, "kind": "quote", "text": "We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d225b32a-a4a5-45ce-ad6d-ae951865c585", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-fa7e6895353e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.03, "y": 0.73 }, "kind": "source-note", "text": "Source: Bloomberg, Wall Steet Estimates, Company filings. Note: Estimates exclude impacts of turnaround. 1) Reflects the weighted average of comps based on PSX 2026E EBITDA.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09c675fc-34db-488a-9028-27f5f06628ae", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.03, "y": 0.27 }, "kind": "title", "text": "Investors question Phillips' total leverage level, when in reality it is reasonable relative to business mix. Substantial midstream exposure supports higher leverage than a standalone refiner", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5170342a-06c3-4d35-a137-c17568a62c70", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.03, "y": 0.24 }, "kind": "title", "text": "REFINING AND MIDSTREAM HAVE INCOMPATABLE LEVERAGE PROFILES", "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 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23fd18af-2406-4634-b6c0-a0a315868f86", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cd9a7799-b0a2-4c34-92a2-b2f7345cae0b", "evidence": "Comparing PSX leverage against peer groups (Refining, Midstream, Chemicals) to justify valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:45.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 60, "type": "appendix", "function": "appendix", "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": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 5, "textChars": 888, "nDataPoints": 0, "notes": null, "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.802+00", "seconds": 2.404, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/60", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-60", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.032, "w": 0.944, "x": 0.028, "y": 0.291 }, "kind": "list", "text": "General Note: Labelling figures provided below correspond with the Phillips 66 Earnings Release Supplemental Data report.", "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 21:18:44.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d5a3bd3-d00e-45e1-89f1-97e6c235e75e", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.944, "x": 0.028, "y": 0.327 }, "kind": "list", "text": "Phillips 66 Refining EBITDA (excluding Turnarounds): Refining Adjusted EBITDA + Turnaround Expense, included in Operating and SG&A Expenses + Proportional Share of Certain Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses. Note: \"Proportional Share of Certain...\" is based on actuals starting in FY 2022 and estimated before FY 2022 given lack of disclosure.", "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 21:18:44.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2abd1fef-7f10-4114-ba03-039ff02aa9ff", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.944, "x": 0.028, "y": 0.442 }, "kind": "list", "text": "Phillips 66 Refining Operating Expense (excluding Turnarounds) per Barrel: Worldwide Refining Margins ($/bbl) – Phillips 66 Refining EBITDA (excluding Turnarounds) per Barrel", "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 21:18:44.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f18d7a2-bab7-4df5-9045-465ac2458e96", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.944, "x": 0.028, "y": 0.406 }, "kind": "list", "text": "Phillips 66 Refining EBITDA (excluding Turnarounds) per Barrel: Phillips 66 Refining EBITDA (excluding Turnarounds) divided by Adjusted Total Processed Inputs (MB)", "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 21:18:44.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dcac057-6568-42ed-9e4d-6d68fe7a3f29", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.403, "x": 0.028, "y": 0.248 }, "kind": "title", "text": "OTHER ENDNOTES & DEFINITIONS", "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 21:18:44.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8757c635-ea0a-4782-bf0a-a21edb1ec381", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 61, "type": "setup", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 30, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.077+00", "seconds": 1.568, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/61", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-61", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.41, "x": 0.295, "y": 0.095 }, "kind": "title", "text": "November 29, 2023 Board Letter", "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 21:18:44.077+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18bf9181-be42-4af4-980e-a9b4bb8584b5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 62, "type": "tension", "title": "This is the first page of an activist letter, serving as an executive summary of the thesis.", "function": "frame_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 9, "textChars": 1340, "nDataPoints": 2, "notes": "This is the first page of an activist letter, serving as an executive summary of the thesis.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:46.084+00", "seconds": 3.424, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/62", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-62", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In the balance of this letter, we outline the drivers of Phillips 66's underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today's stock price.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-dbbb8cfdcff5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.16, "x": 0.42, "y": 0.04 }, "kind": "image", "text": "ELLIOTT", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bdb909f-e0e9-4019-ad06-eb84398db470", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "upside: 75%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-e3240f376c15", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.48 }, "kind": "paragraph", "text": "In the balance of this letter, we outline the drivers of Phillips 66’s underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today’s stock price (or greater than $200 per share) – and the steps that Phillips 66 needs to take to deliver on that opportunity.", "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 21:18:46.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f357ae6-b57c-4c21-8e9c-1dee817b1d3e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "In recent years, however, Phillips 66’s performance has declined as it has shifted its focus away from its Refining segment. (Mr. Lashier admitted as much in January, when he said, “We have taken our eye off the ball a little bit with respect to refining.”)", "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 21:18:46.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad8fcaf6-781f-4a47-99dc-35fe7a388963", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.29 }, "kind": "paragraph", "text": "We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott” or “we”), which together have an approximately $1 billion investment in Phillips 66 (“Phillips 66” or the “Company”), making us one of your largest investors.", "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 21:18:46.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d03b44d3-6c39-4aa3-8b79-c083b760c9b3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We have taken our eye off the ball a little bit with respect to refining.\" — Mark Lashier (CEO), January 2023, GS Energy Conference", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c52-de065ab208fd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "Mark Lashier (CEO), January 2023, GS Energy Conference", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c197c1a6-ba9d-4dec-bcb2-0d9ec9663fde", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.11, "y": 0.56 }, "kind": "title", "text": "Drivers of Phillips 66’s Underperformance", "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 21:18:46.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae22c422-b1e3-4b03-a678-fd44ffc629a4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "14f9af0b-b997-48cd-befc-e3fbf1fd5f55", "evidence": "paragraph/paragraph: In the balance of this letter, we outline the drivers of Phillips 66’s underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upsid", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:43.998614+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 63, "type": "setup", "title": "The slide uses a combination of a bar chart for TSR and a line chart for Opex/bbl to build a case for management underperformance.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 8, "textChars": 605, "nDataPoints": 22, "notes": "The slide uses a combination of a bar chart for TSR and a line chart for Opex/bbl to build a case for management underperformance.", "elementsJson": [ "headline_text", "bar_chart_grouped", "paragraph", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:45.301+00", "seconds": 2.597, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/63", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-63", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The consequences of management taking its “eye off the ball” in Refining (some of which predates Mr. Lashier’s tenure) have proven costly for shareholders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-14e554edacba", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.13 }, "kind": "chart", "text": "TSR vs Peers", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "363a3a6e-9b42-40f6-8ca2-4a9ac71cd605", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.6 }, "kind": "chart", "text": "Opex per Barrel trend", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c107466a-3734-498e-af1d-350141961977", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return: -248%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-19bfb828e4d9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.37 }, "kind": "paragraph", "text": "We believe the loss of investor confidence illustrated by the chart above derives from the Company's underperformance in Refining, as well as poor execution on its cost-reduction efforts.", "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 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6148d373-9afd-4c46-9e25-1f054b39bb19", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "As of November 27, 2023, Bloomberg. Phillips 66 figures include proportional share of affiliate opex and throughput.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1424bff1-85be-4437-8438-0be3dc02de98", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 0.56 }, "kind": "title", "text": "Opex per Barrel excluding Turnarounds", "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 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2edf9b18-03f7-4dab-81d3-f78c659daad7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "Phillips 66 Total Shareholder Return vs. Peers", "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 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d975c7f6-b746-4261-b36e-2fcbb5cf6578", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8f9de2a4-bdf8-456f-acd8-b6cc741a5bfc", "evidence": "Comparing PSX performance metrics against VLO and MPC peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:45.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 64, "type": "tension", "title": "The slide uses a narrative structure to contrast Phillips 66's performance with Marathon and cites an analyst quote to demonstrate credibility loss.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 9, "textChars": 1702, "nDataPoints": 8, "notes": "The slide uses a narrative structure to contrast Phillips 66's performance with Marathon and cites an analyst quote to demonstrate credibility loss.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:46.299+00", "seconds": 3.585, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/64", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-64", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.4, "x": 0.1, "y": 0.35 }, "kind": "callout", "text": "Lack of trust in cost-reduction programs", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78c2d24c-0ad7-4968-97b1-a6a47ddba21e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "These results have rightfully led investors to dismiss the Company’s subsequent targets – not based on their estimation of the opportunity, but on their estimation of the management team’s ability to achieve its stated goals.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-6a342409c5da", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "opex/bbl: $2.30/bbl", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-71d47d4d91fe", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.8 }, "kind": "paragraph", "text": "Since his elevation to CEO in 2022, Mr. Lashier, along with the Phillips 66 management team, has set a strategic outlook that includes i) targeting $14 billion of mid-cycle EBITDA by 2025...", "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 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0efbaeb4-3fae-487a-a83a-535540b1cd08", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "The magnitude of this inefficiency has ballooned in recent years. By 2022, Phillips 66's opex/bbl “gap” to Valero had grown to ~$2.30/bbl, representing an increase of ~$0.95/bbl versus its average gap from 2013-2019 of ~$1.35/bbl.", "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 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e2a1746-1407-4ea2-878d-b6df7e0b60e5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "paragraph", "text": "At the same time, and in stark contrast to Phillips 66, Marathon's opex/bbl gap to Valero shrank dramatically. By 2022, under the leadership of CEO Mike Hennigan, Marathon had reduced its opex/bbl to within ~$0.30/bbl of Valero, representing a reduction of ~$1.10/bbl versus its average gap from 2013-2019 of ~$1.40/bbl.", "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 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf23e0e0-571b-4d29-844d-6fe9340da265", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.55 }, "kind": "quote", "text": "…in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis... – Cowen, November 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb299d38-4e75-4d01-91b6-fc36824ad5e2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis, stripping out energy and maintenance costs on a per unit - on a per barrel basis and relative to peers. So to instill some confidence maybe in this program that you're about to embark on, can you discuss maybe what went wrong in that 2019 to 2022 program and how you expect to maybe not incur those same issues?” — Cowen, November 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-6dfc3b86678a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.1, "y": 0.75 }, "kind": "title", "text": "The Phillips 66 Value-Creation Opportunity", "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 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5197dbb-c502-46ce-a6b7-59241b9616a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ff24f0e0-be89-4209-bf65-fe7bd307515a", "evidence": "Contrasting CEO performance and analyst skepticism regarding management's ability to execute.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:46.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 65, "type": "setup", "title": "Includes footnotes 5 and 6 detailing assumptions for capex, share count, and Valero comparison.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 9, "textChars": 1698, "nDataPoints": 10, "notes": "Includes footnotes 5 and 6 detailing assumptions for capex, share count, and Valero comparison.", "elementsJson": [ "paragraph", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.444+00", "seconds": 7.621, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/65", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-65", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-36a618281727", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Share Price: $205.89", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-3fd598aa9af6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.49 }, "kind": "paragraph", "text": "But while the Company's announced plan is admirable, investor skepticism about Phillips 66's ability to achieve these goals remains a weight on its stock price.", "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 21:18:50.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27d7a67c-8944-4c26-8350-27086a653d7d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "These are certainly the correct goals. If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price.", "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 21:18:50.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d94b391-7317-4864-89e3-fe78c7f967ff", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Phillips 66 \"remains an execution story\" — BofA, October 2023; \"[F]eedback from investors following [our] upgrade suggested they wanted to see PSX execute before giving them credit\" — Cowen, August 2023.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-39eceb558141", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.82 }, "kind": "source-note", "text": "5 As of November 27, 2023: Capex based on Company guidance; Estimated Diluted Shares at Year-End 2023 assumes $1 billion of share repurchases in Q4 2023, in-line with the quarterly buyback cadence implied by management's latest capital-return policy.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:50.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cf83585-5b9a-43b3-9f2d-f73ce63c2b91", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.87 }, "kind": "source-note", "text": "6 Based on Elliott's estimate of Valero's free cash flow assuming average 2012 through 2019 RVO (Renewable Volume Obligation) adjusted refining crack spread, the same assumption that underpins Phillips 66's 2025 mid-cycle EBITDA target.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:50.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "656a4793-21c8-44d4-b92d-0aa74c1e21ae", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.23 }, "kind": "table", "text": "Free Cash Flow at 2025E Mid-Cycle Target; Operating Cash Flow at 2025E Mid-Cycle EBITDA Target: 11,000; (-) Capex: (2,000); Free Cash Flow at 2025E Mid-Cycle EBITDA Target: 9,000; Upside to Current Price; Illustrative Mid-Cycle Free Cash Flow Yield: 10.0%; Market Capitalization: 90,000; Estimated Diluted Shares at Year-End 2023: 437; Share Price: 205.89; % Upside vs. Current Share Price: 74%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:50.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b0ad719-446c-4aea-8f78-2e8e9f85575d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.76, "x": 0.12, "y": 0.215 }, "kind": "title", "text": "Phillips 66 Upside if 2025 Mid-Cycle EBITDA Target is Achieved", "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 21:18:50.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e74f6cc-8d10-4d2c-b60e-cbc1ed0e6d70", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 66, "type": "setup", "title": "The slide uses a precedent (Marathon) to justify the proposed strategic pivot.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 8, "textChars": 1485, "nDataPoints": 3, "notes": "The slide uses a precedent (Marathon) to justify the proposed strategic pivot.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.221+00", "seconds": 4.317, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/66", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-66", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-56a7b22a3cd6", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.54 }, "kind": "list", "text": "Enhancing governance with the addition of a new director; Transitioning to a new CEO; Improving refining operations under new leadership which, within two years, closed a $2 per barrel EBITDA gap; Selling the company's Speedway retail operation, which generated $17 billion in after-tax cash proceeds.", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8932b16d-f75f-401d-8b40-6e172497b917", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.34 }, "kind": "paragraph", "text": "We are hopeful the current management team, supported by an enhanced Board, can deliver on its performance targets... should Phillips 66 fail to show material progress... we believe that the Company should at that point pursue its best available option by making a strategic pivot and following a path that mirrors Marathon's recent transformation.", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59aab9f2-384b-4790-96c3-10c4b762c844", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.45 }, "kind": "paragraph", "text": "Following our engagement with Marathon in 2019, its management team and board dramatically improved the company's structure and operating performance, leading its stock price to outperform its U.S. refining peers by approximately 200%. Marathon's achievements over this period included:", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86c8597a-a1d9-4639-80a7-cf8fdef54c87", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "paragraph", "text": "Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience.", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f2daf8d-8825-482e-ae95-74ca104df5a1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "And should the Company fail to meet its targets, we believe there is an alternative path available that would lead to significant value creation.", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b562a5d0-2a24-49a3-8708-f014db975bed", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.14 }, "kind": "title", "text": "Board enhancements", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8b11e7d-23a8-4c03-8653-1fd6add9a1e5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.1, "y": 0.31 }, "kind": "title", "text": "Broader strategic initiatives, if necessary", "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 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da4b9cfd-3c77-44c9-9624-e1d0c2ea65f4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8ecc16d5-b7aa-4307-9a56-6ba9be8abf73", "evidence": "We are hopeful the current management team... should Phillips 66 fail to show material progress... we believe that the Company", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:41.131755+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "3fbe1d1d-da29-4300-ae37-1fc5e9c52a1a", "evidence": "And should the Company fail to meet its targets, we believe there is an alternative path available that would lead to significant value creation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:41.163866+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [ { "matchId": "c6b08246-6840-4f41-9d3d-b10bb4a4223a", "evidence": "Uses Marathon's 2019 transformation as a precedent for Phillips 66's potential future path.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:18:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "argument-from-analogy" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 67, "type": "setup", "title": "Includes a signature block from Elliott Investment Management.", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 10, "textChars": 1320, "nDataPoints": 3, "notes": "Includes a signature block from Elliott Investment Management.", "elementsJson": [ "line_chart", "bullet_list", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:49.512+00", "seconds": 6.46, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/67", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-67", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If it becomes necessary, we are confident Phillips 66 could follow a similar path by: Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap between Phillips 66 and Valero; and Generating $15 billion to $20 billion of after-tax cash proceeds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-84fe3d8421db", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.13 }, "kind": "chart", "text": "TSR performance chart comparing MPC, VLO, and PSX", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c096bc60-cf4c-46ac-86a9-c68ec02a98b6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "list", "text": "Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap; Generating $15-$20 billion from asset sales.", "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 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ceb4d70-315f-4145-b4d9-40077d93a8dc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return: 398", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-8be006d68784", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "Our desire is to work constructively with the Company to add highly qualified directors to its ranks. To that end, we will make ourselves available to meet with the Company to discuss our views in more detail.", "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 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27f22be4-86d3-45d9-8526-291fce704946", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.37 }, "kind": "paragraph", "text": "If it becomes necessary, we are confident Phillips 66 could follow a similar path by:", "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 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bed45a0-f86d-46ba-b70f-e039b69bcbe7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "paragraph", "text": "Phillips 66 has the ability to remedy its recent period of underperformance through strong execution and a restoration of trust with investors. We believe the key step we outline above – enhancing the Board with fresh perspectives – will ultimately help the Company deliver on its targets. We are committed to ensuring that Phillips 66 reaches its full potential.", "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 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc040b4f-972d-432a-a852-eccbff66c2c9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.65, "x": 0.11, "y": 0.92 }, "kind": "source-note", "text": "Represents indexed TSR from August 14, 2019 through November 27, 2023, Bloomberg.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37dd0304-e409-4292-ace6-1bfba4b9d8f7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "Marathon Total Shareholder Return vs. Peers Since Elliott’s Engagement", "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 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4feb2700-c6dc-4a11-99b1-8fc12345ae8c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.11, "y": 0.55 }, "kind": "title", "text": "Next Steps", "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 21:18:49.512+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76160aac-3cc6-4f39-9561-212c02cf06b7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "ad0d1fde-f94f-41cf-b607-7f9f86ffca1d", "evidence": "Phillips 66 has the ability to remedy its recent period of underperformance through strong execution and a restoration of trust with investors.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:41.230369+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "fccaa535-d2d1-46d4-a382-bb0ad4f38523", "evidence": "If it becomes necessary, we are confident Phillips 66 could follow a similar path by:", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:41.263443+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 68, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": 1, "textChars": 17, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:44.561+00", "seconds": 1.504, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/68", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-68", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.3, "x": 0.35, "y": 0.11 }, "kind": "title", "text": "WEBSITE MATERIALS", "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 21:18:44.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8031ea0d-24e1-4396-b91c-686813c44fa2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 69, "type": "setup", "title": "This appears to be a screenshot of a campaign website rather than a traditional slide deck page.", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 457, "nDataPoints": 1, "notes": "This appears to be a screenshot of a campaign website rather than a traditional slide deck page.", "elementsJson": [ "screenshot", "paragraph", "callout_box" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:45.332+00", "seconds": 2.228, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/69", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-69", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-af89936b6bdd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.43 }, "kind": "paragraph", "text": "We have an investment of more than $2.5 billion in Phillips 66", "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 21:18:45.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20e6f904-e12b-4a4a-bb1f-65f00c24c9fc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.15, "y": 0.3 }, "kind": "paragraph", "text": "Elliott's Letter to the Board of Phillips 66", "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 21:18:45.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d71eca90-9bc4-4bbb-9a73-21b9b3e34819", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We have an investment of more than $2.5 billion in Phillips 66 (the \"Company\" or \"Phillips\"), making us one of your top five investors.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-b1e005df76ac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.2, "y": 0.15 }, "kind": "title", "text": "Elliott's Plan to Streamline Phillips 66", "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 21:18:45.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53dddd4b-bc02-40df-848f-16e7371328c1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.09, "y": 0.86 }, "kind": "title", "text": "Nominees", "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 21:18:45.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73036419-5b07-4e5f-920b-801c4e0ccb4a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "bbcf9bfc-7ccd-4f11-a668-249746ed415b", "evidence": "Elliott's Plan to Streamline Phillips 66", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:41.362242+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 70, "type": "setup", "title": "The slide is divided into two sections: a grid of headshots with professional bios and a 'Materials' section with links to press releases and letters.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 108, "nDataPoints": 0, "notes": "The slide is divided into two sections: a grid of headshots with professional bios and a 'Materials' section with links to press releases and letters.", "elementsJson": [ "headshot", "icon_grid", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:45.706+00", "seconds": 2.57, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/70", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-70", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "image", "text": "Headshots of 7 director candidates", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:45.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e5d4710-6bcb-405e-8f1c-4cca27f67933", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.67 }, "kind": "list", "text": "Press materials including press releases and letters to the board", "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 21:18:45.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f70d0c01-615b-4b8b-a393-b49a46734a90", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.61 }, "kind": "title", "text": "MATERIALS", "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 21:18:45.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e38a3c0d-b338-4321-8e96-2c61c1a630b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 71, "type": "setup", "title": "Standard regulatory disclosure page for an activist campaign.", "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": "sparse", "densityScore": 13, "componentCount": 4, "textChars": 273, "nDataPoints": 0, "notes": "Standard regulatory disclosure page for an activist campaign.", "elementsJson": [ "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:49.036+00", "seconds": 5.774, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/71", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-71", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.35, "x": 0.08, "y": 0.36 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS", "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 21:18:49.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23aa4b48-ad6a-43ac-ac8f-e42a21b6c8e4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.17 }, "kind": "other", "text": "Media Contact and Investor Contacts details", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:49.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35bb40af-0ba0-42d5-af16-60cb3368231f", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.84, "x": 0.08, "y": 0.4 }, "kind": "paragraph", "text": "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": "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 21:18:49.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae0036aa-daeb-4c6c-be61-a15022b3807d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.18, "y": 0.05 }, "kind": "title", "text": "SUBSCRIBE TO RECEIVE UPDATES", "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 21:18:49.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ea6b671-3e5f-4a21-8af3-78e4b7b492dc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 72, "type": "setup", "title": "This is a screenshot of a webpage from the Streamline 66 campaign site.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 11, "textChars": 474, "nDataPoints": 0, "notes": "This is a screenshot of a webpage from the Streamline 66 campaign site.", "elementsJson": [ "headline_text", "paragraph", "headshot", "icon_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:46.49+00", "seconds": 3.18, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/72", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-72", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c53-eba733b3474c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.18, "x": 0.09, "y": 0.8 }, "kind": "image", "text": "Gillian A. Hobson", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b4a4abc-e3e6-46a9-aa36-ddff4d147f27", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.18, "x": 0.72, "y": 0.55 }, "kind": "image", "text": "Alan J. Hirshberg", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17acc3f6-2e6c-4f51-b219-d6e129868d61", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.18, "x": 0.3, "y": 0.8 }, "kind": "image", "text": "Stacy D. Nieuwoudt", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d25441e-c9ef-42a7-b48b-ac3718a5b992", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.18, "x": 0.51, "y": 0.55 }, "kind": "image", "text": "Michael A. Heim", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e3dbf7a-6cf4-4adf-92c2-7976707b6e17", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.18, "x": 0.09, "y": 0.55 }, "kind": "image", "text": "Brian S. Coffman", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e5913b0-957f-489b-93a1-b65108f80e78", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.18, "x": 0.51, "y": 0.8 }, "kind": "image", "text": "John Pike", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfd30e01-3ef9-49e2-8f2a-0f4beaadffcd", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.18, "x": 0.3, "y": 0.55 }, "kind": "image", "text": "Sigmund L. Cornelius", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dacf3f49-e252-4592-8ec9-daab156aee2b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.38 }, "kind": "paragraph", "text": "Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions.", "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 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2631710f-0ab4-4579-b2cf-6b5e09786c8e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.22, "x": 0.09, "y": 0.15 }, "kind": "title", "text": "NOMINEES", "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 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b7bd1d4-02e6-48f6-bc5a-2b9dbc99b526", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.15, "y": 0.31 }, "kind": "title", "text": "ABOUT THE NOMINEES", "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 21:18:46.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db6d1841-7e9c-44f1-a922-acc22a7ff23f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 73, "type": "setup", "title": "This is a standard regulatory disclosure page for an activist campaign.", "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": "sparse", "densityScore": 18, "componentCount": 4, "textChars": 421, "nDataPoints": 0, "notes": "This is a standard regulatory disclosure page for an activist campaign.", "elementsJson": [ "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.657+00", "seconds": 5.215, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/73", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-73", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.84, "x": 0.08, "y": 0.54 }, "kind": "disclaimer", "text": "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 21:18:48.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5140ba7-79e8-44ce-bbd4-f5cf58985e32", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.35, "y": 0.32 }, "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 21:18:48.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06df50e0-16d3-4a18-8134-c0f96a4a1eee", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.08, "y": 0.32 }, "kind": "paragraph", "text": "STREAMLINE 66 ©2025 Elliott Investment Management L.P. All rights reserved. Privacy Policy | Disclaimer.", "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 21:18:48.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d1f793a-ad0e-4dba-b7d3-ca30482d0f4e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.08, "y": 0.51 }, "kind": "title", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS", "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 21:18:48.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c94e16b-dc0b-44b0-9e4b-1edb914eb255", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 74, "type": "setup", "title": "The slide is essentially empty except for the logo.", "function": "filler", "rawType": "filler", "block": null, "metadata": { "slideType": "filler", "slideTypeCanon": { "name": "Filler", "slug": "filler", "status": "active", "canonId": "019de52d-0829-76f9-9abe-4c11ee7bf4ab", "version": 1, "description": null }, "function": "filler", "functionCanon": { "name": "Filler", "slug": "filler", "status": "active", "canonId": "019de52d-1568-702b-ad12-428490978783", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": 1, "textChars": 0, "nDataPoints": 0, "notes": "The slide is essentially empty except for the logo.", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.902+00", "seconds": 4.674, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/74", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-74", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.04, "x": 0.04, "y": 0.03 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:48.902+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47f72f4b-568f-4efc-8e25-0eb2d1e56923", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 75, "type": "setup", "title": "This is a screenshot of a webpage from the Streamline 66 campaign site.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 7, "textChars": 406, "nDataPoints": 0, "notes": "This is a screenshot of a webpage from the Streamline 66 campaign site.", "elementsJson": [ "headshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.037+00", "seconds": 2.418, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/75", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-75", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c54-1c9f3469544c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.84 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS...", "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 21:18:47.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c1a1187-783a-4a79-97c0-79fbad70c8d7", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.15, "x": 0.14, "y": 0.27 }, "kind": "image", "text": "Brian S. Coffman headshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "722daff3-9939-4ac7-9d1c-0e88d5f3f4d4", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.35, "y": 0.36 }, "kind": "paragraph", "text": "Brian Coffman is an independent advisor focused on the energy, chemical and related industries...", "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 21:18:47.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11e8b6fa-bd35-41de-9286-77d364d9a74a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.35, "y": 0.32 }, "kind": "paragraph", "text": "Former CEO of Motiva Enterprises and former SVP of Refining at Andeavor", "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 21:18:47.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52af87d1-21e4-4a38-b0a6-e308e40470b6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:47.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e647a47c-6618-46f2-a0e6-c351ca5ad528", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.35, "y": 0.27 }, "kind": "title", "text": "BRIAN S. COFFMAN", "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 21:18:47.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd9144c2-d351-431f-8356-c2448f8ec14d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 76, "type": "setup", "title": "Standard regulatory disclosure text for activist investor proxy materials.", "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": 49, "componentCount": 3, "textChars": 2475, "nDataPoints": 8, "notes": "Standard regulatory disclosure text for activist investor proxy materials.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:52.309+00", "seconds": 7.641, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/76", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-76", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:52.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "087ece46-17fd-4047-901c-636f697262de", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.07 }, "kind": "paragraph", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:52.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ffe8b12-516e-478f-aabb-2ee9f1b2beef", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.84, "x": 0.08, "y": 0.21 }, "kind": "paragraph", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "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 21:18:52.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5eb2296-3862-4522-a920-39f206a68ac9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 77, "type": "setup", "title": "This is a web-based slide/page from an activist campaign site.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 634, "nDataPoints": 0, "notes": "This is a web-based slide/page from an activist campaign site.", "elementsJson": [ "headshot", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.463+00", "seconds": 2.748, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/77", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-77", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Cornelius' significant executive level energy industry experience, background in strategic planning and risk oversight, and extensive public board experience - including at companies in the refining sector - would make him a valuable addition to the Phillips Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c54-4ef3618e4156", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.82 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS... REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3841e323-db9d-4542-90e2-90a8cdba0880", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.14, "y": 0.275 }, "kind": "image", "text": "Sigmund L. Cornelius headshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21757b5a-19f9-4d19-994a-f7e042414ea6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.35, "y": 0.35 }, "kind": "paragraph", "text": "Former SVP and CFO of ConocoPhillips. Sigmund Cornelius was President and Chief Operating Officer of Freeport LNG until 2021... would make him a valuable addition to the Phillips Board.", "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 21:18:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71a234e1-152a-4111-ac5a-5fce028cb96f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf6c7c5f-7ad9-48ef-b08f-d66340355f4c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.35, "y": 0.28 }, "kind": "title", "text": "SIGMUND L. CORNELIUS", "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 21:18:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccdf60cf-2d59-429c-94fe-0902275271a5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 78, "type": "setup", "title": "Standard regulatory disclosure text for activist campaigns.", "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": 45, "componentCount": 1, "textChars": 2376, "nDataPoints": 6, "notes": "Standard regulatory disclosure text for activist campaigns.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:51.705+00", "seconds": 6.653, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/78", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-78", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 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 21:18:51.705+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2217fa66-d567-43b5-aead-6e5a4cb7f846", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 79, "type": "setup", "title": "This is a web-based nominee profile page from the Streamline 66 activist campaign.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 6, "textChars": 404, "nDataPoints": 0, "notes": "This is a web-based nominee profile page from the Streamline 66 activist campaign.", "elementsJson": [ "headshot", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.732+00", "seconds": 2.641, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/79", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-79", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Heim's executive background in midstream operations and experience in the energy industry and serving on public boards would make him a valuable addition to the Phillips Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c54-9003ea8bd824", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.85 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS...", "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 21:18:47.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7d009bd-89c5-477e-8b99-fd752106142d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.14, "y": 0.276 }, "kind": "image", "text": "Michael A. Heim", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94ebee4c-d958-4340-a518-44db6a0a4d3d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.35, "y": 0.35 }, "kind": "paragraph", "text": "One of the founders and former President and COO of Targa Resources. Michael Heim has been Senior Operating Partner at Stonepeak Partners...", "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 21:18:47.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08f81296-fc5f-47d7-bb36-ad4feb26a649", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:47.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "052316b9-a8bc-4469-8421-263544f1da66", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.35, "y": 0.28 }, "kind": "title", "text": "MICHAEL A. HEIM", "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 21:18:47.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "894c6c00-4a71-42c7-803a-69722c84a0f2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 80, "type": "setup", "title": "Standard SEC-style regulatory disclosure text.", "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": 49, "componentCount": 3, "textChars": 2459, "nDataPoints": 8, "notes": "Standard SEC-style regulatory disclosure text.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.297+00", "seconds": 3.197, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/80", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-80", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:48.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c8e57c1-da5d-46e6-82ae-4ecbd0e801b6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.84, "x": 0.08, "y": 0.16 }, "kind": "paragraph", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 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 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "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 21:18:48.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "407f2f7c-40b0-4565-9fc4-655ff95cf7f7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.07 }, "kind": "paragraph", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:48.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6824b7f6-ac38-44f0-a9f8-854f11874f85", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 81, "type": "setup", "title": "This is a webpage capture from the Streamline 66 activist campaign site.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 6, "textChars": 244, "nDataPoints": 0, "notes": "This is a webpage capture from the Streamline 66 activist campaign site.", "elementsJson": [ "headshot", "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:47.952+00", "seconds": 2.545, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/81", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-81", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.88 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS... [legal text]", "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 21:18:47.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08facc06-091f-41df-a7f0-f352546702f4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.15, "x": 0.14, "y": 0.275 }, "kind": "image", "text": "Alan J. Hirshberg headshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:47.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97d9d5e7-8986-4b65-935a-11b95102c6c3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.32 }, "kind": "paragraph", "text": "Former EVP, Production, Drilling and Projects at ConocoPhillips", "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 21:18:47.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a295e8e-1350-42c4-8e69-6fe5deca7b64", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.35, "y": 0.36 }, "kind": "paragraph", "text": "Alan Hirshberg is the President of VOR Advisors... [biography text]", "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 21:18:47.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5235db1-3899-40f4-957e-f2e7cbd3e798", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.35, "y": 0.28 }, "kind": "title", "text": "ALAN J. HIRSHBERG", "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 21:18:47.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f98dce6-e717-42a1-8846-49e45b90ad3c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:47.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8289219d-6aea-4d65-915a-1bee8fb66ce3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 82, "type": "setup", "title": "This is a standard regulatory disclosure slide found in activist investor presentations.", "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": "sparse", "densityScore": 9, "componentCount": 1, "textChars": 121, "nDataPoints": 6, "notes": "This is a standard regulatory disclosure slide found in activist investor presentations.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.953+00", "seconds": 5.534, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/82", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-82", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.32, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS...", "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 21:18:50.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b957942a-d05e-4492-9042-ce7335fe9b5c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 83, "type": "setup", "title": "This is a webpage screenshot from an activist campaign site.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 6, "textChars": 506, "nDataPoints": 0, "notes": "This is a webpage screenshot from an activist campaign site.", "elementsJson": [ "headshot", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.029+00", "seconds": 2.383, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/83", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-83", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Hobson's experience representing energy industry clients in complex transactions, along with her corporate governance expertise, would make her a valuable addition to the Phillips Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c54-a9edf4127797", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.83 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS...", "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 21:18:48.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68e03350-629c-44b1-afae-1e6fd2ce685a", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.15, "x": 0.14, "y": 0.275 }, "kind": "image", "text": "Gillian A. Hobson photo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:48.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf6c9897-2577-40ed-9f7a-87c016d90ab0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.35, "y": 0.32 }, "kind": "paragraph", "text": "Former M&A and Capital Markets Partner at Vinson & Elkins, with significant focus on midstream transactions. Gillian Hobson is the Senior Vice President, Chief Legal Officer and Corporate Secretary of Group 1 Automotive...", "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 21:18:48.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04ca8f0c-acac-4897-b77e-c4231d83eba4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.35, "y": 0.275 }, "kind": "title", "text": "GILLIAN A. HOBSON", "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 21:18:48.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2f6e59c-d2b2-49fe-8259-5f7067966ab5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:48.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed31100e-9642-420c-ac8d-0bb97f9563d5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 84, "type": "setup", "title": "Standard regulatory disclosure for activist investor proxy solicitation.", "function": "summarize", "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": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 3, "textChars": 2475, "nDataPoints": 6, "notes": "Standard regulatory disclosure for activist investor proxy solicitation.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.839+00", "seconds": 3.127, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/84", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-84", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:48.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94a91f0e-1f7e-4c30-b566-0924293d9be2", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.84, "x": 0.08, "y": 0.22 }, "kind": "paragraph", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "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 21:18:48.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67664774-12bb-45bf-9ed1-89a865ebb90d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "paragraph", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:48.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3547fa3-9dd5-4dfe-a54a-3f6cfdc5b279", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 85, "type": "setup", "title": "This is a screenshot of a webpage, not a traditional slide deck page.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 7, "textChars": 538, "nDataPoints": 0, "notes": "This is a screenshot of a webpage, not a traditional slide deck page.", "elementsJson": [ "headshot", "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.941+00", "seconds": 3.019, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/85", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-85", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Nieuwoudt's extensive experience evaluating plans to maximize shareholder value and investing across the energy sector, as well as her public company board experience, would make her a valuable addition to the Phillips Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c54-c12c81b894a5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.81 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS...", "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 21:18:48.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1efa628f-bb3e-4b61-9435-12ec7384fc52", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.14, "y": 0.277 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:48.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75f045a8-3fd2-493f-b871-b51fd28c9e29", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.325 }, "kind": "paragraph", "text": "Former Energy and Industrials Analyst at Citadel", "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 21:18:48.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82664372-e145-44c3-b23b-922243f61acc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.35, "y": 0.355 }, "kind": "paragraph", "text": "Stacy Nieuwoudt has been a private investor since 2019. Previously, she served as Senior Energy and Industrials Analyst at Aptigon Capital and Energy Equities Analyst at Surveyor Capital...", "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 21:18:48.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7659c59-5a2b-479a-a201-bdd19a43979b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:48.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a14d8f55-f53e-4d59-810b-9f4a3dbca152", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.35, "y": 0.277 }, "kind": "title", "text": "STACY D. NIEUWOUDT", "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 21:18:48.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc9db435-33c9-4632-b94f-4f67d943cc44", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 86, "type": "setup", "title": "Standard regulatory disclosure text for activist investor filings.", "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": 38, "componentCount": 1, "textChars": 2376, "nDataPoints": 0, "notes": "Standard regulatory disclosure text for activist investor filings.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.916+00", "seconds": 2.979, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/86", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-86", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.84, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 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 21:18:48.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dcd7144-c064-4b9e-a691-9f24874a2ad8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 87, "type": "setup", "title": "This is a screenshot of a webpage, not a traditional slide deck page.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 5, "textChars": 366, "nDataPoints": 0, "notes": "This is a screenshot of a webpage, not a traditional slide deck page.", "elementsJson": [ "headshot", "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:48.864+00", "seconds": 2.456, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/87", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-87", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Pike's investment experience and his expertise in the energy and oil and gas financial sectors would make him a valuable addition to the Phillips Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c54-ffb914dcdd60", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.81 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS...", "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 21:18:48.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "429ccb88-475c-4d04-9a14-bacc2bcfcc42", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.15, "x": 0.15, "y": 0.27 }, "kind": "image", "text": "John Pike headshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:48.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8a94532-7538-4dec-9296-b9b080062c3f", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.35, "y": 0.35 }, "kind": "paragraph", "text": "John Pike is a Partner at Elliott Investment Management and is responsible for overseeing certain public and private equity investments...", "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 21:18:48.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad15be97-a02b-4dd7-93b1-28c88c65456f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "NOMINEES", "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 21:18:48.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4ab7525-d5c7-431b-8a1b-4f83dd2d4928", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 88, "type": "setup", "title": "Standard regulatory disclosure text for activist investor filings.", "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": 38, "componentCount": 1, "textChars": 2376, "nDataPoints": 0, "notes": "Standard regulatory disclosure text for activist investor filings.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:49.369+00", "seconds": 2.692, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/88", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-88", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.84, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 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 21:18:49.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "044251ed-1c4c-478b-a3ea-c8d792091685", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 89, "type": "appendix", "title": "This is a screenshot of a website, not a traditional slide deck page.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 6, "textChars": 386, "nDataPoints": 0, "notes": "This is a screenshot of a website, not a traditional slide deck page.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:49.39+00", "seconds": 2.61, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/89", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-89", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:44:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c55-161c4a6d0623", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.85 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS...", "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 21:18:49.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b604a5e6-2051-41a4-bbc5-538b02a0d309", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.35, "y": 0.67 }, "kind": "other", "text": "Media Contact and Investor Contacts details", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:49.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e47c422c-4ed6-4c37-82cc-846099467964", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.14, "y": 0.428 }, "kind": "paragraph", "text": "ELLIOTT'S STREAMLINE66 PRESENTATION", "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 21:18:49.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "157756d3-7c86-4354-8702-4fbb45f9784f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.2, "y": 0.56 }, "kind": "paragraph", "text": "SUBSCRIBE TO RECEIVE UPDATES", "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 21:18:49.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "918c638d-afee-4982-ab96-098e5612bd6e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "PRESENTATIONS", "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 21:18:49.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93362b4d-8978-4d51-9787-81fa69ca00d9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 90, "type": "setup", "title": "Standard SEC-mandated disclosure text for activist campaigns.", "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": 49, "componentCount": 3, "textChars": 2614, "nDataPoints": 5, "notes": "Standard SEC-mandated disclosure text for activist campaigns.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:54.397+00", "seconds": 7.375, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/90", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-90", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.02 }, "kind": "disclaimer", "text": "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. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:54.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b90a9ac7-255e-4e47-9a6a-35dbe0f45849", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.84, "x": 0.08, "y": 0.07 }, "kind": "paragraph", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:54.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "282227b9-1885-40ac-b049-a647f91bba4f", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "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 21:18:54.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6272567e-c15c-44bb-b113-3e8becb7c345", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 91, "type": "appendix", "title": "This is a screenshot of a campaign website.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 327, "nDataPoints": 0, "notes": "This is a screenshot of a campaign website.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.058+00", "seconds": 2.656, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/91", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-91", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.72, "x": 0.14, "y": 0.27 }, "kind": "list", "text": "ELLIOTT ANNOUNCES DIRECTOR CANDIDATES FOR THE BOARD OF PHILLIPS 66; ELLIOTT SENDS LETTER AND PRESENTATION TO THE BOARD OF PHILLIPS 66", "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 21:18:50.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "005c3636-f6d4-4092-a0da-4ea1f20717a3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.54, "x": 0.38, "y": 0.71 }, "kind": "other", "text": "Media Contact and Investor Contacts details", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:50.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b23ddc5-306c-46b3-827e-90dd1ae84732", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.88 }, "kind": "paragraph", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS: Elliott Investment Management L.P., together with the other participants named herein...", "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 21:18:50.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2a3c789-f3f2-464c-8d0a-40d639e13192", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.29, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "PRESS RELEASES", "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 21:18:50.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbce3f33-cd95-4981-a1e7-971e4a5c632c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 92, "type": "setup", "title": "Contains specific share counts, derivative agreement details, and beneficial ownership information for Elliott Management and its affiliates.", "function": "front_matter", "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": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 1, "textChars": 121, "nDataPoints": 6, "notes": "Contains specific share counts, derivative agreement details, and beneficial ownership information for Elliott Management and its affiliates.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:49.435+00", "seconds": 1.735, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/92", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-92", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.32, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS...", "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 21:18:49.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4074f337-71fe-491d-baeb-3c27603aaea4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 93, "type": "setup", "title": "This is a screenshot of a campaign website (Streamline 66).", "function": "front_matter", "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": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 5, "textChars": 374, "nDataPoints": 0, "notes": "This is a screenshot of a campaign website (Streamline 66).", "elementsJson": [ "screenshot", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.759+00", "seconds": 2.966, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/93", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-93", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.86 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS: Elliott Investment Management L.P. ... 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 21:18:50.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdca421d-dc76-4923-9640-5cb014195307", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.14, "y": 0.41 }, "kind": "list", "text": "ELLIOTT'S LETTER TO THE BOARD OF PHILLIPS 66 (February 11, 2025); 2023 LETTER TO THE BOARD (November 29, 2023)", "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 21:18:50.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32264104-5e04-4446-a15e-f15668d5cb4f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.2, "y": 0.57 }, "kind": "paragraph", "text": "SUBSCRIBE TO RECEIVE UPDATES", "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 21:18:50.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88660a0a-2d01-4813-bd51-eec17b31fd80", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.55, "x": 0.35, "y": 0.68 }, "kind": "table", "text": "Media Contact: Casey Friedman; Investor Contacts: Elliott Investment Management, Okapi Partners LLC", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:50.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f50f2e81-b0d7-495a-aa30-5e6100973be6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.19, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "LETTERS", "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 21:18:50.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd753c5f-56ab-4ae9-8658-f799d419e0cf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 94, "type": "setup", "title": "Standard regulatory disclosure slide for activist campaigns.", "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": 49, "componentCount": 3, "textChars": 2752, "nDataPoints": 6, "notes": "Standard regulatory disclosure slide for activist campaigns.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:55.59+00", "seconds": 7.561, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/94", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-94", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. 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. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:55.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acf7090f-30c0-4624-b6e4-06d477ae8e33", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.11 }, "kind": "paragraph", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:55.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5563ddab-e350-430c-aa7e-e6bef7c9e50c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "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 21:18:55.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "884623d0-82a0-481e-a581-db8563cfcc20", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 95, "type": "setup", "title": "This is a webpage footer/about section for the Streamline 66 campaign site.", "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": 25, "componentCount": 4, "textChars": 545, "nDataPoints": 1, "notes": "This is a webpage footer/about section for the Streamline 66 campaign site.", "elementsJson": [ "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:54.661+00", "seconds": 6.378, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/95", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-95", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.84 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS... THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE 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 21:18:54.661+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5122b7f7-52af-47aa-aa5e-0a96d27ba3af", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.63 }, "kind": "list", "text": "Media Contact: Casey Friedman; Investor Contacts: Elliott Investment Management, Okapi Partners LLC", "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 21:18:54.661+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "052103b7-a373-4b41-a13c-26f181dac208", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.35 }, "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 $69.7 billion of assets as of June 30, 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 21:18:54.661+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d798a8c7-0efb-4968-8f30-458404c88c2e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.08, "y": 0.14 }, "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 21:18:54.661+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b4b4503-0685-495f-8aa0-0da696e3ce95", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 96, "type": "setup", "title": "Standard regulatory disclosure text for activist campaigns.", "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": 46, "componentCount": 2, "textChars": 2374, "nDataPoints": 6, "notes": "Standard regulatory disclosure text for activist campaigns.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:55.333+00", "seconds": 7.029, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/96", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-96", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.22 }, "kind": "disclaimer", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 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 21:18:55.333+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cff34a64-a1fd-4637-8592-c2859e9c4db9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:55.333+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d265fda7-0635-41b5-83be-fd2a1fc06b55", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 97, "type": "setup", "title": "This is a standard footer/contact page for an activist campaign website.", "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": "sparse", "densityScore": 14, "componentCount": 3, "textChars": 263, "nDataPoints": 1, "notes": "This is a standard footer/contact page for an activist campaign website.", "elementsJson": [ "paragraph", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.882+00", "seconds": 2.554, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/97", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-97", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.84, "x": 0.08, "y": 0.75 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS: Elliott Investment Management L.P. 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 21:18:50.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62abd0df-85f6-4384-8f0b-6cbd95b60fe7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "list", "text": "Media Contact: Casey Friedman, Elliott Investment Management; Investor Contacts: Elliott Investment Management, Okapi Partners LLC", "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 21:18:50.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5a426e2-ebcf-4ba2-9d4a-ff2452112b5b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "CONTACT", "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 21:18:50.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3914ef4-5f30-482d-b4cf-cce5e073b59d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 98, "type": "setup", "title": "This is a standard regulatory disclosure paragraph often found in activist investor filings.", "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": "sparse", "densityScore": 12, "componentCount": 1, "textChars": 257, "nDataPoints": 5, "notes": "This is a standard regulatory disclosure paragraph often found in activist investor filings.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:50.74+00", "seconds": 2.308, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/98", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-98", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.16, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "disclaimer", "text": "15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 shares of Common Stock and 2,500,000 shares of Common Stock underlying certain exercisable call option contracts held by the Elliott Funds.", "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 21:18:50.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0e7a754-d4a8-4a0f-a5c4-8b44f63deb8d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 99, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "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": "sparse", "densityScore": 13, "componentCount": 3, "textChars": 378, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:51.099+00", "seconds": 2.582, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/99", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-99", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.74, "x": 0.13, "y": 0.27 }, "kind": "disclaimer", "text": "Persons who access the information made available on the Streamline66 website (the \"website\") agree to the following: While the material on this website is often about investments, none of it is offered as investment advice...", "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 21:18:51.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e183a0cc-1835-46c1-9f67-0012f4ba6749", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.74, "x": 0.13, "y": 0.92 }, "kind": "paragraph", "text": "Media Contact: Casey Friedman, Elliott Investment Management. Investor Contacts: Elliott Investment Management, E / investors@streamline66.com", "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 21:18:51.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e29b8f6f-d665-4730-acd0-1bbcb68c06b2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "DISCLAIMER", "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 21:18:51.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bf73007-fcae-49af-a829-e97eba6369e1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 100, "type": "setup", "title": "Standard SEC-mandated disclosure slide for activist proxy campaigns.", "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": "sparse", "densityScore": 20, "componentCount": 4, "textChars": 279, "nDataPoints": 6, "notes": "Standard SEC-mandated disclosure slide for activist proxy campaigns.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:51.596+00", "seconds": 2.627, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/100", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-100", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.15, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "Privacy Policy | Disclaimer", "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 21:18:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6112611-d082-4539-824f-a476b17740cf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.57, "x": 0.35, "y": 0.02 }, "kind": "other", "text": "Contact information for Elliott and Okapi Partners", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0c7e6bd-ca64-4ae6-a89e-1b9c6f42346a", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "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": "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 21:18:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00f1c6d1-9833-4d0e-bdd1-3373ed4a0757", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.08, "y": 0.15 }, "kind": "title", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS", "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 21:18:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fe5ea37-2db4-4874-9dde-170b68ac6fb4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 101, "type": "setup", "title": "This is a screenshot of a website page, not a typical slide deck slide.", "function": "front_matter", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 678, "nDataPoints": 0, "notes": "This is a screenshot of a website page, not a typical slide deck slide.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:51.799+00", "seconds": 2.785, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/101", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-101", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.14, "y": 0.4 }, "kind": "list", "text": "Categories of Personal Information We Collect; What Information We Collect and the Sources of such Information; How We Use the Information Collected; How and When We Share Information with Third Parties; Website Analytics and Do-Not-Track; Data Security", "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 21:18:51.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4f1e37d-22d7-4f7f-85b4-6e3225fd4a14", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.27 }, "kind": "paragraph", "text": "This Privacy Policy (\"Policy\") applies to the information that Elliott Investment Management L.P. and its affiliates (collectively \"Elliott\" \"we,\" \"us,\" or \"our\") collects and uses about you when you access its website at Streamline66.com", "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 21:18:51.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03cbcbae-bb36-4271-b159-5014a1c8d56f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.66 }, "kind": "paragraph", "text": "Throughout this Policy, we discuss in detail the specific pieces of personal information we collect from and about users. Under the California Consumer Privacy Act (CCPA)...", "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 21:18:51.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ad44efe-9432-45b7-9c26-6a18b12c9a82", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.08, "y": 0.14 }, "kind": "title", "text": "PRIVACY POLICY", "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 21:18:51.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2537febc-b36e-4909-8706-7ff7355c802b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 102, "type": "setup", "title": "This is a standard legal disclosure page, likely from a website privacy policy.", "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": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 2528, "nDataPoints": 0, "notes": "This is a standard legal disclosure page, likely from a website privacy policy.", "elementsJson": [ "bullet_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:53.264+00", "seconds": 4.234, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/102", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-102", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.38 }, "kind": "list", "text": "For the purposes for which you provided it; To maintain, provide, and improve the Site; To prevent or address technical or security issues; To send you information or other communications, such as newsletters; To process and respond to your inquiries or to request your feedback; To identify you by your device(s) and to match your device(s) with other browsers or devices you use for the purpose of providing relevant and easier access to content and other operational purposes; To engage in internal analytics, research, and reporting; To comply with the law and protect the safety, rights, property, or security of Elliott, the Site, and the general public; and To enforce the legal terms that govern your use of the Site.", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "279ab561-c1ec-47a5-acac-f80b1bc82237", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.92 }, "kind": "list", "text": "Affiliates and Subsidiaries. We may share the information we collect within the Elliott family of companies. Service Providers. We may provide access to or share your information with select entities that use the information only to perform services on our behalf. Third parties for legal purposes. We may disclose information that we collect and maintain about you if we are required to do so by law or in a", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0e5caae-c279-4a5c-984b-8945b7ad3706", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.64 }, "kind": "list", "text": "Our or our service provider's operational purposes; Auditing consumer interactions on our site; Detecting, protecting against, and prosecuting security incidents and fraudulent or illegal activity; Bug detection and error reporting; Customizing content that we or our service providers display; Other uses such as reaching out to our site visitors; Other uses about which we notify you.", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e935a579-3f01-46ff-a0d6-9d7530d0efc5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.83 }, "kind": "paragraph", "text": "We may aggregate and/or de-identify information collected through the Site. We may use aggregate or de-identified information for any purpose...", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4aa592b6-b791-4568-913b-0a8132aeaa98", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.02 }, "kind": "paragraph", "text": "website usage information. As you browse or use the Site, we and our service providers (which are third party companies that work on our behalf to provide and enhance the Site) use a variety of technologies...", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6da7dfbe-77e8-46c2-8572-a5358fb19c64", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.77 }, "kind": "paragraph", "text": "Please note that we may combine information that we collect from or about you (including automatically collected information) with information we obtain about you from our affiliates, subsidiaries, and/or non-affiliated third parties...", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74ba114b-0712-4842-85ad-52625fde56d5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.18 }, "kind": "paragraph", "text": "Cookies and Other Tracking Technologies. We and our service providers may also collect data about your use of the Site through the use of Internet server logs and online tracking technologies...", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc0f1bf9-97e9-40c4-93a1-10e1bd338b09", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.14 }, "kind": "paragraph", "text": "Location Information. We collect and process general information about the location of the device from which you are accessing the Site...", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd76cf1d-d6c2-426a-9258-5cb50d6bbd58", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.14, "y": 0.34 }, "kind": "title", "text": "HOW WE USE THE INFORMATION COLLECTED", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2378263d-3e74-4f4b-aaee-f14382f01edd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.14, "y": 0.88 }, "kind": "title", "text": "HOW AND WHEN WE SHARE INFORMATION WITH THIRD PARTIES", "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 21:18:53.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d313127a-b35b-4a03-bc24-402596ee3423", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d8f5da56-239e-4482-898b-b41aad1c0c28", "evidence": "The slide contains a list/bullet component with multiple items.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.688646+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 102, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 103, "type": "setup", "title": "This is a standard privacy policy text block, likely from a website footer or legal appendix.", "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": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 155, "nDataPoints": 0, "notes": "This is a standard privacy policy text block, likely from a website footer or legal appendix.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:51.359+00", "seconds": 2.315, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/103", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-103", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.9, "w": 0.8, "x": 0.1, "y": 0.05 }, "kind": "paragraph", "text": "Legal disclosures regarding business transactions, website analytics, data security, data transfers, data retention, and California resident rights (CCPA).", "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 21:18:51.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "753e292c-e4b3-493f-a5bf-d407493bb649", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 104, "type": "setup", "title": "This is a standard legal disclosure page found at the end of an activist investor presentation.", "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": 55, "componentCount": 7, "textChars": 952, "nDataPoints": 0, "notes": "This is a standard legal disclosure page found at the end of an activist investor presentation.", "elementsJson": [ "paragraph", "bullet_list", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:55.616+00", "seconds": 6.485, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/104", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-104", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.83 }, "kind": "disclaimer", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS. Elliott Investment Management L.P., together with the other participants named herein... 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 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6a20862-fab3-49d6-9257-8b53a4f08853", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.65, "x": 0.14, "y": 0.11 }, "kind": "list", "text": "provide access to and/or a copy of certain information we have about you; prevent the processing of your information for direct-marketing purposes; update information which is out of date or incorrect; delete certain information which we have about you; restrict the way that we process and disclose certain of your information; transfer your information to a third party provider of services; and revoke your consent for the processing of your information.", "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 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16c34fec-7a93-4b6a-91f8-0c2d1fca9542", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.65 }, "kind": "other", "text": "Streamline 66 logo and contact block", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99cf7a7f-6d0c-46b4-8ffa-ea7185da8cab", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.14, "y": 0.53 }, "kind": "paragraph", "text": "CONTACT US", "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 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ebfd987-1545-47d1-8ab5-67979bf008f5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.14, "y": 0.38 }, "kind": "paragraph", "text": "LINKS TO AFFILIATES, SUBSIDIARIES, AND THIRD-PARTY SITES, APPS, AND SERVICES", "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 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b2e1d3e-3169-4282-bf74-441bb159dca8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.14, "y": 0.45 }, "kind": "paragraph", "text": "CHANGES TO OUR PRIVACY POLICY", "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 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73bc591b-70b0-4315-9e51-c77acd385a31", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.06 }, "kind": "paragraph", "text": "International Users. Some international users of our Website have certain legal rights to access certain information we hold about them and to request its deletion.", "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 21:18:55.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f97a22e6-2263-4605-9235-3bb952dac91b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "56010086-d1f6-4338-8139-0e1d64cc82ec", "evidence": "The slide contains a list/bullet component with multiple items.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:46:36.783667+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 104, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 105, "type": "setup", "title": "Standard regulatory disclosure text for activist investor proxy materials.", "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": 49, "componentCount": 3, "textChars": 2475, "nDataPoints": 6, "notes": "Standard regulatory disclosure text for activist investor proxy materials.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:18:52.548+00", "seconds": 3.24, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/105", "deck": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-105", "deckJson": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.03 }, "kind": "disclaimer", "text": "AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.", "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 21:18:52.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "739a8436-934b-4abe-b15e-168dbb3d8252", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.84, "x": 0.08, "y": 0.2 }, "kind": "paragraph", "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 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 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 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 4, 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 6,827,500 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 4, 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 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.", "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 21:18:52.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fc595c8-b69a-49ae-9063-e99c9d8fe84c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "paragraph", "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"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.", "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 21:18:52.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa2a651a-2d6f-4d32-b5f5-7b16deb27718", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [], "loops": [ { "from": 30, "to": 41, "label": "Cost Of Inaction", "description": "Highlight the cost of inaction and the need for change" }, { "from": 43, "to": 47, "label": "Mece Breakdown", "description": "Break down the company's value into its component parts" } ] }