{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d8-eac13671ec58", "slug": "3c59ebd2a367", "title": "Phillips 66 (PSX)", "subtitle": "Elliott Management · 2025-04", "author": "Elliott Management", "date": "2025-04-21 00:00:00", "pageCount": 3, "kind": "regulatory-filing", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6d8-eac13671ec58", "slug": "3c59ebd2a367", "title": "Phillips 66 (PSX)", "rawTitle": "ex991dfan14a10168303 042125", "authorId": "02_Elliott_Management", "authorName": null, "authorDisplay": "Elliott Management", "kind": { "slug": "regulatory-filing", "label": "Regulatory filing" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-04-ex991dfan14a10168303_042125.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001791786&type=DFAN14A", "sourceDate": null, "presentationDate": "2025-04-21 00:00:00", "ingestedAt": "2026-04-22 14:31:35+00", "status": "ready", "pageCount": 3, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/3c59ebd2a367", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 75.08183598518372 } }, "coverage": { "pageCount": 3, "pagesIndexed": 3, "pagesWithImages": 3, "pagesWithMetadata": 3, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 13, "chartCount": 1, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 1, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Comedy", "slug": "comedy", "status": "active", "bestFor": "Post-mortems, retrospectives", "canonId": "019dd956-64e9-726b-b8ab-80b9d59f26eb", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Initial Order -> Confusion -> Escalating Chaos -> Resolution -> New Harmony", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "34695a7b-9046-4498-8906-a41874707902", "evidence": "The use of a peer benchmark and a CEO quote suggests a narrative that aims to address concerns and present a positive outlook, characteristic of a comedic arc.", "isPrimary": true, "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:23.332875+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Comedy", "slug": "comedy", "status": "active", "bestFor": "Post-mortems, retrospectives", "canonId": "019dd956-64e9-726b-b8ab-80b9d59f26eb", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Initial Order -> Confusion -> Escalating Chaos -> Resolution -> New Harmony", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Initial Order", "beatId": "8ed166f6-129a-4bf0-9d84-19c18d15c899", "matchId": "34695a7b-9046-4498-8906-a41874707902", "beatType": { "name": "Initial Order", "slug": "comedy-initial-order", "status": "active", "canonId": "019dd9b8-45e0-751b-99ac-29c3d9f3e976", "version": 1, "description": null }, "evidence": "The document starts with a section divider, setting the stage for the narrative.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 2, "from": 2, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "f25a6271-7cf4-4165-abbc-06b1332b4c78", "evidence": "The peer benchmark on slide 2 opens a question about the gap in operational execution.", "position": 0, "objective": "What is the operational execution gap between Phillips 66 and its peers?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:53:23.455064+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "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": "63463557-a76b-4cce-86db-7905c0032bf2", "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": "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": "fed11f2e-b880-43e9-881a-d7663193d38a", "evidence": "operational execution rating: 2.3, 1 - Very Ineffective, 5 - Very Effective", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:46:45.119553+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": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. 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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "df37ed82-537e-4a7e-9bdb-7549dc504519", "evidence": "Elliott's John Pike on the urgency of boardroom change at Phillips 66 (NYSE: PSX), and how the #Streamline66 plan is the path to unlocking value for shareholders: \"Change is going to start there.\"", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:46:45.181431+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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Page 1 is a section divider (\"SOCIAL MEDIA POSTS\"); page 2 shows the peer-gap execution-survey image (Streamline 66 red/white branding); page 3 promotes a Streamline 66 Podcast episode with Elliott partner John Pike. John Pike is named but as a campaign spokesperson, not a villain — no management individual is called out by name in this filing. Document is micro-content within the broader Streamline 66 campaign; use thesis_summary cautiously as it describes the filing, not a full investment thesis.", "kpisCited": [ { "detail": "Phillips 66: 2.3 vs. Marathon 3.3 and Valero 3.8 (third-party survey, March 2025)", "metric": "Investor rating of operational execution (1-5 scale)" } ], "closingAsk": "Support boardroom change at Phillips 66 via the Streamline 66 plan.", "extraction": { "at": "2026-04-22 14:31:35+00", "model": "unknown-legacy", "runId": null, "seconds": 75.08183, "promptVersion": null }, "scqaReward": "Not quantified in this filing; the broader Streamline 66 campaign argues boardroom change unlocks shareholder value by closing the peer execution gap.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Investors rate Phillips 66 management 2.3/5 on operational execution — last vs. peers", "Valero (3.8) and Marathon (3.3) materially outrank PSX on execution", "Boardroom change is the path to unlocking shareholder value" ], "scqaSituation": "Phillips 66 is one of the largest U.S. refiners, measured by investors against peers Valero and Marathon on execution and capital-allocation delivery against a stated value-creation agenda.", "thesisSummary": "This DFAN14A exhibit reproduces two Streamline 66 social-media posts Elliott filed as proxy solicitation material in its contest at Phillips 66 (PSX). The first post publishes a March 2025 third-party survey of institutional investors showing PSX management rated 2.3 out of 5 on operational execution versus Valero at 3.8 and Marathon at 3.3 — dead last among refining peers on execution, capital-allocation strategy, and delivery against the company's stated value-creation agenda. The second post promotes a Streamline 66 podcast episode with Elliott partner John Pike making the case for the urgency of boardroom change, arguing that the Streamline 66 plan is the path to unlocking shareholder value and that \"change is going to start there.\" The filing is a micro-piece of Elliott's broader proxy-fight communications rather than a standalone thesis document.", "primaryDemands": [ "Replace incumbent directors with Elliott nominees", "Adopt Streamline 66 value-creation plan" ], "scqaResolution": "Replace directors with Elliott's slate and adopt the Streamline 66 plan; boardroom change is framed as where \"change is going to start.\"", "thesisOneLiner": "Elliott-commissioned investor survey ranks Phillips 66 last among refining peers on execution and capital allocation, reinforcing the Streamline 66 case for boardroom change.", "precedentsCited": [], "scqaComplication": "An Elliott-commissioned March 2025 survey ranks PSX management last — 2.3 vs. 3.8 (Valero) and 3.3 (Marathon) on operational execution — evidencing persistent underperformance that Elliott attributes to the incumbent board.", "narrativeInterest": 2, "notableSlidePages": [ 2, 3 ], "peerCompaniesCited": [ "Valero", "Marathon Petroleum" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "transition", "imagePath": "https://imgproxy.kitesheet.com/EH8ee_p_Yg-HuXjlnldhZ2R7CJppOTe9yMoq10ZhE9o/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYzU5ZWJkMmEzNjcvcDAwMS5qcGc", "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": 1, "componentCount": 1, "textChars": 18, "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 21:18:03.962+00", "seconds": 1.883, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d8-eac13671ec58/1", "deck": "/decks/019dd923-622b-71dc-a6d8-eac13671ec58", "deckAnchor": "/decks/019dd923-622b-71dc-a6d8-eac13671ec58#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6d8-eac13671ec58.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.27, "x": 0.365, "y": 0.102 }, "kind": "title", "text": "SOCIAL MEDIA POSTS", "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 21:18:03.962+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b908c1fb-49d0-48ae-9086-124e58d93941", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "Comedy", "slug": "comedy", "status": "active", "bestFor": "Post-mortems, retrospectives", "canonId": "019dd956-64e9-726b-b8ab-80b9d59f26eb", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Initial Order -> Confusion -> Escalating Chaos -> Resolution -> New Harmony", "description": null, "familyLabel": null }, "from": 1, "name": "Initial Order", "beatId": "8ed166f6-129a-4bf0-9d84-19c18d15c899", "matchId": "34695a7b-9046-4498-8906-a41874707902", "beatType": { "name": "Initial Order", "slug": "comedy-initial-order", "status": "active", "canonId": "019dd9b8-45e0-751b-99ac-29c3d9f3e976", "version": 1, "description": null }, "evidence": "The document starts with a section divider, setting the stage for the narrative.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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