Elliott Management · activist-deck
Phillips 66 (PSX)
154 pages · 3 arc beats · 2 loops
Phillips 66 (PSX)
Elliott Management · 2025-04 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 55 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 5 slides 100% 5/5 slides 100% 5/5 slides · 38 hits — 0/5 slides
20% 1/5 slides · 2 hits 100% 5/5 slides 100% 5/5 slides 80% 4/5 slides Agitate (Make it worse) 26 slides 100% 26/26 slides 100% 26/26 slides · 193 hits — 0/26 slides
11.5% 3/26 slides · 4 hits 88.5% 23/26 slides 100% 26/26 slides 19.2% 5/26 slides Solution (Provide relief) 24 slides 100% 24/24 slides 100% 24/24 slides · 166 hits — 0/24 slides
20.8% 5/24 slides 66.7% 16/24 slides 100% 24/24 slides — 0/24 slides
Slide inventory
154 every slide · same image gating as the playbook
04
This slide serves as a corporate profile/credibility statement for the activist investor.establish_context
05
The slide uses a bar chart to show pre- vs post-engagement TSR and a list-based case study table for specific energy investments.illustrate_case
06
Includes a mix of historical narrative, segment-level financial performance, and operational charts.summarize
07
The slide uses a 3x3 grid layout to categorize due diligence workstreams.establish_context
10
The slide uses a narrative structure to establish the 'villain' (the Board's resistance) and the 'hero's' (Elliott's) failed attempts at collaboration.frame_problem
Open slide detailBeat · Problem (Identify pain)
11
Uses a weight-based metaphor (kettlebell) to represent the 'drag' of poor performance on valuation.expose_gap
12
The chart uses a red background and aggressive callouts to frame the underperformance as a direct result of management's strategic focus on midstream over refinexpose_contradiction
13
The central diagram is a circular process flow representing a negative feedback loop.diagnose_problem
14
Uses a contrast-pairs framework to highlight governance failures.expose_contradiction
15
Includes a callout box detailing a specific meeting with Elliott Management to expose management's lack of strategic alignment.diagnose_problem
Open slide detailBeat · Agitate (Make it worse)
16
Uses a combination of line charts for opex and bar charts for growth comparison to frame the problem.diagnose_problem
Open slide detailBeat · Agitate (Make it worse)
17
Uses a visual metaphor of a climber (CEO/Board) hanging from a weight to represent the burden of poor performance.name_villain
Open slide detailBeat · Agitate (Make it worse)
19
The valuation bridge uses a waterfall-bridge chart to show value creation from $103 to $183 (base) and then to $350+.propose_solution
Open slide detailBeat · Agitate (Make it worse)
20
The chart uses a timeline to correlate specific management statements with stock price movements.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
21
Uses a bar chart to show TSR performance across three distinct time periods related to activist involvement and leadership change.cite_precedent
Open slide detailBeat · Agitate (Make it worse)
22
The slide uses a 'before-after' or 'precedent' logic to validate the activist's proposed strategy by showing successful execution at a peer company.compare_peers
Open slide detailBeat · Agitate (Make it worse)
23
Includes Elliott Management branding and a stylized graphic of a hand crushing a Phillips 66 logo.front_matter
Open slide detailBeat · Agitate (Make it worse)
24
The table highlights consistent underperformance against refining and midstream peers, with some outperformance against chemicals peers.compare_peers
Open slide detailBeat · Agitate (Make it worse)
25
The slide uses a comparison table to expose the discrepancy in peer selection between the activist and the company.compare_peers
Open slide detailBeat · Agitate (Make it worse)
26
The slide uses a negative framing to highlight underperformance, contrasting two different benchmarking methodologies.compare_peers
Open slide detailBeat · Agitate (Make it worse)
27
Uses a direct quote from the CEO to set up a contradiction.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
28
Uses a 'ripped paper' visual effect to contrast the company's narrative vs. reality.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
29
Uses dual-axis charts to overlay share price performance against a refining margin proxy.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
30
The slide uses a line chart to demonstrate the valuation gap between PSX and midstream peers, supported by a testimonial from Sigmund Cornelius.expose_gap
31
Uses a contrast-pairs framework to highlight the 'conglomerate discount' or structural misalignment.compare_peers
32
The slide uses analyst quotes to reinforce the 'conglomerate discount' thesis.show_valuation_bridge
33
Uses a waterfall-style bridge to show implied value of specific segments based on market multiples of other segments.show_valuation_bridge
34
Uses a padlock icon to symbolize 'trapped' value.expose_contradiction
35
Includes a biographical summary of Greg Goff's credentials to establish authority.cite_precedent
Open slide detailBeat · Agitate (Make it worse)
36
The chart illustrates the 'dilutive' nature of acquisitions by showing that the acquisition multiples are higher than the company's own trading multiple.compare_peers
Open slide detailBeat · Agitate (Make it worse)
37
Uses a 'before-after' style framing to contrast management's narrative with reality.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
38
Uses CEO quote to contrast with poor financial performance.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
39
The slide uses a two-column layout to contrast commercial and cost issues, followed by a bottom callout highlighting leadership's lack of refining expertise.diagnose_problem
Open slide detailBeat · Agitate (Make it worse)
40
The slide uses qualitative feedback from former employees to support the claim that consultant-driven cost savings are illusory.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
41
Uses a combination of line charts for opex and waterfall/bar charts for EBITDA spread to expose management's narrative.expose_contradiction
42
The slide uses a 'villain critique' style to contrast management's claims with hard data.expose_contradiction
43
The chart highlights a performance gap between PSX and its peers, contradicting management's claims of cost-cutting progress.compare_peers
44
Uses a stool metaphor to represent the four legs of the business.diagnose_problem
45
Uses a bar chart to highlight PSX's negative growth vs. peers and visual asset maps to show lack of expansion.name_villain
47
Uses analyst quotes to frame the poor performance as a catalyst for the activist campaign.expose_contradiction
48
The chart uses a dashed red line for PSX and solid lines for peer averages, with a shaded region indicating the period of preview calls.expose_contradiction
49
Uses a 'Management Entrenchment' vs 'Reality' framework to highlight credibility gaps.expose_contradiction
50
Uses a 'before-after' style contradiction framework to undermine management credibility.expose_contradiction
51
Uses a contrast-pairs framework to highlight the difference in investor transparency between two companies.expose_contradiction
52
Uses a 'before-after' style comparison to highlight management failure.expose_contradiction
53
Uses a callout box to link the chart data to the management's shifting narrative.expose_contradiction
54
Uses a bar chart to visually demonstrate the gap between management rhetoric and financial reality.expose_contradiction
55
The slide uses a 'Damaged Credibility' framing to undermine management's forward-looking guidance.expose_contradiction
56
Uses a 'villain' framing by highlighting management's failure to meet financial projections.expose_contradiction
57
Uses a waterfall-style bridge to show the flow of capital from divestitures to acquisitions.expose_contradiction
58
The slide uses market performance data to argue that management failed to capitalize on a high-value asset, contrasting PSX performance with the strong performaexpose_contradiction
59
Uses a before-after framing to contrast management's initial promises with current reality.expose_contradiction
60
The slide uses a 'villain' framing by highlighting negative investor quotes about the CEO and board.expose_gap
61
The slide uses direct quotes to build a narrative of management failure and loss of investor confidence.expose_contradiction
62
The slide uses a 'before-after' framing to highlight the impact of Elliott's engagement on investor interest.expose_contradiction
63
Uses a quote from the Lead Independent Director to expose a contradiction in governance standards.name_villain
64
Uses a contrast-pairs framework to systematically debunk management claims.expose_contradiction
65
Uses a series of five identical text blocks from proxy statements to show the Board's repetitive, non-responsive stance over nearly a decade.expose_contradiction
66
Uses two pull-quotes from academic experts to frame the board's actions as a distraction tactic.expose_contradiction
67
Uses a combination of bar charts and a callout quote to highlight the misalignment between performance and pay.expose_contradiction
68
Features a visual metaphor of industrial valves labeled 'undermined', 'untapped', and 'undervalued'.front_matter
Open slide detailBeat · Solution (Provide relief)
69
Uses a waterfall-bridge chart to illustrate value creation from specific strategic initiatives.propose_solution
Open slide detailBeat · Solution (Provide relief)
70
The slide uses a staircase diagram to represent a sequence of actions following the election of nominees.introduce_nominees
Open slide detailBeat · Solution (Provide relief)
71
Includes a testimonial quote from the nominee regarding his past experience with corporate spin-offs.introduce_nominees
Open slide detailBeat · Solution (Provide relief)
72
The slide uses stacked bar charts to demonstrate that PSX's midstream portfolio is high-quality and comparable to pure-play midstream peers.compare_peers
Open slide detailBeat · Solution (Provide relief)
73
Uses a pipeline valve metaphor to represent 'untapped' value.compare_peers
Open slide detailBeat · Solution (Provide relief)
74
The slide uses a four-column layout with checkmark icons to present the core thesis for the proposed spin-off.propose_solution
Open slide detailBeat · Solution (Provide relief)
75
Uses a 'Company Claim' vs 'Reality' framework to systematically dismantle management's arguments.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
76
Includes a quote from the nominee regarding midstream asset strategy.introduce_nominees
Open slide detailBeat · Solution (Provide relief)
77
The chart highlights a valuation gap between PSX and its peers/precedent transactions.compare_peers
Open slide detailBeat · Solution (Provide relief)
78
Includes a testimonial/quote from shareholder nominee Michael Heim.compare_peers
Open slide detailBeat · Solution (Provide relief)
79
Uses a before-after/problem-solution framing to advocate for leadership and cultural changes.propose_solution
Open slide detailBeat · Solution (Provide relief)
80
Includes a direct quote from the nominee regarding the need for an operating review.introduce_nominees
Open slide detailBeat · Solution (Provide relief)
81
Uses a process flow framework to justify the validity of the subsequent analysis.present_framework
Open slide detailBeat · Solution (Provide relief)
82
The slide uses a bar chart to support the thesis that PSX has a superior crude slate compared to its competitors.compare_peers
Open slide detailBeat · Solution (Provide relief)
83
The slide uses a matrix structure to contrast operational strengths and weaknesses by region.compare_peers
Open slide detailBeat · Solution (Provide relief)
84
Includes specific asset-level performance commentary and comparative margin charts.compare_peers
Open slide detailBeat · Solution (Provide relief)
85
Includes a bar chart of PRISM Five-Year Average Net Cash Margin and a line chart of MidCon PRISM NCM.compare_peers
Open slide detailBeat · Solution (Provide relief)
86
Includes a bar chart comparing 5-year average net cash margins and a line chart showing annual performance trends by company.compare_peers
Open slide detailBeat · Solution (Provide relief)
87
The slide uses a bar chart to show net cash margins and a line chart to show historical performance trends between PSX and VLO.compare_peers
Open slide detailBeat · Solution (Provide relief)
88
The slide uses a 'problem-solution' framing where the asset quality is the 'good' and the operational execution is the 'bad' (the problem to be solved).summarize
Open slide detailBeat · Solution (Provide relief)
90
The slide uses a hub-and-spoke style diagram connecting the nominees to a set of strategic pillars.introduce_nominees
Open slide detailBeat · Solution (Provide relief)
91
Uses a directional arrow metaphor to contrast two paths.closing_ask
Open slide detailBeat · Solution (Provide relief)
92
This is a section divider slide for an activist investor presentation targeting Phillips 66.transition
93
Uses a classic 'Claim vs Reality' structure to systematically dismantle management's narrative.expose_contradiction
94
The slide uses a 'Claim vs Reality' structure to frame the narrative.expose_contradiction
95
The slide uses a direct quote from the CEO to set up a contradiction with the activist's analysis of the company's methodology.expose_contradiction
96
Uses a 'ripped paper' visual effect to contrast two different data sources.expose_contradiction
97
Uses a line chart to show performance during COO tenure and a bar chart to show relative underperformance across multiple time horizons.expose_contradiction
98
The slide highlights the use of a median calculation that relies on the performance of the four 'inappropriate' peers.expose_gap
99
The table contrasts 'Company's Flawed Methodology' with 'Correct Methodology' across various timeframes.expose_contradiction
100
The slide uses a clear visual contrast (red vs white bars) to distinguish the target company's peer group from the larger, more relevant peers.compare_peers
101
The slide highlights a specific technical manipulation in peer group benchmarking.expose_contradiction
102
Uses CEO quotes to establish the 'claim' and a bar chart to establish the 'reality'.expose_contradiction
103
Uses a CEO quote as the 'Claim' and a bar chart as the 'Reality' to expose a contradiction.expose_contradiction
104
The slide uses a dual-axis chart to overlay commodity prices on company opex to demonstrate that management is taking credit for market-driven cost reductions.expose_contradiction
105
Uses a 'Claim vs Reality' framework to systematically dismantle corporate messaging.expose_contradiction
106
Uses a three-column structure to address specific business segments: Midstream/Refining, Chemicals/Midstream, and Refining/M&S.expose_contradiction
107
Uses a 'Claim vs Reality' framing to directly refute a management assertion.expose_contradiction
108
Uses a contrast-pair framework to dismantle the company's argument.expose_contradiction
109
Uses a 'Claim vs Reality' framing to directly refute a company statement.expose_contradiction
110
Uses a dual-chart comparison to show that while gross margin improves with allocation, the opex gap widens, contradicting the company's narrative.expose_contradiction
111
Uses a waterfall-bridge style chart to normalize cost comparisons between two companies.expose_contradiction
112
Uses a dual-chart layout to contrast throughput scale with TEV/EBITDA multiples.expose_contradiction
113
Uses a 'Claim vs Reality' framing to directly refute a management narrative.expose_contradiction
114
Uses a waterfall-bridge chart to reconcile the CEO's claimed multiple with the 'true' trading value.expose_contradiction
115
Uses a quote-based rebuttal structure to defend a nominee's integrity.preempt_rebuttal
116
Uses a 'Claims vs Reality' structure to debunk a specific legal argument made by the target company.expose_contradiction
117
Uses a red/blue contrast to frame the company's claims as false and the reality as favorable.expose_contradiction
118
Uses a 'Claim vs Reality' structure to debunk specific allegations.expose_contradiction
120
Uses a 'Claim vs Reality' framing to discredit board nominees.expose_contradiction
121
Uses red X icons to visually represent a lack of experience.expose_contradiction
123
The table highlights underperformance of Phillips 66 relative to core and midstream peers across most time periods.analyze_data
124
The slide uses a series of pull-quotes to build a narrative of leadership failure.summarize
125
The slide uses direct investor feedback to counter management's narrative regarding divestment.expose_contradiction
126
The slide uses a series of case studies to establish credibility and counter potential arguments against the activist's proposed strategy.preempt_rebuttal
127
Uses a before-after framing to contrast executive quotes with post-separation performance/strategic outcomes.preempt_rebuttal
128
Includes a timeline of key events (IPO, settlement, CEO appointment, spin-off) overlaid on a TSR chart.illustrate_case
129
Contains detailed footnotes explaining the methodology for refining adjustments and peer comparisons.analyze_data
130
The table is segmented by industry: Refining, M&S, Midstream MLP, Midstream: NGL C-Corp, and Chemicals.compare_peers
131
The table uses a 6.1x EBITDA multiple as a baseline for valuation across different business segments and scenarios.show_valuation_bridge
132
Includes detailed tax leakage and net proceeds calculations for each transaction scenario.analyze_data
133
Contains multiple sub-tables: Net Cash Proceeds, Pro-Forma Share Count, Pro-Rata Debt, and Cash position.analyze_data
134
Includes multiple tables detailing segment-level EBITDA, multiples, and reconciliation to equity value and share price upside.show_valuation_bridge
135
The table provides the specific weightings used for TSR calculations across different historical valuation dates.analyze_data
136
This slide provides the mathematical derivation for the claim that 65% of the Opex decline is due to natural gas price changes.analyze_data
137
The slide presents historical financial data for three companies to compare their Return on Capital performance.analyze_data
141
This is a screenshot of a LinkedIn or similar social media advertisement.summarize
143
This is a social media ad creative (LinkedIn) used by an activist investor.compare_peers
144
This is a social media advertisement (LinkedIn) from the 'Streamline 66' activist campaign.diagnose_problem
145
This is a screenshot of a social media post (Streamline 66) featuring a quote card.expose_contradiction
148
This appears to be a raw text dump of a slide or document containing metadata for YouTube advertisements featuring board nominees.introduce_nominees
152
This slide functions as a FAQ or summary of the activist's case against the current board.diagnose_problem
153
This is a text-heavy activist slide focusing on governance reform and board accountability.expose_contradiction