{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-0a9e4ca95565", "slug": "917aed929317", "title": "Phillips 66 (PSX)", "subtitle": "Elliott Management · 2025-04", "author": "Elliott Management", "date": "2025-04-28 00:00:00", "pageCount": 154, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6d9-0a9e4ca95565", "slug": "917aed929317", "title": "Phillips 66 (PSX)", "rawTitle": "ex991dfan14a10168303 042825", "authorId": "02_Elliott_Management", "authorName": null, "authorDisplay": "Elliott Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-04-ex991dfan14a10168303_042825.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001791786&type=DFAN14A", "sourceDate": null, "presentationDate": "2025-04-28 00:00:00", "ingestedAt": "2026-04-22 14:36:19+00", "status": "ready", "pageCount": 154, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/917aed929317", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 244.4824719429016 } }, "coverage": { "pageCount": 154, "pagesIndexed": 154, "pagesWithImages": 154, "pagesWithMetadata": 154, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 1034, "chartCount": 85, "metricSlides": 0, "toolMatches": 53, "documentToolMatches": 6, "frameworkMatches": 114, "arcMatches": 1, "beatMatches": 3, "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": "6902457e-6e66-4dbd-8861-7541b8d7b012", "evidence": "The presentation follows a clear problem-agitate-solution structure, highlighting Phillips 66's underperformance, the consequences of its actions, and proposing a solution through Streamline 66.", "isPrimary": true, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:20:19.826185+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 14, "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" }, "from": 10, "name": "Problem (Identify pain)", "beatId": "d9289def-2da8-45f6-8196-0d9eaf52a1ed", "matchId": "6902457e-6e66-4dbd-8861-7541b8d7b012", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The presentation identifies Phillips 66's underperformance and the pain points for shareholders.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 40, "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" }, "from": 15, "name": "Agitate (Make it worse)", "beatId": "73cebb8d-5ee0-4698-a087-3074401b5083", "matchId": "6902457e-6e66-4dbd-8861-7541b8d7b012", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The presentation agitates the problem by highlighting Phillips 66's poor operational performance, damaged management credibility, and failed governance culture.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 91, "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" }, "from": 68, "name": "Solution (Provide relief)", "beatId": "90817641-fe0b-4767-9586-de599cfd4be7", "matchId": "6902457e-6e66-4dbd-8861-7541b8d7b012", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The presentation provides a solution through Streamline 66, proposing a plan for value creation and relief for shareholders.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 14, "from": 11, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "bfd77b05-cb0d-4057-b688-b7c43b0910c2", "evidence": "The presentation creates an aha moment by highlighting the significant gap between Phillips 66's performance and its peers.", "position": 0, "objective": "Highlighting Phillips 66's underperformance and the need for change", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:20:19.987486+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 34, "from": 30, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "c88af8df-d59f-4c12-aab2-a16e8b350961", "evidence": "The presentation reveals the hidden value in Phillips 66's midstream assets and how they are not receiving full value credit.", "position": 1, "objective": "Revealing the hidden value in Phillips 66's midstream assets", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:20:20.02775+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f0330a14-44dc-4cb8-819c-dde3cd4aec73", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "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 **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". 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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": "ba8e2288-f969-44df-aa52-02ac4aa5603f", "evidence": "Mark Lashier (CEO/Chair); Glenn Tilton (Lead Independent Director); Bob Pease (Director)", "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": "6f91e44c-274a-43ab-b66f-5ba0b89ff591", "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": "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? 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The PDF contains two artifacts: a ~66-page investor slide deck (pages 1-66) built around the custom 'Streamline 66' wordmark (a deliberate visual appropriation of Phillips 66's own road-sign brand identity), followed by HTML screenshots of Elliott's streamline66.com microsite and FAQ (roughly pages 67-154). Deck structure: Executive Summary, Phillips Requires Change, Plan for Value Creation, Addressing Phillips' Claims, Appendix. Marathon Petroleum is used as the explicit precedent / template throughout. Stake size not disclosed in the material read; Elliott had separately publicised a ~$2.5bn position but this deck does not restate a percent. Strong villain casting (Lashier, Tilton, Pease), multiple CEO quote contradictions (integrated model vs bigger/better comments, March-April 2025), shareholder survey quotes used as 'street' validation. Four named director nominees: Brian Coffman (refining), Sigmund Cornelius (former CoP CFO), Michael Heim (Targa co-founder, midstream), Stacy Nieuwoudt (former Citadel analyst). Governance subplot: Elliott's non-binding proposal for voluntary annual director elections to bypass 80%-of-outstanding declassification threshold.", "kpisCited": [ { "detail": "Phillips 66 underperformed by 450%", "metric": "TSR vs MPC/VLO since 2012 spinoff" }, { "detail": "-97% (also shown -186% vs broader peer cut)", "metric": "5-year TSR vs core peers (VLO, MPC)" }, { "detail": "PSX trades at 6.1x vs 8.1x SOTP-weighted peer multiple", "metric": "TEV/EBITDA (2026E)" }, { "detail": "~$19bn of value relative to sum-of-the-parts", "metric": "Trapped SOTP value" }, { "detail": "~$7bn from improved refining operations", "metric": "Operational upside" }, { "detail": "PSX is the highest-cost among VLO and MPC, gap widening in recent quarters", "metric": "Refining opex per barrel" }, { "detail": "PSX -2% vs EPD +38%, OKE +78%, ET +88%, TRGP +228%", "metric": "G&P volume growth 2016-2024" }, { "detail": "~$3.75/bbl behind VLO", "metric": "Refining EBITDA per barrel gap to Valero (2024)" }, { "detail": "MPC 4.5, VLO 3.8, PSX 2.3 (bottom of peer set)", "metric": "Shareholder survey: Delivering against value-creation agenda (1-5)" }, { "detail": "$79mm paid to Mark Lashier despite underperforming peer group every year", "metric": "CEO compensation since 2022" }, { "detail": "PSX pay $122m / TSR 26%; VLO $135m / 63%; MPC $130m / 173%", "metric": "CEO pay vs TSR 2020-2024" }, { "detail": "Vested 125-166% of target despite missing controllable cost targets three straight years", "metric": "Annual bonus and PSU payouts" }, { "detail": "$3bn of dilutive midstream acquisitions approved by the board", "metric": "Midstream M&A spend" }, { "detail": "99% 'For' in 2015, 2016, 2018, 2021, 2023; failed 80%-of-outstanding threshold each time", "metric": "Declassification vote history" }, { "detail": "~$43bn net proceeds from Midstream/CPChem/JET sales could retire ~80% of shares outstanding", "metric": "Buyback capacity" } ], "closingAsk": "Vote for Elliott's four independent director nominees on the GOLD proxy card at Phillips 66's 2025 Annual Meeting to enable board refreshment and execution of the Streamline 66 plan.", "extraction": { "at": "2026-04-22 14:36:19+00", "model": "unknown-legacy", "runId": null, "seconds": 244.48247, "promptVersion": null }, "scqaReward": "Sum-of-parts plus operational turnaround implies ~$183/share (+75%) against ~$103 unaffected, with a ~$350/share 'Marathon Path' scenario if management closes the $3.75/bbl refining EBITDA gap to Valero and monetises non-core assets.", "thesisTypes": [ "breakup_spinoff", "governance_board", "operational_turnaround", "management_change", "capital_return" ], "top3Reasons": [ "Phillips 66 has underperformed Marathon and Valero by 450% since its 2012 spinoff", "Conglomerate structure traps ~$19bn of SOTP value plus ~$7bn of operational upside", "Staggered board empowered an underperforming CEO-Chair paid $79mm while missing targets" ], "scqaSituation": "Phillips 66 is the third-largest US independent refiner (~2mm bbl/d across 11 refineries) bundled with a Permian-weighted midstream NGL system, a 50% CPChem chemicals JV with Chevron, and roughly 9,000 branded retail sites globally.", "thesisSummary": "Since its 2012 spinoff from ConocoPhillips, Phillips 66 has underperformed refining peers Valero and Marathon by ~450%, trapped by a muddled conglomerate that appeals to neither refining nor midstream investors. Elliott argues CEO-Chair Mark Lashier's team runs the industry's highest refining opex per barrel, missed Permian G&P growth, and made dilutive midstream M&A, while a staggered board has tolerated $79mm of CEO pay against missed controllable-cost targets for three straight years. Elliott is running a proxy fight with four independent nominees (Coffman, Cornelius, Heim, Nieuwoudt), demanding a special committee to spin or sell Midstream, divest CPChem and JET, retire up to ~80% of shares, and declassify the board via annual director elections. Applying the Marathon Petroleum playbook Elliott led in 2019 implies ~$183/share (+75%), and up to ~$350 in the full 'Marathon Path' execution scenario.", "primaryDemands": [ "Elect four Elliott independent director nominees (Coffman, Cornelius, Heim, Nieuwoudt) to the Phillips 66 Board", "Form a special committee to spin off or sell the Midstream business", "Divest CPChem JV stake and non-core JET Germany/Austria retail operations", "Use asset-sale proceeds to pay down debt and repurchase up to ~80% of shares outstanding", "Declassify the board and move to annual elections for all directors", "Commit to refining EBITDA-per-barrel targets in line with VLO/MPC and review CEO/management performance" ], "scqaResolution": "Elect four Elliott nominees, form a committee to spin or sell Midstream, divest CPChem and JET, deploy proceeds to retire up to ~80% of shares, declassify the board via annual director elections, and target Valero-level refining EBITDA per barrel.", "thesisOneLiner": 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Elliott's investment experience spans public and private investments across various energy sectors. 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"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 21:17:40.559+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75d8f9ab-ab1b-4c28-8100-024db697a795", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.08, "y": 0.21 }, "kind": "list", "text": "Enhance Oversight: Add four new independent directors, Review management with a focus on refining operations, Implement annual director elections for entire 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": 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(1) Speedway % of market cap... 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I was an advocate late in my career that we should look seriously at splitting the company. The market was telling us that the company valuation was such that these are really two different companies. You end up with a sub-allocation of capital. 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Several recent midstream acquisitions were dilutive but could have been accretive for a standalone Phillips 66 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 21:17:43.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "722f8397-0101-4338-9552-6cccc675295e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.07, "y": 0.78 }, "kind": "source-note", "text": "Source: Bloomberg. (1) Reflects Phillips' average FY1 TEV/EBITDA multiple... (2) Based on sellside research... (3) Based on Company disclosures... (4) Estimated current EBITDA multiple... (5) Based on 2026E midstream peer 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. 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I think their assets are great – Permian, DJ – I would love to invest. But, I can’t own Phillips for the look through midstream. I would get killed versus my benchmark any time cracks moved. They need to separate the midstream business out and then I am there. 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Investors do not.", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4cf9bce-55d2-4db6-8795-bf72d1d903a3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.43, "x": 0.07, "y": 0.47 }, "kind": "chart", "text": "Key Refining Operating Results ($/bbl): Opex/bbl (VLO 5.07, PSX 7.87), EBITDA/bbl (VLO 4.71, PSX -1.06)", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9c5d2d0-d1e2-45fd-b461-38fbadd0afdb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS: (23%)", "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 23:22:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855d-e680cc3720d0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.15 }, "kind": "paragraph", "text": "Phillips 66's Q1 2025 results dramatically underperformed expectations across the board. While the Company did have substantial turnaround activity, the results dramatically underperformed expectations.", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86c72aef-d47b-4764-ab44-09d7f5ad6330", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.41, "x": 0.52, "y": 0.55 }, "kind": "quote", "text": "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance... the market may interpret the bad news as good news because it will give more support to Elliott's case.", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d7befa4-ff96-41de-83f3-0f3c926d244d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.41, "x": 0.52, "y": 0.23 }, "kind": "quote", "text": "Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36da1028-c356-4615-b1fa-7f6899f03a42", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.41, "x": 0.52, "y": 0.33 }, "kind": "quote", "text": "-$0.90 vs cons -$0.73...EBITDA missed by %. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team.", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "549ec3ec-e3ab-4359-ad2a-d62167fbc490", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight\" — Bloomberg News, April 25, 2025. \"-$0.90 vs cons -$0.73...EBITDA missed by %. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders.\" — Wells Fargo, April 25, 2025. \"We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares.\" — Scotiabank, April 25, 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 23:22:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855d-e08559f7fea6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.43, "x": 0.07, "y": 0.23 }, "kind": "table", "text": "Phillips 66 Beat / (Miss Summary): Adjusted Metrics, EBITDA, EPS. Beat / Miss, MISS, MISS. % vs. Consensus, (9%), (23%).", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44d35334-55cd-4d3c-ba38-52e9cb35a3e4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "POOR OPERATING PERFORMANCE: Q1 2025 RESULTS TELL THE STORY", "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 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ad9dea6-7a19-49a7-abd4-07bcc49046ce", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d5be7d03-97f6-43d9-a8e2-4485af956195", "evidence": "Contrasts board's acceptance of results with investor/analyst sentiment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:17:49.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "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.", "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": 50, "componentCount": 6, "textChars": 877, "nDataPoints": 4, "notes": "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.", "elementsJson": [ "headline_text", "paragraph", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:17:44.905+00", "seconds": 3.201, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/48", "deck": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-48", "deckJson": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Contrary to Phillips 66’s narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups.", "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 23:22:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855d-5fad8e5f4d9e", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "chart", "text": "Q1 2025 Consensus EPS Revisions", "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 21:17:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56e6ade9-f909-42ff-8a20-7fb3954bcfab", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Q1 2025 Consensus EPS Revisions", "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 23:22:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855d-60455b0a40d8", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.15 }, "kind": "paragraph", "text": "Contrary to Phillips 66's narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups. They missed even after materially talking down Wall Street research analysts.", "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 21:17:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a04fb171-f92e-4a63-8b6c-6c16cb2236de", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.87 }, "kind": "source-note", "text": "Source: Bloomberg as of 4/25/2025. Note: Core Peer Avg. reflects the average of MPC and VLO. Midstream Peer Avg. reflects the average of TRGP, ET, EPD, MPLX and OKE. Chemicals Peer Avg. reflects the average of DOW and LYB.", "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. 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And then can you provide a little bit more detail or help us quantify a framework for thinking about tax leakage associated with Midstream monetization.\" – Goldman Sachs", "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 21:17:46.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24305358-ad75-4016-9fe8-9f87b7af1182", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.43 }, "kind": "framework", "text": "Q: \"I think many Midstream investors don't own PSX stock because of the volatility of the earnings of the other segments. 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Phillips 66 took this as an opportunity to dig their heels in further rather than provide transparency to investor concerns.", "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 21:17:46.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8d34a33-5b96-4ea5-b9ae-bcdf8333bcb9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“And I think you made a comment that there's significant tax leakage around monetization. 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Not only did they miss the $1.2 billion cost-out target, but costs actually increased.", "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 21:17:48.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fb41ec9-5d0d-4cea-b33e-678229b205fb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.864, "x": 0.068, "y": 0.705 }, "kind": "quote", "text": "Shareholder Nominee: Stacy Nieuwoudt. 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And they came up with 50% to 70% of the $1.2 billion. I would -- and I would tell you that's average performance. And this is not an average team. In the time-honored tradition of under promising and over delivering, we set ourselves up well today is my view. I would take the over on 70% to 90%. You think about the $1.2 billion, a couple of hundred of capital savings.\" — Phillips 66's then-Chairman & CEO Greg Garland, November 2019 PSX Investor Day. \"...Despite the cost-cutting initiative, we estimate that since 2019, refining & SGA costs (ex turnarounds and energy) have increased from $5/bbl to $6.5/bbl. Absolute costs are up 12%, or 500M M, more than large cap peers.\" — T.D. Cowen, November 7, 2022. \"There is nothing that destroys a management's team credibility faster than setting targets, missing them and attempting to avoid accountability or obfuscate the true outcome. This is the quickest way that I lose conviction in a management team's ability to deliver long-term value. 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null, "promptVersion": null }, "componentId": "b84dab09-8064-480d-9a65-02b82975ea55", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.27, "x": 0.66, "y": 0.235 }, "kind": "quote", "text": "[We] designed our mid-cycle methodology around the 2012-2019-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 21:17:50.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d836d69-4d4c-4b0a-a72e-6c035f002dd1", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.27, "x": 0.66, "y": 0.445 }, "kind": "quote", "text": "Q: [When] 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.”", "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 21:17:50.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa07f5bf-4238-4d47-bfa6-145b528caae7", "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 Investor Relations, March 14, 2024; \"The biggest delta is in refining and well below mid-cycle refining environments baked into the '25, '26 outlook.\" — Phillips 66 CEO 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 23:22:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855e-7c3c20e0dac8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.87 }, "kind": "source-note", "text": "Source: Bloomberg. 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Controllable Costs (% Payout): 51%", "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 23:22:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855e-6424587281eb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.07, "y": 0.15 }, "kind": "paragraph", "text": "Lashier says he is hitting his cost out targets, but the performance metrics say otherwise.", "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 21:17:52.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2ee58fd-2580-4951-b28e-ec877d43b310", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.07, "y": 0.24 }, "kind": "quote", "text": "We have developed a culture of continuous improvement in Refining and are targeting $5.50 per barrel adjusted controllable cost, excluding turnarounds, over the next two years.", "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 21:17:52.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2eca0d5a-c52f-4612-a5b3-57cac010df34", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.07, "y": 0.47 }, "kind": "quote", "text": "We continue to lower our costs, and we talked about how sustainable those cost improvements are. And that's what gives us the confidence that we will that see Refining able to contribute to that $14 billion of mid-cycle EBITDA.", "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 21:17:52.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ea8cde4-20fc-460b-aa0e-04e69a3860da", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We have developed a culture of continuous improvement in Refining and are targeting $5.50 per barrel adjusted controllable cost, excluding turnarounds, over the next two years.\" — Phillips 66 CEO Mark Lashier, Q4 2024 Earnings Call; \"We continue to lower our costs, and we talked about how sustainable those cost improvements are. 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I don't know any other investor who doesn't think that is true. — Anonymous Investor", "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 23:22:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-855e-e13c705ce60a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.87 }, "kind": "source-note", "text": "Source: Third-party Shareholder Survey. 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And that's where I disagree with Phillips. They are clearly not walking the walk. At all.", "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 21:17:48.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b509272-f496-46a0-8168-6847a8b62a22", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.44, "x": 0.51, "y": 0.34 }, "kind": "quote", "text": "Marathon is still my number one. Valero comes second... and then PSX is third by quite a bit.", "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 21:17:48.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d18f58d-6d9c-4bb6-9586-c45a3e607fd2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.44, "x": 0.06, "y": 0.23 }, "kind": "quote", "text": "The potential spin-off... is not necessarily for getting rid of something unwanted. 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They've lagged behind Valero. If you look at refining EBITDA per barrel, they're $3–$4 per barrel behind Valero, which is a big discrepancy.", "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 21:17:48.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9810ed5-abb4-43bf-af32-397f5a990588", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.44, "x": 0.51, "y": 0.57 }, "kind": "quote", "text": "All these companies are fundamentally alike... Phillips is just not as capable in running their business. That is a major driver of valuation.", "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 21:17:48.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6ef334e-c19c-4e7a-a27b-ea65962f46e2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.44, "x": 0.51, "y": 0.23 }, "kind": "quote", "text": "You're not being valued as some of the peer integrated NGL players like ONEOK or Antero, so spin that off, realize that value.", "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 21:17:48.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9543244-50ec-48bd-be2f-aed2134ea228", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So, when I look at Phillips, I would say that Phillips is the worst of the bunch we are talking about. 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"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 23:22:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-8560-045a6687403d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "list", "text": "Five identical text blocks representing proxy statements from 2015, 2016, 2018, 2021, and 2023, each showing 99% support and 70-73% of shares 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In the five times Phillips 66 has put this proposal to a vote, it has received nearly unanimous support but failed to achieve the onerous 80% of shares requirement.", "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 21:17:47.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "028a34de-032e-419b-a1c5-0ca1d937c2c1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "paragraph", "text": "This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders. The reality is that the Board CAN – through the voluntary actions of directors – allow shareholders to vote on the election of every director on an annual basis. Elliott has put forward a proposal asking them to do just that. Here is how they responded to our proposal:", "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 21:17:47.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9287218d-0107-43f1-b822-9ffc4fd21289", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.", "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 21:17:47.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e9c2c83-95ef-4eb0-9827-35ca91e57f2f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115", "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 23:22:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-8560-0bc1b0731830", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.43, "x": 0.5, "y": 0.81 }, "kind": "source-note", "text": "Phillips 66 Definitive Proxy, April 7, 2025, Page 115", "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. 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Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal.", "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 21:17:52.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d95da22e-c13b-4153-9e28-5c2d43cf810b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.08, "y": 0.335 }, "kind": "quote", "text": "A New Path to Declassifying Boards: How Shareholders Can Circumvent Charter Roadblocks(1) \"This pattern suggests that Phillips 66’s board is using these repeated proposals as a distraction tactic while failing to deliver tangible governance reform that shareholders seem to support. If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed.\" Professor Mark DesJardine, Dartmouth Tuck School of Business", "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 21:17:52.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95546870-7ddf-4db5-aa75-e7be60c131c7", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.53, "y": 0.335 }, "kind": "quote", "text": "Staggered Board Shenanigans at Phillips 66(2) \"Phillips objects to the Elliott proposal, weakly arguing that it “contravenes well-settled principles of Delaware corporate law and would be highly unlikely to withstand scrutiny in Delaware courts... The problem with this argument is that it ignores the simple fact that directors are free to resign their board positions at any time, and nothing in the Phillips charter or bylaws possible can be construed as preventing directors from voluntarily offering to resign..\" Professor Jonathan Macey, Yale Law School and Yale SOM", "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 21:17:52.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed264366-524f-4e3a-ba91-7c85d0452124", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "This pattern suggests that Phillips 66’s board is using these repeated proposals as a distraction tactic while failing to deliver tangible governance reform that shareholders seem to support. If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed. — Professor Mark DesJardine, Dartmouth Tuck School of Business; Phillips objects to the Elliott proposal, weakly arguing that it “contravenes well-settled principles of Delaware corporate law and would be highly unlikely to withstand scrutiny in Delaware courts… The problem with this argument is that it ignores the simple fact that directors are free to resign their board positions at any time, and nothing in the Phillips charter or bylaws possible can be construed as preventing directors from voluntarily offering to resign..” — Professor Jonathan Macey, Yale Law School and Yale SOM", "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 23:22:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-8560-3154eacb91c8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.07, "y": 0.88 }, "kind": "source-note", "text": "Source: Columbia Law School Blog and Harvard Law School Forum on Corporate Governance. 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High complexity refinery with the ability to produce and sell needle coke to global markets. 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One of the largest FCCs in the United States, providing substantial volumetric swell. Production of polypropylene increases profitability. Substantial bunker fuel production. Higher employee / operating cost in the tri-state area vs. the US Gulf Coast. 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Peers Across Regions\n4 Evaluate Closeable Profitability Gap", "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 21:17:51.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d765e549-5171-4b85-8571-794b47e51a92", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.07, "y": 0.15 }, "kind": "paragraph", "text": "Elliott's diligence confirmed that Phillips 66's refining assets have substantial scale and flexibility, which should result in comparable profitability to peers Marathon and Valero.", "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 21:17:51.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fefa8c7-94d2-4086-a250-995f0b59726c", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.26, "x": 0.66, "y": 0.27 }, "kind": "quote", "text": "Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners. J.P. Morgan, October 30, 2018", "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 21:17:51.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70a6f1b0-e380-4bd7-8b07-0877a1baee93", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.26, "x": 0.66, "y": 0.58 }, "kind": "quote", "text": "Furthermore, PSX's refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1. 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(1) The TSR Period Median equals the average of the two yellow highlighted companies each year.", "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 21:17:52.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48ab2539-8d75-417f-a43c-34d6f0d66e67", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "table", "text": "Phillips 66 Refining Peers table showing Market Cap, % PSX Mkt. 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As a board member, when you're getting paid very handsomely to come to four meetings a year, you don't want to piss off the chairman. 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He is on the hot seat at this point due to these operational issues. You've got to do better. I've never, as an investor, accepted the fact that market dynamics are weak and therefore we don't have anything to do. If you don't control your own fate, then what are you doing as a public company? You still have optionality to get your costs down and get those refining margins higher through so many different initiatives. There is an open question if he is the right man for the moment for me.", "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 21:17:57.858+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8c85912-f284-49fa-aeb0-23b3cedd96e6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The CEO came from Chevron Phillips Chemical. That is another thing I think they should look at. Take Mark Lashier, he's an expert there, and spin off that business. — Anonymous Investor; We have had significant issues with Mark Lashier, who's the CEO. He is on the hot seat at this point due to these operational issues. — Anonymous Investor; This last Q4 where Phillips came out and their refining margins were so weak, so weak. That is just fundamentally unacceptable. — Anonymous Investor; Mark controls everything and that is not a good thing and as you can see that does not lead to strong corporate performance. — Anonymous Investor", "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 23:23:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-8565-1cb6ef2f5e9b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.87, "x": 0.07, "y": 0.85 }, "kind": "source-note", "text": "Source: Third-party Shareholder Survey. 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"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 21:17:56.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1123f835-c3ed-4c43-b841-5b2e20e7b9b5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.43, "x": 0.51, "y": 0.24 }, "kind": "quote", "text": "There is a significant amount they can do in terms of spinning off assets. ... have to first focus on rationalizing that portfolio, getting that balance sheet shored up.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": 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I want them to spin off the CP Chem business or sell it to Chevron. ... I don't want them to have a conglomerate 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": "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 21:17:56.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79162b2e-1a45-4479-bed9-93e42e293c13", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.43, "x": 0.07, "y": 0.51 }, "kind": "quote", "text": "They should think about spinning off midstream to focus on refining. ... 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In terms of execution, I want them to have a much more independent board. I want them to spin off the CP Chem business or sell it to Chevron. I want them to spin-off the retail business. They are actually selling off the Jet part, which is the retail part, so that's good. I want them to continue divesting. I want them to not have a conglomerate discount. They have a conglomerate discount, but for all the wrong reasons. They just have too many unrelated businesses, and I think that's just not good for them longer-term and it is not good for us. 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The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at info@okapipartners.com.", "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 21:17:58.712+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0d310f1-0117-4f7c-aa89-bc47c90779ea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 10, "to": 14, "label": "Problem (Identify pain)", "description": "The presentation identifies Phillips 66's underperformance and the pain points for shareholders." }, { "from": 15, "to": 40, "label": "Agitate (Make it worse)", "description": "The presentation agitates the problem by highlighting Phillips 66's poor operational performance, damaged management credibility, and failed governance culture." }, { "from": 68, "to": 91, "label": "Solution (Provide relief)", "description": "The presentation provides a solution through Streamline 66, proposing a plan for value creation and relief for shareholders." } ], "loops": [ { "from": 11, "to": 14, "label": "Aha Moment", "description": "Highlighting Phillips 66's underperformance and the need for change" }, { "from": 30, "to": 34, "label": "Iceberg", "description": "Revealing the hidden value in Phillips 66's midstream assets" } ] }