{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-3c45d69c7753", "slug": "f7b983674ffa", "title": "Phillips 66 (PSX)", "subtitle": "Elliott Management · 2025-05", "author": "Elliott Management", "date": "2025-05-14 00:00:00", "pageCount": 3, "kind": "regulatory-filing", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6d9-3c45d69c7753", "slug": "f7b983674ffa", "title": "Phillips 66 (PSX)", "rawTitle": "ex991dfan14a10168303 051425", "authorId": "02_Elliott_Management", "authorName": null, "authorDisplay": "Elliott Management", "kind": { "slug": "regulatory-filing", "label": "Regulatory filing" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-05-ex991dfan14a10168303_051425.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001791786&type=DFAN14A", "sourceDate": null, "presentationDate": "2025-05-14 00:00:00", "ingestedAt": "2026-04-22 14:45:05+00", "status": "ready", "pageCount": 3, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/f7b983674ffa", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 75.60866189002991 } }, "coverage": { "pageCount": 3, "pagesIndexed": 3, "pagesWithImages": 3, "pagesWithMetadata": 3, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 12, "chartCount": 0, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 1, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 2, "loopMatches": 1, "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": "a2ad28cc-bb4a-46f9-8b82-ae33c199fcff", "evidence": "The document presents a clear problem (underperformance), agitates it (by highlighting leadership failure), and implies a solution (Elliott's nominees).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:53:40.016404+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 2, "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": 2, "name": "Complication", "beatId": "70edd234-8632-4dc5-8ca5-79f666331634", "matchId": "a2ad28cc-bb4a-46f9-8b82-ae33c199fcff", "beatType": { "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." }, "evidence": "Phillips 66 has failed to generate competitive value under CEO Mark Lashier's leadership.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "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": 3, "name": "Evidence", "beatId": "fc906034-ff5e-4175-ae80-a92e76224d83", "matchId": "a2ad28cc-bb4a-46f9-8b82-ae33c199fcff", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Top Proxy Advisor ISS Backs All Elliott Nominees for Phillips 66 Board", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "98e27a7b-6536-41d5-991f-f17a80e5bb89", "evidence": "The document implies that not changing leadership could result in continued underperformance.", "position": 0, "objective": "To highlight the cost of inaction regarding leadership change.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:53:40.108991+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "07576d1c-bb67-4925-8afa-dc9ff3a44404", "evidence": "Mark Lashier (CEO, Phillips 66)", "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": "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, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "35e6a03e-caab-47d4-b704-4d65edb1ff6a", "evidence": "— Glass Lewis", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:47:04.361162+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "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, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a8908f58-c75e-406c-95df-e1b1e4284809", "evidence": "— Institutional Shareholder Services, 5/12/25", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:47:04.430975+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "7bc637a8-ad57-422e-8c27-d2ead6a9429a", "evidence": "The slide explicitly frames the CEO as the cause of underperformance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:17:10.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" }, { "matchId": "9bc98dac-526f-413f-b702-b8db86fcb376", "evidence": "Citing ISS recommendation to influence shareholder vote", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:17:13.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Three-page DFAN14A exhibit reproducing two Streamline 66 (Elliott campaign brand) X/Twitter posts from the final week of the Phillips 66 proxy fight. Primary rhetorical move is importing third-party proxy-advisor endorsements (ISS, Glass Lewis) as validation. Content is tactical campaign messaging rather than thesis — the underlying thesis lives in Elliott's fuller Streamline 66 materials. Strong red/black/white campaign branding; bold quote-card typography. Treating as primary material since Elliott filed it and authored the social posts.", "kpisCited": [ { "detail": "P66 'has not generated competitive value during the span of [CEO Mark] Lashier's executive service'", "metric": "Glass Lewis verdict on CEO tenure" }, { "detail": "Supports all four Elliott nominees (Coffman, Cornelius, Heim, Nieuwoudt) on 5/12/25", "metric": "ISS recommendation" } ], "closingAsk": "Vote by May 21 for all four Elliott board nominees at Phillips 66.", "extraction": { "at": "2026-04-22 14:45:05+00", "model": "unknown-legacy", "runId": null, "seconds": 75.608665, "promptVersion": null }, "scqaReward": "Electing the full dissident slate imports the proxy advisors' endorsed change agenda into the boardroom and ends CEO Lashier's track record of missing market expectations.", "thesisTypes": [ "governance_board", "management_change" ], "top3Reasons": [ "ISS backs Elliott's compelling case for change and all four nominees", "Glass Lewis says P66 has not generated competitive value under CEO Lashier", "Both top proxy advisors support boardroom change at Phillips 66" ], "scqaSituation": "Phillips 66 shareholders face a contested board vote on May 21, 2025, with Elliott running the Streamline 66 campaign against CEO Mark Lashier's tenure.", "thesisSummary": "This DFAN14A filing reproduces two Streamline 66 social media posts Elliott circulated ahead of the May 21, 2025 Phillips 66 annual meeting. The first post amplifies Glass Lewis's verdict that Phillips 66 \"has regularly run afoul of market expectations [and] has not generated competitive value during the span of [CEO Mark] Lashier's executive service.\" The second post trumpets ISS's May 12, 2025 recommendation to vote FOR all four Elliott board nominees — Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt — after concluding \"the dissident has presented a compelling case for change.\" The filing is a proxy-solicitation asset designed to convert third-party validation into shareholder votes in the final week before the meeting.", "primaryDemands": [ "Vote for all four Elliott board nominees: Brian Coffman, Sigmund Cornelius, Michael Heim, Stacy Nieuwoudt", "Hold CEO Mark Lashier accountable for underperformance" ], "scqaResolution": "Shareholders should vote by May 21 for all four Elliott-nominated directors: Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt.", "thesisOneLiner": "Both top proxy advisors (ISS and Glass Lewis) back Elliott's Streamline 66 campaign, endorsing all four dissident nominees to fix Phillips 66's CEO-driven underperformance by the May 21 vote.", "precedentsCited": [], "scqaComplication": "Both leading independent proxy advisors — ISS and Glass Lewis — have concluded management has failed to generate competitive value and that Elliott's case for change is compelling.", "narrativeInterest": 2, "notableSlidePages": [ 2, 3 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "transition", "imagePath": "https://imgproxy.kitesheet.com/RYy4uq4hLl4UYDesABTiqbDLTFjWVWHISYg9Kdo-zKU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mN2I5ODM2NzRmZmEvcDAwMS5qcGc", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 18, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:17:09.74+00", "seconds": 1.359, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-3c45d69c7753/1", "deck": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.27, "x": 0.365, "y": 0.102 }, "kind": "title", "text": "SOCIAL MEDIA POSTS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:09.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b5f8dc2-c0df-44ca-bc79-a664e3a68694", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/FxXhtnjKrfSsJ-irIPhf4vO0LzQU6D5pEV4dcAHyY4A/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mN2I5ODM2NzRmZmEvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/UR_Zaz2BlOwtZ38_fvShtrZw_sgeX_3eUzTmw_LDqQQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mN2I5ODM2NzRmZmEvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/zNXwsFDw9M64lwKkmgaf-qSmqN1a7l-L4tuHDOab5Lk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mN2I5ODM2NzRmZmEvcDAwMS5wbmc" }, { "page": 2, "type": "tension", "title": "This is a screenshot of a social media post (likely X/Twitter) used as a regulatory filing exhibit.", "function": "name_villain", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 428, "nDataPoints": 0, "notes": "This is a screenshot of a social media post (likely X/Twitter) used as a regulatory filing exhibit.", "elementsJson": [ "screenshot", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:17:10.481+00", "seconds": 2.045, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-3c45d69c7753/2", "deck": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "PHILLIPS 66 \"HAS NOT GENERATED COMPETITIVE VALUE DURING THE SPAN OF [CEO MARK] LASHIER'S EXECUTIVE SERVICE...\"", "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": "2026-04-23 02:35:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ba-e4bc86ace3b6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.4, "y": 0.75 }, "kind": "image", "text": "STREAMLINE 66", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:10.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cb4f6e9-db20-4892-bdba-8c6efe22cbdf", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.38 }, "kind": "quote", "text": "PHILLIPS 66 \"HAS NOT GENERATED COMPETITIVE VALUE DURING THE SPAN OF [CEO MARK] LASHIER'S EXECUTIVE SERVICE...\"", "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 21:17:10.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d90737bf-bdeb-4a9d-942e-9fd8562ffff9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“P66 has regularly run afoul of market expectations, has not generated competitive value during the span of Mr. Lashier’s executive service...” — Glass Lewis", "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": "2026-04-23 02:35:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ba-e97d98aa6231", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.2, "y": 0.3 }, "kind": "title", "text": "INDEPENDENT PROXY ADVISOR GLASS LEWIS:", "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 21:17:10.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b07bd2dc-63b9-4a3b-bdbe-c4ad27a611d7", "parentComponentId": null } ], "metrics": [], "tools": [ { "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, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "35e6a03e-caab-47d4-b704-4d65edb1ff6a", "evidence": "— Glass Lewis", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:47:04.361162+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "7bc637a8-ad57-422e-8c27-d2ead6a9429a", "evidence": "The slide explicitly frames the CEO as the cause of underperformance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:17:10.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 2, "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 }, "from": 2, "name": "Complication", "beatId": "70edd234-8632-4dc5-8ca5-79f666331634", "matchId": "a2ad28cc-bb4a-46f9-8b82-ae33c199fcff", "beatType": { "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." }, "evidence": "Phillips 66 has failed to generate competitive value under CEO Mark Lashier's leadership.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "98e27a7b-6536-41d5-991f-f17a80e5bb89", "evidence": "The document implies that not changing leadership could result in continued underperformance.", "position": 0, "objective": "To highlight the cost of inaction regarding leadership change.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:53:40.108991+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "evidence", "title": "This is a screenshot of a tweet/post used as a regulatory communication tool.", "function": "cite_precedent", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 6, "textChars": 417, "nDataPoints": 0, "notes": "This is a screenshot of a tweet/post used as a regulatory communication tool.", "elementsJson": [ "screenshot", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:17:13.692+00", "seconds": 5.078, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-3c45d69c7753/3", "deck": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6d9-3c45d69c7753.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The dissident [Elliott] has presented a compelling case for change.", "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": "2026-04-23 02:35:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ba-6cf65829bc18", "parentComponentId": null }, { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": "Social media post screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:13.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8287e813-3289-4a8f-bfa1-cc6afa1e04bc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.15, "y": 0.55 }, "kind": "paragraph", "text": "Top independent proxy firm Institutional Shareholder Services, 5/12/25", "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 21:17:13.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd581a90-19fd-4877-9cc8-3f6aca9ddfd9", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.3 }, "kind": "quote", "text": "The dissident [Elliott] has presented a compelling case for change.", "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 21:17:13.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17d02560-323b-40a0-bd6a-d98c36f27e19", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The dissident [Elliott] has presented a compelling case for change.” — Institutional Shareholder Services, 5/12/25", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ba-705c912cc1a9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "title", "text": "Top Proxy Advisor ISS Backs All Elliott Nominees for Phillips 66 Board", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:13.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce92ac02-7a93-4ff8-98a7-7c0b13fb34e1", "parentComponentId": null } ], "metrics": [], "tools": [ { "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, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a8908f58-c75e-406c-95df-e1b1e4284809", "evidence": "— Institutional Shareholder Services, 5/12/25", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:47:04.430975+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "9bc98dac-526f-413f-b702-b8db86fcb376", "evidence": "Citing ISS recommendation to influence shareholder vote", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:17:13.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 3, "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 }, "from": 3, "name": "Evidence", "beatId": "fc906034-ff5e-4175-ae80-a92e76224d83", "matchId": "a2ad28cc-bb4a-46f9-8b82-ae33c199fcff", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Top Proxy Advisor ISS Backs All Elliott Nominees for Phillips 66 Board", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "98e27a7b-6536-41d5-991f-f17a80e5bb89", "evidence": "The document implies that not changing leadership could result in continued underperformance.", "position": 0, "objective": "To highlight the cost of inaction regarding leadership change.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:53:40.108991+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 2, "to": 2, "label": "Complication", "description": "Phillips 66 has failed to generate competitive value under CEO Mark Lashier's leadership." }, { "from": 3, "to": 3, "label": "Evidence", "description": "Top Proxy Advisor ISS Backs All Elliott Nominees for Phillips 66 Board" } ], "loops": [ { "from": 2, "to": 3, "label": "Cost Of Inaction", "description": "To highlight the cost of inaction regarding leadership change." } ] }