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"frameworkName": "evidence-matrix" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "This is the May 1, 2025 Addendum filing that bundles (a) a ~10-page slide addendum under the 'Streamline 66' campaign branding targeting Phillips 66, and (b) a letter to stockholders asking for Gold Card proxy votes. Strong specimen of the 'case study by analogy' playbook: Elliott uses its own prior Marathon Petroleum/Speedway and Suncor campaigns as before/after proof points, quoting prior-regime CEOs (Heminger at MPC, Little at Suncor) to argue Lashier's rhetoric mirrors theirs. SOTP math is referenced through sellside quotes rather than shown natively, so contains_sum_of_parts set to false. Peer-gap chart on p6 combines midstream EBITDA growth bars with TSR underperformance area chart — effective dual-axis argument. Stake not explicitly quantified in this document (only 'top-five shareholder' / 'multi-billion-dollar investment'), so stake_disclosed_pct is null. Author_name null because signed 'Elliott Investment Management' with no individual signatory.", "kpisCited": [ { "detail": "Grew from ~$200mm to ~$900mm+ while TSR collapsed — capital misallocation", "metric": "Midstream Quarterly EBITDA" }, { "detail": "~$1bn actual vs. $4bn mid-cycle target set by management", "metric": "PSX 2024 refining EBITDA" }, { "detail": "Widened to roughly -600% to -800% on relative basis since midstream pivot", "metric": "PSX cumulative TSR underperformance vs. VLO/MPC" }, { "detail": "$9.37/bbl, vs. 2024 average above that — implying refining underperformance is operational, not environmental", "metric": "Gulf Coast 3-2-1 crack 2012-19 avg" }, { "detail": "$3.4bn PSXP take-in (2021), $3.8bn DCP (2023), $566mm Pinnacle (2024), $2.2bn EPIC NGL (2025)", "metric": "Midstream deal spend" }, { "detail": "$17.2bn received plus 15-year 7-Eleven supply agreement — precedent disproving 'integration' argument", "metric": "Speedway sale proceeds at Marathon" }, { "detail": "Elliott engaged 200+ companies in 15 years, escalated to US proxy contest only 3 other times", "metric": "Governance track record" } ], "closingAsk": "Vote the Gold Card for Elliott's four independent director nominees — Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt — to fix Phillips 66's broken governance and unlock value.", "extraction": { "at": "2026-04-22 14:46:55+00", "model": "unknown-legacy", "runId": null, "seconds": 110.230804, "promptVersion": null }, "scqaReward": "Midstream separation alone could unlock $40-$45B at ~10x EBITDA, and closing the refining performance gap vs. VLO/MPC would drive a dramatically higher stock price per sellside SOTP work (Bank of America: $160/share theoretical SOTP).", "thesisTypes": [ "breakup_spinoff", "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Phillips 66's failed midstream pivot has driven sustained TSR underperformance vs. VLO and MPC", "Marathon/Suncor precedents prove 'integration' arguments are pretexts — proper governance unlocks value", "Board is captured by CEO/Chairman Mark Lashier; four new independent directors are needed" ], "scqaSituation": "Phillips 66 is an integrated downstream energy company (refining, midstream, chemicals, marketing) and a top-five US refiner, spun from ConocoPhillips in 2012 and historically focused on refining margins.", "thesisSummary": "Phillips 66 has significantly underperformed refining peers Valero and Marathon Petroleum as CEO Mark Lashier and a long-tenured Board diverted capital into dilutive midstream acquisitions (EPIC NGL, Pinnacle, DCP buy-ins totaling over $10bn) while neglecting the core refining franchise, which earned just ~$1bn of 2024 EBITDA against a $4bn mid-cycle target. Elliott, a top-five shareholder, argues that a Marathon/Speedway-style separation of the midstream business — which sellside analysts peg at $40-$45B at ~10x EBITDA — plus refinery cost discipline would close the peer gap. Because the Lashier-chaired Board rejected nine of Elliott's ten director candidates, ignored private engagement, and attacked industry veteran Gregory Goff's $10m personal investment, Elliott is taking the case directly to shareholders in a proxy fight to seat Coffman, Cornelius, Heim and Nieuwoudt on the Gold Card.", "primaryDemands": [ "Vote the Gold Card for Elliott's four independent director nominees (Brian Coffman, Sigmund Cornelius, Michael Heim, Stacy Nieuwoudt)", "Spin off or sell the Midstream business to unlock value (analysts estimate $40B-$45B of proceeds at ~10x EBITDA)", "Refocus management on closing the refining EBITDA/bbl gap vs. Valero and Marathon Petroleum", "Separate the CEO and Chairman roles held by Mark Lashier", "Adopt a non-binding annual election policy to de facto de-stagger the Board" ], "scqaResolution": "Shareholders should vote the Gold Card for Elliott's four independent nominees (Coffman, Cornelius, Heim, Nieuwoudt), spin or sell the midstream business, and split the Chairman/CEO roles.", "thesisOneLiner": "Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.", "precedentsCited": [ "Marathon Petroleum / Speedway separation (Elliott 2016-2020)", "Suncor turnaround under Elliott (Mark Little ouster, new chairman)", "ConocoPhillips downstream spin (Phillips 66 itself)" ], "scqaComplication": "Under CEO/Chairman Mark Lashier and a long-tenured Board, PSX pivoted capital into dilutive midstream M&A while refining EBITDA/bbl fell far below Valero and Marathon peers — and the Board rebuffed Elliott's year-plus of private engagement.", "narrativeInterest": 5, "notableSlidePages": [ 2, 3, 5, 6, 8, 10 ], "peerCompaniesCited": [ "Valero Energy", "Marathon Petroleum", "Suncor", "ConocoPhillips", "Targa Resources", "Motiva", "Andeavor", "CITGO" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/Xj8V0bYdjiBAiG2WBj4IgiQSBy_OCR5rF-M_Iz2a7DE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iNjcyYzE4NWRlZDMvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 33, "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 21:16:58.125+00", "seconds": 2.938, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-48cf2415e3d9/1", "deck": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9.json" }, "components": [ { "bbox": { "h": 0.015, "w": 0.524, "x": 0.238, "y": 0.094 }, "kind": "title", "text": "ADDENDUM TO INVESTOR PRESENTATION", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:58.125+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "171290c4-e441-4e0e-afdd-17723334ebb6", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. 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You had cycles of strong margins and weak margins during that period of time. Phillips 66 Investor Relations, March 14, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "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 21:17:00.505+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13a5c2c6-0bf2-4ae7-b6f1-6785daed20e5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. 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Wolfe Research, 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": 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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "240588cc-bd20-4306-bd1c-cbb7fbf4e817", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.46, "x": 0.51, "y": 0.13 }, "kind": "quote", "text": "We think PSX's 1Q25 results will have a mixed impact... 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": 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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35428be7-fa95-4efa-a09f-3724c7c24ba7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.46, "x": 0.03, "y": 0.13 }, "kind": "quote", "text": "We agree with Elliott's assessment that there is more upside potential in the refining business... J.P. Morgan, April 8, 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": 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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40f6520f-4af5-4089-bc64-3f8f0e5d8174", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.46, "x": 0.03, "y": 0.46 }, "kind": "quote", "text": "We prefer a spin, or large selldown of non synergistic assets... Bank of America, 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": 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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cb521e6-8e80-464a-b92e-6a28c60c4efd", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.46, "x": 0.51, "y": 0.34 }, "kind": "quote", "text": "We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap... T.D. Cowen, February 12, 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": 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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fddb904-f386-4f4e-9f4b-ead1f106ee0d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.46, "x": 0.51, "y": 0.59 }, "kind": "quote", "text": "Here Elliott sees Midstream assets as potentially worth ~$50B... Citi Research, February 13, 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": 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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b06810d6-633d-40d2-b252-d2fba803c004", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.46, "x": 0.03, "y": 0.77 }, "kind": "quote", "text": "Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock. Piper Sandler, November 29, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5815ba0-2c11-4758-89d3-f82bd6f6276b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We agree with Elliott's assessment that there is more upside potential in the refining business, on both capture and opex, and we think Elliott's presence itself could refocus management towards this business.\" — J.P. Morgan, April 8, 2025; \"Where we agree with Elliott that PSX is undervalued - at current levels we see no value for refining in the share price at current levels, under our integrated DCF analysis.\" — Wolfe Research, April 25, 2025; \"We prefer a spin, or large selldown of non synergistic assets as we believe the volatility in Refining EBITDA swamps growth in more stable premium segments, keeping stability seeking midstream investors away.\" — Bank of America, April 25, 2025; \"Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock.\" — Piper Sandler, November 29, 2023; \"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 and thus provide a potential catalyst to the shares.\" — Scotiabank, April 25, 2025; \"We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap vs large cap peers... A M/S spin seems like easiest to execute...A sale could be a more beneficial outcome, though requires a willing suitor.\" — T.D. Cowen, February 12, 2025; \"Here Elliott sees Midstream assets as potentially worth ~$50B, assuming a ~10x multiple on synergized '26E EBITDA... We agree with Elliott on valuation disparity.\" — Citi Research, February 13, 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 23:32:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8c1-6e55a7ba9952", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "SELLSIDE COMMENTARY ON ELLIOTT'S INVOLVEMENT", "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 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70a76d53-a95e-4d3e-9d71-12330c112375", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5fc2ba03-c0f5-40b6-96f5-02e935e80050", "evidence": "Use of sellside analyst quotes to validate activist thesis", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:17:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 16, "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": 7, "name": "Agitate", "beatId": "19d90e88-7ada-44b9-888c-a06c2bf1a365", "matchId": "9f8f0de3-b2e3-4d38-b7df-5b0d4f2cb1b5", "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": "Highlighting the issues with Phillips 66's conglomerate structure", "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. 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We have long disagreed", "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1dc79953-3d6c-43b1-b0cb-816f7d3adf30", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.46, "x": 0.03, "y": 0.75 }, "kind": "quote", "text": "Overall, we think Elliott's involvement should likely be an overall positive for PSX", "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fd7979e-c7e9-43e8-85b5-78f0f3713c46", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.46, "x": 0.03, "y": 0.12 }, "kind": "quote", "text": "Elliott renewed its call... for PSX to close its EBITDA/bbl gap vs. peers... Refining performance certainly has significant room for improvement", "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73acc20d-1595-48ee-8130-c5f3e663fb48", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.51, "y": 0.38 }, "kind": "quote", "text": "We agree that PSX's midstream does not reflect full value... selling some midstream assets could unlock 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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74df34ec-8906-4119-a348-54413f0dc200", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.03, "y": 0.38 }, "kind": "quote", "text": "An activist shareholder, Elliott, can be a positive catalyst for 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": "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d9d148f-b2f9-445a-902c-1c4b8bf1d469", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.46, "x": 0.51, "y": 0.55 }, "kind": "quote", "text": "Most investors we talked to welcomed Elliott's involvement in PSX... Elliott will be able to get a couple of its chosen candidates... on PSX's board", "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97cf9a59-a654-4621-9958-b2e1413583e6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.46, "x": 0.03, "y": 0.55 }, "kind": "quote", "text": "[We believe] the letter will add a level of accountability for PSX to hit its cost targets.", "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5e751f4-0809-44ff-95f5-998ecd5e3936", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Refining performance certainly has significant room for improvement and is key to improving SOTP as well as to addressing investor concerns\" — Citi Research, February 13, 2025; \"We agree that PSX's midstream does not reflect full value...selling some midstream assets could unlock value.\" — Bank of America, February 14, 2025; \"An activist shareholder, Elliott, can be a positive catalyst for shareholders.\" — Wells Fargo, November 29, 2023; \"Most investors we talked to welcomed Elliott's involvement in PSX\" — UBS, December 1, 2023; \"[We believe] the letter will add a level of accountability for PSX to hit its cost targets.\" — T.D. Cowen, December 4, 2023; \"Overall, we think Elliott's involvement should likely be an overall positive for PSX as an extra push towards the goals the company has already set out.\" — J.P. Morgan, November 29, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8c2-99d70d4a421c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "SELLSIDE COMMENTARY ON ELLIOTT’S INVOLVEMENT (CONT.)", "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 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f3ac3e5-9779-49f1-8889-29d1f57e7b68", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4532e53c-e736-41c9-a236-f5833f378c17", "evidence": "Uses sell-side analyst quotes to validate the activist's claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:16:59.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 16, "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": 7, "name": "Agitate", "beatId": "19d90e88-7ada-44b9-888c-a06c2bf1a365", "matchId": "9f8f0de3-b2e3-4d38-b7df-5b0d4f2cb1b5", "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": "Highlighting the issues with Phillips 66's conglomerate structure", "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. 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"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 21:17:00.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37b07a29-b382-4f26-b563-137ddbc34bc2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.52, "y": 0.78 }, "kind": "quote", "text": "PSX is unlikely to ever receive sufficient credit for much of its marketing and midstream business...there is clearly value to be created via disposals, of which the initial $3.0B plan is a good start.", "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 21:17:00.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "403dde40-36d0-41fe-8e5b-4fc9c2a8a9c5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.2 }, "kind": "quote", "text": "In our view, the potential (transformative) investment case for PSX comes down to a question of 1) the potential value uplift... the monetization of the Midstream business is by far the single largest source of potential value creation ($40B-$45B of proceeds at a potential multiple - 10x...)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": 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For example, management acknowledged that a midstream spin could be done tax-free.", "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 21:17:00.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c36685cd-ed94-46c8-bf46-f4ba07088cfc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "We believe there is room for further divestments within the midstream portfolio as mgmt looks to monetize non-core non-op assets at an attractive 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 21:17:00.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3c625af-e0cc-4b6c-9ffe-8e5c03a6392c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.65 }, "kind": "quote", "text": "At our theoretical SOTP of $160/share (our DCF-based price objective is $147), selling some midstream assets could unlock 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 21:17:00.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d718fcfd-ff8b-4870-a495-96a5d666dfe7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On the other end, the spin/sale of the Midstream business is by far the single largest source of potential value creation ($40B-$45B of proceeds at a potential multiple - 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(along with its affiliates, “Elliott”) manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the “Company”). We are asking for your help to make Phillips 66 a stronger, more valuable company by voting on the Gold Card for our four independent, exceptionally qualified director nominees and the governance improvements we have recommended.", "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 21:17:06.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29653f2e-205a-4c79-9a51-6c65f4f7c215", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.77 }, "kind": "paragraph", "text": "In our experience, how a board treats a major shareholder seeking constructive change is a direct reflection of the overall health of a company and its ability to deliver for its investors, employees and partners. What we’re seeing in this proxy contest is not a one-off, but rather a reflection of how Phillips 66’s current Board responds when confronted with a challenge. The Company’s intransigence at every turn is an illustration of its broken governance culture. In our view, the Company’s lackluster performance will not improve until truly objective, independent directors – bringing perspectives that can help rectify this culture of insularity and deference – are added to the Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:06.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d0c9173-205c-4fb1-a763-d76160a9ba5e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.52 }, "kind": "paragraph", "text": "In reality, the voluminous set of materials and disclosures that Elliott has published over the course of this campaign contain all of the answers to Phillips 66’s misleading “questions,” but we thought it might be useful to consolidate the answers in one place for investors – which we have done in an appendix to this letter. The facts – and our track record – put the lie to the Company’s false narrative.", "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 21:17:06.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "385f973d-9d85-4bd2-a77f-a6e2e41eef13", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "paragraph", "text": "We did not make the decision to take our case directly to our fellow shareholders lightly, but were compelled to do so after our attempts to constructively engage with Phillips 66’s leadership beginning in late 2023 were repeatedly rebuffed. Over the last 15 years, we have collaborated with more than 200 companies to reach mutually beneficial solutions that enhance shareholder value. 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This proxy contest offers a window into how this Board operates: Instead of welcoming new ideas, it rejects them; instead of empowering independent directors, it allows the CEO and Chairman to control the process; instead of being responsive to shareholders, it ignores them; and instead of embracing the support of respected experts, it acts as if it already has all the answers.", "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 21:17:06.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b32b7695-d6d2-41d6-829a-80e76a65c3e0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.4 }, "kind": "paragraph", "text": "Tellingly, Phillips 66 has repeatedly mischaracterized our efforts to work with its Board, going so far as to claim that we have “no genuine interest” in engagement. 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If the desire to declassify is genuine, one would think the Board would accept the remedy that Elliott has proposed.\" — Professor Mark DesJardine; \"The problem with [Phillips 66’s] 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 66 charter or bylaws possibly can be construed as preventing directors from voluntarily offering to resign.\" — Professor Jonathan Macey", "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 23:32:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8c1-aa87d6a2dd20", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.17, "y": 0.91 }, "kind": "source-note", "text": "CLS Blue Sky Blog: 'A New Path to Declassifying Boards'; Harvard Law School Forum: 'Staggered Board Shenanigans at Phillips 66'", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Respectfully, Elliott Investment Management", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:00.418+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6fbcf86-f3b1-4e5d-ab82-16ac3c9af5df", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 17, "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": 13, "name": "Solution", "beatId": "467c8be0-8fd5-4678-88d9-86dee198eb1b", "matchId": "9f8f0de3-b2e3-4d38-b7df-5b0d4f2cb1b5", "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": "Presenting Elliott's Streamline 66 plan as a solution", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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In our April 3 letter to shareholders, we wrote: We supported Mr. Pease's appointment to the Board, in part because we were encouraged by his outlook on corporate governance. 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"kind": "paragraph", "text": "Please see below for a reproduction in full of Phillips 66's April 24 letter (appearing in the boxed sections) and Elliott's responses to each of its claims:", "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 21:17:00.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c0fc750-5f54-49f2-83e2-efeeca59579e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It is our strongly held view that two core tenets of best-in-class corporate governance are transparency and independence. — Phillips 66", "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 23:32:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8c1-834d16937deb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.45, "y": 0.11 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:00.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3caeea88-d07e-421f-94fe-c7838c6aa100", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.145 }, "kind": "title", "text": "Debunking Phillips 66's “Letter to Investors and Their Stewardship Teams”", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": 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rebuttal slide typical of activist investor decks, specifically addressing a conflict between Elliott and Phillips 66.", "elementsJson": [ "paragraph", "callout_box" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:17:01.816+00", "seconds": 4.121, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-48cf2415e3d9/19", "deck": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.59 }, "kind": "callout", "text": "From Phillips 66's April 24 Letter: Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation... Does this action further reveal an expectation of loyalty rather than true independence?", "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 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2112e678-c2c2-46ba-8197-8b9e1a3e8578", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The insinuation that Elliott attempted to have multiple conversations with Mr. Pease to coerce him into carrying out an Elliott agenda is false and deliberately misleading.", "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 23:32:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8c1-90c2af7dafd5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.16 }, "kind": "paragraph", "text": "We do not expect any independent directors to owe a duty to one shareholder. We do believe, however, that when they reverse a view on corporate governance that they expressed merely one month before, it is reasonable to question whether they have compromised their independence in deference to the “go along to get along” culture of a boardroom that is badly in need of change.", "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 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e6cc8f0-5941-4dc8-a366-8d9e7303dbd2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.25 }, "kind": "paragraph", "text": "It becomes even more reasonable to raise these questions when that same director wholeheartedly endorses the Company’s performance and strategy during the year that he has served on the Board, despite quantifiable evidence that the Company has underperformed and that its strategy is failing all shareholders.", "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 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74776d98-c9e7-402a-a6dc-449666707e87", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.41 }, "kind": "paragraph", "text": "We offered this conversation because we thought it was the courteous thing to do, and because we thought Mr. Pease might be interested in hearing more detail regarding our perspectives on Phillips 66. Mr. Pease declined our offer, asking that all Phillips-related conversations go through Chairman and CEO Mark Lashier. The insinuation that Elliott attempted to have multiple conversations with Mr. Pease to coerce him into carrying out an Elliott agenda is false and deliberately misleading.", "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 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a8101c7-060a-4def-b20f-84828df5f2eb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.33 }, "kind": "paragraph", "text": "Regarding our outreach to Mr. Pease on February 18, 2025, we would note that this was the only time we made an effort to speak to Mr. Pease following his appointment to the Phillips 66 Board on February 13, 2024. The sole purpose of this outreach was to offer a conversation after we publicly renewed our calls for change at Phillips 66 that week.", "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 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8611c486-c8aa-4a96-9e7d-acf1decd506a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.78 }, "kind": "paragraph", "text": "No. We clearly indicated in writing to Phillips 66 that we would be happy for the Company to interview our candidates, but only if there was some agreed-upon framework for collaborating on the change Phillips 66 needs.", "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 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f61cfcc-2fae-4000-aff2-c394e68bd6ca", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "Yet, just one month after Mr. Pease joined the Board, he apparently voted to appoint CEO Mark Lashier to the position of Chairman as well – contrary to governance best practices and to the view he shared with us.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:01.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c9eb412-26f3-4b98-ba15-36f301138e35", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "From Phillips 66's April 24 Letter: Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation, despite multiple attempts from Phillips 66. In fact, one of Elliott's nominees told representatives of Phillips 66 that he was instructed not to engage directly and instead referred the Board to Elliott itself. 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[List of 4 points regarding CITGO]", "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 21:17:01.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1545e48-e39d-45e6-95a8-b0be4aa6d4b8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Elliott's competitive interests merit careful attention.", "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 23:32:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8c1-59d0bffee6b8", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.735 }, "kind": "paragraph", "text": "Elliott has no investment in CITGO, either directly or through Amber Energy. Nor is Elliott, either directly or through Amber Energy, the leading bidder in the CITGO auction process, having been topped by two other parties whose bids came in higher than ours. By contrast, we have made a multi-billion-dollar investment in Phillips 66, and we have spent substantial time and effort on a value-creation plan to help improve its performance for the benefit of all of its investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:17:01.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65cff217-0f8b-4b40-b276-7d621ebefc44", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.277 }, "kind": "paragraph", "text": "Regarding compensation, Elliott agreed to pay each of our nominees up to $100,000, which they have agreed to reinvest into Phillips 66 stock. Providing compensation to candidates during an election contest is standard practice across our engagements and serves no purpose other than to recognize the significant amount of time and effort we ask each candidate to devote to a campaign, while further aligning their interest with the interests of Phillips 66 and other shareholders.", "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 21:17:01.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6846e82a-30ed-4751-b938-507b2f92f9e4", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.764, "x": 0.118, "y": 0.112 }, "kind": "paragraph", "text": "After Phillips 66 filed its proxy statement on April 7, we realized that our concerns were even more reasonable than we initially thought. 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Rather than welcome the involvement and expertise of one of the energy industry’s most highly respected executives - not to mention a 30-year veteran of ConocoPhillips and a large Phillips 66 shareholder who invested $10 million of his own money in the stock - Phillips 66 greeted the news of Mr. Goff’s support for our campaign by immediately impugning his motives and questioning his integrity.", "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 21:17:01.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b001626-413e-44ca-a99c-af6596eda85b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "paragraph", "text": "Again, Phillips 66’s tiresome recycling of the same conspiracy theories about Amber Energy and Mr. Goff indicate a management team and Board desperate to change the subject from their own poor performance - and the lack of independence of their own directors, including a chairman who is also the CEO and a lead “independent” director who has served for 13 years.", "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 21:17:01.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5f37997-fd54-4338-a492-d149f638e799", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "paragraph", "text": "Elliott has spent considerable effort identifying fiercely independent director nominees with relevant expertise and sufficient credibility to improve the Company’s corporate governance. The fact that either Mr. Goff or Elliott knew some of these potential directors - who include seasoned energy-industry leaders - prior to this campaign should surprise no one. 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The Company's focus on this issue, again, is an attempt to contort a technical legal point to distract shareholders and impugn Elliott.", "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 21:17:03.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51ae5d95-537d-45f7-b44f-75a79f6db433", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“RESOLVED, that stockholders request that the Board adopt an annual election 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It was the Company's decision to ignore our multiple requests for confirmation that put us in the position of having to bring litigation to protect our legal rights. 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