{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-5ed233183fca", "slug": "88ae3a4b310b", "title": "Phillips 66 (PSX)", "subtitle": "Elliott Management · 2025-05", "author": "Elliott Management", "date": "2025-05-16 00:00:00", "pageCount": 25, "kind": "regulatory-filing", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6d9-5ed233183fca", "slug": "88ae3a4b310b", "title": "Phillips 66 (PSX)", "rawTitle": "ex991todfan10168303 051625", "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-ex991todfan10168303_051625.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001791786&type=DFAN14A", "sourceDate": null, "presentationDate": "2025-05-16 00:00:00", "ingestedAt": "2026-04-22 14:49:38+00", "status": "ready", "pageCount": 25, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/88ae3a4b310b", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 162.973730802536 } }, "coverage": { "pageCount": 25, "pagesIndexed": 25, "pagesWithImages": 25, "pagesWithMetadata": 25, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 128, "chartCount": 3, "metricSlides": 0, "toolMatches": 17, "documentToolMatches": 3, "frameworkMatches": 8, "arcMatches": 1, "beatMatches": 4, "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": "14bd745b-658b-4e5f-a046-d04ddc406605", "evidence": "The deck presents a clear problem (misaligned CEO compensation), agitates it, and offers a solution (vote for Elliott's nominees).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:53:50.415478+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": "Problem (Identify pain)", "beatId": "e43e51be-b9c0-43ce-a0d3-31d98e649e6a", "matchId": "14bd745b-658b-4e5f-a046-d04ddc406605", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The status quo is not working well for shareholders (slide 2).", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "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": 12, "name": "Agitate (Make it worse)", "beatId": "926c0ca5-7124-40a0-9a07-a9f6add87916", "matchId": "14bd745b-658b-4e5f-a046-d04ddc406605", "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": "CEO compensation is misaligned with stock performance (slide 12).", "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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Not for You' with peer TSR bar chart and a missed-cost-targets vs. above-target-bonuses chart; (b) a YouTube ad script; (c) six social posts (LinkedIn/X) from the @streamline66 brand; (d) screenshots of the streamline66.com website including nominee bios, testimonials, a peer-gap chart, and a 'Key Issues' tile grid previewing 12 sub-microsites. Filed five days before the May 21, 2025 Annual Meeting vote; ISS, Glass Lewis and Egan-Jones had all recommended for Elliott's nominees. Core deck of valuation/SOTP work sits in a separate 'Perspectives on Value Creation' presentation referenced here (dated April 29, 2025). Streamline 66 is a notable campaign-branding exercise — dedicated URL, podcast, logo, and typographic identity — worth studying as an activist brand-building specimen. No single author named; signed by Elliott corporate via Streamline 66 brand.", "kpisCited": [ { "detail": "$140M paid to Phillips 66 CEOs per SEC filings", "metric": "CEO compensation 2020-2024" }, { "detail": "$79M total compensation", "metric": "Lashier CEO compensation since 2022" }, { "detail": "Marathon $322, Valero $202, Phillips 66 $144", "metric": "TSR on $100 invested since 2019" }, { "detail": "PSX trailed Valero by 138% and Marathon by 188%", "metric": "10-year relative TSR" }, { "detail": "-4% (1Y), -33% (3Y), -97% (5Y), -163% (10Y) vs. peer average", "metric": "Cumulative TSR vs. peers (ending 2/7/25)" }, { "detail": "-$385M, -$177M, +$142M, +$251M, +$287M — missed targets four of five years", "metric": "Controllable costs vs. company target 2020-2024" }, { "detail": "115%, 155%, 166%, 161%, 128% — above-target every year despite misses", "metric": "Annual bonus as % of target" }, { "detail": "75% or more if Streamline 66 plan adopted", "metric": "Projected share price upside" } ], "closingAsk": "Vote the GOLD universal proxy card today for Elliott's four director nominees and governance enhancements ahead of the May 21, 2025 Annual Meeting.", "extraction": { "at": "2026-04-22 14:49:38+00", "model": "unknown-legacy", "runId": null, "seconds": 162.97372, "promptVersion": null }, "scqaReward": "Elliott believes the Streamline 66 plan can lift Phillips 66 shares by 75% or more by unlocking trapped conglomerate value, restoring operational excellence and rebuilding investor credibility.", "thesisTypes": [ "governance_board", "breakup_spinoff", "operational_turnaround", "management_change" ], "top3Reasons": [ "$140M paid to Phillips 66 CEOs 2020-2024 while stock trailed peers by 138-188%", "Above-target bonuses awarded every year despite missed controllable-cost targets", "Streamline 66 portfolio simplification could boost PSX shares by 75% or more" ], "scqaSituation": "Phillips 66 is an integrated refining, midstream and chemicals conglomerate with high-quality assets, led by CEO Mark Lashier and a classified Board, competing against pure-play refiners Valero and Marathon Petroleum.", "thesisSummary": "Phillips 66 — an integrated refining, midstream and chemicals conglomerate led by CEO Mark Lashier — has trailed peers Valero and Marathon Petroleum by 138% and 188% respectively over the past decade, yet its CEOs collected $140 million from 2020-2024, including $79 million to Lashier since 2022, with above-target annual bonuses awarded every year even as management missed its own controllable-cost targets. Elliott, a top-five shareholder, frames this as a profound governance failure reflecting an inefficient conglomerate structure, poor operating performance and lost credibility with investors. The Streamline 66 plan demands portfolio simplification and nominates four directors (Brian Coffman, Sigmund Cornelius, Michael Heim, Stacy Nieuwoudt) alongside board declassification and annual director elections. 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SAY NO TO THE STATUS QUO - NO MORE LAVISH CEO COMPENSATION AND SELF-CONGRATULATORY RHETORIC IN THE FACE OF WEAK PERFORMANCE.", "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 21:16:52.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cd7f78b-fd0d-461a-968d-908876e59caf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.28, "y": 0.65 }, "kind": "paragraph", "text": "VOTE YOUR SHARES TODAY. 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"disclaimer", "text": "Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, \"Elliott\"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission (\"SEC\") to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the \"Annual Meeting\") of Phillips 66, a Delaware corporation (\"Phillips\" or the \"Company\"). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott's proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at info@okapipartners.com.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:52.439+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9eadc992-4d96-40df-9a8d-ca3b24d5bef7", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.195, "x": 0.085, "y": 0.04 }, "kind": "title", "text": "Additional 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As a Phillips 66 employee or retiree, regardless of whether your shares are held by a bank or in a brokerage account, your vote is confidential. No one at the company will know how you voted.", "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 21:16:53.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f4c9e21-214b-4710-b931-85c460d41b90", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.62, "x": 0.19, "y": 0.28 }, "kind": "paragraph", "text": "EVERY SHAREHOLDER'S VOTE COUNTS, REGARDLESS OF HOW MANY SHARES YOU OWN", "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 21:16:53.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eea88ad-3c6c-4e9e-bb1c-b6238c80103f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.28, "x": 0.19, "y": 0.37 }, "kind": "paragraph", "text": "Elliott knows that Phillips 66's employees are key to the company's long-term success. As fellow shareholders, we want success. As fellow shareholders, we want what you want—a stronger, more focused company that achieves its full potential for performance and shareholder returns.", "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 21:16:53.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb8803ae-b28c-4ec0-88d4-c1ffc6a0e9b9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.64, "x": 0.18, "y": 0.14 }, "kind": "title", "text": "PHILLIPS 66 EMPLOYEES: VOTE FOR CHANGE TODAY", "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 21:16:53.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc05b9f0-ea29-444d-8266-2181f1508778", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. 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We also know your investment in Phillips 66 is vitally important to you and your family during your retirement.", "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 21:16:54.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d449c5aa-f12a-4e7f-a3de-b2ad984cfadc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.35, "x": 0.19, "y": 0.58 }, "kind": "paragraph", "text": "Leading shareholder advisory firms Institutional Shareholder Services, Glass Lewis and Egan-Jones unanimously agree: Vote for change at Phillips 66 today. To learn more about Elliott’s highly qualified board candidates Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt, visit our Nominees page.", "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 21:16:54.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3d4648c-ab8b-45a3-a093-baf94e7c9924", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.63, "x": 0.19, "y": 0.31 }, "kind": "paragraph", "text": "Please vote the GOLD card today for Elliott’s four highly qualified board nominees. Together, we can help restore Phillips 66 as a top industry performer and drive greater returns for all shareholders. Time is short—the Annual Meeting is scheduled for May 21, 2025.", "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 21:16:54.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffcc625d-6e2d-4005-8754-0321edb00695", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.5, "x": 0.28, "y": 0.82 }, "kind": "quote", "text": "I have very fond memories of Phillips 66. You know, that’s where a lot of my growth and development has occurred. Had tremendous mentors...a lot of excellent employees.", "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 21:16:54.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4e6e976-0490-4304-b11c-bd9a88363d0d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I have very fond memories of Phillips 66. You know, that's where a lot of my growth and development has occurred. 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