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John Pike and Mike Tomkins · shareholder-letter

Phillips 66 (PSX)

6 pages · 5 arc beats · 2 loops

Shareholder-Letter Download JSON
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Phillips 66 (PSX)

John Pike and Mike Tomkins · 2023-11
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

5
coverage by narrative range · generated from this deck JSON
Narrative range 6 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Setup 1 slides 100% 1/1 slides 100% 1/1 slides · 9 hits
— 0/1 slides
100% 1/1 slides · 2 hits 100% 1/1 slides 100% 1/1 slides
— 0/1 slides
Complication 1 slides 100% 1/1 slides 100% 1/1 slides · 10 hits
— 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides
— 0/1 slides
Problem (Identify pain) 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits
— 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides
— 0/1 slides
Agitate (Make it worse) 2 slides 100% 2/2 slides 100% 2/2 slides · 16 hits
— 0/2 slides
50% 1/2 slides 100% 2/2 slides 100% 2/2 slides 100% 2/2 slides · 3 hits Solution (Provide relief) 1 slides 100% 1/1 slides 100% 1/1 slides · 10 hits
— 0/1 slides
100% 1/1 slides 100% 1/1 slides 100% 1/1 slides 100% 1/1 slides

Slide inventory

6
every slide · same image gating as the playbook
01
Slide 1
This is the first page of an activist investor letter. It establishes the 'villain' (poor operational execution) and the 'hero's journey' (the path to 75% upsidframe_problem
Open slide detailBeat · Setup
02
Includes a callout circle on the line chart highlighting the divergence in opex/bbl.expose_gap
Open slide detailBeat · Complication
03
Includes a direct quote from a Cowen analyst regarding the failure of the 2019 AdvantEdge66 program.expose_gap
Open slide detailBeat · Problem (Identify pain)
04
Includes footnotes regarding methodology for capex and peer comparison.show_valuation_bridge
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
05
This is a text-heavy shareholder letter page outlining a 'Plan B' if current management fails.preempt_rebuttal
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
06
The slide uses a peer benchmark to justify a demand for management changes and asset monetization.state_next_steps
Open slide detailBeat · Solution (Provide relief)Loop · Quick Win Big Bet