{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-4685d052e00b", "slug": "75807c941317", "title": "Phillips 66 (PSX)", "subtitle": "Icahn · 2025-05", "author": "Icahn", "date": "2025-05-12 00:00:00", "pageCount": 35, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6dc-4685d052e00b", "slug": "75807c941317", "title": "Phillips 66 (PSX)", "rawTitle": "ex991todfan10168303 051225", "authorId": "14_Icahn", "authorName": null, "authorDisplay": "Icahn", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-05-ex991todfan10168303_051225.pdf", "sourceUrl": null, "sourceDate": null, "presentationDate": "2025-05-12 00:00:00", "ingestedAt": "2026-04-22 17:37:18+00", "status": "ready", "pageCount": 35, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/75807c941317", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 195.47442317008972 } }, "coverage": { "pageCount": 35, "pagesIndexed": 35, "pagesWithImages": 35, "pagesWithMetadata": 35, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 190, "chartCount": 14, "metricSlides": 0, "toolMatches": 10, "documentToolMatches": 6, "frameworkMatches": 21, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "9c291871-9c63-43a0-a1ba-c51220cea1fc", "evidence": "The deck presents a clear hero's journey narrative, with Elliott as the protagonist fighting against Phillips 66's poor leadership", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:56.545311+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 15, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 8, "name": "The Monster", "beatId": "0ef39fe5-5b18-4d4d-8468-55e888e5da41", "matchId": "9c291871-9c63-43a0-a1ba-c51220cea1fc", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck presents a clear problem statement and exposes contradictions in Phillips 66's performance and leadership", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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"comparison-frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Filed in 14_Icahn folder but document is Elliott Investment Management's 'Streamline 66' proxy-fight presentation against Phillips 66, dated May 12, 2025 (filed as EX-99.1 to DFAN14A nine days before the May 21, 2025 annual meeting). Document includes the deck (pp. 1-22) plus appendices of social media posts (pp. 24-29) and Streamline66.com website screenshots (pp. 31-35). Strong rhetorical playbook: SCQA-clean, named villains, CEO quote contradictions ('we can be bigger than that'), explicit before/after Marathon analogue, branded campaign identity (Streamline 66 logo styled like a US highway shield). Stake not disclosed in this document though Elliott's PSX position has been widely reported in the press.", "kpisCited": [ { "detail": "-450% vs. Marathon/Valero average from May-2012 to May-2025", "metric": "TSR underperformance vs. core peers since spinoff" }, { "detail": "PSX at 6.1x vs. SOTP-weighted peers at 8.1x", "metric": "TEV/EBITDA (2026E)" }, { "detail": "~$19bn from conglomerate discount, plus ~$7bn from improved operations", "metric": "Trapped value" }, { "detail": "$103 today to $183 implied (+75%)", "metric": "Stock price upside" }, { "detail": "PSX ~$8/bbl vs. VLO ~$5/bbl and MPC ~$5.50/bbl", "metric": "Refining opex per barrel (Q1 2025)" }, { "detail": "~$3.75/bbl", "metric": "EBITDA gap to Valero (2024)" }, { "detail": "PSX -2% vs. EPD +38%, OKE +78%, ET +88%, TRGP +228%", "metric": "Midstream gathering & processing volume growth (2016-2024)" }, { "detail": "$100 invested grew to $322 at MPC vs. $144 at PSX", "metric": "Marathon TSR vs. PSX since 5/14/21" }, { "detail": "Mark Lashier received $79M in compensation since 2022; PSX CEOs took $140M from 2020-2024", "metric": "CEO compensation" }, { "detail": "~$43bn (Midstream + CPChem + JET) — 103% of market cap, enabling buyback of ~80% of shares", "metric": "Estimated divestiture proceeds" } ], "closingAsk": "Vote the GOLD universal proxy card for Elliott's four director nominees at the May 21, 2025 Annual Meeting to drive accountability and unlock long-term performance.", "extraction": { "at": "2026-04-22 17:37:18+00", "model": "unknown-legacy", "runId": null, "seconds": 195.47443, "promptVersion": null }, "scqaReward": "An 8.1x SOTP multiple versus today's 6.1x plus operational fixes implies ~$19bn of trapped value and ~$7bn of operating upside — a roughly 75% move from $103 to $183 per share.", "thesisTypes": [ "breakup_spinoff", "governance_board", "operational_turnaround", "management_change" ], "top3Reasons": [ "Phillips 66 has underperformed core peers Marathon and Valero by 450% since the ConocoPhillips spinoff", "Conglomerate structure traps ~$19bn of value plus ~$7bn from operational fixes (SOTP 8.1x vs PSX 6.1x)", "Board is committed to status quo; new directors can unlock 75% upside ($103 to $183 per share)" ], "scqaSituation": "Phillips 66 is a $42bn diversified energy company with refining, midstream, marketing and chemicals segments — the third-largest U.S. independent refiner — spun out of ConocoPhillips in 2012.", "thesisSummary": "Elliott argues Phillips 66 is a structurally undervalued energy conglomerate that has trailed core peers Valero and Marathon by 450% since its 2012 ConocoPhillips spinoff, with refining and midstream businesses bolted together at a 6.1x EBITDA multiple versus an 8.1x sum-of-the-parts. CEO Mark Lashier has doubled down on dilutive midstream M&A — including the $2.2bn EPIC NGL deal — while opex per barrel has risen to ~$8 (vs Valero's $5) and the company missed its $14bn mid-cycle EBITDA target. After a year of stalled private engagement, Elliott is running a proxy fight for four independent directors (Coffman, Cornelius, Heim, Nieuwoudt) and is invoking the Marathon Petroleum precedent — where Elliott's prior campaign drove the $17bn Speedway divestiture and 149% TSR outperformance — to argue Phillips can be similarly restored, generating ~75% upside to $183/share.", "primaryDemands": [ "Elect Elliott's four shareholder-nominated directors (Brian Coffman, Sigmund Cornelius, Michael Heim, Stacy Nieuwoudt) at the 2025 Annual Meeting", "Separate midstream business from refining via spin-off or sale to dismantle the conglomerate structure", "Explore divestiture of CPChem joint-venture interest and JET retail marketing assets", "Refocus management on refining operational excellence and close the ~$3.75/bbl EBITDA gap to Valero", "Restore board accountability after Mark Lashier's elevation to combined Chairman/CEO role" ], "scqaResolution": "Elect Elliott's four-director slate, separate midstream from refining, divest CPChem and JET, refocus on refining excellence, and restore board accountability after Lashier's combined Chairman/CEO promotion.", "thesisOneLiner": "Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; 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"x": 0.03, "y": 0.11 }, "kind": "paragraph", "text": "Phillips Petroleum Company was founded in 1917 by Lee Eldas Phillips, focusing on oil and natural gas exploration. It introduced the iconic Phillips 66 brand in 1927 (due to blend of 66% of high-octane gasoline). In 1930, the company expanded into refining, building one of the largest refineries of its time. After merging with Conoco in 2002, it became ConocoPhillips. A decade later, ConocoPhillips spun off its downstream assets into today's independent Phillips 66.", "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 21:00:29.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5501aaab-3a7e-4cec-bd5c-9858caa1b711", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Bloomberg. Public filings and third-party energy market consultant views. Note: EBITDA numbers reflect the sum of 2026E Segment Consensus excluding turnaround costs. All financials, estimates and calculations are available in Elliott's 4/28/2025 presentation. (1) Percentages reflect Segment EBITDA excluding Corporate.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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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 21:00:30.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ab84e57-4eb5-47f4-90e2-a0d9d91bfe79", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "list", "text": "Phillips 66 refused to make its independent directors available for a meeting with Elliott for more than two months. The Company declined to disclose or answer our requests about how many directors it planned to nominate at the 2025 Annual Meeting, requiring us to pursue legal action in Delaware to obtain clarity. The Company immediately attempted to discredit respected industry veteran Greg Goff rather than consider his highly relevant perspective. CEO Mark Lashier has repeatedly told investors that Phillips 66 is already fairly valued as a bizarre defensive maneuver. 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Neither happened.", "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 21:00:30.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72553ac6-c825-402f-b753-4f481e63e5a1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "In September 2023, Elliott approached Phillips 66 with a clear message: its assets were significantly undervalued and underperforming. Initially, the Company acknowledged challenges, particularly in refining, reaffirmed its $14 billion mid-cycle EBITDA target and the Executive Chairman announced his 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 21:00:30.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e47a9d55-35e6-4bc9-87cc-00afa077b70b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "HOW DID WE GET HERE?", "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 21:00:30.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "458424d0-35e2-4474-b519-663b41f9d547", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "87744b20-9b6c-47ee-9dd4-6a5d14fe37bc", "evidence": "The slide frames the Board as resistant to change and the CEO's actions as 'bizarre defensive maneuvers'.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:00:30.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 15, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 8, "name": "The Monster", "beatId": "0ef39fe5-5b18-4d4d-8468-55e888e5da41", "matchId": "9c291871-9c63-43a0-a1ba-c51220cea1fc", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck presents a clear problem statement and exposes contradictions in Phillips 66's performance and leadership", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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(1) TSR for Phillips 66 is presented through 2/10/25... (2) Sum-of-the-Parts multiple presented here represents...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, July 28, 2016; “So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system.” — Gary Heminger, October 27, 2016; “There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. 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That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.\" — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020. \"I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.\" — Mike Hennigan, CEO of Marathon Petroleum, November 2, 2020. \"On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.\" — Mike Hennigan, CEO of Marathon Petroleum, February 2, 2022. \"If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. 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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 21:00:34.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "825373aa-2ba7-4e20-94a6-6f3a6f79ebfc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 8, "to": 15, "label": "The Monster", "description": "The deck presents a clear problem statement and exposes contradictions in Phillips 66's performance and leadership" }, { "from": 16, "to": 22, "label": "The Struggle", "description": "The deck presents case studies and comparisons to illustrate the struggle for change" }, { "from": 23, "to": 30, "label": "The Victory", "description": "The deck presents Elliott's plan for Streamline 66 and the nominees for Phillips 66's board" } ], "loops": [ { "from": 17, "to": 22, "label": "Tale Two Worlds", "description": "Compare the status quo with Elliott's Streamline 66 plan" }, { "from": 26, "to": 27, "label": "Cost Of Inaction", "description": "Highlight the cost of inaction for Phillips 66 shareholders" } ] }