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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike",
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  "notes": "Uses a waterfall-bridge chart to visualize the path to valuation upside.",
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      "text": "If Phillips is able to execute the \"Marathon Path\"(1) the stock price could increase to $300+",
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      "text": "Streamline Portfolio: Sell or spin Midstream, sell JV interest in CPChem, sell German/Austrian JET retail. Operating Review: Ambitious refining targets, target EBITDA per barrel parity with VLO/MPC. Enhanced Oversight: Add independent directors, review management.",
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      "text": "Source: Bloomberg. Note: Estimated potential upside based on indicative valuation calculations presented in the appendix. 1) Required assumptions for \"Marathon Path\" scenario can be found on slides 39 – 40.",
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      "text": "STREAMLINE 66",
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