{
  "docId": "019dd923-622b-71dc-a6d8-caf7ba55853c",
  "docSlug": "de33cb3292ec",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 20,
  "pageCount": 105,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Part of the 'Valuable Assets' section of the activist deck.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "bar_chart_vertical",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-536f-7579-baab-886327a906de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.68,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Capacity by Region",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2136124e-668a-4af5-83a3-cbfd38879454",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.38,
        "y": 0.53
      },
      "kind": "chart",
      "text": "Product Mix",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "427f397e-bc9c-43e4-9e0b-839076c3c208",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.68,
        "y": 0.53
      },
      "kind": "chart",
      "text": "Nelson Complexity Index",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d247ef7-4e62-4e3d-8269-0acc7a909e3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.38,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Average Refinery Size (kbbl/d)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e22a9bc-f540-468e-9d0a-3db79e1b9e82",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.03,
        "y": 0.33
      },
      "kind": "list",
      "text": "~2MMbbl/d refining system with 11 refineries; Geographic and product diversity; Scaled asset base; Flexible refining kit",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fa01771-5761-466a-88e0-68f7a7303523",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Average Refinery Size: 213",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-536f-7579-baab-8e0d953c7299",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.03,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "143ece70-1d55-4bf7-9fd9-4e60682d6b92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.03,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: Company filings, websites and Oil and Gas Journal.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b871026-faaf-40b1-ba89-ab7390a2b6ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.03,
        "y": 0.24
      },
      "kind": "title",
      "text": "REFINING: THIRD-LARGEST INDEPENDENT REFINING SYSTEM IN THE U.S.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b33589e-b588-47e0-a134-262f805864d1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "3532ca3c-59f0-4c15-9a71-291392977b2e",
      "evidence": "Direct comparison of PSX against MPC and VLO across four key operational metrics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}