{
  "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": 23,
  "pageCount": 105,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "The slide uses a cost curve to demonstrate competitive advantage and cites Wells Fargo to support the M&A thesis.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/23",
  "deckHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.94,
        "x": 0.03,
        "y": 0.69
      },
      "kind": "callout",
      "text": "THIS BUSINESS WOULD LIKELY ATTRACT SIGNIFICANT INTEREST FROM THE EXISTING JV PARTNER OR ANOTHER BUYER",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3760a7b8-858c-4a0c-8ca5-94c7c7c5afa1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.45,
        "x": 0.52,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Phillips Disclosed Ethylene Cost Curve (cents/lb)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2e4bc85-422f-4500-9dfb-4e9be875e634",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.03,
        "y": 0.33
      },
      "kind": "list",
      "text": "50% equity investment in CPChem, which owns or holds interest in ~30 chemical manufacturing facilities; Produces and markets ethylene and other olefin products with ~19 MMTA of capacity; Assets economically resilient running ~95% advantaged feedstocks; +3.2 MMTA of growth coming in 2026; CPChem deserves a premium valuation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5db27e5d-ddde-4e68-8c81-a18fdafcf963",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "ethylene cost: 95%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-536f-7579-baac-03c04399c751",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "Phillips' CPChem joint venture with Chevron is a world-scale, low-cost, highly strategic producer of olefins and derivatives, creating a business unit that has always been free cash flow positive throughout the cycle",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06a17ccd-d6e8-46d7-b318-a90c8c3fb6c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.45,
        "x": 0.03,
        "y": 0.6
      },
      "kind": "quote",
      "text": "Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. Wells Fargo, November 30, 2023",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fe8fec1-35fd-4902-8c30-c08bc84186cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. — Wells Fargo, November 30, 2023",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-536f-7579-baab-fc37a11aaccb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.03,
        "y": 0.74
      },
      "kind": "source-note",
      "text": "Source: '19-'23 average ethylene production cost curve per Phillips Investor Presentation. Note: Emphasis added.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69fb6e66-f1c3-46e8-ba9e-02ece823862a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.24
      },
      "kind": "title",
      "text": "CHEMICALS: WORLD-SCALE ASSETS ON THE LOW END OF THE GLOBAL COST CURVE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73faa266-6035-48d1-a558-9a050fd67c5f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "cost-curve-analysis",
      "slug": null,
      "matchId": "222ff422-8796-4912-b8f9-dad58bf3f241",
      "evidence": "Phillips Disclosed Ethylene Cost Curve chart",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}