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      "text": "In the balance of this letter, we outline the drivers of Phillips 66's underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today's stock price.",
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      "text": "In the balance of this letter, we outline the drivers of Phillips 66’s underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today’s stock price (or greater than $200 per share) – and the steps that Phillips 66 needs to take to deliver on that opportunity.",
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      "text": "In recent years, however, Phillips 66’s performance has declined as it has shifted its focus away from its Refining segment. (Mr. Lashier admitted as much in January, when he said, “We have taken our eye off the ball a little bit with respect to refining.”)",
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      "text": "We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott” or “we”), which together have an approximately $1 billion investment in Phillips 66 (“Phillips 66” or the “Company”), making us one of your largest investors.",
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