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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "John Pike",
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      "text": "If it becomes necessary, we are confident Phillips 66 could follow a similar path by: Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap between Phillips 66 and Valero; and Generating $15 billion to $20 billion of after-tax cash proceeds.",
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      "text": "Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap; Generating $15-$20 billion from asset sales.",
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      "text": "Total Shareholder Return: 398",
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      "text": "Our desire is to work constructively with the Company to add highly qualified directors to its ranks. To that end, we will make ourselves available to meet with the Company to discuss our views in more detail.",
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      "text": "Phillips 66 has the ability to remedy its recent period of underperformance through strong execution and a restoration of trust with investors. We believe the key step we outline above – enhancing the Board with fresh perspectives – will ultimately help the Company deliver on its targets. We are committed to ensuring that Phillips 66 reaches its full potential.",
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      "text": "Represents indexed TSR from August 14, 2019 through November 27, 2023, Bloomberg.",
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