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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "Standard regulatory disclosure for activist investor proxy solicitation.",
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      "text": "AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.",
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      "text": "As of March 4, 2025, Elliott holds a 5.5% economic interest in the Company. As of March 4, 2025, Elliott Management, the investment manager of Elliott Associates and Elliott International (together, the \"Elliott Funds\") with respect to investments in the Company by the Elliott Funds and/or their respective subsidiaries, beneficially owns 15,720,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 13,220,000 shares of Common Stock and 2,500,000 shares of Common Stock underlying certain exercisable call option contracts held by the Elliott Funds. As of March 4, 2025, the Elliott Funds are party to notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 6,827,500 shares of Common Stock and hold exercisable over-the-counter American-style call option contracts with respect to an aggregate of 2,500,000 shares of Common Stock having a strike price of $135.00 and expiring on June 20, 2025 (collectively, \"Derivative Agreements\"). Elliott Associates, Elliott International and Liverpool are the direct holders of the shares of Common Stock beneficially owned by Elliott Management, and are party to the Derivative Agreements. Liverpool is a wholly-owned subsidiary of Elliott Associates. EIM GP is the sole general partner of Elliott Management. Mr. Singer is the sole managing member of EIM GP. As of March 4, 2025, Mr. Cornelius may be deemed to beneficially own 20,000 shares of Common Stock, which are held jointly in an account with his spouse, and Mr. Hirshberg may be deemed to beneficially own an aggregate of 27,018 shares of Common Stock, which are held personally and through two estate planning vehicles of which he serves as trustee and co-general partner, respectively. As of March 4, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.",
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      "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"Elliott Management\"), Elliott Associates, L.P. (\"Elliott Associates\"), Elliott International, L.P. (\"Elliott International\"), The Liverpool Limited Partnership (\"Liverpool\"), Elliott Investment Management GP LLC (\"EIM GP\"), Paul E. Singer, Brian S. Coffman, Sigmund L. Cornelius, Michael A. Heim, Alan J. Hirshberg, Gillian A. Hobson, Stacy D. Nieuwoudt and John Pike.",
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