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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a weight-based metaphor for valuation gap (failed governance as a weight).",
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      "kind": "callout",
      "text": "Elliott believes Phillips 66 is deeply undervalued. We see $19bn of trapped value relative to sum-of-the-parts value of its assets and another $7bn of value from improved operations",
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      "kind": "callout",
      "text": "Elliott believes Phillips 66 is deeply undervalued. We see $19bn of trapped value relative to sum-of-the-parts value of its assets and another $7bn of value from improved operations and additional value from the sale of non-core assets",
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      "text": "TEV/EBITDA (2026E) comparison",
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      "kind": "disclaimer",
      "text": "Note: See appendix for valuation details. (1) TSR for Phillips 66... (2) Sum-of-the-Parts multiple...",
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      "text": "Total Shareholder Return: (97)",
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      "text": "Phillips 66 returns are clearly lagging its most relevant peers and the Company is deeply undervalued.",
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