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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The slide uses a 'synthetic basket' of peers to manipulate performance metrics.",
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      "kind": "callout",
      "text": "The \"synthetic basket of our segment peers\" footnote",
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      "text": "As Phillips 66’s refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips’ underperformance against its core peers, Marathon and Valero",
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      "text": "1. The Company is weighting its historical performance, based on its forward EBITDA.\n2. As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero",
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      "text": "1 Calculated as the weighted average of Refining (CVI, DINO, DK, MPC, PBF, VLO), Midstream (OKE, TRGP, WMB), and Chemicals (DOW, LYB, WLK) Performance by Proxy Peers' TSR based on the weighting of consensus NTM EBITDA estimates for PSX's segments.",
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      "text": "2 Source: FactSet; market data as of March 31, 2025.\n3 Shown since June 30, 2022, one day prior to Mark Lashier's appointment as CEO.",
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      "kind": "title",
      "text": "3. DISINGENUOUS METHODOLOGY",
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      "kind": "title",
      "text": "HERE IS WHAT THIS TSR METHODOLGY MEANS:",
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