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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The slide uses a comparison framework to validate the activist's proposed strategy by showing historical success at Marathon.",
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      "text": "We estimate Phillips could retire ~80% of its shares outstanding(4)",
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      "text": "Note: See appendix for valuation details. (1) Speedway % of market cap... (5) Elliott's upside for MPC from its 2019 Public Presentation.",
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      "text": "Comparison matrix of Marathon vs Streamline 66 across operating performance, divestitures, share repurchases, and stock upside.",
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      "kind": "title",
      "text": "MARATHON PETROLEUM CASE STUDY",
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