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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Includes a testimonial/quote from shareholder nominee Mike Heim.",
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      "text": "Gray Oak pipeline faced cost overruns of ~$700mm, demonstrating poor development execution",
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      "text": "Major Permian Player That Fell Behind Peers: DCP was the '800lb gorilla' in every shale basin... Had an early mover advantage... DCP fell behind now dominant peers (TRGP, EPD, ET) given its lack of commercial aggressiveness and insufficient access to capital",
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      "text": "Poor In-House Project Development Expertise: Corporate engineering team cannot build fractionators... Gray Oak pipeline faced cost overruns of ~$700mm... Phillips 66 must pay high prices to acquire assets",
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      "text": "Lack of Commercial & Operational Expertise: Complacent rather than aggressive approach... Limited 'out-of-the-box' thinking... Trading organization is not optimizing around their midstream assets",
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      "text": "Shareholder Nominee: Mike Heim: 'A lesson I learned while building Targa Resources was that the single best place to go for new customers was to Phillips 66 Midstream’s existing customers.'",
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      "text": "POOR OPERATING PERFORMANCE: MIDSTREAM BUSINESS SHORTCOMINGS",
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