{
  "docId": "019dd923-622b-71dc-a6d8-dad031a83edd",
  "docSlug": "843b712a7e02",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-04-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 58,
  "pageCount": 138,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Uses a waterfall-style logic to show how the investment grew and EBITDA shrank, leading to a massive discrepancy in build multiples.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "waterfall_chart",
    "comparison_table",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d8-dad031a83edd/58",
  "deckHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd#slide-58",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Phillips 66 has destroyed investor value through its poor execution of the Rodeo conversion.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fa2-d94a88b0b38e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.6,
        "x": 0.2,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Comparison of Targeted Annual EBITDA vs 2026E Consensus EBITDA",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d484afc8-0da7-4346-8112-22cea6b4ba71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.6,
        "x": 0.2,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Waterfall chart showing Guided Investment, Cost Overrun, Cumulative EBITDA Loss, and Total Investment",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3dac74cd-0529-4fc8-a4aa-af80693cc183",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Build Multiple: 11.6x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fa2-e12576978d14",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "Phillips 66 has destroyed investor value through its poor execution of the Rodeo conversion. Management has continued to promise investors an EBITDA target that is unrealistic to cover its tracks.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a821ca7b-284a-4aaf-a363-0d441b55f16d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.83
      },
      "kind": "quote",
      "text": "Yes. Rodeo is a great asset. It's operating well at or above design rates. We're in the process of optimizing the cost structure there to get it as competitive as we can get it.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f375d2e-317f-4089-b6af-1f92104c0bdf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Yes. Rodeo is a great asset. It's operating well at or above design rates. We're in the process of optimizing the cost structure there to get it as competitive as we can get it.\" — Phillips 66 CEO Mark Lashier, March 2025",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fa2-dee7ed1c8fc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Bloomberg (4/23/25). (1) Promised Build Multiple... (2) Delivered Build Multiple...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbc54f6b-62a1-484a-bd18-ba07012f115a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.78
      },
      "kind": "table",
      "text": "Build Multiple: Promised 1.3x vs Delivered 11.6x",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98add009-6ea5-481f-b403-b69078e08714",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "DAMAGED CREDIBILITY: RODEO CONVERSION",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e74a4e3a-dd8b-499e-a502-d41b58facd9c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "d01bf462-cb25-4664-be86-0db8f1a2421f",
      "evidence": "Contrasts management's optimistic quote with quantitative data showing poor performance.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}