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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 direct quotes from shareholders to build a case for management failure.",
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      "kind": "callout",
      "text": "After Phillips' most recent earnings results, we believe shareholder sentiment has only worsened",
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      "text": "The feedback from investors is clear – shareholders are fed up and want to see change.",
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      "text": "If you compare across the industry, they haven't been the best, and these guys have had a lot more earnings volatility than an average company in the space.",
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      "text": "They've outlined some performance targets... But they haven't executed. They've lagged behind Valero. If you look at refining EBITDA per barrel, they're $3–$4 per barrel behind Valero, which is a big discrepancy.",
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      "text": "So, when I look at Phillips, I would say that Phillips is the worst of the bunch we are talking about. I don't like Phillips, and we are really big holders. The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value.",
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      "text": "All these companies are fundamentally alike... Phillips is just not as capable in running their business. That is a major driver of valuation.",
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      "text": "Marathon is still my number one. Valero comes second... and then PSX is third by quite a bit.",
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      "text": "You're not being valued as some of the peer integrated NGL players like ONEOK or Antero, so spin that off, realize that value.",
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      "text": "The potential spin-off... is not necessarily for getting rid of something unwanted. It's about unlocking the value from a conglomerate that perhaps creates a discount.",
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      "text": "In their own words, they do have a clearly defined strategic direction, and you can talk the talk, but you might not walk the walk. And that's where I disagree with Phillips. They are clearly not walking the walk. At all.",
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      "text": "“So, when I look at Phillips, I would say that Phillips is the worst of the bunch we are talking about. I don't like Phillips, and we are really big holders. The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value.” — Anonymous Shareholder",
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      "text": "Source: Third-party Shareholder Survey. Third-party survey conducted as of March 2025. Percentage based on analysis performed by Elliott's proxy solicitation firm, equivalent to 44.3% of total outstanding shares.",
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      "kind": "title",
      "text": "DAMAGED CREDIBILITY: SHAREHOLDER SURVEY RESULTS",
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