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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 'before-after' framing to highlight the impact of Elliott's engagement on investor sentiment.",
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      "kind": "callout",
      "text": "Phillips 66 has been a consistent underweight against both peer groups for nearly a decade",
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      "text": "Institution-level Weighting Across The Full Peer Group As Of 4Q24",
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      "text": "institutional weighting: 0.6x",
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      "text": "Prior to Elliott's engagement in late 2023, active shareholders had been cutting their exposure for years.",
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      "text": "(1) Top 100 active funds invested in each group - weight in Phillips vs market cap. Refining: VLO; MPC. Midstream: KMI; OKE; WMB; TRGP. Excludes MLPs. (2) Top 20 active institutions across the full peer group, weight in each name vs market cap weight.",
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      "kind": "title",
      "text": "DAMAGED CREDIBILITY: DISINTEREST FROM ACTIVE INVESTORS",
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