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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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      "text": "Phillips 66's Board needs to execute a formal operational review of its refining business in order to understand the reasons behind lagging profitability – and how to reverse course.",
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      "text": "1. COMPARE REFINING PROFITABILITY VS. PEERS 2. BENCHMARK REFINING KIT VS. PEERS 3. STUDY REGIONAL COMPETITIVENESS 4. EVALUATE CLOSEABLE PROFITABILITY GAP",
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      "text": "Using publicly available data, we performed an in-depth refining operational review, showed on subsequent pages. We worked with Greg Goff, nominee Brian Coffman, a team of former refining executives from Western Refining and other refining industry executives. Elliott additionally used a well-respected, third-party refining industry firm, Baker & O'Brien's PRISM Model to help understand the intrinsic profitability of Phillips 66's kit relative to its actual results and peers. In the subsequent pages, we show individual refinery-level profitability models of each of Phillips 66's refineries which are meant to model the refineries based on the kit and market only, not influenced by operations.",
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      "text": "OPERATING REVIEW: REFINING PROFITABILITY DRAMATICALLY LAGS PEERS",
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