{ "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": 89, "pageCount": 138, "prevPage": 88, "nextPage": 90, "slideType": "nominee_bio", "function": "introduce_nominees", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a hub-and-spoke style layout to connect individual nominee perspectives to a collective action plan.", "elementsJson": [ "headline_text", "subtitle_text", "headshot", "quote_block", "process_diagram" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d8-dad031a83edd/89", "deckHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd#slide-89", "components": [ { "bbox": null, "kind": "callout", "text": "EXPLORE SEPARATION OF MIDSTREAM", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14da-72ce-9fa5-6da8e1701333", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.94, "x": 0.03, "y": 0.67 }, "kind": "diagram", "text": "Roadmap of priorities including Operating Review, Annually Elected Board, Transparency, Collaboration, Higher Ambition, Accountability, and Separation of Midstream.", "attrs": null, "subkind": "process", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a034c3a7-73c9-4d6f-adaf-0b989c758deb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.06, "x": 0.11, "y": 0.225 }, "kind": "image", "text": "Nominee 1", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ef2d504-e581-47d2-93e2-888aa5dfa5f9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.06, "x": 0.11, "y": 0.335 }, "kind": "image", "text": "Nominee 2", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8821c3f4-eae3-40b5-80f8-e7c2b4cec401", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.06, "x": 0.11, "y": 0.555 }, "kind": "image", "text": "Nominee 4", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "930580d8-2760-4963-a6a7-24e2257938b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.06, "x": 0.11, "y": 0.445 }, "kind": "image", "text": "Nominee 3", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dc887a91-d251-4e1d-bc02-a154ffbcf229", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.19, "y": 0.55 }, "kind": "quote", "text": "The lack of interest in Phillips' stock from active managers is the market speaking to Company leadership...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "58485140-4495-4600-b6ee-7a59600574a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.19, "y": 0.22 }, "kind": "quote", "text": "My plan is to visit each refinery and talk to key refining and commercial personnel...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5dbbe6f5-a261-4e66-adf9-dbd549d6bd47", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.19, "y": 0.44 }, "kind": "quote", "text": "Midstream businesses can be growth engines, but they need the right structure to compete...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "67458887-8c6a-4740-8064-99c7dcc4b9f7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.19, "y": 0.33 }, "kind": "quote", "text": "I don't see the value of the integration they claim to enjoy. Where is the evidence?...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b6b69a72-ac97-4a16-b271-e5409d8f95a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "My plan is to visit each refinery and talk to key refining and commercial personnel. These are the employees who will lead the significant margin and cost optimization improvements. It will only happen because of their experience and buy-in. They will know where the opportunities are and will want to be empowered to drive to a best-in-class performance. — Nominee 1; I don't see the value of the integration they claim to enjoy. Where is the evidence? It's a different structure than Marathon or Valero - and they have been the better performers. I will insist that we take a harder look at this structure. The Board needs Directors with no pre-ordained conclusions. — Nominee 2; Midstream businesses can be growth engines, but they need the right structure to compete. Phillips' midstream business is constrained in so many ways in the current structure. I think people will be amazed at what is possible with these assets. — Nominee 3; The lack of interest in Phillips' stock from active managers is the market speaking to Company leadership. It is evident that the Phillips' Board does not have its performance-driven and execution-focused mindset. I will make sure the Board doesn't lose focus on investors' views. — Nominee 4", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14da-72ce-9fa5-72099c511619", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "ENHANCED OVERSIGHT", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "37a3d561-c64f-4b68-a3a7-784f17c05502", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.13 }, "kind": "title", "text": "SHAREHOLDER NOMINEES' FIRST 100 DAYS PRIORITIES", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5ba9da5-417f-4647-a3c1-18b5313731c8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "audience-persona", "slug": null, "matchId": "dc4a1d13-01fb-4a71-a5ee-4f8fd245aa05", "evidence": "Presentation of nominee priorities to shareholders", "confidence": 0.8 } ], "arcBeats": [ { "to": 90, "from": 67, "beatId": "22f23187-c6b7-4584-9130-c5730959f400", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The document presents Elliott's Streamline 66 plan as a solution to unlock value for shareholders", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }