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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 a 'villain' framing by labeling the company's methodology as 'intellectually dishonest'.",
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      "text": "Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO",
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      "text": "PHILLIPS 66'S TSR DISTORTION: 1. Uses a misleading start point... 2. Includes low-quality... 3. Intellectually dishonest methodology...",
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      "text": "Phillips 66 CEO Mark Lashier, March 18, 2025",
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      "text": "If you look at our TSR performance since July of 2022... And so all of those metrics are firm and indisputable.",
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      "text": "If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable. — Phillips 66 CEO Mark Lashier, March 18, 2025",
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