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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a line chart to show historical underperformance and a bar chart to show relative underperformance across multiple time horizons.",
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      "kind": "callout",
      "text": "Even under the Company's owned flawed methodology, Phillips 66 has underperformed its own peer group across 1, 3 and 5-year performance periods, but choses not to show that.",
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      "text": "Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the \"Golden Age\" of refining.",
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      "text": "Relative TSR vs. P66 Using the Company's FLAWED Methodology",
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      "text": "Phillips 66 has touted its TSR since Mark Lashier began as CEO in July 2022. This is not an honest reference point as Mr. Lashier was the COO since April 2021. The company underperformed significantly during his COO tenure due directly to poor operations.",
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      "text": "\"Refinery operations weakened in 2021-22 given elevated planned and unplanned maintenance.\" — TD Cowen, September 11, 2024",
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      "text": "Refining Utilization 2021 2022 PSX 84% 90% MPC 91% 96% VLO 88% 94%",
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      "kind": "title",
      "text": "1. MISLEADING STARTING POINT",
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