{
  "docId": "019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "docSlug": "917aed929317",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-04-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 109,
  "pageCount": 154,
  "prevPage": 108,
  "nextPage": 110,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses a 'Claim vs Reality' framing to directly refute a company statement.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/109",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-109",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.78
      },
      "kind": "callout",
      "text": "Either Phillips 66 thinks it is reasonable to pay a >50% premium to its own valuation for midstream assets, thereby destroying value, or it is fully paying for synergies in its own midstream acquisitions. Not so “unrealistic” as they claim.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d54dcb30-e55b-4d73-a250-83c3ba76e11f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Either Phillips 66 thinks it is reasonable to pay a >50% premium to its own valuation for midstream assets, thereby destroying value, or it is fully paying for synergies in its own midstream acquisitions. Not so \"unrealistic\" as they claim.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8563-85e2786eb92b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "chart",
      "text": "TEV / EBITDA Multiple comparison chart",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5e5b2d1-2564-4025-a7ca-ec9ac9375682",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "TEV / EBITDA Multiple: ~50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8563-8c98b04326f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Phillips 66 states that we “unrealistically assert that cash buyers would pay for 100% of synergies.”(1) That is surprising, given Phillips 66 has fully paid for synergies in its midstream transactions.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f71211f4-7df7-4f38-a919-317f907e6609",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Phillips 66 states that we \"unrealistically assert that cash buyers would pay for 100% of synergies.\" — Phillips 66 Letter to Shareholders, 4/8/25.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8563-8bbf9446ea31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: Company transcripts, presentations and filings. (1) Phillips 66 Letter to Shareholders, 4/8/25. (2) Current reflects estimated current EBITDA multiple based on latest S&P credit report.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cac032d-66ec-4dda-b354-2292f0ba1178",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.33,
        "x": 0.595,
        "y": 0.265
      },
      "kind": "table",
      "text": "Financials for EPIC NGL Acquisition",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17d1ab3a-2dfd-4942-b5e1-31776ba40e31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "CLAIM: NO MIDSTREAM BUYER WOULD PAY FOR SYNERGIES REALITY: PHILLIPS 66 ITSELF PAYS 100% FOR SYNERGIES",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a5cb321-93aa-4f4f-89b4-b6cc804461e1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "64b37dd4-bd93-4897-b221-900634ea1a3c",
      "evidence": "Directly juxtaposes a company claim with their own historical actions.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}