{
  "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": 111,
  "pageCount": 154,
  "prevPage": 110,
  "nextPage": 112,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "Uses a waterfall-bridge style chart to normalize cost comparisons between two companies.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "paragraph",
    "waterfall_chart",
    "callout_box",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/111",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-111",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.78
      },
      "kind": "callout",
      "text": "Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1323c7e1-6bca-47c8-a082-2221e7ce5b72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.28
      },
      "kind": "chart",
      "text": "2024A Opex and G&A per Barell",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49dca234-2f75-482c-a743-7b9f7742b61e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Opex and G&A per barrel: $1.67",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8563-c487df7c157a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.86,
        "x": 0.07,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "The Company tries to claim that their refining EBITDA/bbl is worse than Valero's because they push more corporate overhead into the refining-segment opex line.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6ade661-58ec-4b5a-b73a-9f65eab0b68d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Company transcripts, presentations and filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dec89744-dcc3-451a-bc02-27b6b81902c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "CLAIM: G&A ALLOCATION DRIVES THE REFINING COST GAP\nREALITY: EVEN FULLY ALLOCATED, COSTS ARE TOO HIGH",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb5b0f04-4f82-4cc9-96c7-61d647385f1b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "4e0ea448-285d-4728-a8c6-f2e0e837d045",
      "evidence": "The chart uses a bridge structure to reconcile cost differences between two entities.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}