{ "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": 124, "pageCount": 154, "prevPage": 123, "nextPage": 125, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a series of pull-quotes to build a narrative of leadership failure.", "elementsJson": [ "headline_text", "subtitle_text", "quote_block", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/124", "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-124", "components": [ { "bbox": { "h": 0.04, "w": 0.87, "x": 0.07, "y": 0.8 }, "kind": "callout", "text": "Investors have no confidence in Mark Lasher's ability to lead Phillips 66", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e8e9f843-9f07-4cf8-bd29-ec30591d8080", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.43, "x": 0.07, "y": 0.19 }, "kind": "quote", "text": "The CEO came from Chevron Phillips Chemical. That is another thing I think they should look at. Take Mark Lashier, he's an expert there, and spin off that business.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "39ed0a65-aca5-49a8-a15d-3e33764f2a27", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.43, "x": 0.51, "y": 0.42 }, "kind": "quote", "text": "So, for sure, I think Elliott looks for that governance stuff. A lot of activists look for that kind of dynamic. This guy came from Chevron Phillips Chemical, so you're going to have a problem there. You should have spun that business off many, many years ago. But guess what? That's where he grew up and came from in that deal. Now he's the CEO of Phillips, but that's his baby. So, he's sitting there saying, 'no, I'm not going to spin that off.' You have a different dynamic there. This guy is not doing what's right for shareholders. He's doing what's right for his buddies on the Chevron Phillips side which is just not that shareholder friendly.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "456df1dd-8e4d-4da1-95d3-e7190421749f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.43, "x": 0.07, "y": 0.32 }, "kind": "quote", "text": "This last Q4 where Phillips came out and their refining margins were so weak, so weak. That is just fundamentally unacceptable. And so, on the call you can say, 'look, oh, it's just because spreads are so low.' That's absurd. I mean, we're not down to $30 a barrel of crude where gas prices are at $2. You still have a very constructive curve. So not to repeat myself but the results have been weak, really weak. That is a CEO problem.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7c81ab6e-6036-482b-8678-db4883889d8d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.43, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "Mark controls everything and that is not a good thing and as you can see that does not lead to strong corporate performance. I've been in those types of board situations. As a board member, when you're getting paid very handsomely to come to four meetings a year, you don't want to piss off the chairman. If that chairman's also the CEO, then you get some dynamics where he or she's going to make all the calls and shots, and everyone just kind of nods their heads as long as it's not going to blow up the company.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7b2621d-be77-4017-96fb-a011b4745acc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.43, "x": 0.51, "y": 0.19 }, "kind": "quote", "text": "We have had significant issues with Mark Lashier, who's the CEO. He is on the hot seat at this point due to these operational issues. You've got to do better. I've never, as an investor, accepted the fact that market dynamics are weak and therefore we don't have anything to do. If you don't control your own fate, then what are you doing as a public company? You still have optionality to get your costs down and get those refining margins higher through so many different initiatives. There is an open question if he is the right man for the moment for me.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f8c85912-f284-49fa-aeb0-23b3cedd96e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "The CEO came from Chevron Phillips Chemical. That is another thing I think they should look at. Take Mark Lashier, he's an expert there, and spin off that business. — Anonymous Investor; We have had significant issues with Mark Lashier, who's the CEO. He is on the hot seat at this point due to these operational issues. — Anonymous Investor; This last Q4 where Phillips came out and their refining margins were so weak, so weak. That is just fundamentally unacceptable. — Anonymous Investor; Mark controls everything and that is not a good thing and as you can see that does not lead to strong corporate performance. — Anonymous Investor", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-1ac3-70f9-8565-1cb6ef2f5e9b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.87, "x": 0.07, "y": 0.85 }, "kind": "source-note", "text": "Source: Third-party Shareholder Survey. Third-party survey conducted as of March 2025. Percentage based on analysis performed by Elliott's proxy solicitation firm, equivalent to 44.3% of total outstanding shares.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c84d8c55-da9b-4a03-a7fe-e22b99236d19", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "FURTHER SHAREHOLDER SURVEY RESULTS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c593d7e0-5aad-4854-b052-81142187e1b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.07, "y": 0.13 }, "kind": "title", "text": "Investor confidence in Mark Lashier's ability to lead Phillips 66 has disintegrated", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2bc4cc91-e5f7-45ce-bc90-d6668157efa3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }