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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses direct investor feedback to counter management's narrative regarding divestment.",
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      "text": "Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value",
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      "text": "There is a significant amount they can do in terms of spinning off assets. ... have to first focus on rationalizing that portfolio, getting that balance sheet shored up.",
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      "text": "With Phillips, what can they do now that will help them longer-term? ... I want them to spin off the CP Chem business or sell it to Chevron. ... I don't want them to have a conglomerate discount.",
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      "text": "They should think about spinning off midstream to focus on refining. ... With diversified businesses, there is always something doing well and something that's not, which hurts compared to pure plays.",
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      "text": "Phillips has been significantly underperforming. ... Selling or spinning off the midstream business is something that they have been asked to do and that would be a no-brainer.",
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      "text": "Their strong midstream assets are something you could possibly hold onto, but if they can get a good sale on them, that is another option.",
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      "text": "With Phillips, what can they do now that will help them longer-term? In terms of execution, I want them to have a much more independent board. I want them to spin off the CP Chem business or sell it to Chevron. I want them to spin-off the retail business. They are actually selling off the Jet part, which is the retail part, so that's good. I want them to continue divesting. I want them to not have a conglomerate discount. They have a conglomerate discount, but for all the wrong reasons. They just have too many unrelated businesses, and I think that's just not good for them longer-term and it is not good for us. Also need to get rid of midstream. — Third-party Shareholder Survey",
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      "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.",
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      "text": "Directly contradicting the false narrative from management, investors are highly supportive of unlocking value through divestment (via spin or sale)",
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