{
  "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": 27,
  "pageCount": 154,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a direct quote from the CEO to set up a contradiction.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/27",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-855b-398c0393d902",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "framework",
      "text": "CEO Quote Contradiction",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b93ba52a-566b-4e68-8722-4ac84d40f52f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "list",
      "text": "1. Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier's was COO\n2. Includes low-quality, poor-performing and inappropriate small-cap refining peers\n3. Intellectually dishonest methodology:\n- By using a median while also using a peer set with inappropriate peers, the Company effectively excludes the outperformance of the most appropriate comps, Valero and Marathon\n- Rebalances segment weightings based on forward segment EBITDA, allowing the Company to deemphasize their main refining business in their TSR calculation",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e72f4eb9-4f30-4160-bdd0-26035f689860",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "TSR: >50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-855b-402b67788b67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.07,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "PHILLIPS 66'S TSR DISTORTION:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8185ef78-7365-4200-aa54-938c8f82f810",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.53,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "Phillips 66 CEO Mark Lashier, March 18, 2025",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8c1f705-9391-49ff-8234-ee4957cb4c0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.62
      },
      "kind": "quote",
      "text": "If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b3edb82-e18d-4482-9e24-08a11968c40f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable.” — Phillips 66 CEO Mark Lashier, March 18, 2025",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-855b-3d0d68c57029",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.07,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Further detail shown in Slides 94 - 100",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8604f3a6-aa9c-47bd-b218-8f9e5805db60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.86,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "PHILLIPS TSR CLAIMS OUTPERFORMANCE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63400a9e-d268-458c-a9ce-ca07c6a08b7d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "db63ccdf-1969-4965-b947-0501da0aa2f6",
      "evidence": "Contrasts company claims with CEO quote to expose potential dishonesty.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 15,
      "beatId": "73cebb8d-5ee0-4698-a087-3074401b5083",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation agitates the problem by highlighting Phillips 66's poor operational performance, damaged management credibility, and failed governance culture.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}