{
  "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": 33,
  "pageCount": 154,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "Uses a waterfall-style bridge to show implied value of specific segments based on market multiples of other segments.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "waterfall_chart",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/33",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.64,
        "y": 0.59
      },
      "kind": "callout",
      "text": "Using market multiples for the rest of Phillips 66's assets implies its midstream segment is valued at $13bn, or just 3.1x '26E Consensus EBITDA",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6997830-ca22-4db4-9113-f5a671577b5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.15,
        "x": 0.24,
        "y": 0.53
      },
      "kind": "callout",
      "text": "Using market multiples for the rest of Phillips 66's assets implies negative value for refining",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8b88f1d-f571-4c07-bca0-ceae31288c6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We see enormous trapped value at Phillips 66. The Board does not.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-855b-8c8b68de5a0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.86,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Enterprise Value Decomposition at Current Valuation ($bn)",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a2c4065-e15c-4d94-b01d-7d27ffab7da8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: $62bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-855b-90eb9c9de8ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.86,
        "x": 0.07,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Applying appropriate valuation multiples to Phillips 66's segments implies that the market is assigning little value to the Company's midstream assets, or its refining assets.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "086af3e2-0dcb-4d05-bf0f-0829d06ae8c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.86,
        "x": 0.07,
        "y": 0.815
      },
      "kind": "title",
      "text": "We see enormous trapped value at Phillips 66. The Board does not.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "940e0220-9a37-4eee-a9ab-00be27b7c09c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.86,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "CONGLOMERATE STRUCTURE: VALUE TODAY GETS REFINING FOR FREE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1fde2ecb-6973-4414-9cfb-60b68d0a4977",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "868d3d25-6664-40a1-ad0e-f9913ab198c6",
      "evidence": "The slide presents a waterfall chart to decompose the enterprise value of Phillips 66.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "4106e933-16f1-4dfc-801d-3593f9ea1076",
      "evidence": "Waterfall chart showing decomposition of enterprise value",
      "confidence": 0.9
    }
  ],
  "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": [
    {
      "to": 34,
      "from": 30,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "c88af8df-d59f-4c12-aab2-a16e8b350961",
      "evidence": "The presentation reveals the hidden value in Phillips 66's midstream assets and how they are not receiving full value credit.",
      "position": 1,
      "objective": "Revealing the hidden value in Phillips 66's midstream assets",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.8,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}