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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a 'before-after' style framing to contrast management's narrative with reality.",
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      "kind": "callout",
      "text": "MANAGEMENT'S FICTITIOUS PERSPECTIVE: The Phillips Midstream Portfolio is Attracting New Investors to the Stock",
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      "text": "REALITY: No Credible Midstream Investors Will Invest in Phillips Today Given the Volatility",
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      "kind": "callout",
      "text": "Despite the Company’s claims of being an attractive investment proposition, Elliott’s conversations with midstream investors suggest the complete opposite.",
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      "text": "Despite the Company’s claims of being an attractive investment proposition, Elliott’s conversations with midstream investors suggest the complete opposite.",
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      "kind": "quote",
      "text": "We’ve had new investors come in over the last couple of years based on what they saw us doing in Midstream. And we want to share that gospel with everyone out there that we are committed to that business.",
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      "text": "I met with management and told them. I think their assets are great – Permian, DJ – I would love to invest. But, I can’t own Phillips for the look through midstream. I would get killed versus my benchmark any time cracks moved. They need to separate the midstream business out and then I am there. I would allocate hundreds of millions if I could buy it separately, but not today.",
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      "text": "“We’ve had new investors come in over the last couple of years based on what they saw us doing in Midstream. And we want to share that gospel with everyone out there that we are committed to that business.” — Mark Lashier, Goldman Sachs Conference, January 1, 2025; “I met with management and told them. I think their assets are great – Permian, DJ – I would love to invest. But, I can’t own Phillips for the look through midstream. I would get killed versus my benchmark any time cracks moved. They need to separate the midstream business out and then I am there. I would allocate hundreds of millions if I could buy it separately, but not today.” — Large Midstream Investor (>$5bn in AUM)",
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      "text": "Mark Lashier, Goldman Sachs Conference, January 1, 2025",
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      "kind": "title",
      "text": "CONGLOMERATE STRUCTURE: NO APPEAL TO MIDSTREAM INVESTORS",
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