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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a 'villain' framing by highlighting negative investor quotes about the CEO and board.",
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      "text": "Performance ratings across four categories comparing Phillips 66, Marathon Petroleum, and Valero.",
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      "text": "Shareholder feedback from Elliott-commissioned, third-party survey covering 60% of Phillips 66's institutionally owned shares.",
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      "text": "Look at the performance. They have issue after issue after issue. If that is not a question of the management is the problem...look, they have a management problem. I don't know any other investor who doesn't think that is true. — Anonymous Investor",
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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": "DAMAGED CREDIBILITY: SHAREHOLDER SURVEY RESULTS",
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