{
  "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": 76,
  "pageCount": 154,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "nominee_bio",
  "function": "introduce_nominees",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Includes a quote from the nominee regarding midstream asset strategy.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "headshot",
    "bullet_list",
    "bar_chart_vertical",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/76",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-76",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8560-5bbf417448a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.21,
        "x": 0.72,
        "y": 0.22
      },
      "kind": "chart",
      "text": "TSR Generation: Targa Resources (1,204%) vs AMLP Index (87%)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3f58195-03ef-4b6f-8030-1513ad7d1911",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.22,
        "x": 0.07,
        "y": 0.265
      },
      "kind": "image",
      "text": "Michael Heim photo",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bdfb2eb-5dd6-4cff-8d3f-48dc461f0cc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.38,
        "x": 0.29,
        "y": 0.56
      },
      "kind": "list",
      "text": "Key Competencies to Add to the Phillips 66 Board: Significant executive-level midstream operating experience; Extensive executive-level energy industry experience; Extensive public board experience; Regulatory and legislative experience.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d22ecc1-8560-4874-9eb0-6ddd8c47387c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.38,
        "x": 0.29,
        "y": 0.41
      },
      "kind": "list",
      "text": "Board Experience: Current: Evolve Transition Infrastructure LP, Stonepeak Portfolio Companies; Prior: Targa Resources, Several Energy-focused Portfolio Companies.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fc2760e-858d-4e79-9821-5b4addc0279b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.38,
        "x": 0.29,
        "y": 0.22
      },
      "kind": "list",
      "text": "Key Executive Experience: Founder, Former President, Vice Chair and COO of Targa Resources; Senior Operating Partner of Stonepeak Partners; COO and EVP of Coastal Field Services.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9700359-6c5a-4ceb-9d87-a1dfc0df3101",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "TSR: 1,204%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8560-63e86cac5214",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.74
      },
      "kind": "quote",
      "text": "The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers. We need a renewed focus on stewarding these assets while exploring the most accretive mechanisms to realize value from the midstream portfolio.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f4b1a31-e0dc-490e-8872-9b4068b85e5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers. We need a renewed focus on stewarding these assets while exploring the most accretive mechanisms to realize value from the midstream portfolio. — Mr. Heim",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8560-5eb601282b22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.07,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Source: Bloomberg. (1) Assessed Time Period of 12/07/10 – 4/23/25, assuming dividends are 100% completely in Targa Resources and the Alerian MLP Infrastructure Index.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21fda5cf-bf5c-4579-b01c-1357e07f3163",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.14
      },
      "kind": "title",
      "text": "Elliott selected Michael Heim given his deep expertise in growing and realizing value from midstream assets.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2b0c417-40c8-4f3d-bf4a-1e90f2c84a76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "ENHANCED OVERSIGHT: UNLOCKING MIDSTREAM VALUE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a52383b-fe74-49b9-bbed-c082e5b174f7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 91,
      "from": 68,
      "beatId": "90817641-fe0b-4767-9586-de599cfd4be7",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation provides a solution through Streamline 66, proposing a plan for value creation and relief for shareholders.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}