{
  "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": 78,
  "pageCount": 154,
  "prevPage": 77,
  "nextPage": 79,
  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 21,
  "notes": "Includes a testimonial/quote from shareholder nominee Michael Heim.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "comparison_table",
    "headshot",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/78",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-78",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.11,
        "x": 0.09,
        "y": 0.68
      },
      "kind": "image",
      "text": "Michael Heim",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "41b0808a-1775-46b2-bc4a-552e8b77c6c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.21,
        "y": 0.68
      },
      "kind": "quote",
      "text": "The other large cap public midstream companies would all have an eye on Phillips 66's midstream business if it were for sale. Given how underperforming the business has been, all the peers would know that 4 billion of EBITDA could easily be turned into 5 billion or more.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6761244-e8e3-409b-ad83-ea5b0bac2541",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.07,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: Bloomberg. (1) Calculation details presented in the appendix. (2) Consensus 2026E TEV / EBITDA.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "040fb366-7afc-4fa8-8db2-588dedfb3bb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "table",
      "text": "Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "511aa349-ec77-4af2-99b6-a545e27e0089",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.14
      },
      "kind": "title",
      "text": "A 9.7x multiple post-synergies would generate ~$43bn of cash for Phillips 66 shareholders(1)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb1ed2e6-998a-4dfb-b823-aee98249db22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.86,
        "x": 0.07,
        "y": 0.09
      },
      "kind": "title",
      "text": "STREAMLINE PORTFOLIO: STRATEGIC BUYER UNIVERSE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23d9bf20-ddc6-475e-a377-9c649feef1d2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "39822368-43f2-4675-bf65-b2d011abe71e",
      "evidence": "Comparison matrix of 7 companies across 6 strategic criteria and valuation multiples.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "ed5b0b93-3569-4908-94b7-a0d2bc0bc08f",
      "evidence": "Table comparing strategic buyers across multiple criteria",
      "confidence": 0.9
    }
  ],
  "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
}