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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The slide uses a direct quote from the CEO to set up a contradiction with the activist's analysis of the company's methodology.",
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      "text": "Intellectually dishonest methodology",
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      "text": "By using a median while also using a peer set with inappropriate peers, the Company effectively excludes the outperformance of the most appropriate comps, Valero and Marathon\nRebalances segment weightings based on forward segment EBITDA, allowing the Company to deemphasize their main refining business in their TSR calculation",
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      "text": "Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier's was COO\nIncludes low-quality, poor-performing and inappropriate small-cap refining peers\nIntellectually dishonest methodology",
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      "text": "Phillips 66 CEO Mark Lashier, March 18, 2025",
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      "text": "PHILLIPS 66'S TSR DISTORTION:",
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      "text": "If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable.",
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      "text": "\"If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable.\" — Phillips 66 CEO Mark Lashier, March 18, 2025",
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      "text": "PHILLIPS TSR CLAIMS OUTPERFORMANCE",
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