{
  "docId": "019dd923-622b-71dc-a6d9-264707884ed6",
  "docSlug": "08b62866c4bb",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 9,
  "pageCount": 10,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide presents a curated list of sell-side analyst opinions to validate the activist's thesis.",
  "elementsJson": [
    "headline_text",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-264707884ed6/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-264707884ed6",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-264707884ed6.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-264707884ed6#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.6
      },
      "kind": "quote",
      "text": "Most investors we talked to welcomed Elliott's involvement in PSX... Elliott will be able to get a couple of its chosen candidates... on PSX's board",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1331febf-7231-46d1-8498-5f09b6883839",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "quote",
      "text": "[We believe] the letter will add a level of accountability for PSX to hit its cost targets.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1515f5af-a816-497d-a345-85207c9a9a5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.12
      },
      "kind": "quote",
      "text": "I think this analysis is important because there is a view out there... that PSX's refining kit isn't nearly as good as peers... We have long disagreed on both of these points",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cce6cbd-3625-4862-a99b-26ef33ddedde",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.8
      },
      "kind": "quote",
      "text": "Overall, we think Elliott's involvement should likely be an overall positive for PSX",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6112fed8-dcbe-4704-90d3-9bd3a6d5f50d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.05,
        "y": 0.4
      },
      "kind": "quote",
      "text": "An activist shareholder, Elliott, can be a positive catalyst for shareholders.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d73d7b86-386a-43e2-8272-d06ca77835d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.4
      },
      "kind": "quote",
      "text": "We agree that PSX's midstream does not reflect full value... selling some midstream assets could unlock value.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da6d99f9-3520-4366-8b62-26c4d78e46e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.45,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "quote",
      "text": "Elliott renewed its call... for PSX to close its EBITDA/bbl gap vs. peers... Refining performance certainly has significant room for improvement",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e041ade3-1b35-4a02-8602-8b91098f58da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Elliott renewed its call, first made in November 2023, for PSX to close its EBITDA/bbl gap vs. peers including VLO and MPC on a like-for-like basis.” — Citi Research, February 13, 2025; “An activist shareholder, Elliott, can be a positive catalyst for shareholders.” — Wells Fargo, November 29, 2023; “We agree that PSX’s midstream does not reflect full value...selling some midstream assets could unlock value.” — Bank of America, February 14, 2025; “Most investors we talked to welcomed Elliott's involvement in PSX.” — UBS, December 1, 2023",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7c0-c4bf11d275e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "SELLSIDE COMMENTARY ON ELLIOTT'S INVOLVEMENT (CONT.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a993caf9-6795-4a9f-9c7a-85f8e18509d2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "8f364bf9-d190-4df7-b4fa-417bfc3c44e8",
      "evidence": "Uses quotes from major financial institutions (Citi, TPH, Wells Fargo, BofA, Cowen, UBS, JPM) to build credibility for the activist's position.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 8,
      "beatId": "4a3d160a-27ea-46ee-a3ed-f15f5104deab",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Cite Precedent",
      "beatSlug": null,
      "evidence": "The document cites sellside commentary and precedents for Elliott's involvement",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}