{
  "docId": "019dd923-622b-71dc-a6d9-2ad9306516af",
  "docSlug": "32af7171d7db",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": null,
  "documentKindSlug": "regulatory-filing",
  "documentKindLabel": "Regulatory filing",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-04-30 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 15,
  "pageCount": 20,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "quote_slide",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide is a raw transcript of a Q&A session.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-2ad9306516af/15",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-2ad9306516af",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-2ad9306516af.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-2ad9306516af#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The P66 folks need to focus on growing their base business. They've spent a lot of money in the last few years on acquisitions, on M&A deals that, depending upon what time frame you look at, many of them look like they're dilutive because P66 trades at such a low multiple.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe4-1c568c1ff751",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.9,
        "w": 0.85,
        "x": 0.08,
        "y": 0.05
      },
      "kind": "paragraph",
      "text": "A transcript of an interview between Bri and Mike covering career history, Targa Resources founding, and strategic critique of Phillips 66.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e06a541-d42c-4523-a92f-6708d511c9d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The P66 folks need to focus on growing their base business. They've spent a lot of money in the last few years on acquisitions, on M&A deals that, depending upon what time frame you look at, many of them look like they're dilutive because P66 trades at such a low multiple. That low multiple is driven by their refining. They're priced as a refiner, not as a midstream company, not as a chemical company. — Mike",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe4-21fbcc869378",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}