{
  "docId": "019dd923-622b-71dc-a6d9-31fdb0a37c93",
  "docSlug": "c4edc72c53ee",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 15,
  "pageCount": 33,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "Uses a 'Villain Critique' style to contrast management claims with market performance data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "bar_chart_vertical",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-31fdb0a37c93/15",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-31fdb0a37c93",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-31fdb0a37c93.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-31fdb0a37c93#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The “decisive actions” taken by CEO Mark Lashier and his management team run counter to what shareholders have called for.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ff-6e46d575514c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.7,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Surpassed by the competition in the Permian Basin",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34f22a9a-d3ad-408c-94bd-32e4baecb190",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.42,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Phillips 66's acquisition strategy is dilutive and has destroyed value",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "853961c9-9c07-4f04-b0b0-1103dfb18223",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.7,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Phillips 66's opex / bbl gap to peers is getting worse",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49e35d24-660e-462d-9f68-aff753119c98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.42,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Divestiture proceeds were recycled into acquisitions",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c943235-f6e8-4e5b-a9a4-808d9918997d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.35,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "Decisive Actions and Results (Phillips 66 claims)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26db4ec3-04fc-4827-8ae9-a581064a4928",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Expense per Barrel: 228%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ff-737af34afa34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "The “decisive actions” taken by CEO Mark Lashier and his management team run counter to what shareholders have called for. The market has shown clear resistance to further midstream acquisitions at dilutive multiples.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50357ba8-7501-47e2-9c28-2558de75b447",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, company disclosures and third-party energy market consultant views.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9693a4bf-b89d-46e2-a353-c413d9823d08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "MANAGEMENT HAS DESTROYED VALUE, YET CLAIMED SUCCESS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f5fecc3-0b6c-4dbb-a71f-bbe286f70e6a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "558686de-08d7-4836-878a-52be9cd1fb9f",
      "evidence": "Waterfall chart showing divestiture proceeds and acquisitions",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "121b2cad-3264-4720-801d-1363742acfd8",
      "evidence": "Contrasts management claims with performance data",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 5,
      "beatId": "03879e9e-e8bb-4ae9-977d-6ee5a9d00a0f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document spends several pages exposing contradictions in Phillips 66's claims and performance metrics.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}