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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-05-06 00:00:00",
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  "notes": "The slide uses a 'before-after' style framing by showing the company's original slide (left) and the activist's critique (right).",
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      "text": "Phillips 66 underperformed the average of core peers Valero and Marathon by 8%, 32% and 97% over 1-year, 3-year and 5-year periods, respectively – no amount of statistical manipulation can change this fact.",
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      "text": "1. Using CEO Transition as the start date ignores Phillips’ >50% relative TSR underperformance while Mark Lashier was COO. 2. Peer group includes low-quality, poor-performing and inappropriate small-cap refiners. 3. Highlighting the median performer from an inappropriate peer group effectively excludes the outperformance of the most appropriate comps, Valero and Marathon. 4. As Phillips 66’s refining EBITDA has eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips’ underperformance against refiners.",
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      "text": "TSR: 97%",
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      "text": "Phillips 66 uses a misleading timeframe, an incorrect peer group and a distorting methodology in an attempt to manufacture TSR outperformance. In reality, the Company has dramatically underperformed its closest peers Valero and Marathon.",
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      "text": "PHILLIPS FALSELY CLAIMS TSR OUTPERFORMANCE",
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