{
  "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": 18,
  "pageCount": 33,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a 'before-after' style critique of a company's own presentation materials.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-31fdb0a37c93/18",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-31fdb0a37c93",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-31fdb0a37c93.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-31fdb0a37c93#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.65,
        "y": 0.25
      },
      "kind": "callout",
      "text": "INCORRECT AND DECEPTIVE",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e21537e5-f0ab-4e81-bca9-a61caea546c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ff-d9123944c696",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.6,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "PSX Has Reduced Costs in All Four Regions From 2022 to 2024",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f440b44b-5f00-4f2a-8709-79921551c9e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.3,
        "x": 0.65,
        "y": 0.3
      },
      "kind": "list",
      "text": "1. Highest cost refiner; 2. Excludes taxes; 3. Driven by natural gas prices; 4. EBITDA/bbl gap widened.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c2e5ac6-e899-4e39-b121-88d19616717b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "opex/bbl: $1.60",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ff-df2874be1511",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Phillips 66 uses incomplete disclosures to take credit for recent opex/bbl declines that are primarily attributable to market forces. This distracts from the fact that the Company continues to have significantly higher opex than its core peers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4ba63e6-60f8-472e-bfd3-5ab439fdf7ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.45,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Phillips 66 April 28, 2025 Presentation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46afd6da-8073-4e71-8798-d427669a72b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.3,
        "x": 0.65,
        "y": 0.25
      },
      "kind": "table",
      "text": "Highlights of cost reduction metrics",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6407918a-6397-43ed-adb9-0be1b00758d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "OVERSELLING PROGRESS ON REFINING OPEX REDUCTION",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0506aa54-84d3-4d8f-b502-43c60562d9fb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "8d0800a5-d8c9-43c6-9245-e3904371a0db",
      "evidence": "Contrasting company claims with factual rebuttal points",
      "confidence": 0.9
    }
  ],
  "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
}