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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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  "pageNumber": 19,
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  "notes": "Uses two distinct charts to prove the same point: one focusing on correlation with MPC, the other on VLO/MPC peer group performance.",
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      "kind": "callout",
      "text": "COMPANY'S APPROACH IS INCORRECT",
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      "text": "Phillips 66 intentionally excluded Valero, the only pure-play refiner of scale, as well as all pure-play midstream comps. When adding in Valero and relevant midstream players, it is clear Phillips 66 trades in line with both Valero and Marathon and not at all like a midstream company.",
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      "text": "Indexed Share Price Performance Since Initial Elliott Letter",
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      "text": "PSX Trades Like Marathon, Which Has Similar Midstream Exposure",
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      "text": "share price correlation: 80%",
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      "text": "Source: Phillips 66 April 28, 2025 Presentation",
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      "text": "PHILLIPS FALSELY CLAIMS IT DOES NOT TRADE LIKE A REFINER",
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