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      "text": "Mr. Terreson, with approximately two decades of investment-analyst experience, must understand that investors do not \"usually\"—and certainly not \"appropriately\"—construct a peer group that effectively excludes the Company’s two core peers, Marathon and Valero",
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      "text": "TSR Outperformance Since 2022 CEO Transition",
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      "kind": "quote",
      "text": "\"But at the end of the day, I think investors usually, and appropriately so, try to determine whether the company can generate higher returns than the synthetic alternative(1).\" – Doug Terreson, Phillips 66 Director",
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      "text": "\"But at the end of the day, I think investors usually, and appropriately so, try to determine whether the company can generate higher returns than the synthetic alternative(1).\" — Doug Terreson, Phillips 66 Director",
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      "text": "See pages 94 – 100 of Elliott's 4/28/25 \"Perspectives on Value Creation\" presentation for further detail on the Company's flawed approach to TSR",
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      "text": "Source: Company filings. (1) The synthetic alternative represents a theoretical comparable company based on a weighted average TSR performance of a company's peers.",
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      "text": "HOW PHILLIPS 66 DISPLAYS TSR IN ITS CAMPAIGN MATERIALS",
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