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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The chart shows Phillips 66 underperforming relative to the peer group and S&P 500 over the 2020-2024 period.",
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      "text": "Phillips 66 Annual Report tells a different story about relative shareholder returns",
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      "text": "Cumulative Total Shareholder Return on $100 Invested on January 1, 2020",
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      "kind": "source-note",
      "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: Phillips 66 2024 10-K page 46.",
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      "text": "HOW PHILLIPS 66 DISPLAYS TSR IN ITS ANNUAL REPORT WHERE SEC RULES REQUIRE MORE STRAIGHTFORWARD DISCLOSURE",
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