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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a 'before and after' narrative to justify activist intervention.",
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      "text": "LIKE IN ELLIOTT’S ENGAGEMENT WITH MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING COMPANY WITH RETURNS TO MATCH",
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      "text": "MARATHON PETROLEUM TOTAL SHAREHOLDER RETURN VS. PEERS",
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      "text": "Implemented governance enhancements, including a new director selected in consultation with Elliott; Transitioned to new executive leadership; Reduced operating costs by >$1B; Sold Speedway retail segment for $17B.",
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      "text": "After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization. Marathon stock has dramatically outperformed its peers since mid 2019.",
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      "text": "Source: Bloomberg. Based on average of peers Valero and Phillips 66",
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