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      "text": "Phillips 66 has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance.",
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      "text": "PHILLIPS 66 VS. MARATHON/VALERO AVERAGE CUMULATIVE TOTAL SHAREHOLDER RETURN SINCE SPINOFF FROM CONOCOPHILLIPS",
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      "text": "Phillips 66 stock has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance. Since its spinoff from ConocoPhillips in 2012, Phillips 66 has lagged far behind its closest peers Valero Energy and Marathon Petroleum.",
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      "text": "Elliott, which manages funds that together are a top-five shareholder in Phillips 66, published an ambitious plan on February 10 to reverse the company's faltering performance. Phillips 66 stock outperformed its peers Valero Energy and Marathon Petroleum by 11% over the following month.",
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