{
  "docId": "019dd923-622b-71dc-a6d9-45d36a45af87",
  "docSlug": "dea0880fca1a",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": null,
  "documentKindSlug": "regulatory-filing",
  "documentKindLabel": "Regulatory filing",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 38,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Includes two area charts showing stock performance relative to peers and a quote from the Phillips 66 CEO.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "paragraph",
    "area_chart",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-45d36a45af87/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-45d36a45af87",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-45d36a45af87.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-45d36a45af87#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.4,
        "y": 0.95
      },
      "kind": "callout",
      "text": "VOTE THE GOLD PROXY CARD",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84525c6c-8214-4179-bc66-db76bcebd6eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "It didn't take long for Phillips 66 leadership to dig in its heels, defending their structure and doubling down on their current strategy.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c57-19a58c04e959",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.45,
        "x": 0.52,
        "y": 0.22
      },
      "kind": "chart",
      "text": "PHILLIPS 66 VS. MARATHON/VALERO AVERAGE CUMULATIVE TOTAL SHAREHOLDER RETURN SINCE SPINOFF FROM CONOCOPHILLIPS",
      "attrs": null,
      "subkind": "area",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d80341f-0a3e-4a7e-afde-18f035b761d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.45,
        "x": 0.52,
        "y": 0.44
      },
      "kind": "chart",
      "text": "INDEXED PHILLIPS 66 STOCK PRICE PERFORMANCE VS MARATHON/VALERO AVERAGE REBASED TO 0% SINCE THE UNAFFECTED DATE",
      "attrs": null,
      "subkind": "area",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e987cc45-89ae-4782-8da2-d159e28bf026",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: 11%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c57-213165b358fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "EVERY VOTE COUNTS TO GET PHILLIPS 66 BACK ON TRACK.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a6dc932-8b2e-4bbd-87c6-54c4cdbbd441",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.76
      },
      "kind": "paragraph",
      "text": "FALLING ON DEAF EARS – PHILLIPS 66 MANAGEMENT DEFENDS STATUS QUO",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9279698c-b4b0-40ba-8618-7344fdc46e8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.44
      },
      "kind": "paragraph",
      "text": "THE STREAMLINE 66 PATH TO OUTPERFORMANCE",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c31515a9-e606-4ff5-aa28-4e574a9604c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.05,
        "y": 0.5
      },
      "kind": "paragraph",
      "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.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e22e4ae1-8363-44c9-b794-9ccfec761512",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Phillips 66 stock has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f685e153-4f89-411a-a862-410af414beef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.76
      },
      "kind": "quote",
      "text": "[We] believe that our integrated business model generates the highest long-term value... So we're committed to that. – Phillips 66 CEO Mark Lashier, March 6, 2025",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d3313e8-01cf-423f-b893-486a706f63dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "[We] believe that our integrated business model generates the highest long-term value... So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c57-1cc9aff13e37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.05
      },
      "kind": "title",
      "text": "THE MARKET AND THE EXPERTS HAVE SPOKEN. NOW IT'S YOUR TURN.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3327b5ce-a2bf-46d4-8989-1784f3f15a14",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "893badd4-fd4e-4a9d-b447-736866db6c56",
      "evidence": "Contrasts the 'Streamline 66' plan's success with management's 'status quo' defense.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}