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      "text": "I think this analysis is important because there is a view out there... that PSX's refining kit isn't nearly as good as peers... We have long disagreed",
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      "text": "Elliott renewed its call... for PSX to close its EBITDA/bbl gap vs. peers... Refining performance certainly has significant room for improvement",
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      "text": "Most investors we talked to welcomed Elliott's involvement in PSX... Elliott will be able to get a couple of its chosen candidates... on PSX's board",
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      "text": "[We believe] the letter will add a level of accountability for PSX to hit its cost targets.",
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      "text": "\"Refining performance certainly has significant room for improvement and is key to improving SOTP as well as to addressing investor concerns\" — Citi Research, February 13, 2025; \"We agree that PSX's midstream does not reflect full value...selling some midstream assets could unlock value.\" — Bank of America, February 14, 2025; \"An activist shareholder, Elliott, can be a positive catalyst for shareholders.\" — Wells Fargo, November 29, 2023; \"Most investors we talked to welcomed Elliott's involvement in PSX\" — UBS, December 1, 2023; \"[We believe] the letter will add a level of accountability for PSX to hit its cost targets.\" — T.D. Cowen, December 4, 2023; \"Overall, we think Elliott's involvement should likely be an overall positive for PSX as an extra push towards the goals the company has already set out.\" — J.P. Morgan, November 29, 2023",
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