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      "text": "From Phillips 66’s April 24 Letter: Elliott’s competitive interests merit careful attention. [List of 4 points regarding CITGO]",
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      "text": "Elliott's competitive interests merit careful attention.",
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      "text": "Elliott has no investment in CITGO, either directly or through Amber Energy. Nor is Elliott, either directly or through Amber Energy, the leading bidder in the CITGO auction process, having been topped by two other parties whose bids came in higher than ours. By contrast, we have made a multi-billion-dollar investment in Phillips 66, and we have spent substantial time and effort on a value-creation plan to help improve its performance for the benefit of all of its investors.",
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      "kind": "paragraph",
      "text": "Regarding compensation, Elliott agreed to pay each of our nominees up to $100,000, which they have agreed to reinvest into Phillips 66 stock. Providing compensation to candidates during an election contest is standard practice across our engagements and serves no purpose other than to recognize the significant amount of time and effort we ask each candidate to devote to a campaign, while further aligning their interest with the interests of Phillips 66 and other shareholders.",
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      "text": "After Phillips 66 filed its proxy statement on April 7, we realized that our concerns were even more reasonable than we initially thought. As the Company disclosed in the background section of its filing, its Board had already determined on March 14 to nominate Howard Ungerleider and Nigel Hearne to the Board – three days before it “initiated outreach by phone to the Elliott nominees.” The Company’s Board once again was not interested in evaluating our nominees in good faith – as its own filings reveal, this outreach was done simply to create the pretext for the PR stunt you see illustrated in the question above.",
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      "text": "From Phillips 66's April 24 Letter: \"Elliott's competitive interests merit careful attention.\" — Phillips 66",
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