{
  "docId": "019dd923-622b-71dc-a6d9-48cf2415e3d9",
  "docSlug": "b672c185ded3",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 23,
  "pageCount": 51,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide is a direct quote/excerpt from a Phillips 66 letter to shareholders.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-48cf2415e3d9/23",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.74,
        "x": 0.13,
        "y": 0.155
      },
      "kind": "callout",
      "text": "From Phillips 66's April 24 Letter: Elliott has put forth illegal corporate governance demands, masked by misleading communications.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a40d939-76df-48fa-aa7d-d03dc5ea6bff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Elliott has put forth illegal corporate governance demands, masked by misleading communications.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c1-f50f94930a92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.74,
        "x": 0.13,
        "y": 0.215
      },
      "kind": "list",
      "text": "Bullet points detailing the legal arguments against Elliott's proposal, citing Delaware law, fiduciary duty, and SEC Rule 14a-8.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "109d92ac-9821-4cd9-96a2-802eda5ba8f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.678,
        "x": 0.118,
        "y": 0.112
      },
      "kind": "paragraph",
      "text": "See also: Slides 118, 119 and 120 of our April 28 investor presentation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59f1f6c3-2520-4885-bbc9-ec337eae442a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "certainly creative; it is also, for three distinct reasons, illegal. — A leading academic",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c1-fa725dc078a3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "2249fc8a-9882-4a71-9ce0-29aee41cf925",
      "evidence": "The slide explicitly frames the opponent's proposal as illegal to preemptively discredit it.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}