{
  "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": 8,
  "pageCount": 51,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 27,
  "notes": "The slide uses a bar chart to contrast historical actuals with forward projections, specifically critiquing the company's mid-cycle methodology.",
  "elementsJson": [
    "headline_text",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-48cf2415e3d9/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-48cf2415e3d9#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.73,
        "y": 0.15
      },
      "kind": "callout",
      "text": "The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b504261-caaf-488f-bd78-15ded9c19467",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.1,
        "y": 0.18
      },
      "kind": "callout",
      "text": "The Company, like most investors, use the average 2012–19 refining crack to define mid-cycle given this: Reflects key historical shifts including growth of U.S. shale oil. Is not impacted by COVID distortions and post-COVID inflation.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e6e2b9c-4455-42e9-bc73-eb45ad01c447",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.95,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Gulf Coast 3-2-1 Crack ($/bbl) from 2000 to 2026",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "069029e5-8ffb-464d-ac74-f5aa1e40d3e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Gulf Coast 3-2-1 Crack: $9.37",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c1-45b16e9c2767",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.1,
        "y": 0.33
      },
      "kind": "quote",
      "text": "[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. You had cycles of strong margins and weak margins during that period of time. Phillips 66 Investor Relations, March 14, 2024",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13a5c2c6-0bf2-4ae7-b6f1-6785daed20e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. You had cycles of strong margins and weak margins during that period of time.\" — Phillips 66 Investor Relations, March 14, 2024",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c1-418f68841043",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.03,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "(1) Gulf Coast crack refers to a USGC 3-2-1 MEH RVO-Adj. Crack... (2) 2024 full-year EBITDA as reported by the Company including the burden of turnaround expenses.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d6623e6-dcc1-4774-b19b-811cff79b838",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.03,
        "y": 0.05
      },
      "kind": "title",
      "text": "REFINING CRACKS THROUGH THE CYCLE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aeb21d1a-9046-4711-b953-09f491262af5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Analytical method",
      "slug": "analytical-method",
      "agent": null,
      "layer": "slide",
      "matchId": "37cb5cdd-d8e5-418e-b50c-f29158cf912a",
      "evidence": "The slide discusses the company's methodology for defining mid-cycle refining EBITDA, indicating an analytical approach.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "analytical-method",
      "slug": null,
      "matchId": "bf6a3759-2397-4ac9-93aa-aca6ff872820",
      "evidence": "Use of 2012-2019 average as a mid-cycle benchmark",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 7,
      "beatId": "19d90e88-7ada-44b9-888c-a06c2bf1a365",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Highlighting the issues with Phillips 66's conglomerate structure",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}