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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "Note: Emphasis added for all quotes globally through the presentation.",
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      "text": "Where we agree with Elliott that PSX is undervalued... Wolfe Research, April 25, 2025",
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      "text": "We think PSX's 1Q25 results will have a mixed impact... Scotiabank, April 25, 2025",
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      "text": "We agree with Elliott's assessment that there is more upside potential in the refining business... J.P. Morgan, April 8, 2025",
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      "text": "We prefer a spin, or large selldown of non synergistic assets... Bank of America, April 25, 2025",
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      "text": "We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap... T.D. Cowen, February 12, 2025",
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      "text": "Here Elliott sees Midstream assets as potentially worth ~$50B... Citi Research, February 13, 2025",
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      "text": "Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock. Piper Sandler, November 29, 2023",
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      "text": "\"We agree with Elliott's assessment that there is more upside potential in the refining business, on both capture and opex, and we think Elliott's presence itself could refocus management towards this business.\" — J.P. Morgan, April 8, 2025; \"Where we agree with Elliott that PSX is undervalued - at current levels we see no value for refining in the share price at current levels, under our integrated DCF analysis.\" — Wolfe Research, April 25, 2025; \"We prefer a spin, or large selldown of non synergistic assets as we believe the volatility in Refining EBITDA swamps growth in more stable premium segments, keeping stability seeking midstream investors away.\" — Bank of America, April 25, 2025; \"Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock.\" — Piper Sandler, November 29, 2023; \"We think PSX's 1Q25 results will have a mixed impact on near-term share price performance... the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares.\" — Scotiabank, April 25, 2025; \"We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap vs large cap peers... A M/S spin seems like easiest to execute...A sale could be a more beneficial outcome, though requires a willing suitor.\" — T.D. Cowen, February 12, 2025; \"Here Elliott sees Midstream assets as potentially worth ~$50B, assuming a ~10x multiple on synergized '26E EBITDA... We agree with Elliott on valuation disparity.\" — Citi Research, February 13, 2025",
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      "text": "SELLSIDE COMMENTARY ON ELLIOTT'S INVOLVEMENT",
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