{ "docId": "019dd923-622b-71dc-a6d9-5ed233183fca", "docSlug": "88ae3a4b310b", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-05-16 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 15, "pageCount": 25, "prevPage": 14, "nextPage": 16, "slideType": "closing_ask", "function": "state_next_steps", "density": "overcrowded", "nDataPoints": 0, "notes": "This is a landing page or digital slide deck page for an activist campaign.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "callout_box" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-5ed233183fca/15", "deckHref": "/decks/019dd923-622b-71dc-a6d9-5ed233183fca", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-5ed233183fca.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-5ed233183fca#slide-15", "components": [ { "bbox": { "h": 0.04, "w": 0.15, "x": 0.1, "y": 0.72 }, "kind": "callout", "text": "Download Presentation →", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78742c40-8a27-42a2-b60a-b2d9a0508c2f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.15, "x": 0.14, "y": 0.52 }, "kind": "callout", "text": "Read Full Letter Here →", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8070328c-6382-4a41-964d-202fcd402090", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.12, "x": 0.14, "y": 0.2 }, "kind": "callout", "text": "How To Vote →", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e9090a42-b91f-4bfd-ae75-da581272947d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Elliott urges you to use the GOLD universal proxy card or voting instruction form.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-1ac1-76e9-bcd6-bc19dcf7015a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.84, "x": 0.08, "y": 0.6 }, "kind": "image", "text": "Industrial pipeline background", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7e94d70e-cd0b-46bf-9f1f-7b8584ed1cf3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.28, "x": 0.58, "y": 0.04 }, "kind": "image", "text": "Video thumbnail showing proxy card voting instructions", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "514f383b-9026-40e3-83ad-e686b8c98cc9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.14, "y": 0.12 }, "kind": "paragraph", "text": "The Annual General Meeting of Phillips 66 (the \"Company\") shareholders is scheduled to be held virtually on May 21, 2025. You can vote your shares using one of the voting options listed below. Elliott urges you to use the GOLD universal proxy card or voting instruction form.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d65c59e-5ea4-4693-b423-88161ee53291", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.4 }, "kind": "paragraph", "text": "Dear Fellow Phillips 66 Shareholder: We are writing to you as fellow investors in Phillips 66 (NYSE: PSX) (the \"Company\"), an energy conglomerate that is falling well short of its potential and is in urgent need of a new direction.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f52732d4-404f-4ccc-992f-8f6a3c36b1b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.08, "y": 0.84 }, "kind": "title", "text": "NOMINEES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4bbe6546-1193-4580-88f6-5ea1f9623862", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.14, "y": 0.32 }, "kind": "title", "text": "ELLIOTT'S CASE FOR CHANGE AT PHILLIPS 66", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6df033e1-1cbe-4b41-8412-3848df6fc3f7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.1, "y": 0.66 }, "kind": "title", "text": "ELLIOTT'S PERSPECTIVES ON VALUE CREATION", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c420244-678b-4746-aded-65a663ba7cb6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.3, "x": 0.14, "y": 0.04 }, "kind": "title", "text": "YOUR VOTE MATTERS\nVOTE YOUR SHARES TODAY", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d60ef1b6-24df-4ead-abbc-ed36c971be18", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Storytelling: the closing ask", "slug": "closing-ask", "agent": "storyteller", "layer": "slide", "matchId": "534a17a8-b3aa-4ea4-8440-99d4ba64fd9d", "evidence": "The slide emphasizes that 'YOUR VOTE MATTERS' and provides instructions on how to vote, making it a closing ask.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 25, "from": 3, "beatId": "97ed62d6-4c86-4617-b458-df692a832dbb", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Closing ask", "beatSlug": null, "evidence": "Multiple slides (3, 8, 10, 15, 18) urging shareholders to vote for Elliott's nominees.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 25, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "e750a765-703c-4086-b05e-51cc2c621ecc", "evidence": "The deck implies that not voting for change will lead to continued misaligned CEO compensation and poor performance.", "position": 0, "objective": "What are the consequences of not voting for change?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }