{ "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": 20, "pageCount": 25, "prevPage": 19, "nextPage": 21, "slideType": "testimonial", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide consists of seven distinct pull-quotes from various individuals associated with Elliott Investment Management.", "elementsJson": [ "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-5ed233183fca/20", "deckHref": "/decks/019dd923-622b-71dc-a6d9-5ed233183fca", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-5ed233183fca.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-5ed233183fca#slide-20", "components": [ { "bbox": { "h": 0.1, "w": 0.5, "x": 0.25, "y": 0.86 }, "kind": "quote", "text": "We want to see this business [Phillips 66] thrive, and it would be our expectation that your career, your wealth, your sense of satisfaction at work would also thrive alongside of that.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1503ec7e-ae07-4543-a873-fe91b2bc59cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.25, "y": 0.73 }, "kind": "quote", "text": "...There is a pent-up frustration, but also pent-up creativity and excitement of the employee base [at companies like Phillips 66] that is just waiting to be unleashed.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1984c6e2-0930-4e86-84a5-2ac8492e4eda", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.5, "x": 0.25, "y": 0.58 }, "kind": "quote", "text": "So, you've just got to give them the opportunity to spread their wings, go back out and repair a decade of damage or two decades of damage...and start to build the company again.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "28e16476-11d7-457a-bab2-436adeb03611", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.5, "x": 0.25, "y": 0.31 }, "kind": "quote", "text": "Phillips 66 is a wonderful company with fantastic assets. And if we can change the corporate structure and unlock value, then I think that actually frees up every operation as a pure play...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42f45f93-b9e9-4c26-b738-225671921495", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.25, "y": 0.05 }, "kind": "quote", "text": "I think the world of the Phillips 66 refining employees, and I would love the opportunity to become a part of Phillips 66 again in a board role...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f076109-41a9-4094-968a-0ebb73968e11", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.25, "y": 0.46 }, "kind": "quote", "text": "They've got some of the best people that have been handcuffed and not allowed to succeed.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d64108ca-ab48-4b1e-b1db-7aa21304253e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.25, "y": 0.18 }, "kind": "quote", "text": "This is a company that has good people, has a rich history, and great assets that don't necessarily belong together.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dd321ba6-bb0e-4ebb-866c-c8e2d2dde136", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I think the world of the Phillips 66 refining employees, and I would love the opportunity to become a part of Phillips 66 again in a board role... — Brian Coffman, former CEO, Motiva, Elliott nominee for Phillips 66's board, April 8, 2025; This is a company that has good people, has a rich history, and great assets that don't necessarily belong together. — Sig Cornelius, former ConocoPhillips CFO, Elliott nominee for Phillips 66's board, April 22, 2025; Phillips 66 is a wonderful company with fantastic assets. And if we can change the corporate structure and unlock value, then I think that actually frees up every operation as a pure play... — Stacy Nieuwoudt, former energy and industrials analyst, Citadel, Elliott nominee for Phillips 66's board, April 15, 2025; They've got some of the best people that have been handcuffed and not allowed to succeed. — Mike Heim, co-founder of Targa Resources, Elliott nominee for Phillips 66's board, April 30, 2025; So, you've just got to give them the opportunity to spread their wings, go back out and repair a decade of damage or two decades of damage...and start to build the company again. — Mike Heim, co-founder of Targa Resources, Elliott nominee for Phillips 66's board, April 30, 2025; ...There is a pent-up frustration, but also pent-up creativity and excitement of the employee base [at companies like Phillips 66] that is just waiting to be unleashed. — John Pike, Elliott partner, head of global energy practice, May 15, 2025; We want to see this business [Phillips 66] thrive, and it would be our expectation that your career, your wealth, your sense of satisfaction at work would also thrive alongside of that. — Geoff Sorbello, Elliott's managing director of engagement, May 15, 2025", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-1ac1-76e9-bcd7-9e1d17f513fa", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "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 }