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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike and Mike Tomkins",
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  "presentationDate": "2023-11-29 00:00:00",
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  "notes": "Includes a callout circle on the line chart highlighting the divergence in opex/bbl.",
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      "text": "The consequences of management taking its “eye off the ball” in Refining (some of which predates Mr. Lashier’s tenure) have proven costly for shareholders.",
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      "text": "We believe the loss of investor confidence illustrated by the chart above derives from the Company's underperformance in Refining, as well as poor execution on its cost-reduction efforts.",
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      "kind": "paragraph",
      "text": "The consequences of management taking its “eye off the ball” in Refining have proven costly for shareholders. The chart below shows how Phillips 66's Refining operating expenses per barrel have soared in recent years.",
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      "text": "2 As of November 27, 2023, Bloomberg. 3 Phillips 66 figures include proportional share of affiliate opex and throughput.",
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