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Phillips 66 (PSX) · page 5 of 6

This is a text-heavy shareholder letter page outlining a 'Plan B' if current management fails.

Shareholder letter · preempt_rebuttal · preempt_rebuttal · dense density

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Before-After-Bridge slide · 70%

And should the Company fail to meet its targets, we believe there is an alternative path available that would lead to significant value creation.
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argument-from-analogy 90%

Uses Marathon's 2019 transformation as a precedent for Phillips 66.