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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "John Pike and Mike Tomkins",
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  "presentationDate": "2023-11-29 00:00:00",
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      "text": "Enhancing governance; Transitioning to a new CEO; Improving refining operations (closed $2/barrel EBITDA gap, $2B improvement); Selling Speedway ($17B proceeds).",
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      "text": "Following our engagement with Marathon in 2019, its management team and board dramatically improved the company's structure and operating performance, leading its stock price to outperform its U.S. refining peers by approximately 200%.",
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      "text": "We are hopeful the current management team, supported by an enhanced Board, can deliver on its performance targets... should Phillips 66 fail to show material progress... we believe that the Company should at that point pursue its best available option.",
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