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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY",
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      "text": "Value of $100 Invested Since Elliott's Public Disclosure of Marathon Position",
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      "text": "Stock Price Upside: 75%",
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      "text": "Our experience at Marathon adds to our conviction that Phillips can dramatically improve performance. Marathon added a new director in consultation with Elliott to strengthen governance...",
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      "text": "(1) Speedway % of market cap as of closing date of MPC sale of Speedway to 7-Eleven on 5/14/21. (2) Includes Midstream, CPChem, JET. Further details on page 132 in Elliott's Presentation released 04/28/25 titled 'Elliott's Perspectives on Value Creation.'",
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      "text": "Comparison table of Marathon vs Phillips 66 across operational improvements, divestitures, share repurchases, and stock upside.",
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      "text": "MARATHON PETROLEUM CASE STUDY",
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