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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "That is why we think it is imperative that four new, independent directors are added to the Board.",
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      "text": "01 Given market volatility and uncertainty, it is unlikely there is a buyer for the CPChem or Midstream assets at fair value. 02 A standalone refining and marketing & specialty business would trade at a meaningful discount to core peer refining multiples, even at current depressed earnings. 03 Value of integration is significant and makes separating Midstream and Refining unattractive. 04 Tax leakage makes a Midstream sale unattractive.",
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      "text": "Elliott has thoroughly analyzed all of these issues and sought outside perspectives. We are deeply skeptical the Company has conducted an honest, unbiased evaluation of these issues. It has been Elliott's experience that issues presented as insurmountable facts by leadership teams that are biased towards the status quo become non-issues when fresh eyes drive change. That is why we think it is imperative that four new, independent directors are added to the Board. That said, as a long-term investor who owns a multi-billion-dollar position in Phillips 66 stock, we would never advocate that the Company sell high-quality assets at low prices or pursue a risky strategy. Your vote will determine whether experienced, independent, shareholder-focused directors will have the opportunity to fully evaluate these options – or whether those decisions remain with the current Board and management team.",
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      "text": "THE COMPANY'S ARGUMENTS AGAINST STRATEGIC ACTION",
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