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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-05-06 00:00:00",
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  "notes": "The slide uses a 'before-after' framing to expose the contradiction between company claims and actual performance metrics.",
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      "text": "INCORRECT AND DECEPTIVE",
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      "text": "On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers",
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      "text": "1. On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers. 2. Excludes >$0.50/bbl of taxes from its reported Controllable Cost. 3. ~2/3 of improvements driven by gas prices. 4. EBITDA/bbl gap widened.",
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      "text": "opex/bbl: $1.60",
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      "text": "Phillips 66 uses incomplete disclosures to take credit for recent opex/bbl declines that are primarily attributable to market forces. This distracts from the fact that the Company continues to have significantly higher opex than its core peers.",
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      "text": "Source: Phillips 66 April 28, 2025 Presentation",
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      "text": "(1) See pages 103 and 135 on Elliott's 4/28/25 'Elliott's Perspectives on Value Creation' presentation for further detail on how ~2/3rds of PSX's 2022-2024 opex/bbl decline was driven by natural gas pricing.",
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      "text": "Regional cost reduction table comparing PSX, Core Peers, and Other Peers across four regions.",
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      "text": "OVERSELLING PROGRESS ON REFINING OPEX REDUCTION",
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