{
  "docId": "019dd923-622b-71dc-a6dc-4685d052e00b",
  "docSlug": "75807c941317",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "14_Icahn",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-12 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 14,
  "pageCount": 35,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "Uses a line chart with annotations to correlate specific management statements with stock price movement.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-4685d052e00b/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-4685d052e00b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-4685d052e00b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-4685d052e00b#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.4,
        "y": 0.2
      },
      "kind": "callout",
      "text": "3/5 – 3/11: Phillips issues letter defending their structure and attends conferences to double down on midstream growth strategy",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13881992-1eee-457a-bf0e-5d9cf4f94e4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.08,
        "y": 0.2
      },
      "kind": "callout",
      "text": "Following release of Elliott’s Streamline66 plan, the stock outperformed peers by 11%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6dc6864-e62c-478b-b958-43d97efa2f99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Indexed PSX Stock Price Performance vs VLO & MPC Average Rebased to 0% since the Unaffected Date",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2fe30629-caa7-4640-a811-948dbf1350d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "(1) Phillips 66 issues a public letter on 3/5/25 and presents at the Wolfe and Thrive conferences to talk about the Company's strategy on 3/6/25. (2) We reject the notion that the only way to be a successful refiner is to focus solely on refining.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8afe1f91-6a62-457d-8ead-89f3f1d560b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "indexed stock price performance: 11%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870d-5c4bce0c3cdf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.53,
        "y": 0.32
      },
      "kind": "quote",
      "text": "…[We] believe that our integrated business model generates the highest long-term value…So we’re committed to that",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3dd286bb-cc6e-40fc-96bb-2eecab33aaa3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.2,
        "x": 0.7,
        "y": 0.45
      },
      "kind": "quote",
      "text": "We can be bigger than that and we can be better than that",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc46002b-17a6-45fc-8bb6-e6aad4231035",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“[We] believe that our integrated business model generates the highest long-term value...So we’re committed to that” — Mark Lashier, March 6, 2025; “We can be bigger than that and we can be better than that” — Mark Lashier (on Bloomberg News), April 8, 2025",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870d-593c054bd056",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "INVESTORS ARE VOTING WITH THEIR FEET",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5fd29c1-9933-4ab5-a5b4-f2feca27da96",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "5b2cb321-1034-4a21-86fd-6b33798e8a10",
      "evidence": "Contrasts management quotes with negative stock performance trend",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 8,
      "beatId": "0ef39fe5-5b18-4d4d-8468-55e888e5da41",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck presents a clear problem statement and exposes contradictions in Phillips 66's performance and leadership",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}