{
  "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": 22,
  "pageCount": 35,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a 'before-after' logic applied to a peer comparison to establish a precedent for the activist's thesis.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "comparison_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-4685d052e00b/22",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-4685d052e00b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-4685d052e00b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-4685d052e00b#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870d-cdc9556f5b3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.18,
        "x": 0.26,
        "y": 0.12
      },
      "kind": "chart",
      "text": "Value of $100 Invested Since Elliott's Public Disclosure of Marathon Position",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fa58a77-4b78-4ef8-a76c-5207317203ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "TSR vs. Peers: 149%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870d-d09a74ae2ffa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.23,
        "x": 0.02,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Our experience at Marathon adds to our conviction that Phillips can dramatically improve performance...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dad296f6-e645-4df0-a4f7-82996d8fa373",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.95,
        "x": 0.02,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Speedway % of market cap... (5) MPC cumulative TSR vs. VLO and PSX...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7d45cce-7d26-4a27-994f-a9f7f216195c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.53,
        "x": 0.45,
        "y": 0.12
      },
      "kind": "table",
      "text": "Comparison table of Marathon vs Phillips 66 initiatives and results",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "742a5104-0c00-4b3c-8ea2-b076971bfa8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.55,
        "x": 0.43,
        "y": 0.78
      },
      "kind": "title",
      "text": "LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71dc212a-f750-4051-bd94-b0128cc31f93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "MARATHON PETROLEUM CASE STUDY",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f757003-ed92-4a89-926d-ca5cc6910678",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "f9a71fcf-d17a-4d43-b03c-ef4e03b1afd0",
      "evidence": "The slide presents a comparison table of Marathon vs Phillips 66 initiatives and results.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "c4e9b9b9-eebf-4118-93a2-5c8e3422953c",
      "evidence": "Direct comparison of Marathon Petroleum case study against Phillips 66 potential",
      "confidence": 0.95
    },
    {
      "name": "precedent_table",
      "slug": null,
      "matchId": "3c076dee-436f-4037-8c77-358685b83421",
      "evidence": "Uses historical success at one company to argue for future success at another",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 22,
      "from": 16,
      "beatId": "484b2da8-af49-44a8-b30c-8b8b4f900e3d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The deck presents case studies and comparisons to illustrate the struggle for change",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 22,
      "from": 17,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "0966a9ee-d6fe-4118-a160-ac4783dbddbd",
      "evidence": "The deck presents a clear before-after comparison of the two options",
      "position": 0,
      "objective": "Compare the status quo with Elliott's Streamline 66 plan",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.7,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}