{
  "docId": "019dd923-622c-750b-8b9c-b50b62034906",
  "docSlug": "48dc66421db8",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 53,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a CEO quote to contrast with the market performance data, framing the company's structure as inefficient.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "quote_block",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-b50b62034906/20",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-b50b62034906",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-b50b62034906.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-b50b62034906#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.18,
        "x": 0.8,
        "y": 0.38
      },
      "kind": "callout",
      "text": "Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2411dda3-2f54-47a3-a84a-2d76fb8b9716",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.75,
        "x": 0.03,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Share Price Performance vs. Refining and Midstream Peers since Elliott Letter",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3c1e821-9da5-49c7-9d88-31308f09da2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price performance: 40%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0a7-d6ab52df58c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.03,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "Since our engagement in late 2023, it has become clear that the Company’s midstream assets will not receive full value in the current structure",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55daabc6-af01-4ba2-af46-7c60749719bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.4,
        "x": 0.08,
        "y": 0.26
      },
      "kind": "quote",
      "text": "We’re not just a refining company. We shouldn’t be viewed just through a refining lens, whether it’s our balance sheet or whether it’s our earnings and earnings volatility. We are diversified on purpose.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c89f5bd-59ae-4c90-8e2f-8b756a1dd75a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We’re not just a refining company. We shouldn’t be viewed just through a refining lens, whether it’s our balance sheet or whether it’s our earnings and earnings volatility. We are diversified on purpose. — Mark Lashier, January 7, 2025",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0a7-d2c74937e79c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Bloomberg. Note: Emphasis added. 1) Refining peers reflect Valero and Marathon; midstream peers reflect Enterprise Products, MPLX, ONEOK, and Targa. Performance shown since November 29, 2023, the date of the publication of Elliott’s letter.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbb0174a-5eba-4e04-b531-13b955d27246",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.06
      },
      "kind": "title",
      "text": "PHILLIPS TRADES LIKE A REFINER, WITH NO CREDIT FOR ITS MIDSTREAM BUSINESS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e42b6f4-2eda-4dda-b334-7a517e5c1e99",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "d171286e-94c9-4031-9ace-14442563f648",
      "evidence": "Contrasting CEO quote with market performance data to expose strategic failure.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 10,
      "beatId": "a651ae5e-8837-4de9-a841-a3b1928502f2",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation agitates the problem by highlighting the company's failed strategy, weak profitability, and management dysfunction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}