{
  "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": 27,
  "pageCount": 53,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Uses a 'Promises vs. Reality' framework to highlight management failure.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-b50b62034906/27",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-b50b62034906",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-b50b62034906.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-b50b62034906#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips’ 2019 “AdvantEdge66” cost-cutting initiative",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0a9-27ea913c80a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips' 2019 “AdvantEdge66” cost-cutting initiative",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d87d1130-7404-4314-b6e2-0705ad5bd011",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.03,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "1) Based on Bloomberg consensus estimates with an average excluding turnaround expenses of ~$10.4bn. 2) See ‘Impact of Natural Gas Prices on PSX Opex/bbl Declines’ calculation on slide 49 in the appendix.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b087e26-be06-4b16-a6ba-de4a34ae7d4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.94,
        "x": 0.03,
        "y": 0.2
      },
      "kind": "table",
      "text": "Promises vs Reality table for Profit Targets, Accretive Growth, and Capital Returns",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09940e20-4d83-4206-aa46-deaf2ed9533c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.75,
        "x": 0.03,
        "y": 0.06
      },
      "kind": "title",
      "text": "PHILLIPS HAS AGAIN FAILED TO DELIVER ON ANALYST DAY INITIATIVES",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd59ff4f-c121-403c-8709-0e7644c8742c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "a2277daa-c1d9-4b42-a50b-81496a55b740",
      "evidence": "Promises vs Reality comparison",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 36,
      "from": 25,
      "beatId": "880b7c67-0363-4e73-980f-cb3a74247948",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation provides a solution by proposing a 'Streamline 66' plan to unlock shareholder value.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}