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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "The slide uses a comparative framework to suggest a path for Phillips 66 based on Marathon's historical success.",
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      "text": "We estimate Phillips could retire ~60% to ~90% of its shares outstanding(4)",
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      "text": "share repurchases: ~90%",
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      "text": "Note: See appendix for valuation details. 1) Speedway % of market cap... 2) MPC cumulative TSR... 3) Includes Midstream, CPChem, JET... 4) See calculation details on next page.",
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      "text": "Comparison table between Marathon and Phillips 66 across four strategic pillars: Operating Performance, Asset Divestiture, Share Repurchases, and Stock Price Increase.",
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      "text": "PHILLIPS COULD FOLLOW MARATHON'S PATH OF ASSET SALES AND BUYBACKS",
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