{
  "docId": "019dd923-622c-750b-8b9c-bac87207629e",
  "docSlug": "2ea5a5e44206",
  "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": 13,
  "pageCount": 53,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a 'Valuable Assets' theme to argue for the potential of the refining business under Elliott's proposed management.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "bar_chart_vertical",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-bac87207629e/13",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bec2-e9b8e11d6739",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.28,
        "x": 0.38,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Product Mix",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "124b11b7-6048-4695-81b2-f0e3a2a7e67e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.28,
        "x": 0.68,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Capacity by Region",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b3ba7d5-c19c-4930-a295-e85ca0fcd82f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.28,
        "x": 0.68,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Nelson Complexity Index",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91977629-1940-413a-8333-51bee717d447",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.28,
        "x": 0.38,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Average Refinery Size (kbbl/d)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fcbf4e8d-8295-425f-9e8b-10514986ee9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.3,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "list",
      "text": "~2MMbbl/d refining system with 11 refineries; Geographic and product diversity; Scaled asset base; Flexible refining kit",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51cd86be-d55b-4ebf-9014-951a154fb872",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Nelson Complexity Index: 10.4",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bec2-ed1702432b16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.03,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1e87c69-bcfa-48d3-81bf-05d3025a8a2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.03,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "Source: Company filings, websites and Oil and Gas Journal.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a3370e2-9660-4c7e-8944-c2c1d0fda43d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.03,
        "y": 0.06
      },
      "kind": "title",
      "text": "REFINING: THIRD-LARGEST INDEPENDENT REFINING SYSTEM IN THE U.S.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e1cf952-3d34-41f7-a1b0-c2becb999403",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Sum of parts",
      "slug": "sum-of-parts",
      "agent": null,
      "layer": "document",
      "matchId": "019dda04-ec17-7762-b464-7b42aa0c5d4a",
      "evidence": "page_metadata.slide_type IN (sop_buildup, valuation_reveal)",
      "confidence": 0.95
    },
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "d9b34cad-590c-46b0-b4ba-6e69145dcf2e",
      "evidence": "list/bullet: ~2MMbbl/d refining system with 11 refineries; Geographic and product diversity; Scaled asset base; Flexible refining kit",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "b46ac5bf-cb80-44e1-adea-3978ef0635ef",
      "evidence": "Direct comparison of PSX against MPC and VLO across four key operational metrics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}