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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 rhetorical question as an action title to challenge management's narrative.",
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      "kind": "callout",
      "text": "HOW CAN MANAGEMENT CONTINUE TO ASSERT THE ADVANTAGES OF THIS STRUCTURE WITH THESE RESULTS?",
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      "text": "Source: Bloomberg as of 2/7/25. 1) Performance peers are used to evaluate relative TSR performance for the Company's Performance Share Program; performance peers include DK, DINO, MPC, PBF, VLO, MPLX, OKE, TRGP, WMB, DOW, LYB, and WLK. 2) The Company uses the S&P 100 as one of its relative TSR performance benchmarks.",
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      "text": "Total Shareholder Return",
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      "text": "Phillips Cumulative Total Shareholder Return Relative to Peers (%)",
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      "kind": "title",
      "text": "PHILLIPS UNDERPERFORMS ITS CLOSEST PEERS AND BENCHMARKS",
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      "evidence": "The deck agitates the problem by highlighting the company's poor commercial function and failure to deliver on initiatives",
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