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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "Elliott",
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  "presentationDate": "2025-02-11 00:00:00",
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  "pageNumber": 39,
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  "notes": "The slide uses a comparison framework to validate the proposed strategy by citing a successful precedent (Marathon).",
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      "text": "We estimate Phillips could retire ~60% to ~90% of its shares outstanding",
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      "text": "1) Speedway % of market cap as of closing date of MPC sale of Speedway to 7-Eleven on 5/14/2021. 2) MPC cumulative TSR vs. VLO and PSX since Elliott's public presentation on 9/25/2019. 3) Includes Midstream, CPChem, JET. 4) See calculation details.",
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      "kind": "table",
      "text": "Comparison matrix between Marathon and Phillips 66 across four strategic pillars: Operating Performance, Asset Divestiture, Share Repurchases, and Stock Price Impact.",
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      "text": "PHILLIPS COULD FOLLOW MARATHON'S PATH OF ASSET SALES AND BUYBACKS",
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