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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
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  "documentKindSlug": "regulatory-filing",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-03-25 00:00:00",
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  "notes": "Standard legal disclaimer for proxy solicitation materials.",
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      "text": "THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.",
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      "text": "The participants in the solicitation are Elliott Investment Management L.P. (\"Elliott Management\"), Elliott Associates, L.P. (\"Elliott Associates\"), Elliott International, L.P. (\"Elliott International\"), The Liverpool Limited Partnership (\"Liverpool\"), Elliott Investment Management GP LLC (\"EIM GP\"), Paul E. Singer, Brian S. Coffman, Sigmund L. Cornelius, Michael A. Heim, Alan J. Hirshberg, Gillian A. Hobson, Stacy D. Nieuwoudt and John Pike.",
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      "text": "As of March 24, 2025, Elliott holds a 5.7% economic interest in the Company. As of March 24, 2025, Elliott Management, the investment manager of Elliott Associates and Elliott International (the \"Elliott Funds\") with respect to investments in the Company by the Elliott Funds and/or their respective subsidiaries, beneficially owns 19,900,000 shares of the Company's Common Stock, $0.01 par value per share (the \"Common Stock\"), including 15,725,000 shares of Common Stock and 4,175,000 shares of Common Stock underlying certain derivative agreements in the form of physically settled swaps held by the Elliott Funds (the \"Physically Settled Swaps\"). As of March 24, 2025, the Elliott Funds are party to certain notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 920,500 shares of Common Stock (the \"Cash Settled Swaps\") and certain exercisable over-the-counter American-style cash settled call option contracts referencing an aggregate of 2,500,000 shares of Common Stock having a strike price of $135.00 and expiring on June 20, 2025 (the \"Cash Settled Call Options\"), and together with the Physically Settled Swaps and the Cash Settled Swaps, collectively, \"Derivative Agreements\"). Elliott Associates, Elliott International and Liverpool are the direct holders of the shares of Common Stock beneficially owned by Elliott Management, and are party to the Derivative Agreements. Liverpool is a wholly-owned subsidiary of Elliott Associates. EIM GP is the sole general partner of Elliott Management. Mr. Singer is the sole managing member of EIM GP. As of March 24, 2025, Mr. Cornelius may be deemed to beneficially own 20,000 shares of Common Stock, which are held personally and through two estate planning vehicles of which he serves as trustee and co-general partner, respectively. As of March 24, 2025, neither Mses. Nieuwoudt or Hobson, nor Messrs. Coffman, Heim or Pike beneficially own any shares of Common Stock.",
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