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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "14_Icahn",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a 'before-after' style contradiction to highlight management failure.",
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      "kind": "image",
      "text": "Stacy Nieuwoudt",
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      "kind": "paragraph",
      "text": "Phillips 66's misleading claims of success on its 2022 targets echo the Board's and previous CEO's failure to hit the AdvantEdge66 cost savings target. Not only did they miss the $1.2 billion cost-out target, but costs actually increased.",
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      "kind": "quote",
      "text": "…Despite the cost-cutting initiative, we estimate that since 2019, refining & SGA costs (ex turnarounds and energy) have increased from $5/bbl to $6.5/bbl. Absolute costs are up 12%, or 500M M, more than large cap peers.",
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      "text": "…So, the leadership team met without me. And they came up with 50% to 70% of the $1.2 billion. I would -- and I would tell you that's average performance. And this is not an average team. In the time-honored tradition of under promising and over delivering, we set ourselves up well today is my view. I would take the over on 70% to 90%. You think about the $1.2 billion, a couple of hundred of capital savings.",
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      "text": "There is nothing that destroys a management's team credibility faster than setting targets, missing them and attempting to avoid accountability or obfuscate the true outcome. This is the quickest way that I lose conviction in a management team's ability to deliver long-term value. I find it quite remarkable that the Board has not played a stronger role in holding Phillips 66 management accountable.",
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      "text": "DAMAGED CREDIBILITY: MISSED TARGETS",
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