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This is a transcript slide from a proxy contest presentation.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor 2 hits
15
This slide presents a transcript of a conversation, likely used to humanize a board nominee.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor 2 hits
27
Uses a before-after-bridge structure to highlight the shift in analyst sentiment and propose a turnaround.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · SolutionLoop · Before After2 hits
06
Includes a visual representation of the GOLD proxy card.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · InterestLoop · Golden Circle2 hits
09
This is a screenshot of a social media post (X/Twitter) used as a slide in a regulatory filing.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · DesireLoop · Golden Circle2 hits
17
Transcript of an interview between Bri Scholtz and Stacy Nieuwoudt.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · TestimonialLoop · Voice Of Customer2 hits
02
This is a screenshot of a LinkedIn sponsored post.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor 2 hits
05
This is a social media advertisement (LinkedIn) for an activist campaign.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Loop · Cost Of Inaction2 hits
06
This is a social media advertisement (promoted post) for an activist campaign.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · Solution (Provide relief)Loop · Cost Of Inaction2 hits
02
This is an email/web-based shareholder communication from an activist investor.Phillips 66 (PSX) · 02_Elliott_Management
Shareholder letter Activist investor Beat · SolutionLoop · Cost Of Inaction2 hits
15
Includes a visual representation of the proxy card voting instructions.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · Action2 hits
14
Uses a puzzle-piece visual to represent the conglomerate structure being broken apart.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The MonsterLoop · Aha Moment2 hits
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Uses a before-after-bridge narrative structure to justify activist intervention.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The Struggle2 hits
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Uses a padlock visual metaphor to represent the 'trapped' value.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The Struggle2 hits
38
The slide uses a contrast-based diagnosis to frame the problem as both operational and cultural.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The Struggle2 hits
47
The chart uses a dashed red line for Phillips 66 to emphasize its divergence from the peer averages.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
52
Uses a bar chart to show PSX vs VLO margins over time, with callouts pointing to specific management quotes that contradict the data.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
56
Uses a waterfall-style bridge to show the flow of funds from divestitures to acquisitions.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
57
Uses market performance data to argue that the board failed to act on a midstream sale at an optimal time.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
64
Uses a series of five identical text blocks to emphasize the repetitive nature of the failed votes.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
68
The slide uses a waterfall-bridge chart to illustrate value creation.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The VictoryLoop · Golden Circle2 hits
87
Includes two sell-side quotes as supporting evidence for asset quality.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The Victory2 hits
96
Uses a line chart to show historical underperformance and a bar chart to show relative underperformance across multiple time horizons.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
97
The table highlights the discrepancy between the 'appropriate' large-cap peers and the 'inappropriate' small-cap peers, noting the use of median TSR calculations.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
100
The slide uses a 'synthetic basket' of peers to manipulate performance metrics.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
103
The chart uses a callout to highlight that the baseline for cost reduction was set at a peak in natural gas prices.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
107
Uses a two-column 'rebuttal' structure to contrast the company's claim against the reality of the situation.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
108
Uses a bar chart to highlight a >50% premium paid in a specific acquisition compared to the company's average trading multiple.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
112
The slide uses a 'Claim vs. Reality' framing to preemptively rebut the idea that Phillips 66's assets are inferior.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits
113
Uses a waterfall bridge to adjust the 2025E TEV/EBITDA multiple.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 2 hits