Callouts & quotes from 37,061+ activist slides

"“Some investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters. ‘They’ve got a history of only engaging with investors and analysts who are supportive of their views,’ said one Darden shareholder, who declined to give his name for fear of retribution from the company. ‘If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.’” — New York Post"

"I know all the pros and cons of this company...We began working on the instrument itself in 2016...I cannot say that I love it...The people who have a lot of hesitation on the instrument are the ones that require training...we had to run our own software for the processes and workflows that we wanted to run...there were errors that were showing up, and it was not clear how to identify what they were related to...these are definitely challenges. Absolutely, I couldn't say that I love the instrument. — Amgen employee #1"

""It's not like other instruments that are fully developed. It's kind of like a beta version." — AbbVie scientist; "What is bothering me is that I have to manually process all the images. That's a major headache and the time-consuming part...It's tedious. You have to babysit it." — AbbVie scientist; "Like once every five runs." — AbbVie scientist; "I think it's due to the limitation of the assay or the screening it can do." — AbbVie scientist; "It's not providing a ready-to-use assay for other uses." — AbbVie scientist"

"On December 4, 2012 the freenet.de GmbH (whose sole shareholder is the company), closed a contract with Media Ventures GmbH, Cologne, selling all of its freeXmedia GmbH shares. This transaction was carried on January 1, 2013. For the sale, a purchase price of T€ 4,080 was agreed. The amount was split in T€ 2,080 thousand payable in cash and the remaining T€ 2,000 payable until December 31, 2014 through offset with services from a media contract, which freenet AG concluded with the buyer. — freenet's 2012 Annual Report"

""Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, 1/8/15; "Trian’s presence on the Board will create substantial risk in Heinz’s ability to deliver value to all shareholders" — Heinz (6/06); "I said to another CEO that if I were to form a board today, Nelson [Peltz] would be one of the first directors I’d ask to serve... [Trian’s] team had good questions and good suggestions." — Bill Johnson, CEO Magazine (3/08)"

""Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, 1/8/15; "Trian's presence on the Board will create substantial risk in Heinz's ability to deliver value to all shareholders" — Heinz (6/06); "I said to another CEO that if I were to form a board today, Nelson [Peltz] would be one of the first directors I'd ask to serve... [Trian's] team had good questions and good suggestions." — Bill Johnson, CEO Magazine (3/08)"

""If you're looking for good value for producing a low-cost precursor for carbon material, I think you'd be hard-pressed to find a better place to do that than the Powder River Basin," — Charlie Atkins. "According to court documents and statements made in court, Charles Agee Atkins, of Chapel Hill, controlled and operated several risk consulting businesses... Atkins underreported the income that he received from these businesses on his tax returns, causing a tax loss of more than $380,000 to the IRS." — Court Documents"

"IDT is the oldest and most reliable company in the oligos space. They are really good at oligos. They had tried to go longer and go into genes, and they had the same problem. And they were really an efficient and effective company. We knew them very well and worked very closely with them. I went on a tour of their old facility twice, and it took three hours. We know the founders. It’s a really good company, but they’re never going to be huge because they have a niche market that they’re very good at, and they own it."

"“To be brutally honest, they really didn't have much impact as we thought they would [when they launched]...they really didn't have much impact on us, and our business continued to grow, like 20% to 30% every year, which is beating the market in general on average, and we are still a market leader. So, we haven't really seen them as a big threat as we thought they would be...we haven't seen much of an impact, and we don't see them as a major threat for business anymore.” — Executive at Genscript, key Twist competitor"

"For example, if an analyst tried to verify market share data for handsets in China and surveyed 1000's of people in the streets of Beijing or Shanghai, they might find results that would show 65% of users have Samsung-branded phones while 35% have Apple's iPhone. One might conclude from this faulty sampling methodology that there is no way that Huawei, ZTE, Lenovo, or Xiaomi would have the kind of market share that actually exists. — NQ "Response to J Capital Report Titled, ‘NQ: Not At Any Price,’” August, 2013, p.2."

""We believe our brand is one of the most important long term differentiators." — CEO Dudum on Q1 2022 Earnings Call; "Our CEO, our leadership never really seemed that concerned with those direct competitors. The, the viewpoint was that there's plenty of space in the market. We're gonna win the brand battle...Their younger customer base may become a little more price conscious and realize, hey, this is a great brand, but they're not really offering anything special." — Spruce Point Interview With Former HIMS Executive"

"One bad thing about Stryker - a long term assessment - this is the issue. You need enough people that understand all of this. Stryker's executive team has no one from R&D at the table. Internal innovation has not delivered a huge amount of value. Taking something internal and taking it to the market, that's not Stryker's strength. In our view, innovative companies deserve a premium multiple, while those that can't innovate and are dependent on inorganic growth do not deserve a premium — Former senior Stryker employee"

"Research and development expenses for the year ended December 31, 2024, were $111 million, an increase of $2 million as compared to the same period in 2023. The increase was primarily driven by $17 million from the acquisition of Snap One, which was partially offset by $15 million from lower third-party spend and personnel costs. Key drivers of the lower spend relate to optimization efforts and a realignment of IT resources towards maintenance projects within the Products and Solutions segment. — REZI 2024 Disclosure"

"That is very concerning. We use this drug to make blood sugars go up...we're the biggest referral center for hyperinsulinism in little babies...we also talked about it being a little surprising because we weren't expecting this to be the type of drug that would be used in this condition...people seem to say, okay, we'll see...certainly at the meeting, I didn't go to any specific talks about this, but no one talked about it. I don't think it was a big enough topic to make the headlines. — PWS endocrinologist #2 (CHOP)"

"In this patient population, especially, it doesn't take much to make them diabetic or certainly hyperglycemic...and no surprise, given this mechanism of action. No surprise...and importantly, some patients get ketoacidotic because the insulin suppression is so potent at these doses that you essentially render the patient to be type-one diabetic, which increases the risk of ketoacidosis, which could be potentially lethal in wide use being in this context. — Endocrinologist; academic and community hospital affiliations"

""TCO reported a solid start to the year, with a number of key metrics accelerating sharply..." — KeyBanc; "We noticed comp center measures, including NOI and sales per sq. ft. did exceedingly well..." — Bank of America Merrill Lynch; "Overall we would characterize this evening's earnings report as better than expected for TCO..." — Evercore ISI; "Despite retail headwinds, [1]Q18 tenant sales per square foot grew 12.4% y-o-y..." — Jefferies; "TCO reported results ahead of expectations with strong SS NOI..." — Boenning"

""On 2 January 2019 the Group acquired 89,8% holding stake in three companies which hold three office buildings in Germany through a share deal. The total consideration paid in cash amounted to EUR 104 million, out of which EUR 65 million was already paid in 2018. The acquisition was treated as an asset acquisition in which the company acquired investment property of EUR 152 million and bank loans amounting to EUR 52 million and working capital for amount of EUR 4 million." — Vivion 1H 2019 financial statements, p. 19"

"So I just wanted to highlight that to refresh everyone's sort of memories on what we said, what we have done, and sort of what we're focused on sort of moving forward. But I think post WCA, there's not another larger scale opportunity that's in our horizon at the moment, and we're just going to focus on getting these integrated properly and then focusing on tucking-in smaller M&A deals like what we've talked about acquiring sort of 25 to 30 deals a year of sort of $1 to $10m of EBITDA. — GFL CEO Dovigi, Aug 13, 2020"

""Our view on capital is that it's not our capital. This capital belongs to shareholders both the capital in the form of debt and equity and we like the discipline of coming to the market when the capital investments exceed that of our cash flow." — CEO Jay Brown, July 2017; "We've invested in fiber because we think it enhances long-term dividends per share. And that's the measure upon which we make all of our discretionary capital investments, whether it's in towers or on the fiber side." — CEO Jay Brown, April 2018"

""...we left money on the table. For example, our staffing levels were not optimized given the reduced attendance in the first half..." — Selim Bassoul, CEO, Six Flags (NYSE: SIX), Q2 2022 SIX Earnings Conference Call, August 11th, 2022; "...the sustained improvements we are seeing in guest satisfaction and spending per capita and our improved October results give me confidence we are moving in the right direction." — Selim Bassoul, CEO, Six Flags (NYSE: SIX), Q3 2022 SIX Earnings Conference Call, November 10th, 2022"

"I took a job as an auditor with T.J. Maxx right out of school and stayed in that role with the company for two years. I was a hard worker, always the first to arrive and the last to leave and the chief marketing officer of the company asked if I would switch over to the marketing side of the company. He really took me under his wing and taught me that side of the business. I was with T..J. Maxx for a total of 10 years, working my way up the company to run the marketing side of the business. — Dick Sullivan Interview"

""Today's adoption by the SEC of a universal proxy rule represents a significant milestone in efforts by institutional investors and others who champion shareholder rights to ensure corporate elections are fair, transparent, and efficient," said ISS Governance Solutions Business Head, Lorraine Kelly. — Institutional Shareholder Services, November 2021. "In Glass Lewis' view, implementing universal proxy would both enhance shareholder rights and simplify the mechanics of proxy voting..." — Glass Lewis, September 2019."

"There have been some OK acquisitions, but very little consistency from management, and the execution has been poor. But there has been pressure to continue to pursue M&A to grow the company for shareholders, and to increase comp. There was also major pressure to hit quarterly numbers – and I felt it. We originally had longer-term financial planning – around three to five years. That was eventually reduced to fiscal year targets, and now to monthly targets under [new CEO John] Groetelaars. — Former Employee, Hill-Rom"

"Greg Hessler, Bank of America: “Can you highlight just sort of what, specifically, you're seeing in your bond or your debt covenants that would require you to make whole the capital structure?” Brad Richmond: “We think it's fairly clear in there that to the degree that we would need to pay off those bonds, there are certain provisions that those costs that we would have to incur. So we're fairly certain that those are there, and those are obligations that we would need to fulfill.” — Q3 Earnings Call, March 21, 2013"

"“We gotta get Fannie and Freddie out of government ownership. It makes no sense that these are owned by the government and have been controlled by the government for as long as they have. In many cases this displaces private lending in the mortgage markets and we need these entities that will be safe. So let me just be clear we’ll make sure that when they’re restructured they’re absolutely safe and they don’t get taken over again but we gotta get them out of government control.” — US Treasury Secretary Steve Mnuchin"

"“You hit the nail on the head. That’s part of the problem. Nevro is so locked in that their leads have to be at one spot. If there’s any variation they get lost. Low frequency doesn’t necessarily work at just that T9/10 junction. A lot of it works at T8/9. You’re bound by their restrictions. So if you use high frequency first and the leads have to be over the T9/10junction, you’re screwed if that patient does better with low frequency because that’s not where the leads are implanted.” — KOL and high volume implanter"

""Something that we saw over the course of time is the consolidation in the label converter base. So we saw a number of private equity firms buying up and consolidating label converter businesses, which puts more of the bargaining power in their hands." — Former Avery Employee with 20+ Years of Experience. "A significant consolidation of our customer base could negatively impact our business... increased pricing pressures from our customers could have a material adverse effect on our business." — 2019 Annual Report."

""Research into automated insulin delivery - both ours and academic - has demonstrated that any sensor with a MARD below 10 will be suitable for use in closed loop systems, which means that all four commercially available sensors (Senseonics, Medtronic, Dexcom, Abbott) operate in an acceptable range for closed loop, effectively rendering the conversation about MARD moot.... Any concerns about bias in any particular sensor can be accounted for in software...." — Current Employee, Diabetes-Related Medical Tech Company"

""Recognizing the advantages of today's digital technologies, we implemented Zebra's leading-edge software and hardware solutions to streamline our operations and better support our employees and customers," said Tim Bailey, Senior Manager, Asset Protection Solutions, Walgreens Boots Alliance. "The integration of Zebra's solutions has yielded positive outcomes, empowering our business with tools to enhance associate engagement, improve inventory accuracy, and elevate the customer experience." — Tim Bailey, Walgreens"

"The Commission's Order finds that, on November 5, 2001, the company's Chief Executive Officer disclosed material, nonpublic information to the attendees of an invitation-only technology conference in California. At the conference, the company's CEO made positive comments about the company's business that were based on material, nonpublic information and that contrasted with negative statements that he had made about the company's business in a public conference call three weeks earlier. — SEC v. Siebel Systems, Inc"

""With this acquisition, Ströer is going international with the expansion of its business model to include marketing of online advertising, which has already been launched in Germany. This will make Ströer a full service provider in the core markets of Turkey and Poland as well. Ströer will hence be a relevant player on the market from the outset. In Turkey, Ströer is at the forefront in terms of outdoor advertising. With Ballroom Group, the Group will rank first place among online marketers." — Ströer press release"

""The contribution margin was something in the 40-cent range for the cases you use TransMedics on." — Prominent surgeon, Director of leading academic transplant center; "Waleed and his people got so angry at the Duke guy for bringing it up. I know for a fact that the Duke guys were on target to do a huge percentage of their liver transplants using TransMedics in a given year but they dropped their volume by 20% because they were taking such a bath." — Prominent surgeon, Director of leading academic transplant center"

"Our cash equivalents are primarily comprised of investments in several large institutional money market accounts, with original maturity of three months or less. Outstanding payments are included within "Cash and cash equivalents" and "Accounts payable and accrued liabilities" correspondingly on the condensed consolidated balance sheets. At October 2, 2020 and January 3, 2020, $166 million and $169 million, respectively, of outstanding payments were included within "Cash and cash equivalents." — Leidos Q3 2020 10-Q"

"“...interference with potassium, sodium, calcium, magnesium – all these...keep the heart functioning normally...that’s why I said I wanted to hold off [on Vykat]...and see what happens”; “low magnesium can cause seizures or muscle spasms or heart irregularity...I can see that could be a problem...when you’re on a diuretic...you’re losing your potassium... yes. I’m concerned about the edema...heart arrhythmia, muscle spasms, and seizures.” — Trial investigator and physician; one of the leading KOL’s in the PWS field"

"“diazoxide I use regularly...is it worth the difference...it’s probably just the diazoxide, where the extended release probably makes no difference at all...half to $1 million is a bit excessive for something you could do for a year, for $1,000 at most...I’m not convinced it’s the actual choline, the extended release that makes a big difference”; “absolutely outrageous...my concern is certainly, is this cost-effective...very expensive for a drug that isn’t that novel...it’s hard to justify.” — Trial investigator #7"

"“...interference with potassium, sodium, calcium, magnesium – all these...keep the heart functioning normally...that’s why I said I wanted to hold off [on Vykat]...and see what happens”; “low magnesium can cause seizures or muscle spasms or heart irregularity...I can see that could be a problem...when you’re on a diuretic...you’re losing your potassium... yes. I’m concerned about the edema...heart arrhythmia, muscle spasms, and seizures.” — Trial investigator and physician; one of the leading KOL’s in the PWS field"

"“the participants are required to obtain the qualification for participation by paying fees, purchasing commodities or services or any other means, the participants are classified into different levels according to a certain order, the calculation of remunerations or kickbacks to participants is directly or indirectly dependent on the number of persons recruited, and the participants are induced to continue or coerced into continuing recruiting others to participate.” — Article 224(A) of the Criminal Law of the PRC"

"“I don't know how many HHG machines they are using because they're doing a combination of three things: they have the KLA machines, they have Lasertec's non-EUV machines. In fact, some of the inspections that I was told were done with EUV machines from Lasertec were actually done with 193nm machines from Lasertec. So, they have KLA machines, they have Lasertec machines, both with 193. And they have HHG machine, and then they have Lasertec EUV machine .” — Leading EUV lithography expert close to Lasertec's customers"

""Our go-to-market improvements enabled us to deliver efficient and consistent revenue growth. And we generated a 13% year-over-year improvement in sales force productivity, primarily driven by our enterprise sales force. We plan to grow our quota-carrying sales force in the low teens in FY '22 focusing on our higher-performing geographies and segments. We will also continue investing in our customer success organization to help our customers adopt higher-value use cases." — CFO Dylan Smith, Q4 FY2021 Earnings Call"

"On July 31, 2012, the Group acquired 80% equity interest in Tianjin Libao Coal Trading Company (“Tianjin Libao”), a company incorporated in Tianjin, People’s Republic of China (“the PRC”) at a total consideration of RMB 1,300,000 (equivalent to HK$1,579,858). Tianjin Libao is principally engaged in trading of coals in PRC. The acquired business contributed revenue and net loss of HK$112,080,000 and HK$61,901,000 respectively to the Group for the period form 31 July 2012 to 31 December 2012. — Superb Summit 2012 AR"

"SONAR was designed on the basis of the observation that risk of progressive kidney disease is correlated to albuminuria... There are caveats to the usefulness of this design. Most importantly, the biologic response is most likely to predict a clinical treatment response if the biologic response lies on the causal pathway. History tells us that our assumptions that associations between biologic responses and clinical response, no matter how consistent and strong, are causal, are frequently incorrect. — JASN Journal"

"As of December 31, 2022, we own a 36 % interest in Sairopa. We determined that we have the ability to exercise significant influence over Sairopa but do not have a controlling interest. Therefore, the investment in Sairopa was accounted for using the equity method. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, and participation in policy-making decisions. — Chinook 2022 10-K pg. 113"

"“to put it mildly, a lot of different things are going to happen clinically to that organ...if you have blood doing through very, very small tubing...that is not healthy...these plastic tubes...red blood cells lyse and cause hemolysis...enzymes will leak out of the liver...all of these markers are essentially early markers of liver failure...increasing at a very high rate if the liver is on for an extend period”; “infection risk increases the longer this thing is not transplanted....” — Medical director at OrganOx"

""On May 4, 2020, we completed the divestiture of the Security & Detection Systems and MacDonald Humfrey Automation solutions business ("airport security and automation business") to Leidos, Inc. for $ 1 billion (net cash proceeds of $ 950 million after selling costs and estimated purchase price adjustments), subject to final customary purchase price adjustments as set forth in the definitive sale agreement, and recognized a pre-tax loss of $26 million during the quarter ended July 3, 2020." — L3Harris Q1 2020 10-Q"

"“Lasertec should continue to enjoy monopoly profits as long as it does not lose its technology lead over KLA”; “will maintain its monopoly because EUV is exceedingly difficult”; and has “a dominant share in the EUV mask/blank inspection market.” — UBS initiation report. “...in Japan Lasertec has a similar story...we’re a monopoly blah-blah...they’re kind of nuts...people tend to view them as...the Japanese version of ASML...so it’s got everything.” — Longtime semiconductor consultant recently working for Lasertec."

"The investigator thrashed Vykat as an utter failure on all counts with a 100% patient discontinuation rate – "none of mine continued on it either because they didn't want to or not having much effect - overall this isn't a miracle drug, that's for sure"; "they stopped it because they just didn't see any benefit...it wasn't doing much and they were still very obese...they didn't feel it worthwhile with the ongoing assessments and all the rest of it...the benefits were not seen to be good enough to continue on it.""

"Each amortizing note will have an initial principal amount of US$8.5143, will bear interest at the rate of 4.00% per annum and will have a final installment payment date of March 15, 2023. Upon any settlement on the mandatory settlement date, we will deliver not more than 2.6316 subordinate voting shares and not less than 2.1930 subordinate voting shares per purchase contract, subject to adjustment, based upon the applicable settlement rate and applicable market value of our subordinate voting shares — Prospectus"

""They've done a single-layer pouch cell. It's relatively straightforward to make sure the quality of that small piece in a particular configuration isn't a problem in that small, non-commercially relevant system." — Former R&D employee; "Dendrites are a real problem...it has to be solved 100%. And therefore, the ceramic separator needs to be produced flawlessly. They need to produce hundreds of square meters per vehicle of flawless 5-micron thick separator material. That's a Herculean task." — Former R&D employee"

"“Based on our confidence in ozanimod’s potential, we are raising our 2020 revenue targets to more than $21 billion…it’s an incredibly exciting time for Celgene as we continue to invest in our future and accelerate growth potential through 2020 and beyond.” — Bob Hugin, Chairman & CEO, July 2015; “We believe that ozanimod has the potential to generate peak sales in the range of $4 billion to $6 billion annually in just the initial indications.” — Scott Smith, President – Global Inflammation & Immunology, July 2015"

""the review process is already ongoing, if your proposal requires urgent consideration, we kindly ask that you promptly submit specific candidates the Nomination Committee." — Kao (November 22). "We feel it's important for us to make the announcement... there's nobody else from our end that we'd recommend as candidates that's going through any of the procedures." — Nomination Committee (December 5). "decision was made before Oasis Management proposed any director candidates" — Kao press release dated December 12."

""If the primary beneficiary of a variable interest entity (VIE) and the VIE are under common control, the primary beneficiary shall initially measure the assets, liabilities, and noncontrolling interests of the VIE at amounts at which they are carried in the accounts of the reporting entity that controls the VIE (or would be carried if the reporting entity issued financial statements prepared in conformity with generally accepted accounting principles [GAAP])." — Deloitte US Roadmap to Common Control Transactions"

"“And so we make investments based on the company themselves and how it fits with the knowledge that we want to continue to earn. Whether we do business, that's a separate decision. That's at armed length, whether we have a commercial relationship depending on the products and services that that company does. And so some of our Bunge Ventures portfolio companies, we do business because it makes sense, and some are pure investments. We do a little bit of business with Benson Hill.” — CEO On Bunge Ventures, Oct 2021"

"GFL will play with its numbers. If one division is outperforming to forecasts, they'll transfer some of those dollars to a division that isn't performing so well to bolster those numbers. An example would be between hauling and transfer stations. They'll allocate the repair/fuel/labor to truck repair and transfer, over to hauling to bolster either P&L to basically suit what the market is looking for. Should they do it, no, do they do it, yes. But that's not unique to GFL; GFL is aggressive. — Former GFL Employee"

""...we were all brought up [to view] resective procedures [as a] last resort...it's not enough to have a really great product if you have to actually change the way surgeons think about managing this disease, which is really challenging...guys have to be treated earlier...the most powerful indicator [of success] is less severe symptoms going in...the earlier you're intervening, the more [patients] tend to skew towards less invasive procedures..." — Spruce Point Interview with Private Practice Urologist, Dec 2024"

"We believe $1 of revenue from small cells is as valuable as $1 of revenue from the tower business. It has all the same characteristics, long-term committed contract, annual escalation, the same components of we don’t have the incremental cost as we add additional tenants, high returns ultimately as the asset is leased up...So over time, we need to prove out that small cells has the same characteristics and sustains itself in the same way that towers has for the last couple of decades. — CEO Jay Brown, April 2017"

"“we may not realize the anticipated synergies” — Xerox 2017 10-K. “we may be unable to eliminate duplicative costs” — Xerox 2017 10-K. “[c]ombining the business of Xerox and Fuji Xerox may be more difficult, costly or time-consuming than expected” — Xerox 2017 10-K. “we may incur substantial expenses in connection with the integration of our business and Fuji Xerox's business” — Xerox 2017 10-K. “the integration of Xerox and Fuji Xerox following the Closing will present significant challenges” — Xerox 2017 10-K."

""The one issue that people bring up is the fact that the fidelities on the machine that's on Braket are not great or not exceptional; I mean, they could be better. It was one of these companies that we work with, it's a finance company, but I don't feel comfortable sharing their name. Very large company. They said the qubit fidelity was not on par, was essentially not what they expected, and I think they were referring to the fact that it is below the Honeywell machine." — Executive of a key IonQ partner, QCWare"

"“basically the same as Agilent’s technology,” stated that DNA synthesis on the chip is extremely expensive given costly reagents and enzymes and that errors “go up geometrically” as sequences get longer: “the detection of those errors gets more costly and more expensive.” — Longtime oligonucleotide manufacturing expert and executive; ex-Agilent. “the enzymes are not cheap, and the sequencing reagents are not cheap, and it takes a lot of time.” — Ex-employee in senior product management and sales leadership roles"

"“Had it been free from P&G's lumbering management structure, Gillette might have been more aggressive about fighting its new rivals, says Ali Dibadj, a consumer products analyst at the research and brokerage firm Bernstein. ‘Frankly, Gillette should have taken out Dollar Shave [Club] in year one,’ Dibadj says. To hear analysts tell it, Gillette's response to Dollar Shave Club and its low-cost peers — Harry's, Bevel, ShaveMob, and a litany of others — was a dismissive institutional smirk.” — Ali Dibadj, Bernstein"

""We have developed a culture of continuous improvement in Refining and are targeting $5.50 per barrel adjusted controllable cost, excluding turnarounds, over the next two years." — Phillips 66 CEO Mark Lashier, Q4 2024 Earnings Call; "We continue to lower our costs, and we talked about how sustainable those cost improvements are. And that's what gives us the confidence that we will that see Refining able to contribute to that $14 billion of mid-cycle EBITDA." — Phillips 66 CEO Mark Lashier, Q2 2024 Earnings Call"