We unpack Elliott Investment Management's case for significant changes at Phillips 66 (PSX) under the banner "Streamline66". Elliott argues that PSX's conglomerate structure undervalues its assets and leads to underperformance compared to peers like Marathon Petroleum and Valero Energy. Elliott sees value in the potential sale or spin-off of the midstream business and other assets, alongside an operating review focused on improving refining margins and enhanced oversight of management. The ultimate goal outlined is to unlock substantial shareholder value and achieve a significantly higher stock price.