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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-03-06 00:00:00",
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  "notes": "The table compares weighted average costs of crude and calculates the cost advantage relative to VLO.",
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      "text": "Cost Advantage vs VLO ($2.73)",
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      "text": "Weighted Avg Cost of Crude: $72.60",
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      "text": "Source: Crude slate percentages based on TPH & Co. report. Market pricing per S&P Global Commodity Insights.",
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      "text": "1) Price reflects WCS at Hardisty. Analysis assumes 100% of crude prices at Hardisty. VLO and MPC likely price WCS more at Houston which would be more expensive vs. PSX, given higher coking capacity on the Gulf Coast. 2) Price reflects Wyoming Sweet. 3) Assumed flat to WTI Cushing. 4) Price reflects LLS.",
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      "text": "Table showing crude types (WCS, Maya, etc.), 2024 Avg prices, Diff vs WTI, and percentage mix for PSX, VLO, and MPC.",
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      "text": "CRUDE INPUT COST CALCULATIONS",
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