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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 slide highlights PSX's competitive advantage in crude sourcing compared to VLO and MPC.",
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      "kind": "callout",
      "text": "Phillips not only loads more discounted crudes than peers, but also receives lower pricing on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC",
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      "text": "Crude Cost Advantage: +$2.73",
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      "text": "Source: Based on TPH & Co. Research estimates of crude loading. 1) Calculated based on multiplying estimated % crude inputs by 2024 average $/bbl for the given crude. See the Appendix for details. 2) MPC estimated to have a lower-cost total crude slate vs. VLO despite loading less advantaged crude due to VLO loading an estimated ~20% LLS & Eagle Ford Crudes, which trade at a premium to WTI.",
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      "text": "2024 Est. Crude Cost Advantage vs. VLO ($/bbl)",
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