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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 uses a line chart for operating expenses and a bar chart for EBITDA spread to highlight the profitability gap.",
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      "text": "Despite claims of success, Phillips has not closed the profitability gap to VLO",
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      "text": "EBITDA per Barrel (excl. TAR) Spread to VLO ($/bbl)",
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      "text": "Operating Expense per Barrel (excl. TAR) ($/bbl)",
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      "text": "Phillips remains the clear laggard versus peers VLO and MPC, with recent Q4 '24 EBITDA per barrel exceptionally weak on a relative basis",
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      "text": "Source: Company filings, Elliott analysis. Note: Phillips and Valero Refining EBITDA based on definitions in the appendix of Streamline66 presentation publicly released on February 11, 2025. Utilizes most recent re-casting.",
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      "text": "DESPITE FUNDAMENTALLY STRONG ASSETS, PHILLIPS REFINING LAGS PEERS",
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