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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Includes a combo chart showing EBITDA-Capex and % conversion over a 12-year period (2015-2026E).",
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      "text": "Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2).",
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      "text": "Portfolio of Attractive Retail Brands",
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      "text": "Marketing helps deliver optimal refined product placement in the U.S. and Europe across gasoline, diesel and aviation fuel. Portfolio of attractive retail logos across the U.S. and Europe with brand value. Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates. Manufacturing and sale of high-margin specialty lubricants and other base oils, including Phillips’ 50% stake in Excel Paralubes",
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      "text": "“potential value of $3bn assuming a 10x multiple” — Wolfe Research, January 2, 2025.",
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      "text": "Source: Logos per Phillips’ latest investor presentations. 1) Conversion refers to segment EBITDA – Capex divided by segment EBITDA. 2) Wolfe Research, January 2, 2025.",
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      "text": "MARKETING & SPECIALTIES: STABLE, HIGHLY CASH FLOW GENERATIVE BUSINESS",
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