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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike",
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  "notes": "The slide uses a 'villain' framing by highlighting 'Phillips Today' as the underperforming entity compared to the distinct characteristics of the two segments.",
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      "text": "Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream",
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      "text": "valuation multiple: 6-12x",
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      "text": "Source: Bloomberg. 1) 4Q24 EPS of ($0.15). 2) Based on 2026E multiples.",
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      "text": "PHILLIPS' REFINING AND MIDSTREAM BUSINESSES DO NOT FIT TOGETHER",
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