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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "The slide uses a bar chart to show that Phillips' acquisitions are priced at multiples higher than its own trading multiple, effectively destroying value.",
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      "text": "PHILLIPS’ STRATEGY OF BUYING ITS WAY TO A HIGHER MULTIPLE HAS FAILED",
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      "text": "Midstream Acquisition TEV / EBITDA Multiples vs. Phillips Trading Multiple (excl. TAR)",
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      "text": "TEV / EBITDA multiple: 10x - 12x",
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      "text": "Phillips' weak conglomerate multiple has made recent midstream acquisitions dilutive on a TEV / EBITDA basis. These deals would have been accretive to a standalone Phillips midstream company",
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      "text": "Source: Bloomberg. 1) Reflects Phillips' average FY1 TEV/EBITDA multiple between October 27, 2021, which is the date the PSXP transaction was announced, and February 7, 2025. 2) Based on sellside research estimated transaction multiples at the time of transaction announcement for PSXP and at transaction agreement (post-price increase) for DCP. 3) Based on Company disclosures. 4) Estimated current EBITDA multiple based on latest S&P credit report, rather than PSX's reported Q4 2026 synergized number.",
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      "text": "PHILLIPS' STRATEGY OF BUYING ITS WAY TO A HIGHER MULTIPLE HAS FAILED",
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      "kind": "title",
      "text": "INVESTORS DISLIKE MIDSTREAM M&A IN THE CONGLOMERATE STRUCTURE",
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