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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike",
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      "text": "Target falls short vs. refining peers that are offering ~100% FCF",
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      "kind": "disclaimer",
      "text": "1) Valero and Marathon have both committed to returning all excess free cash flow to shareholders during earnings calls, despite various capital return frameworks. 2) Adds ~$0.50/bbl of Taxes Other Than Income (TOTI) in-line with 2024 results in order to include all costs between gross margin and Adj. EBITDA (excl. TAR).",
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      "text": "Refining Opex: $5.50 / bbl",
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      "text": "Comparison of Q4 2024 targets vs shortfalls across Shareholder Returns, Refining Opex, EBITDA Target, Capital Efficiency, and Leverage.",
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      "kind": "title",
      "text": "PHILLIPS' 2027 TARGETS ARE MORE OF THE SAME",
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      "name": "Cost Of Inaction",
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