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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": "Part of an activist investor deck (Elliott Management) targeting Streamline 66.",
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      "text": "Consensus TEV / EBITDA: 7.7x",
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      "text": "Source: Bloomberg as of 2/7/2025, Wall Steet Estimates, Company filings. Note: Phillips' consensus estimates built up using segment level estimates rather than a consolidated estimate. 1) PSX net debt adjusted to reflect M&A announced but not yet closed. 2) SUN fully diluted share count adjusted for estimated IDR value by dividing the diluted shares by the current distribution split to the GP (~23%). 3) OKE share count adjusted to account for the EnLink Controlling Interest Acquisition Transaction. 4) TRGP non-controlling interest adjustments excluded given pro rata EBITDA reporting, similar to PSX. 5) DOW adjusted to account for sale of stake in Diamond Infrastructure Solutions JV.",
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      "text": "Trading comparables table for PSX, VLO, SUN, EPD, MPLX, OKE, TRGP, DOW, LYB",
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      "text": "TRADING COMPARABLES",
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