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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 table uses 2026E EBITDA and various trading multiples to derive equity value and share price upside across multiple scenarios.",
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      "text": "All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right.",
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      "text": "All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right.",
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      "text": "Equity Value: $312.27",
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      "text": "Source: Bloomberg as of 2/7/2025. Wall Street Estimates, Company filings. (1-10 footnotes)",
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      "text": "Valuation table showing 2026E EBITDA and After-Tax Value to Phillips across different scenarios (As-Is, Improved Refining, Curr. Trading, Spin Midstream, etc.)",
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      "text": "VALUATION OVERVIEW",
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