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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "John Pike",
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  "notes": "Contains two distinct tables: one for SOTP valuation and one for Opex sensitivity analysis.",
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      "text": "TEV/EBITDA: 8.4x",
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      "text": "Source: Bloomberg as of 2/7/2025, Wall Steet Estimates, Company filings. 1) See Asset Sales Calculations on slide 47... 2) Valuation assumes a 1.0x premium... 3) PSX opex/bbl based on opex definition on appendix page 44...",
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