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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a CEO quote to set up a direct contradiction with a bar chart.",
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      "text": "Management has cited a high return on capital over the past 10 years as an indication of their competence. Over a more relevant five-year time horizon, Phillips 66 has underperformed both refining and midstream peers, with the underperformance especially stark after adjusting for midstream's lower cost of capital.",
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      "text": "5-Year Avg Return on Capital: 13.6%",
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      "text": "Management has cited a high return on capital over the past 10 years as an indication of their competence. Over a more relevant five-year time horizon, Phillips 66 has underperformed both refining and midstream peers.",
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      "text": "[Over] the last 10 years, our [Return on Capital Employed (ROCE)] has been higher than our refining or midstream peer sets...",
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      "kind": "quote",
      "text": "\"[Over] the last 10 years, our [Return on Capital Employed (ROCE)] has been higher than our refining or midstream peer sets. And we absolutely believe and are committed to ROCE as a key metric because we believe that we can accrete ROCE through disciplined investments, through disciplined asset dispositions and asset acquisitions. And we believe that ROCE is the leading indicator for increasing total shareholder return.\" — Phillips 66 CEO Mark Lashier, Wolfe Refining Conference, March 6, 2025",
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      "text": "Source: Bloomberg. (1) Reflects tax-effected Adj EBIT (NOPAT) divided by invested capital (Net PP&E + NWC). (2) Midstream peers reflect EPD, TRGP, OKE, and MPLX.",
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      "kind": "title",
      "text": "CLAIM: ENHANCED RETURN ON CAPITAL REALITY: LAGGING RETURN ON CAPITAL",
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