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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The chart uses a callout to highlight that the baseline for cost reduction was set at a peak in natural gas prices.",
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      "kind": "callout",
      "text": "Phillips 66's Baseline for Cost Reduction – conveniently elevated",
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      "text": "About two thirds of Phillips 66's achieved $1/bbl of opex reduction appears to be driven by natural gas pricing reductions rather than fundamentally lower costs, according to the Company's own commodity sensitivity.",
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      "text": "Phillips 66 Refining Operating Expense per Barrel (excl. TAR) vs. Henry Hub Price ($/MMbtu)",
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      "text": "Refining Opex per Barrel: $1/bbl",
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      "text": "About two thirds of Phillips 66's achieved $1/bbl of opex reduction appears to be driven by natural gas pricing reductions rather than fundamentally lower costs, according to the Company's own commodity sensitivity.(1) Nonetheless, management has claimed credit and victory on cost improvements.",
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      "text": "Source: Company Filings. (1) Pricing sensitivity based on Phillips 66 Company disclosure. See appendix for backup calculations.",
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      "kind": "title",
      "text": "CLAIM: ACHIEVED REFINING COST CUTS OF $1/BBL REALITY: COST CUTS ARE MANUFACTURED",
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