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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The chart uses a highway sign motif to emphasize the -450% underperformance.",
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      "text": "LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)",
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      "text": "Phillips 66 vs. Marathon/Valero Average Cumulative Total Shareholder Return Since Spinoff From ConocoPhillips",
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      "text": "Source: Bloomberg as of the unaffected date",
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