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  "docSlug": "843b712a7e02",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a waterfall-bridge chart to debunk a specific management claim regarding cost allocation.",
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      "kind": "callout",
      "text": "Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations.",
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      "text": "Opex and G&A per barrel: $1.67",
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      "text": "The Company tries to claim that their refining EBITDA/bbl is worse than Valero's because they push more corporate overhead into the refining-segment opex line.",
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      "text": "Source: Company transcripts, presentations and filings.",
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      "kind": "title",
      "text": "CLAIM: G&A ALLOCATION DRIVES THE REFINING COST GAP\nREALITY: EVEN FULLY ALLOCATED, COSTS ARE TOO HIGH",
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