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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a dual-chart layout to correlate scale (throughput) with valuation multiples, specifically highlighting PBF's outlier status.",
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      "kind": "callout",
      "text": "PBF has 60% capacity coming from disadvantaged markets. This leads to the Company being a high-cost peer with almost no EBITDA during 2024 (mid-cycle approximation). As such, PBF trades at a substantial discount to other public refiners.",
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      "text": "TEV / EBITDA Excl TAR (2026E)",
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      "text": "Refinery Systems Ranked by Scale 2026E Consensus Throughput (kbd)",
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      "text": "TEV / EBITDA: 7.9x",
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      "kind": "paragraph",
      "text": "Phillips 66 has a scaled, diversified and high-quality refining asset base. Standalone Phillips 66 Refining would likely trade near scaled peers' valuations and at a premium to sub-scale regional refineries.",
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      "text": "Source: Bloomberg (1) PBF is the highest cost public refiner, given its location in disadvantaged markets. In 2024, a reasonable approximation for a mid-cycle year, the Company produced almost no EBITDA. As such, PBF is materially more volatile than peers and trades at a substantial discount to other public refiners.",
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      "kind": "title",
      "text": "CLAIM: STANDALONE REFINING WOULD TRADE AT A LOW MULTIPLE REALITY: PHILLIPS HAS THE SCALE AND ASSET BASE TO TRADE IN-LINE WITH VALERO & MARATHON",
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