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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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      "text": "Includes highly profitable specialty coke capacity",
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      "text": "Phillips 66's refining kit exhibits similar capabilities to Marathon and Valero, and should perform equally well.",
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      "text": "Source: Baker & O'Brien estimates, in-line with Oil & Gas Journal reported metrics. Note: All metrics expressed as a % of crude capacity.",
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      "text": "CLAIM: REFINING CANNOT COMPETE WITH MARATHON AND VALERO\nREALITY: ASSETS ARE JUST AS CAPABLE AS PEERS",
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