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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a waterfall bridge to adjust the 2025E TEV/EBITDA multiple.",
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      "kind": "callout",
      "text": "CORRECTED FOR ERRORS, PHILLIPS 66 IS TRADING LIKE A PUREPLAY REFINER WITH NO PREMIUM",
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      "text": "It is not surprising that a management team and Board that don't understand basic refining accounting are overseeing lagging performance.",
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      "text": "2025E TEV / EBITDA Multiple: 7.8x",
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      "text": "Phillips 66's repeated assertion that it trades at a premium valuation vs. refining peers is based on inconsistent accounting of turnarounds and investor excitement for change since Elliott's involvement.",
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      "text": "It is not surprising that a management team and Board that don't understand basic refining accounting are overseeing lagging performance.",
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      "text": "Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors. So, we believe there is some recognition of [the value of the midstream business] in the shares today.",
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      "text": "Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors. So, we believe there is some recognition of [the value of the midstream business] in the shares today. — Phillips 66 CEO Mark Lashier, Piper Sandler Energy Conference, March 18, 2025",
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      "text": "CLAIM: PHILLIPS TRADES AT A PREMIUM TO ITS REFINING PEERS\nREALITY: COMPANY DOESN'T KNOW ITS OWN ACCOUNTING",
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