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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The table details the Sum-of-the-Parts (SOTP) valuation-driven weightings for Refining + RD + M&S, Midstream, and Chemicals segments from 2015 to 2024.",
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      "text": "(1) Segment weightings determined based on a SOTP valuation analysis as of the given historical valuation date. Valuation for each segment as of the given valuation date calculated as the 1y fwd Consensus EBITDA multiplied by the average multiple of the comps for the given segment. Refining comps reflect VLO and MPC; Midstream comps reflect EPD, MPLX, OKE and TRGP; and Chemicals comps reflect DOW and LYB.",
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