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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "Failure to achieve 2019 AdvantEdge66 cost-out targets; Failure to achieve 2022 targets; Took credit for reduced refining opex; Committed to portfolio simplification but reinvested in dilutive acquisitions; Touted benefits of integration without evidence; Misleading statements.",
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      "text": "In a somewhat surprising tactic, PSX management talked down the potential SOTP upside... [PSX considers the] potential uplift would be further reduced by meaningful compression on the \"remainco\".",
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      "text": "DAMAGED MANAGEMENT CREDIBILITY",
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