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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment.",
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      "text": "[There] is no value for refining in PSX at current levels...This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis...",
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      "text": "[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company...",
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      "text": "\"[There] is no value for refining in PSX at current levels...This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis; but as no part of its assets are public, and with no obvious intent to monetize individual assets and disposal / deleveraging plans...\" — Wolfe Research, January 2, 2025; \"[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?\" — Goldman Sachs, January 7, 2025",
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      "text": "Note: See appendix for valuation details. (1) Refining peers reflect VLO... (2) Sum-of-the-Parts multiple...",
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      "text": "CONGLOMERATE STRUCTURE: VALUE IS CLEARLY TRAPPED",
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