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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "Using market multiples for the rest of Phillips 66's assets implies its midstream segment is valued at $13bn, or just 3.1x '26E Consensus EBITDA",
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      "text": "Applying appropriate valuation multiples to Phillips 66's segments implies that the market is assigning little value to the Company's midstream assets, or its refining assets.",
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      "kind": "title",
      "text": "CONGLOMERATE STRUCTURE: VALUE TODAY GETS REFINING FOR FREE",
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