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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide highlights a contradiction between management's claims of cost-cutting progress and the actual performance data.",
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      "text": "Phillips 66 has higher opex/bbl than VLO & MPC in every region",
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      "text": "Source: Company filings. Note: See appendix for definitions, Excludes TAR.",
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      "text": "POOR OPERATING PERFORMANCE: REFINING OPEX",
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