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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The chart uses a dashed red line for Phillips 66 to emphasize its divergence from the peer averages.",
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      "kind": "callout",
      "text": "PSX Starts Preview Calls with Sellside Investors",
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      "text": "Contrary to Phillips 66's narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups.",
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      "text": "Contrary to Phillips 66's narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups.",
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      "text": "Source: Bloomberg as of 4/25/2025. Note: Core Peer Avg. reflects the average of MPC and VLO. Midstream Peer Avg. reflects the average of TRGP, ET, EPD, MPLX and OKE. Chemicals Peer Avg. reflects the average of DOW and LYB.",
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      "text": "POOR OPERATING PERFORMANCE: MORE VOLATILIE THAN ALL PEERS",
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