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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": "Uses a 'ceo-quote-contradiction' framework to highlight the gap between management rhetoric and financial reality.",
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      "kind": "callout",
      "text": "PHILLIPS 66'S OWN PERFORMANCE METRICS DEMONSTRATE THAT THEY ARE UNDERPERFORMING ON COST SAVINGS",
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      "text": "Achievement on Adj. Controllable Costs (% Payout)",
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      "text": "Achievement on Adj. Controllable Costs: 51%",
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      "text": "Lashier says he is hitting his cost out targets, but the performance metrics say otherwise.",
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      "kind": "quote",
      "text": "We continue to lower our costs, and we talked about how sustainable those cost improvements are. And that's what gives us the confidence that we will that see Refining able to contribute to that $14 billion of mid-cycle EBITDA.",
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      "text": "We have developed a culture of continuous improvement in Refining and are targeting $5.50 per barrel adjusted controllable cost, excluding turnarounds, over the next two years.",
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      "text": "\"We have developed a culture of continuous improvement in Refining and are targeting $5.50 per barrel adjusted controllable cost, excluding turnarounds, over the next two years.\" — Phillips 66 CEO Mark Lashier, Q4 2024 Earnings Call; \"We continue to lower our costs, and we talked about how sustainable those cost improvements are. And that's what gives us the confidence that we will that see Refining able to contribute to that $14 billion of mid-cycle EBITDA.\" — Phillips 66 CEO Mark Lashier, Q2 2024 Earnings Call",
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      "text": "Source: Company filings.",
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      "kind": "title",
      "text": "DAMAGED CREDIBILITY: MISSED COMP COMMITTEE COST TARGETS",
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