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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a combination of bar charts to demonstrate management's failure to meet financial and operational targets.",
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      "text": "Phillips 66 has been unable to deploy organic growth capital within budget and stretches assumptions when communicating multiples on acquisitions to sell transactions to the market as more accretive.",
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      "text": "Diminished Credibility on Growth Capex Key Projects Consistently Over Budget",
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      "text": "EPIC NGL Acquisition Multiple (xEBITDA)",
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      "text": "project budget overrun: -47%",
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      "text": "Source: Company transcripts and filings. (1) Estimated current EBITDA multiple based on latest S&P credit report, rather than PSX's reported Q4 2026 synergized number.",
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      "kind": "title",
      "text": "DAMAGED CREDIBILITY: CAPITAL ALLOCATION",
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