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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The chart highlights a valuation gap between PSX (6.1x) and industry peers (averaging 9.7x-10.4x).",
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      "text": "Phillips 66's midstream business would be valued at a substantial premium to the current valuation implied by where the stock is trading today.",
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      "text": "Source: Public comps per Bloomberg as of 4/23/25. (1) Valuations reflect Implied TEV / Most Recent Quarter Annualized EBITDA as of transaction announcement date.",
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      "kind": "title",
      "text": "STREAMLINE PORTFOLIO: MIDSTREAM IS HIGHLY VALUABLE",
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