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      "text": "Phillips 66 not only loads more discounted crudes than peers, but also pays lower prices on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC",
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      "text": "% of Discounted Crude Fed",
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      "text": "percentage of discounted crude fed: 32%",
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      "text": "Source: Based on TPH & Co. Research estimates of crude loading. (1) Calculated based on multiplying estimated % crude inputs by 2024 average $/bbl for the given crude. See the Streamline 66 Wolfe Refining Conference Presentation for further details. (2) MPC estimated to have a lower-cost total crude slate vs. VLO despite loading less advantaged crude due to VLO loading an estimated ~20% LLS & Eagle Ford Crudes, which trade at a premium to WTI.",
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      "text": "OPERATING REVIEW: PHILLIPS 66 SHOULD HAVE A COST ADVANTAGE",
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