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  "notes": "Includes specific commentary on Lake Charles and Sweeny refineries.",
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      "text": "Phillips 66's Gulf Coast refineries should be competitive vs. Valero and Marathon given the high complexity and logistical flexibility",
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      "text": "Key Asset Overview: Phillips 66's Gulf Coast refineries should be competitive vs. Valero and Marathon given the high complexity and logistical flexibility. Higher coking capacity should provide an input cost advantage. Kit is able to compete with MPC.",
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      "text": "Sweeny: High complexity, coking refinery with petrochemical feedstock. Asset is not on the water. Does not have direct access to docks for export.",
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      "text": "Lake Charles: High complexity, specialty coking refinery with export capacity to Latin America. Production of high-margin base oils. Inability to produce ULSD.",
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