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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a proprietary 'PRISM' model to compare refining margins across peers.",
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      "text": "Operations have been challenged within the WRB JV and would benefit from an improved refining focus from management to deliver higher profitability",
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      "text": "MidCon PRISM NCM, $/b Input",
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      "text": "Phillips 66's Central Corridor refining assets are very strong and should deliver superior EBITDA / bbl relative to both Marathon and Valero. High exposure to cheaper WCS crude benefits the refining kit, increasing profitability. High distillate cut increases profitability. Billings and certain Central Corridor refineries sell into niche or advantaged product markets, increasing netbacks. Operations have been challenged within the WRB JV and would benefit from an improved refining focus.",
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      "text": "Source: Baker & O'Brien's PRISM forecast estimates for data. Elliott analysis for asset description.",
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      "text": "OPERATING REVIEW: CENTRAL CORRIDOR",
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