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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "PRISM Five-Year Average Net Cash Margin (2019 - 2023)",
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      "text": "Atlantic PRISM NCM, $/b Input",
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      "text": "Bayway: One of the best PADD 1 refineries, large FCCs, produces polypropylene and bunker fuel, higher operating costs than USGC.",
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      "text": "Humber: Best refinery in the Atlantic Basin, high complexity, produces needle coke, but unable to produce Tier 3 gasoline for US.",
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      "text": "Key Asset Overview: Phillips 66's Atlantic Basin assets are competitive vs. the broader Atlantic Basin and Valero's kit. Bayway and Humber both primarily use Brent or West African crudes.",
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      "text": "Source: Baker & O'Brien's PRISM forecast estimates for data. Elliott analysis for asset description.",
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      "kind": "title",
      "text": "OPERATING REVIEW: ATLANTIC BASIN / EUROPE",
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