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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "pageNumber": 97,
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  "notes": "The table highlights the discrepancy between the 'appropriate' large-cap peers and the 'inappropriate' small-cap peers, noting the use of median TSR calculations.",
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      "text": "The Company's method uses an in-group median rather than average. This sets up a scenario where the refining impact is always coming from average of CVR, Delek, HF Sinclair or PBF. This means that Phillips 66 is only comparing its performance to inappropriate small cap refiners.",
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      "text": "The Company’s method uses an in-group median rather than average. This sets up a scenario where the refining impact is always coming from average of CVR, Delek, HF Sinclair or PBF. This means that Phillips 66 is only comparing its performance to inappropriate small cap refiners.",
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      "text": "TSR",
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      "text": "In addition to Phillips preposterous synthetic peer group methodology, Phillips 66's refining peer group is populated with four inappropriate (and poorly performing) peers which are included to show its performance in a more flattering manner.",
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      "kind": "source-note",
      "text": "Source: Bloomberg. (1) The TSR Period Median equals the average of the two yellow highlighted companies each year.",
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      "text": "Phillips 66 Refining Peers table showing Company, Appropriate Peer?, Market Cap, % PSX Mkt. Cap, and TSR Period Median (1-Year to 10-Year).",
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      "kind": "title",
      "text": "2. LOWERING THE BAR WITH THE INCLUSION OF INAPPROPRIATE PEERS",
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