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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The slide highlights a specific technical manipulation in peer group benchmarking.",
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      "kind": "callout",
      "text": "The \"synthetic basket of our segment peers\" footnote",
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      "text": "As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero",
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      "text": "1. The Company is weighting its historical performance, based on its forward EBITDA. 2. As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero",
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      "text": "Calculated as the weighted average of Refining (CVI, DINO, DK, MPC, PBF, VLO), Midstream (OKE, TRGP, WMB), and Chemicals (DOW, LYB, WLK) Performance by Proxy Peers' TSR based on the weighting of consensus NTM EBITDA estimates for PSX's segments.",
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      "text": "3. DISINGENUOUS METHODOLOGY",
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