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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a dual-chart comparison to show that while gross margin improves with allocation, the opex gap widens, contradicting the company's narrative.",
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      "text": "We estimate that ~25% of the M&S segment (ex JET Germany/Austria) would be comparable to the amount of marketing in Valero based on prior company disclosures",
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      "text": "Does Phillips 66's refining EBITDA/bbl lag peers because the M&S segment contains EBITDA that should be attributed to refining on a constant accounting basis? Allocating gross margin and opex from M&S to refining shows Phillips 66 should have a relative gross margin advantage and has even more abysmal opex.",
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      "text": "CLAIM: M&S ALLOCATION LOWERS REFINING PROFIT GAP REALITY: IF SO, THE COST PROBLEM IS EVEN WORSE",
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