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      "text": "PBF has 60% capacity coming from disadvantaged markets. This leads to the Company being a high-cost peer with almost no EBITDA during 2024 (mid-cycle approximation). As such, PBF trades at a substantial discount to other public refiners.",
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      "text": "Source: Bloomberg (1) PBF is the highest cost public refiner...",
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      "text": "CLAIM: STANDALONE REFINING WOULD TRADE AT A LOW MULTIPLE\nREALITY: PHILLIPS HAS THE SCALE AND ASSET BASE TO TRADE IN-LINE WITH VALERO & MARATHON",
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