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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 waterfall-bridge chart to reconcile the CEO's claimed multiple with the 'true' trading value.",
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      "kind": "callout",
      "text": "CORRECTED FOR ERRORS, PHILLIPS 66 IS TRADING LIKE A PUREPLAY REFINER WITH NO PREMIUM",
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      "text": "It is not surprising that a management team and Board that don't understand basic refining accounting are overseeing lagging performance.",
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      "text": "Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors.",
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      "text": "Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors. So, we believe there is some recognition of [the value of the midstream business] in the shares today. — Phillips 66 CEO Mark Lashier, Piper Sandler Energy Conference, March 18, 2025",
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      "text": "CLAIM: PHILLIPS TRADES AT A PREMIUM TO ITS REFINING PEERS REALITY: COMPANY DOESN'T KNOW ITS OWN ACCOUNTING",
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