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      "text": "Indexed PSX Stock Price Performance vs VLO & MPC Average Rebased to 0% since the Unaffected Date",
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      "text": "(1) Phillips 66 issues a public letter on 3/5/25 and presents at the Wolfe and Thrive conferences to talk about the Company's strategy on 3/6/25. (2) \"We reject the notion that the only way to be a successful refiner is to focus solely on refining. We can be bigger than that and we can be better than that.\" (Mark Lashier, Bloomberg News, 4/ /25).",
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      "text": "\"...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that\" — Mark Lashier, March 6, 2025; \"We can be bigger than that and we can be better than that\" — Mark Lashier (on Bloomberg News), April 8, 2025",
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      "kind": "title",
      "text": "INVESTORS ARE VOTING WITH THEIR FEET",
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