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  "documentTitle": "Phillips 66 (PSX)",
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      "kind": "callout",
      "text": "LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY",
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      "text": "In the mid-2010s, MPC doubled down on a conglomerate model... Transitioned to new executive leadership... Reduced operating costs... Sold Speedway retail operations...",
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      "text": "Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023",
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      "text": "MARATHON PETROLEUM CASE STUDY",
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