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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero",
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      "text": "Phillips 66's profitability lags far behind Valero and Marathon Petroleum, with recent quarters showing opex / bbl skyrocketing and the EBITDA / bbl gap widening out",
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      "text": "“At Phillips 66 we’re all about reliable and predictable value creation for our shareholders.” — Mark Lashier, Phillips 66 Promotional Video, April 17, 2025; “Our leadership is committed to steady, reliable and sector-leading value creation.” — Phillips 66 Soliciting Material, April 7, 2025",
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      "text": "Note: Phillips and Valero Refining EBITDA based on definitions in the appendix. Utilizes most recent re-casting. MPC Q1 '25 opex/bbl reflect consensus estimates per Bloomberg.",
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      "text": "POOR OPERATING PERFORMANCE: REFINING MARGINS",
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