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      "text": "Phillips 66 has worse gross margins than VLO & MPC in almost every region",
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      "text": "Gross margin comparison by region (Central Corridor, USGC, West Coast, Atlantic Basin) for PSX, VLO, and MPC.",
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      "text": "Phillips 66 had lower gross margins than peers in 2024 in all regions except the Central Corridor, where the Company has its most advantaged refining assets.",
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      "text": "The Phillips 66 refineries are every bit as good as the Valero, Marathon refineries... there's no reason why these assets can't match up with the competitors.",
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      "text": "The Phillips 66 refineries are every bit as good as the Valero, Marathon refineries. I think that the logistics, product placement capabilities of these refineries, the high-margin product capabilities of some of these refineries is outstanding. And there's no reason why these refineries, why this refining system, these assets can't match up with the competitors, Valero and Marathon. — Brian Coffman",
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      "text": "POOR OPERATING PERFORMANCE: REFINING COMMERCIAL",
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