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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The chart uses a dashed red line for PSX and solid lines for peer averages, with a shaded region indicating the period of preview calls.",
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      "text": "Contrary to Phillips 66’s narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups.",
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      "text": "Contrary to Phillips 66's narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups. They missed even after materially talking down Wall Street research analysts.",
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      "text": "Source: Bloomberg as of 4/25/2025. Note: Core Peer Avg. reflects the average of MPC and VLO. Midstream Peer Avg. reflects the average of TRGP, ET, EPD, MPLX and OKE. Chemicals Peer Avg. reflects the average of DOW and LYB.",
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      "kind": "title",
      "text": "POOR OPERATING PERFORMANCE: MORE VOLATILIE THAN ALL PEERS",
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