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      "text": "Investors don't believe Phillips can hit the 2025 target, much less the 2027 target",
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      "text": "(1) Valero and Marathon have both committed to returning all excess free cash flow to shareholders during earnings calls, despite various capital return frameworks. (2) Adds ~$0.50/bbl of Taxes Other Than Income (TOTI) in-line with 2024 results in order to include all costs between gross margin and Adj. EBITDA (excl. TAR).",
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      "text": "DAMAGED CREDIBILITY: 2027 TARGETS ARE MORE OF THE SAME",
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