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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses a waterfall-style bridge to show the flow of capital from divestitures to acquisitions.",
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      "text": "\"Yesterday afternoon PSX announced it will acquire Pinnacle Midstream for 5 50mm... While the deal looks fine on its own, we suspect investors will react negatively to PSX's decision on capital allocation.\"",
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      "text": "In reality, most divestiture proceeds were recycled into acquisitions",
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      "text": "Investors were excited about Phillips 66's divestiture program. But rather than using proceeds to retire debt and increase capital returns, management bought more midstream assets at dilutive multiples.",
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      "text": "\"During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions.\" Phillips 66 CEO Mark Lashier, January 31, 2025",
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      "text": "\"During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions.\" — Phillips 66 CEO Mark Lashier, January 31, 2025; \"Yesterday afternoon PSX announced it will acquire Pinnacle Midstream for 5 50mm... While the deal looks fine on its own, we suspect investors will react negatively to PSX's decision on capital allocation.\" — TPH & Co., May 21, 2024",
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      "text": "(1) Asset Acquisitions reflect Cash Flow Statement \"Acquisitions, Net of Cash Acquired\".",
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      "text": "DAMAGED CREDIBILITY: USE OF PROCEEDS FROM DISPOSITIONS",
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