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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a before-after framing to contrast management's initial promises with current reality.",
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      "text": "Management has continued to promise investors an EBITDA target that is unrealistic to cover its tracks.",
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      "text": "Build Multiple: 11.6x",
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      "text": "Phillips 66 has destroyed investor value through its poor execution of the Rodeo conversion. Management has continued to promise investors an EBITDA target that is unrealistic to cover its tracks.",
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      "kind": "quote",
      "text": "Yes. Rodeo is a great asset. It's operating well at or above design rates. We're in the process of optimizing the cost structure there to get it as competitive as we can get it.",
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      "kind": "quote",
      "text": "\"Yes. Rodeo is a great asset. It's operating well at or above design rates. We're in the process of optimizing the cost structure there to get it as competitive as we can get it.\" — Phillips 66 CEO Mark Lashier, March 2025",
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      "text": "Source: Bloomberg (4/23/25). (1) Promised Build Multiple calculated as Guided Investment of $850mm and Phillips 66 Management mid-cycle EBITDA target of $650mm. (2) Delivered Build Multiple based on Guided Investment plus Cost Overrun plus Cumulative EBITDA Loss...",
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      "text": "Build Multiple: Promised 1.3x vs Delivered 11.6x",
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      "kind": "title",
      "text": "DAMAGED CREDIBILITY: RODEO CONVERSION",
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