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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The chart highlights a valuation gap between PSX and its peers/precedent transactions.",
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      "text": "Phillips 66's midstream business would be valued at a substantial premium to the current valuation implied by where the stock is trading today.",
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      "text": "TEV / EBITDA Multiple comparison chart",
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      "text": "TEV / EBITDA Multiple: 6.1x",
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      "text": "Source: Public comps per Bloomberg as of 4/23/25. (1) Valuations reflect Implied TEV / Most Recent Quarter Annualized EBITDA as of transaction announcement date.",
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      "kind": "title",
      "text": "STREAMLINE PORTFOLIO: MIDSTREAM IS HIGHLY VALUABLE",
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      "evidence": "The presentation provides a solution through Streamline 66, proposing a plan for value creation and relief for shareholders.",
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