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      "text": "Phillips 66's Board needs to execute a formal operational review of its refining business in order to understand the reasons behind lagging profitability – and how to reverse course.",
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      "text": "1. COMPARE REFINING PROFITABILITY VS. PEERS\n2. BENCHMARK REFINING KIT VS. PEERS\n3. STUDY REGIONAL COMPETITIVENESS\n4. EVALUATE CLOSEABLE PROFITABILITY GAP",
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      "text": "Using publicly available data, we performed an in-depth refining operational review\nWe worked with Greg Goff, nominee Brian Coffman, and former refining executives\nElliott used Baker & O'Brien's PRISM Model to understand intrinsic profitability",
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      "text": "OPERATING REVIEW: REFINING PROFITABILITY DRAMATICALLY LAGS PEERS",
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