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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a bar chart to support the thesis that PSX has a superior crude slate compared to its competitors.",
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      "text": "Phillips 66 not only loads more discounted crudes than peers, but also pays lower prices on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC",
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      "text": "% of Discounted Crude Fed",
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      "text": "percentage of discounted crude fed: 32%",
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      "text": "Source: Based on TPH & Co. Research estimates of crude loading. (1) Calculated based on multiplying estimated % crude inputs by 2024 average $/bbl for the given crude. (2) MPC estimated to have a lower-cost total crude slate vs. VLO.",
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      "text": "2024 Est. Crude Cost Advantage vs. VLO ($/bbl)",
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      "text": "Phillips 66 loads a higher percentage of discounted crude vs. peers, giving it an input-cost advantage.",
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      "kind": "title",
      "text": "OPERATING REVIEW: PHILLIPS 66 SHOULD HAVE A COST ADVANTAGE",
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