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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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      "text": "Does not have direct access to docks for export given existing Sweeny docks are utilized by NGL facilities; estimated to lower profits by ~3c/gal on ~25% of exports",
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      "text": "PRISM Five-Year Average Net Cash Margin (2019 - 2023)",
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      "text": "USWC PRISM NCM, $/b Input",
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      "text": "Phillips 66's Gulf Coast refineries should be competitive vs. Valero and Marathon given the high complexity and logistical flexibility. Higher coking capacity should provide an input cost advantage that is offset by the volume gain from hydrocracking that is more prevalent in VLO's portfolio. Kit is able to compete with MPC and should be at a premium to VLO under optimized performance. Shortcomings potentially driven by performance optimized for base oils (M&S) or CPChem.",
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      "kind": "list",
      "text": "Lake Charles: High complexity, specialty coking refinery with export capacity to Latin America. Production of high-margin base oils via Excel Paralubes JV. Inability to produce ULSD given lack of diesel hydrotreating capacity.",
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      "text": "Sweeny: High complexity, coking refinery with petrochemical feedstock / aromatic production. Asset is not on the water. Does not have direct access to docks for export given existing Sweeny docks are utilized by NGL facilities.",
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      "text": "Source: Baker & O'Brien's PRISM forecast estimates for data. Elliott analysis for asset description.",
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      "kind": "title",
      "text": "OPERATING REVIEW: GULF COAST",
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