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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Includes a bar chart of PRISM Five-Year Average Net Cash Margin and a line chart of MidCon PRISM NCM.",
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      "text": "Operations have been challenged within the WRB JV and would benefit from an improved refining focus from management to deliver higher profitability",
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      "text": "Phillips 66's Central Corridor refining assets are very strong and should deliver superior EBITDA / bbl relative to both Marathon and Valero. High exposure to cheaper WCS crude benefits the refining kit. High distillate cut increases profitability.",
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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: CENTRAL CORRIDOR",
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