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  "docSlug": "917aed929317",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Includes a bar chart comparing 5-year average net cash margins and a line chart showing annual performance trends by company.",
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      "kind": "callout",
      "text": "Phillips 66's Wilmington refinery, which has been announced to be closed at YE 2025 is likely the least competitive refinery in the West Coast market",
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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": "Key Asset Overview: Phillips 66's Wilmington refinery, which has been announced to be closed at YE 2025 is likely the least competitive refinery in the West Coast market (see RHS). Remaining Ferndale refinery is expected to be more profitable than all MPC and VLO refineries – including MPC's attractive LA Refinery. Wilmington closure will reveal a materially better refining kit than previously understood in the West Coast, especially after removal of Renewable Diesel reporting. Wilmington real estate development could offer substantial unmodeled upside value.",
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      "text": "Ferndale: Simple, light sweet refinery to run ANS and lighter crudes. Niche PNW market allows for premium pricing. High clean product yield increases profitable vs. regional competitors which prioritize asphalt market. No coking or hydrocracking capacity. Residual fuel oil is sold into the marine bunker fuel market.",
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      "text": "Net Cash Margin",
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      "kind": "source-note",
      "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: WEST COAST",
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