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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The slide uses a bar chart to show net cash margins and a line chart to show historical performance trends between PSX and VLO.",
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      "text": "PRISM Five-Year Average Net Cash Margin (2019 - 2023)",
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      "text": "Atlantic PRISM NCM, $/b Input",
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      "text": "Humber: Humber refinery is likely the best refinery in the Atlantic Basin. High complexity refinery with the ability to produce and sell needle coke to global markets. Unable to produce Tier 3 gasoline spec for the US, so must sell gasoline into West Africa; Dangote desulfurization is a risk.",
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      "text": "Bayway: Bayway refinery is one of the best PADD 1 refineries. One of the largest FCCs in the United States, providing substantial volumetric swell. Production of polypropylene increases profitability. Substantial bunker fuel production. Higher employee / operating cost in the tri-state area vs. the US Gulf Coast. Valero's Quebec City refinery takes in WTI, offering an input cost advantage vs. Brent.",
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      "text": "Key Asset Overview: Phillips 66's Atlantic Basin assets are competitive vs. the broader Atlantic Basin and Valero's kit. Bayway and Humber both primarily use Brent or West African crudes, given lack of economic access to Jones Act compliant shipping.",
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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: ATLANTIC BASIN / EUROPE",
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