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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 highlights the use of a median calculation that relies on the performance of the four 'inappropriate' peers.",
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      "text": "The Company's method uses an in-group median rather than average. This sets up a scenario where the refining impact is always coming from average of CVR, Delek, HF Sinclair or PBF. This means that Phillips 66 is only comparing its performance to inappropriate small cap refiners.",
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      "text": "The Company’s method uses an in-group median rather than average. This sets up a scenario where the refining impact is always coming from average of CVR, Delek, HF Sinclair or PBF. This means that Phillips 66 is only comparing its performance to inappropriate small cap refiners.",
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      "text": "TSR",
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      "text": "In addition to Phillips preposterous synthetic peer group methodology, Phillips 66's refining peer group is populated with four inappropriate (and poorly performing) peers which are included to show its performance in a more flattering manner.",
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      "text": "Source: Bloomberg. (1) The TSR Period Median equals the average of the two yellow highlighted companies each year.",
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      "text": "Phillips 66 Refining Peers table showing Market Cap, % PSX Mkt. Cap, and TSR metrics for CVR, Delek, HF Sinclair, PBF, Valero, Marathon, and Phillips 66.",
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      "kind": "title",
      "text": "2. LOWERING THE BAR WITH THE INCLUSION OF INAPPROPRIATE PEERS",
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