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  "notes": "Includes a quote from Phillips 66 Investor Relations justifying the 2012-2019 period as the appropriate mid-cycle baseline.",
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      "text": "The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn.",
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      "text": "The Company, like most investors, use the average 2012 – 19 refining crack to define mid-cycle given this: Reflects key historical shifts including growth of U.S. shale oil. Is not impacted by COVID distortions and post-COVID inflation.",
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      "text": "Gulf Coast 3-2-1 Crack ($/bbl) from 2000 to 2026",
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      "text": "(1) Gulf Coast crack refers to a USGC 3-2-1 MEH RVO-Adj. Crack... (2) 2024 full-year EBITDA as reported by the Company including the burden of turnaround expenses.",
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      "text": "Gulf Coast 3-2-1 Crack: $9.37",
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      "text": "[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. You had cycles of strong margins and weak margins during that period of time. Phillips 66 Investor Relations, March 14, 2024",
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      "text": "\"[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. You had cycles of strong margins and weak margins during that period of time.\" — Phillips 66 Investor Relations, March 14, 2024",
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      "text": "REFINING CRACKS THROUGH THE CYCLE",
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