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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-05-06 00:00:00",
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  "notes": "Uses screenshots of the target company's own presentation to demonstrate the inconsistency.",
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      "text": "DECEPTIVELY INCONSISTENT: It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers",
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      "text": "2022 - 2024 Avg Refining Operating Expenses per Barrel",
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      "text": "Refining Operating Expenses per Barrel: $9.25",
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      "text": "The Company argues that PSX Refining and PSX M&S should be fully combined for the purposes of comparing EBITDA/bbl to peers...",
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      "text": "... and yet on the very next page of its presentation, the Company presents opex/bbl expenses excluding the expense impact of PSX M&S.",
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      "text": "Source: Phillips 66 April 28, 2025 Presentation",
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      "text": "MISLEADING INVESTORS ABOUT REFINING PROFITABILITY",
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