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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses a 'before-after' style comparison of management's claims vs. reality, specifically targeting the CEO's accounting for turnarounds.",
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      "text": "If management can't calculate their own multiple correctly, why would they be right about the appropriate valuation for Phillips 66?",
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      "text": "TEV / EBITDA Multiple: 7.8x",
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      "kind": "paragraph",
      "text": "Elliott is not spinning a quote out of context – this is what we heard from multiple investors who attended the same conference.",
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      "text": "Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors. So, we believe there is some recognition of [the value of the midstream business] in the shares today. — Phillips 66 CEO Mark Lashier, Piper Sandler Energy Conference, March 18, 2025",
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