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      "text": "Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation.",
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      "text": "Midstream Separation Dis-Synergies",
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      "text": "1. ~$450 million in synergies are dramatically overstated; 2. ~$300 million in incremental G&A is high; 3. Tax leakage appears overstated; 4. One-time transaction expenses are substantially higher than precedents",
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      "text": "Source: Phillips 66 April 28, 2025 Presentation",
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      "text": "SIMPLE LEAKAGE MATH IGNORES THE DRAMATIC UPLIFT IN MIDSTREAM PROFITABILITY AND GROWTH WITH A HIGH-QUALITY, FOCUSED MANAGEMENT TEAM AT THE HELM.",
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