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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "It is highly unlikely a well-run Midstream SpinCo requires ~3x the G&A as peer operators (1.7% management guided G&A / TEV vs. 0.6% peer average G&A / TEV).",
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      "text": "Company Claim: Incremental G&A Costs ~$300mm",
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      "text": "We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.",
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      "text": "We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets. — Mike Hennigan, CEO of Marathon Petroleum",
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      "text": "Source: Bloomberg, Company Disclosures.",
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      "text": "The Company is overstating both the lost synergy opportunity of a Midstream separation and incremental G&A costs.",
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      "text": "GO-FORWARD COSTS ARE OVERSTATED",
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