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      "text": "Both are good businesses that can make for good investments. But combining them under one conglomerate structure delivers the worst of both worlds - inefficient capital allocation, operations that suffer because of unfocused management teams, and no natural home among investors.",
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      "text": "INDEXED SHARE PRICE PERFORMANCE VS. REFINING AND MIDSTREAM PEERS",
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      "kind": "disclaimer",
      "text": "ADDITIONAL INFORMATION: Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation...",
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      "text": "CLAIM: Phillips 66 midstream and refining have valuable synergies and are too integrated to separate. REALITY: Management's assertions about synergies are severely overstated.",
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      "text": "MIDSTREAM ASSETS: Appeal to investors looking for stable, long-term growth. Command premium valuation multiples. REFINING ASSETS: Profit margins fluctuate more with changes in commodity prices.",
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      "text": "VOTE YOUR SHARES TODAY",
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      "text": "Both are good businesses that can make for good investments. But combining them under one conglomerate structure delivers the worst of both worlds - inefficient capital allocation, operations that suffer because of unfocused management teams, and no natural home among investors.",
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      "text": "[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company? - Goldman Sachs, 1/7/25",
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      "text": "[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company? — Goldman Sachs, 1/7/25",
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      "kind": "title",
      "text": "WHY PHILLIPS 66'S CONGLOMERATE STRUCTURE DOESN'T WORK",
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