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      "text": "Phillips 66 leadership's dogged defense of maintaining an expansive portfolio of businesses suggests a preference for empire-building over maximizing shareholder returns.",
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      "kind": "quote",
      "text": "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?",
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      "text": "CLAIM: Phillips 66 midstream and refining have valuable synergies... REALITY: Management's assertions about synergies are severely overstated.",
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