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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a 'villain' narrative (prior management) vs 'hero' outcome (value creation via contracts).",
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      "kind": "callout",
      "text": "Marathon's prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement.",
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      "text": "Claimed integration dis-synergies were solved with contracts. Separation resulted in sustained value creation which far outweighed the tax leakage (initially overestimated by management).",
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      "text": "Quote from Brian Partee, Senior Vice President, Marketing of Marathon Petroleum",
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      "text": "Let me make one comment on the Speedway deal relative to that is 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, August 3, 2020",
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