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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a combination of a bar chart (EBITDA) and an area chart (TSR underperformance) to illustrate the failure of the midstream pivot strategy.",
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      "kind": "callout",
      "text": "As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated.",
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      "text": "Phillips has significantly underperformed peers as leadership has ineffectively allocated capital to its midstream business and neglected the core refining business.",
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      "kind": "quote",
      "text": "\"Our strategy is a transformational change into a midstream logistics company...\" — Greg Garland, Phillips 66 CEO; \"I think Midstream will certainly continue to be a growth vehicle for us... I think Refining is a good business. It's just -- long term, I just don't see it growing\" — Greg Garland, Phillips 66 CEO",
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      "text": "Source: Bloomberg, company filings.",
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      "text": "PHILLIPS 66'S FAILED PIVOT TO MIDSTREAM",
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