Phillips 66 (PSX)

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If it becomes necessary, we are confident Phillips 66 could follow a similar path by: Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap between Phillips 66 and Valer

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peer-benchmark 90%

Comparison of Marathon TSR vs peers to justify strategic changes

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The slide uses a peer benchmark to justify a demand for management changes and asset monetization.