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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "John Pike and Mike Tomkins",
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      "text": "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 Valero; and Generating $15 billion to $20 billion of after-tax cash proceeds from the sale of Phillips 66’s CPChem stake, European convenience stores, and a portion of its non-operated midstream stakes.",
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      "text": "Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap; Generating $15 billion to $20 billion of after-tax cash proceeds from asset sales.",
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      "text": "Total Shareholder Return: 398",
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      "text": "Phillips 66 has the ability to remedy its recent period of underperformance through strong execution and a restoration of trust with investors. Our desire is to work constructively with the Company to add highly qualified directors to its ranks.",
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      "text": "Represents indexed TSR from August 14, 2019 through November 27, 2023, Bloomberg.",
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