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  "documentTitle": "Phillips 66 (PSX)",
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      "kind": "callout",
      "text": "DECEPTIVELY INCONSISTENT: It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers",
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      "text": "2022 - 2024 Avg Refining Operating Expenses per Barrel",
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      "text": "Refining Operating Expenses per Barrel: $9.25",
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      "kind": "paragraph",
      "text": "Note: Refining Operating Expenses per barrel based on appendix definitions provided in Elliott's Presentation released 04/28/25 titled \"Elliott's Perspectives on Value Creation.\"",
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      "text": "Source: Phillips 66 April 28, 2025 Presentation",
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      "text": "MISLEADING INVESTORS ABOUT REFINING PROFITABILITY",
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