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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a 'before-after' framing to highlight the gap between original and revised project costs.",
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      "text": "Diminished Credibility on Growth Capex: Key Projects Consistently Over Budget",
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      "text": "Source: Company transcripts and filings. (1) Estimated current EBITDA multiple based on latest S&P credit report, rather than PSX's reported Q4 2026 synergized number.",
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      "text": "ASPIRATIONAL BUILD MULTIPLES OVERSTATES COMPANY CAPABILITIES",
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