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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses a 'Correcting the Narrative' table and a 'True PSX Trading Value' waterfall chart to discredit management's accounting.",
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      "text": "If management can't calculate their own multiple correctly, why would they be right about the appropriate valuation for Phillips 66?",
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      "text": "Elliott is not spinning a quote out of context – this is what we heard from multiple investors who attended the same conference.",
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      "text": "Well, if you look at where we’re trading today based on 2025 consensus earnings, we’re trading at something like an 8.8, 8.9 multiple, that’s more than one turn above our refining competitors. So, we believe there is some recognition of that midstream business in the shares today. — Mark Lashier, Chairman and Chief Executive Officer, Phillips 66",
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