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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses a combination of qualitative arguments and quantitative peer benchmarking to challenge management's cost projections.",
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      "text": "PHILLIPS 66'S EXISTING MIDSTREAM BUSINESS ALREADY HAS HIGHER COSTS THAN ITS PUBLIC PEERS, DUE TO ITS BLOATED STRUCTURE",
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      "text": "Midstream Peers 2024A G&A / TEV ($mm)",
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      "text": "01 Company Claim: Lost Synergy Opportunity ~$450mm",
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      "text": "02 Company Claim: Incremental G&A Costs ~$300mm",
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      "kind": "quote",
      "text": "We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.",
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      "kind": "quote",
      "text": "“We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum",
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      "text": "The Company is overstating both the lost synergy opportunity of a Midstream separation and incremental G&A costs.",
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      "text": "GO-FORWARD COSTS ARE OVERSTATED",
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