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      "text": "PSX R&M RemainCo is a similar size as its core peers",
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      "text": "1) PSX R&M RemainCo reflects Refining, RD, M&S and ex JET. 2) Graph includes publicly traded refiners VLO, MPC, PSX, DINO, PBF, DK, PARR. 3) PSX R&M RemainCo 2026E EBITDA reflects consensus values... 4) Box plots are calculated... 5) Standard deviation...",
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      "text": "In a somewhat surprising tactic, PSX management talked down the potential SOTP upside... with the stand-alone Refining business closer to a 5.0x EBITDA business...",
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      "text": "In a somewhat surprising tactic, PSX management talked down the potential SOTP upside (ie. [stating that the Company is] fairly valued)... [PSX considers the] potential uplift would be further reduced by meaningful compression on the “remainco”, with the stand-alone Refining business closer to a 5.0x EBITDA business... — Piper Sandler, March 2025",
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      "text": "FALSE CLAIM: R&M BUSINESS WOULD TRADE AT A DISCOUNT",
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