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  "docSlug": "75807c941317",
  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-05-12 00:00:00",
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  "notes": "Uses a combination of line charts and bar charts to highlight operational underperformance.",
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      "text": "Opex/bbl, largely in Phillips 66’s control, is the highest among their core refining peers",
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      "text": "'16 – '24 Gathering and Processing Volume Growth",
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      "text": "Operating Expense per Barrel (excl. TAR) ($/bbl)",
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      "text": "LACK OF REFINING EXPERTISE HAS DELIVERED INEFFICIENT REFINING OPERATIONS: Opex/bbl is highest among peers; minimal improvement; weak commercial function.",
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      "text": "FAILED TO CAPITALIZE ON GROWTH OPPORTUNITIES IN THE MIDSTREAM SEGMENT: Missed Permian growth; slower organic growth leading to reliance on M&A.",
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      "text": "Operating Expense per Barrel",
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      "kind": "source-note",
      "text": "Source: Public filings and third-party energy market consultant views. Note: Refining Operating Expenses per barrel based on definitions presented in the appendix of Elliott's 4/28/2025 presentation available on Streamline66.com.",
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      "text": "DESPITE STRONG ASSET QUALITY, PHILLIPS 66 OPERATIONAL EXECUTION HAS UNDERWHELMED",
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