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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses a before-after framework to demonstrate that perceived asset quality is often a function of management quality.",
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      "text": "Before and After Management Change",
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      "text": "\"We use [a lower EBITDA multiple] for MPC given its relatively less desirable refining asset footprint.\" — Jefferies, August 2016; \"Rain or Shine, Buybacks through Cycle; Upgrade to Buy.\" — Jefferies, March 2023; \"MPC is a top-tier refining operator with commercial excellence...MPC [is our] top refining pick even after dramatic outperformance over roughly the past two years.\" — Raymond James, January 2023; \"[With] SU's older asset base and the current rising cost environment, it could be difficult to lower operating costs.\" — J.P. Morgan, April 2022; \"SU continues to execute well under CEO Kruger, with strong operational results at nearly every Upstream and Downstream asset...Results have been impressive across the board YTD '24, which we think is indicative of a series of smaller achievements around factors like turnaround benchmarking/efficiency and better use of physical integration, but also a change in culture at the company more broadly.\" — J.P. Morgan, November 2024",
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      "text": "Comparison of analyst quotes for Marathon and Suncor across two time periods.",
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      "text": "CASE STUDY: POOR ASSETS OR POOR MANAGEMENT",
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      "objective": "Compare the status quo with Elliott's Streamline 66 plan",
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