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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-05-12 00:00:00",
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  "notes": "Includes historical context, segment EBITDA breakdown, key financial metrics, and operational mix charts.",
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      "text": "REFINING & RENEWABLE DIESEL: $3.0bn EBITDA; MARKETING: $2.0bn EBITDA; MIDSTREAM: $4.1bn EBITDA; CHEMICALS: $1.5bn EBITDA",
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      "text": "EBITDA: $10.1bn",
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      "text": "Phillips Petroleum Company was founded in 1917 by Lee Eldas Phillips, focusing on oil and natural gas exploration. It introduced the iconic Phillips 66 brand in 1927 (due to blend of 66% of high-octane gasoline). In 1930, the company expanded into refining, building one of the largest refineries of its time. After merging with Conoco in 2002, it became ConocoPhillips. A decade later, ConocoPhillips spun off its downstream assets into today's independent Phillips 66.",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Public filings and third-party energy market consultant views. Note: EBITDA numbers reflect the sum of 2026E Segment Consensus excluding turnaround costs. All financials, estimates and calculations are available in Elliott's 4/28/2025 presentation. (1) Percentages reflect Segment EBITDA excluding Corporate.",
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      "text": "Key Stats: Market Cap, Net Debt, Enterprise Value, FY26E Adj EBITDA, FY26E Adj FCF, Employees, Headquarters",
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      "text": "PHILLIPS 66 SNAPSHOT",
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