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  "docId": "019dd923-622c-750b-8b9c-b50b62034906",
  "docSlug": "48dc66421db8",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
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  "pageNumber": 15,
  "pageCount": 53,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a 'Streamline 66' branding, likely an activist campaign by Elliott Management against Phillips 66.",
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  "components": [
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      "kind": "callout",
      "text": "We see >$40bn in standalone value",
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      "kind": "chart",
      "text": "ATTRACTIVE EARNINGS STREAM IN-LINE WITH HIGHLY VALUED PUBLIC MIDSTREAM PEERS",
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      "kind": "list",
      "text": "NGL BUSINESS ~65% of EBITDA; Wellhead-to-market NGL system focused on the Permian and DJ basins...",
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      "kind": "list",
      "text": "TRANSPORTATION ~35% of EBITDA; Network of crude and refined product pipelines, tanks and terminals...",
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      "text": "EBITDA: $40bn",
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      "text": "Fee-based, recurring EBITDA with favorable market exposure. We see >$40bn in standalone value",
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      "kind": "source-note",
      "text": "Source: Elliott estimates and third-party energy market consultant views. 1) Phillips data reflects Phillips' Midstream segment based on publicly available data and estimates.",
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      "kind": "title",
      "text": "MIDSTREAM: HIGHLY ATTRACTIVE NGL, CRUDE & PRODUCTS PLATFORM",
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      "evidence": "Comparison of business segments against public midstream peers across three metrics.",
      "confidence": 1
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      "evidence": "The presentation agitates the problem by highlighting the company's failed strategy, weak profitability, and management dysfunction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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