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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "Elliott",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "Uses a red-highlighted 'communicated' box to expose a discrepancy in M&A valuation and red arrows to show cost overruns.",
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      "text": "The multiple management communicated for the EPIC acquisition was based on 2yr forward synergized projections",
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      "text": "Key Projects Consistently Over Budget",
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      "text": "EPIC NGL Acquisition Multiple (xEBITDA)",
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      "text": "Capital Expenditure: -47%",
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      "text": "Phillips stretches when communicating multiples on acquisitions to sell transactions to the market as more accretive, and has been unable to deploy organic growth capital within budget",
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      "text": "Source: Company transcripts and filings. Note: Emphasis added. 1) Estimated current EBITDA multiple based on latest S&P credit report, rather than PSX's reported Q4 2026 synergized number.",
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      "text": "PHILLIPS HAS LOST CREDIBILITY ON CAPITAL ALLOCATION",
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