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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "PHILLIPS MIDSTREAM COULD BE AN ATTRACTIVE STRATEGIC TARGET AT A PREMIUM VALUATION FOR MANY BUYERS GIVEN OVERLAPPING ASSETS AND SUBSTANTIAL SYNERGY POTENTIAL",
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      "text": "A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)",
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      "text": "Source: Bloomberg. 1) Consensus 2026E TEV / EBITDA. 2) Calculation details presented in the Net Proceeds column on slide 48 in the appendix.",
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