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      "text": "Investors question Phillips' total leverage level, when in reality it is reasonable relative to business mix. Substantial midstream exposure supports higher leverage than a standalone refiner",
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      "text": "We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below).",
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      "text": "We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025",
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      "text": "REFINING AND MIDSTREAM HAVE INCOMPATIBLE LEVERAGE PROFILES",
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