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  "notes": "The slide uses a peer benchmark to highlight the valuation gap between the company's current trading multiple and its implied SOTP value.",
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      "text": ">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining.",
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      "text": "In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value",
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      "text": ">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining.",
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      "text": ">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024",
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      "text": "Source: Bloomberg. Note: See appendix for valuation details.",
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      "kind": "title",
      "text": "DESPITE ITS ATTRACTIVE ASSETS, PHILLIPS TRADES AT A SIGNIFICANT DISCOUNT",
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