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  "notes": "Uses a waterfall-bridge chart to decompose Enterprise Value.",
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      "text": "Using market multiples for the rest of Phillips' assets implies its Refining system is valued at $1bn today",
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      "text": "Valero is a ~3MMbbl/d pure play refining system with a $49bn TEV. If Phillips' ~2MMbbl/d refining system was valued at an equivalent $/bbl it would be valued at $34bn.",
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      "text": "Source: Bloomberg. Note: See appendix for valuation details. Emphasis added.",
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      "text": "[There] is no value for refining in PSX at current levels... This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis...",
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      "text": "\"[There] is no value for refining in PSX at current levels... This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis: but no part of its assets are public, and with no obvious intent to monetize individual assets and disposal / deleveraging plans...\" — Wolfe Research, January 2, 2025",
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      "text": "PHILLIPS' CURRENT STOCK PRICE IMPLIES DE-MINIMIS VALUE FOR REFINING",
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