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      "text": "Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2)",
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      "text": "Manufacturing and sale of high-margin specialty lubricants and other base oils, including Phillips’ 50% stake in Excel Paralubes",
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      "text": "Marketing helps deliver optimal refined product placement in the U.S. and Europe across gasoline, diesel and aviation fuel",
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      "text": "Source: Logos per Phillips’ latest investor presentations. 1) Conversion refers to segment EBITDA – Capex divided by segment EBITDA. 2) Wolfe Research, January 2, 2025.",
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