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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "ASSET MIX (% of EBITDA)",
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      "text": "PRODUCT DIVERSIFICATION",
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      "text": "NGL BUSINESS ~65% of EBITDA: Wellhead-to-market NGL system focused on the Permian and DJ basins; Midland and Delaware G&P; Dominant DJ G&P position; Substantial long-haul pipeline; Flexible fractionation; NGL export capacity.",
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      "text": "TRANSPORTATION ~35% of EBITDA: Network of crude and refined product pipelines, tanks and terminals; Bakken Pipeline; Expansive system of refined product terminals; Multiple marine, rail and petroleum coke facilities; 3rd party exposure; >95% fee-based.",
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      "text": "Source: Elliott estimates and third-party energy market consultant views. 1) Phillips data reflects Phillips' Midstream segment based on publicly available data and estimates. Percent contribution based on estimated 2025E EBITDA contribution.",
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