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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a 'dilutive vs accretive' framework to argue against the conglomerate's M&A strategy.",
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      "text": "Midstream Acquisition TEV / EBITDA Multiples vs. Phillips Trading Multiple (excl. TAR)",
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      "text": "Phillips' weak conglomerate multiple has made recent midstream acquisitions dilutive on a TEV / EBITDA basis. These deals would have been accretive to a standalone Phillips midstream company",
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      "text": "INVESTORS DISLIKE MIDSTREAM M&A IN THE CONGLOMERATE STRUCTURE",
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