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  "notes": "Uses a 'Promises vs. Reality' framework to highlight management credibility issues.",
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      "text": "Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips’ 2019 “AdvantEdge66” cost-cutting initiative",
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      "text": "1) Based on Bloomberg consensus estimates with an average excluding turnaround expenses of ~$10.4bn. 2) See 'Impact of Natural Gas Prices on PSX Opex/bbl Declines' calculation on slide 49 in the appendix.",
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