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      "kind": "callout",
      "text": "Phillips' best quarter in 2024 annualized still falls over $5bn short of the mid-cycle target",
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      "text": "Phillips Adj. EBITDA Target ($bn)",
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      "text": "Phillips is far from achieving its 2025 mid-cycle EBITDA target, with analyst's 2026 estimates signaling a major shortfall – despite consensus assuming a reasonable mid-cycle price environment",
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      "text": "We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024.",
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      "text": "We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024. — Mark Lashier, Q4 2024 Earnings Call",
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      "text": "Source: Bloomberg. Note: Refining EBITDA presented here is inclusive of turnaround expenses to align with management definitions. See appendix for calculation details.",
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