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  "documentTitle": "Phillips 66 (PSX)",
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  "authorName": "Elliott",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "Includes footnotes detailing specific adjustments for PSX, SUN, OKE, TRGP, and DOW.",
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      "text": "Consensus TEV / EBITDA: 7.7x",
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      "text": "Source: Bloomberg as of 2/7/2025, Wall Street Estimates, Company filings. Note: Phillips' consensus estimates built up using segment level estimates rather than a consolidated estimate.",
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      "text": "1) PSX net debt adjusted to reflect M&A announced but not yet closed. 2) SUN fully diluted share count adjusted... 3) OKE share count adjusted... 4) TRGP non-controlling interest adjustments... 5) DOW adjusted to account for sale of stake...",
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      "text": "TRADING COMPARABLES",
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