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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "Includes detailed footnotes explaining specific adjustments for debt, cash, and asset divestitures.",
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      "text": "All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right.",
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      "text": "Source: Bloomberg as of 2/7/2025, Wall Steet Estimates, Company filings. Note: EBITDA estimates exclude the burden of turnaround expenses...",
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