Elliott Management · activist-deck
Marathon Petroleum Corporation (MPC)
50 pages · 3 arc beats · 2 loops
Marathon Petroleum Corporation (MPC)
Elliott Management · 2016-11 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 46 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 5 slides 100% 5/5 slides 100% 5/5 slides · 29 hits — 0/5 slides
— 0/5 slides
80% 4/5 slides · 5 hits 100% 5/5 slides 80% 4/5 slides Agitation 13 slides 100% 13/13 slides 100% 13/13 slides · 82 hits — 0/13 slides
15.4% 2/13 slides 61.5% 8/13 slides 100% 13/13 slides — 0/13 slides
Solution 28 slides 100% 28/28 slides 100% 28/28 slides · 185 hits — 0/28 slides
21.4% 6/28 slides · 7 hits 75% 21/28 slides 100% 28/28 slides 7.1% 2/28 slides Slide inventory
50 every slide · same image gating as the playbook
03
This slide serves as a credibility-building introduction for the activist investor.establish_context
04
The slide uses a clear 'problem-solution' structure, identifying the cost of undervaluation and proposing specific tactical actions.propose_solution
06
Uses a before-after framing to highlight a valuation disconnect.expose_contradiction
07
Includes detailed footnotes regarding accounting adjustments for turnaround expenses and pro-rata MLP EBITDA.compare_peers
08
The slide uses a 'preempt_rebuttal' style to explain why the headline consolidated multiple is misleading.compare_peers
09
Uses a split-screen comparison to highlight the accounting distortion of including 100% of MPLX debt/cap in the MPC valuation.expose_contradiction
11
This appears to be the first item in a list of demands.state_demand
Open slide detailBeat · Agitation
12
Includes a specific callout box arguing that dropping at 6.0x is unnecessary.quantify_opportunity
Open slide detailBeat · Agitation
13
Includes a diagram showing the parent-subsidiary structure before and after the dropdown, alongside detailed pro forma financial tables.quantify_opportunity
Open slide detailBeat · Agitation
14
The slide uses historical precedent to preempt regulatory concerns regarding MLP-qualifying income.cite_precedent
Open slide detailBeat · Agitation
15
The slide uses a comparison table to quantify the tax deferral benefit of acting before a regulatory deadline.quantify_opportunity
Open slide detailBeat · Agitation
16
Includes a quote from the MPLX CFO and specific annotations regarding growth drivers and dividend expectations.analyze_data
Open slide detailBeat · Agitation
17
The slide uses a bar chart combined with a data table to compare MPLX against industry peers.compare_peers
Open slide detailBeat · Agitation
18
Includes specific assumptions for Elliott Management's valuation thesis.show_valuation_bridge
Open slide detailBeat · Agitation
19
The table highlights the 'GP Premium in Basis Points' row with a red dashed box to emphasize the ~250bps benchmark.cite_precedent
Open slide detailBeat · Agitation
20
Includes a scatter plot showing 2017 LP Yield vs 2017-2020 LP Distribution CAGR for peer MLPs.show_valuation_bridge
Open slide detailBeat · Agitation
21
Includes a callout box highlighting the percentage of market cap represented by LP units and cash.show_valuation_bridge
Open slide detailBeat · Agitation
22
The slide compares two structural scenarios ('After Drops' vs 'IDR Simplification') and calculates potential share price upside based on varying tax discounts ashow_valuation_bridge
Open slide detailBeat · Agitation
24
The chart uses a bridge format to show the delta between current stock price and potential value.show_valuation_bridge
25
Includes detailed footnotes regarding EBITDA estimates, multiples, and tax assumptions.show_valuation_bridge
26
Includes a callout box explaining the depressed multiple for Casey's.show_valuation_bridge
Open slide detailBeat · Solution
27
Uses peer multiples (VLO/HFC) to value Marathon's refining segment.show_valuation_bridge
Open slide detailBeat · Solution
28
Includes two scatter plots comparing Distribution CAGR vs. Yield for GP and MLP peers, with Elliott Management's assumptions highlighted.show_valuation_bridge
Open slide detailBeat · Solution
29
The table uses red shading to highlight scenarios that are at or below the lowest retail peer EBITDA multiple or at or above the widest peer yield.quantify_opportunity
Open slide detailBeat · Solution
30
The slide uses a waterfall-like logic to bridge 2017 estimates to pro-forma figures.show_valuation_bridge
Open slide detailBeat · Solution
32
Includes a callout box critiquing Marathon's stated profitability metrics.compare_peers
Open slide detailBeat · Solution
33
Uses red/blue color coding to distinguish Marathon (red) from peers (blue) and indicate retail ownership status.compare_peers
Open slide detailBeat · Solution
34
The slide uses a comparison frame to argue that Marathon is not operating more efficiently than its peers regarding inventory management.compare_peers
Open slide detailBeat · Solution
35
The chart highlights Speedway in red to distinguish it from the blue-colored peer group.compare_peers
Open slide detailBeat · Solution
37
Uses a stacked bar chart to contrast purchase multiples vs. fully synergized multiples against the valuation benchmarks of Speedway and Marathon.compare_peers
Open slide detailBeat · Solution
38
Includes a specific EBITDA opportunity calculation based on closing 50% of the margin delta.compare_peers
Open slide detailBeat · Solution
39
Includes two expert quotes supporting the thesis that third-party operators increase utilization.compare_peers
Open slide detailBeat · Solution
40
The slide uses expert quotes to frame the problem of current low utilization and provides a financial impact estimate at the bottom.quantify_opportunity
Open slide detailBeat · Solution
42
Uses a classic 'Management vs. Activist' rebuttal framework.expose_contradiction
Open slide detailBeat · Solution
43
The slide uses a 'before-after' style comparison to argue against corporate integration, framing it as a cost to shareholders.compare_peers
Open slide detailBeat · Solution
44
Uses a before-after comparison to show value creation through corporate separation.expose_contradiction
Open slide detailBeat · Solution
45
Includes a comparative table of refinery utilization and EBITDA per barrel, plus a case study of the Valero/CST spin-off.expose_contradiction
Open slide detailBeat · Solution
46
Includes a small inset table at the top right referencing a previous slide's argument.preempt_rebuttal
Open slide detailBeat · Solution
47
Includes a small inset image of a table from a previous slide (Elliott Perspectives on Management Commentary) to highlight the specific point being rebutted.preempt_rebuttal
Open slide detailBeat · Solution
48
Includes a thumbnail of a previous slide (likely a table) in the top right corner.preempt_rebuttal
Open slide detailBeat · Solution