{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-8026e9a12aa5", "slug": "30650a8e606d", "title": "Marathon Petroleum Corporation (MPC)", "subtitle": "Elliott Management · 2016-11", "author": "Elliott Management", "date": "2016-11-01 00:00:00", "pageCount": 50, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Marathon Petroleum Corporation", "targetTicker": "MPC", "document": { "id": "019dd923-622b-71dc-a6d9-8026e9a12aa5", "slug": "30650a8e606d", "title": "Marathon Petroleum Corporation (MPC)", "rawTitle": "Elliott Perspectives on Marathon vfinal", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "authorDisplay": "Elliott Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "Elliott-Perspectives-on-Marathon-vfinal.pdf", "sourceUrl": "https://elliottletters.com/wp-content/uploads/Elliott-Perspectives-on-Marathon-vfinal.pdf", "sourceDate": "2016-11-15 00:00:00", "presentationDate": "2016-11-01 00:00:00", "ingestedAt": "2026-04-22 14:55:36+00", "status": "ready", "pageCount": 50, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Marathon Petroleum Corporation", "targetTicker": "MPC", "metadata": { "local_root": "/tmp/legacy-images/30650a8e606d", "activist_firm": "Elliott Management", "origin_corpus": "contrarian", "extraction_seconds": 190.02232122421265 } }, "coverage": { "pageCount": 50, "pagesIndexed": 50, "pagesWithImages": 50, "pagesWithMetadata": 50, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 315, "chartCount": 30, "metricSlides": 0, "toolMatches": 13, "documentToolMatches": 4, "frameworkMatches": 36, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "c798e2d9-1af8-4686-b5bb-ea0db228f811", "evidence": "The deck's structure and content follow the problem-agitate-solution narrative shape", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:53:56.157252+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Problem", "beatId": "75dfaac5-ad39-4660-b645-892ab9eb76d2", "matchId": "c798e2d9-1af8-4686-b5bb-ea0db228f811", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies Marathon's undervaluation as a problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Section dividers are intentionally sparse (title only on otherwise blank page). No stake disclosure in the deck itself. Tone is notably constructive — Elliott explicitly praises recent MPC announcements as 'a step in the right direction' and frames engagement as constructive rather than adversarial; no CEO named as villain. 'Elliott's Perspectives on Management Commentary' side-by-side rebuttal table (recurring in sections IV-V) is the primary mechanism for contradicting management's integration rationale. Strong SCQA: undervaluation → peer-gap evidence → drops+spin prescription → quantified $70-79 target.", "kpisCited": [ { "detail": "12% in 2011 vs 69% in 2017E — ~60% increase with 0% multiple re-rating", "metric": "Stable earnings share of mix" }, { "detail": "MPC 5.7x vs VLO/HFC average 6.1x — trades like a merchant refiner", "metric": "2017E TEV/EBITDA multiple (adj. for turnaround)" }, { "detail": "Persistently flat-to-negative from Jun-2011 through Sep-2016", "metric": "NTM P/E vs merchant-refiner comps" }, { "detail": "MPC ~$6 vs Holly Mid-Con $7.50, Valero Mid-Con $8.40 — no retail-ownership premium", "metric": "Adj. EBITDA per barrel of throughput (2013-YTD 2016)" }, { "detail": "$0.17/gal — in line with CST, Casey's peers; well below Sunoco's $0.28", "metric": "Speedway fuel margin (ex-RINs)" }, { "detail": "MPC 94% vs Phillips 66 97%, Valero 95%, WRB 94%, HollyFrontier 96% — retail ownership yields no utilization benefit", "metric": "PADD 2 utilization" }, { "detail": "61% after drops, 113% after IDR simplification", "metric": "LP units + cash from drops as % of MPC market cap" }, { "detail": "~$650MM after full drops vs $272MM base case", "metric": "GP cash flow to Marathon in 2017" }, { "detail": "~$43 today → $70-79 full value, ~$27-35/share of hidden value", "metric": "Value per share" }, { "detail": "$750-900MM if drops delayed three years beyond year-end 2016", "metric": "Tax cost of delay" }, { "detail": "Only $20-45MM/year based on OPIS data across 35 cities", "metric": "Margin arbitrage opportunity from retail ownership" } ], "closingAsk": "Marathon's Board should drop down all MLP-qualifying assets to MPLX immediately and conduct a full strategic review including a tax-free separation into Speedway, RefiningCo, and MidstreamCo.", "extraction": { "at": "2026-04-22 14:55:36+00", "model": "unknown-legacy", "runId": null, "seconds": 190.02232, "promptVersion": null }, "scqaReward": "Unlocks roughly $14-19 billion of equity value, lifting the share price from ~$43 to $70-79 — a 60-80%+ increase; delaying the drops beyond year-end 2016 forfeits $750-900MM in tax efficiencies.", "thesisTypes": [ "breakup_spinoff", "undervaluation", "multiple_rerating", "strategic_pivot" ], "top3Reasons": [ "MPC trades at merchant-refiner multiples despite stable earnings rising from 12% to 69% of mix", "Immediate drops plus IDR simplification put 110%+ of market cap in cash and LP units", "A three-way tax-free separation unlocks $14-19bn, or 60-80%+ of equity value" ], "scqaSituation": "Marathon Petroleum is an integrated downstream company combining refining, the Speedway convenience-store retail network, and midstream/logistics assets including its publicly traded MPLX MLP, spun off from Marathon Oil in 2011.", "thesisSummary": "Elliott argues that Marathon Petroleum persistently trades at the same EBITDA multiple as low-multiple merchant refiners Valero and HollyFrontier despite growing its high-multiple midstream and retail businesses from 12% to 69% of stable earnings between 2011 and 2017. The conglomerate structure and expensed turnaround accounting obscure the real valuation, costing shareholders $14-19 billion (~60-80%+ of equity value). Elliott lays out two actions: first, immediately drop down all MLP-qualifying assets to MPLX, which would put cash proceeds plus LP units equivalent to 110%+ of Marathon's market cap into public form and force a revaluation; second, conduct a full strategic review and pursue a tax-free three-way separation into Speedway, RefiningCo, and MidstreamCo, which public comp multiples suggest lifts the stock from ~$43 to $70-79. Delaying the drops past year-end costs shareholders $750-900MM in tax inefficiencies.", "primaryDemands": [ "Drop down all MLP-qualifying assets to MPLX immediately", "Exchange IDRs for LP units to simplify MPLX capital structure", "Conduct full strategic review including tax-free separation into Speedway, RefiningCo, and MidstreamCo" ], "scqaResolution": "Drop all MLP-qualifying assets into MPLX immediately to force a revaluation, exchange the IDRs for LP units to lower cost of capital, then pursue a tax-free three-way separation into standalone Speedway, RefiningCo, and MidstreamCo.", "thesisOneLiner": "Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).", "precedentsCited": [ "MarkWest/MWP IDR simplification (2007)", "Magellan/MGG IDR simplification (2009)", "Buckeye/BGH IDR simplification (2010)", "Enterprise Products/EPE IDR simplification (2010)", "Penn Virginia/PVG IDR simplification (2010)", "Plains All-American/PAGP IDR simplification (2016)", "CST tax-free separation from Valero", "ConocoPhillips divestiture of Circle K and marketing assets (2003-2004)" ], "scqaComplication": "Despite stable earnings growing from 12% to 69% of the mix, Marathon trades at the same multiple as pure merchant refiners; conglomerate structure, minority interests in MPLX, and expensed turnaround accounting obscure the midstream and retail value.", "narrativeInterest": 4, "notableSlidePages": [ 4, 6, 7, 24, 25, 50 ], "peerCompaniesCited": [ "Valero (VLO)", "HollyFrontier (HFC)", "Phillips 66 (PSX)", "WRB Refining", "CVR Energy", "PBF Energy", "Sunoco", "Couche-Tard (ATD)", "CST Brands", "Casey's General Store (CASY)", "Murphy USA (MUSA)", "Williams Partners (WPZ)", "DCP Midstream (DPM)", "EnLink Midstream (ENLK)", "Buckeye (BPL)", "ONEOK Partners (OKS)", "Enbridge Energy (ENBL)", "Plains All American (PAA)", "Enterprise Products (EPD)", 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Marathon has persistently traded at similar valuation multiples to low-multiple merchant refiners. Valuing each of Marathon’s three business segments in line with public peers indicates an equity valuation ~80+% higher than Marathon today. 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Conduct a full strategic review including the potential tax-free separation into Speedway, RefiningCo, and MidstreamCo.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:33.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c8580fe-0adb-4787-8687-f1c40891e039", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "equity value: $14-19bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b06a-48ae4b2018e6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Marathon’s Board Can Increase Shareholder Value by ~60 – 80+%", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:33.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5451583d-bfc1-4c38-80e5-0bb0b83293e3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "43395f81-44d3-4535-989a-df4b6e82ef1a", "evidence": "Proposes separation into Speedway, RefiningCo, and MidstreamCo.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:16:33.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "breakup-spinoff" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 35, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:16:32.133+00", "seconds": 1.639, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-8026e9a12aa5/5", "deck": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5.json" }, "components": [ { "bbox": { "h": 0.033, "w": 0.493, "x": 0.104, "y": 0.555 }, "kind": "title", "text": "I. 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"disclaimer", "text": "(1) 2011 earnings split allocates interest and taxes pro rata based on operating income split. 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Marathon Is Persistently Valued as a Merchant Refiner", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:34.448+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1c00029-91e1-4282-94a2-28befa158bb8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "92b44c1a-7df3-42ec-a8ac-e9453a077ad7", "evidence": "Contrasts 2011 earnings mix with 2017 earnings mix to show growth.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:16:34.448+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "before-after-framing" }, { "matchId": "7038f475-ede5-4e82-a0d9-621cb2b328f2", "evidence": "Highlights the disconnect between operational improvement and market valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:16:34.448+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Problem", "beatId": "75dfaac5-ad39-4660-b645-892ab9eb76d2", "matchId": "c798e2d9-1af8-4686-b5bb-ea0db228f811", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies Marathon's undervaluation as a problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Doing so would allow a deferral of ~$1.2 billion in taxes on cash proceeds from the sale.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:36.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c27d311-3cf7-4f79-86fe-b6068f4d93ca", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.07, "y": 0.19 }, "kind": "list", "text": "Marathon can capture a sizable tax benefit from dropping these assets before January 3, 2017 when new disguised sales regulations related to Section 707 go into effect. These new regulations limit the ability to do tax-advantaged debt-financed distributions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:36.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3684067f-eebd-4c37-9ac0-78cc6e9d4b8b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net present value benefit: $750-900MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": 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LP unitholders will receive a 28.5% dividend increase.", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:35.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d043fe6b-03a8-432d-8af7-4ff16403acfe", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA growth: 8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b06c-815934b002bd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.13, "y": 0.16 }, "kind": "quote", "text": "As Gary mentioned, there is a lot of opportunity there... there's an enormous amount of opportunity for growth at the partnership level that will continue to support the MPC business.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:35.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44125a2e-dbac-49bb-89d5-ee84ebc5d3f9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As Gary mentioned, there is a lot of opportunity there. There's a legacy gathering and processing capital in MarkWest that typically run $1.5 billion to $2 billion organic projects per year. So that's part of the projects and EBITDA available as well as the drops. We also spoke at the time of the merger about $6 billion to $9 billion of projects that could be done either at the MPLX or MPC level, likely this will be done in MPC, incubated there and then dropped down to the partnership. As well with the opportunities in the marketplace today and our cost of capital, we'll continue to look at acquisitions. So there's an enormous amount of opportunity for growth at the partnership level that will continue to support the MPC business.\" — MPLX CFO (J.P. 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We believe taking these steps reveals the glaring undervaluation of Marathon today and will drive a revaluation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:36.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ceb62bb-a918-4a73-bed8-53e61917277f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.07, "y": 0.92 }, "kind": "source-note", "text": "(1) Assumes $1.4 billion of EBITDA dropped at 8.0x with debt financing up to 4.0x net leverage. 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structure maximizes value for shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8146d9c2-0dc9-41cf-84ba-645d4fbf38d6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.1, "y": 0.4 }, "kind": "list", "text": "Dropping down assets immediately will remove the cloud of uncertainty weighing on MPLX's cost of capital, increase Marathon's GP cash flow to ~$650MM in 2017, and force 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