Elliott · activist-deck
Marathon Petroleum Corporation (MPC)
45 pages · 3 arc beats · 2 loops
Marathon Petroleum Corporation (MPC)
Elliott · 2019-09 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 36 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 4 slides 100% 4/4 slides 100% 4/4 slides · 34 hits — 0/4 slides
25% 1/4 slides 100% 4/4 slides 100% 4/4 slides — 0/4 slides
Agitate 12 slides 100% 12/12 slides 100% 12/12 slides · 103 hits — 0/12 slides
8.3% 1/12 slides 83.3% 10/12 slides 100% 12/12 slides 16.7% 2/12 slides Solution 20 slides 100% 20/20 slides 100% 20/20 slides · 135 hits — 0/20 slides
15% 3/20 slides 90% 18/20 slides 100% 20/20 slides 20% 4/20 slides Slide inventory
45 every slide · same image gating as the playbook
05
Uses a before-after bridge framework to visualize value creation.frame_problem
Open slide detailBeat · Problem
06
Uses a before-after framing to contrast Marathon's performance during engagement vs. post-retention of retail assets.expose_contradiction
Open slide detailBeat · Problem
07
Uses a three-column structure to frame the problem: Assets, Performance, and Valuation.diagnose_problem
Open slide detailBeat · Problem
08
Uses a comparison-style list for the 'Splitting Marathon Unlocks Value' section and a diagram for the 'Favorable Separation Mechanics'.propose_solution
Open slide detailBeat · Problem
09
Uses a waterfall-style bridge to show current vs pro forma value.propose_solution
Open slide detailBeat · Agitate
10
Uses animal icons (bear and bull) to denote low and high ends of the valuation range.quantify_opportunity
Open slide detailBeat · Agitate
11
Uses a waterfall-bridge chart to illustrate value creation.show_valuation_bridge
Open slide detailBeat · Agitate
12
The slide uses a three-column layout to contrast the specific benefits for each business segment.summarize
Open slide detailBeat · Agitate
13
Includes quotes from management and analysts supporting the spin-off thesis.cite_precedent
Open slide detailBeat · Agitate
15
The slide uses a quote from Gary Heminger to contrast with the data presented, framing it as a contradiction.compare_peers
16
Uses stamps ('STATUS QUO', 'DOUBLE DOWN', 'Hope for Change') to frame the narrative of each period.compare_peers
17
Uses a combination of bar charts and analyst quotes to build a case against management's narrative.expose_contradiction
Open slide detailBeat · Agitate
18
Uses a three-part logical flow: business mix, headline valuation, and implied refining valuation.compare_peers
Open slide detailBeat · Agitate
19
Uses Elliott Management's historical engagement as a marker for valuation shifts.expose_gap
Open slide detailBeat · Agitate
20
Includes analyst quotes from Goldman Sachs and Morgan Stanley to support the thesis.show_valuation_bridge
Open slide detailBeat · Agitate
21
Uses a before-after framework to contrast current governance failures with future state improvements.propose_solution
23
Uses a before-after framework to contrast current 'trapped' value with future 'unlocked' potential.propose_solution
24
Uses a waterfall-style bridge to illustrate value creation from a current state to a pro forma state.show_valuation_bridge
25
Uses a process flow diagram to explain the corporate restructuring steps.propose_solution
Open slide detailBeat · Solution
26
The slide uses a table to quantify potential EBITDA impacts of a corporate separation, countering management's claims of integration benefits.preempt_rebuttal
Open slide detailBeat · Solution
27
Includes a bar chart comparing enterprise values and a table of operational/financial metrics.quantify_opportunity
Open slide detailBeat · Solution
28
The chart highlights MPLX in red compared to peers. The bottom text serves as the action title/thesis.propose_solution
Open slide detailBeat · Solution
29
The slide uses a bar chart to justify an $18bn valuation for the retail segment by comparing it to industry peers like Couche-Tard, Casey's, and Murphy USA.quantify_opportunity
Open slide detailBeat · Solution
31
Uses a 'Justification vs. Reality' framework to systematically dismantle management's arguments.expose_contradiction
Open slide detailBeat · Solution
32
Uses a dialogue format to highlight a contradiction between analyst questioning and management's vague response.expose_contradiction
Open slide detailBeat · Solution
33
The slide uses a comparison frame to argue for Valero's operational superiority over Marathon.compare_peers
Open slide detailBeat · Solution
34
The slide uses a peer benchmark to argue for operational improvement and capital return.compare_peers
Open slide detailBeat · Solution
35
Uses OPIS Regional Fuel Margin Index as a benchmark for normalization.compare_peers
Open slide detailBeat · Solution
36
The slide uses a red highlight on the Marathon bar to emphasize the margin deficit compared to the best-in-class peer.compare_peers
Open slide detailBeat · Solution
37
Uses a table to categorize access models and a map/chart combo to illustrate a successful third-party contracting strategy.preempt_rebuttal
Open slide detailBeat · Solution
38
Uses expert testimony and market observations to argue that independence improves competitiveness.preempt_rebuttal
Open slide detailBeat · Solution
39
Uses industry expert quotes to validate the thesis that ownership is not required for supply chain security.preempt_rebuttal
Open slide detailBeat · Solution
41
The slide uses a waterfall-style bridge to illustrate value creation potential.state_next_steps
44
The slide presents a complex financial model involving debt reduction, asset drops, and pro forma valuation metrics for MPLX, RetailCo, and New MPC.show_valuation_bridge
45
The slide uses a bottom-up buildup of value per share across three business segments.show_valuation_bridge