{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-70939a0f825f", "slug": "7ed65c83e062", "title": "Marathon Petroleum Corporation (MPC)", "subtitle": "Elliott · 2019-09", "author": "Elliott", "date": "2019-09-24 00:00:00", "pageCount": 45, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Marathon Petroleum Corporation", "targetTicker": "MPC", "document": { "id": "019dd923-622c-750b-8b9c-70939a0f825f", "slug": "7ed65c83e062", "title": "Marathon Petroleum Corporation (MPC)", "rawTitle": "Elliott Marathon Petroleum Presentation Sep 2019", "authorId": "02_Elliott_Management", "authorName": "Elliott", "authorDisplay": "Elliott", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2019-09-Elliott-Marathon-Petroleum-Presentation-Sep-2019.pdf", "sourceUrl": "http://www.RemakingMPC.com", "sourceDate": null, "presentationDate": "2019-09-24 00:00:00", "ingestedAt": "2026-04-23 01:28:34+00", "status": "ready", "pageCount": 45, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Marathon Petroleum Corporation", "targetTicker": "MPC", "metadata": { "local_root": "/tmp/legacy-images/7ed65c83e062", "activist_firm": "Elliott Management", "origin_corpus": "contrarian", "extraction_seconds": 176.69488382339478 } }, "coverage": { "pageCount": 45, "pagesIndexed": 45, "pagesWithImages": 45, "pagesWithMetadata": 45, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 310, "chartCount": 32, "metricSlides": 0, "toolMatches": 13, "documentToolMatches": 5, "frameworkMatches": 35, "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": "291c9ffc-ab4a-42ad-8744-ea84d3821cf6", "evidence": "The presentation follows a clear problem-agitate-solution structure, highlighting Marathon's underperformance, the need for change, and the benefits of separation", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:26.116427+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 8, "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": "d7427f66-e7a0-46d8-a2b7-34ce4027320f", "matchId": "291c9ffc-ab4a-42ad-8744-ea84d3821cf6", "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": "Elliott identifies Marathon's underperformance and the need for change", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "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": 9, "name": "Agitate", "beatId": "339120df-84a0-416d-b544-b7f6ab2b1fd5", "matchId": "291c9ffc-ab4a-42ad-8744-ea84d3821cf6", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Elliott highlights the consequences of not taking action, including Marathon's undervaluation and limited growth prospects", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 40, "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": 21, "name": "Solution", "beatId": "d7e5c5df-daf8-45c3-83ab-fa1650992df6", "matchId": "291c9ffc-ab4a-42ad-8744-ea84d3821cf6", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Elliott presents separation as the solution, highlighting its benefits and addressing potential concerns", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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45, "frameworkName": "valuation-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Second major Elliott engagement with MPC (first was Fall 2016). Deck is the public face of a 'RemakingMPC.com' microsite campaign. Strong SCQA construction with three-pillar complication (underperformance / undervaluation / governance), an explicit value bridge ($55 → $89 → $115) reused as a visual motif across the deck, and a systematic 'management objection → reality' rebuttal table. CEO Gary Heminger is repeatedly named and quoted against himself (1Q19 earnings call, 12/4/18 Analyst Day, 9/5/17 Speedway Review call). Stake not disclosed as a percentage in the deck — Elliott's Aug 2019 13F showed a 4.6MM share position.", "kpisCited": [ { "detail": "Marathon trailed Valero by 149 percentage points since the 6/23/11 IPO", "metric": "TSR vs Valero since IPO" }, { "detail": "Marathon trailed Couche-Tard by 387 percentage points since IPO", "metric": "TSR vs Couche-Tard since IPO" }, { "detail": "61% in Sep 2019, widest ever (vs 34% Nov 2016, 24% Sep 2017)", "metric": "Sum-of-the-parts discount" }, { "detail": "0.9x 2020E for MPC vs 5.1x Valero and 4.1x HollyFrontier", "metric": "Implied refining EV/EBITDA" }, { "detail": "MPC 4.41 vs Valero 4.98 — ~$650mm annualized gap", "metric": "Refining EBITDA margin ($/bbl)" }, { "detail": "~$1.9bn ($2.80/share) of excess inventory vs Valero", "metric": "Working capital / inventory" }, { "detail": "MPC 28.6% vs Couche-Tard 33.5% vs Casey's 40.9% — ~$300mm annualized gap", "metric": "Retail merchandise margin" }, { "detail": "MPC +$0.006/gal vs Couche-Tard +$0.015 — ~$90mm annualized gap", "metric": "Retail fuel margin vs OPIS" }, { "detail": "MPC 66.7% vs VLO 16.7%, PSX 33.3%, HFC 50.0%", "metric": "Negative earnings reactions 1Q18-2Q19" }, { "detail": "MPC -2.2% vs VLO +2.7%, HFC +0.9%, PSX +0.6%", "metric": "Average one-day earnings reaction" }, { "detail": "Refining $37 + Midstream $32 + Retail $20 = $89; $115 full potential with operating improvements", "metric": "Pro forma per-share value" }, { "detail": "$22–$40bn across the three businesses", "metric": "Total value unlock" } ], "closingAsk": "The Board must publicly commit to a full separation, form a Special Committee to oversee it, install independent world-class leadership for each business, and modernize corporate governance — now.", "extraction": { "at": "2026-04-23 01:28:34+00", "model": "unknown-legacy", "runId": null, "seconds": 176.69489, "promptVersion": null }, "scqaReward": "Separation alone drives 60%+ upside from $55 to $89 per share; bringing refining and retail performance in line with Valero and Couche-Tard pushes full potential to $115, a 100%+ return worth $22–$40bn of value.", "thesisTypes": [ "breakup_spinoff", "governance_board", "management_change", "operational_turnaround", "undervaluation" ], "top3Reasons": [ "Marathon has trailed Valero by 149% since IPO — the integrated model is demonstrably failing", "Refining is implicitly valued at <1x 2020E EBITDA after marking Midstream and Retail to peer multiples", "Tax-free three-way separation unlocks $22–$40bn of value: 60%+ now and 100%+ long-term" ], "scqaSituation": "Marathon Petroleum is the largest US independent refiner, operating an integrated conglomerate of Refining, Midstream (MPLX) and Retail (Speedway) with combined 2020E EBITDA of roughly $13.8bn and a ~$37bn market cap.", "thesisSummary": "Marathon Petroleum owns three world-class businesses — Refining, Midstream (MPLX), and Retail (Speedway) — but its integrated conglomerate structure has produced chronic underperformance: Marathon has trailed Valero by 149% since IPO and trades at a 61% sum-of-the-parts discount, its widest level ever, with the market effectively valuing the refining segment at less than 1x 2020E EBITDA. Elliott argues that management under Chairman and CEO Gary Heminger has repeatedly failed to act on prior commitments, most notably a 2017 'Full and Thorough Review' of Speedway that was run while Marathon was already six months into acquiring Andeavor, and that management cannot articulate a coherent rationale for integration. The fix is a full tax-free separation into three independent companies, a Special Board Committee to oversee it, new independent leadership for each, and modern governance — unlocking 60%+ initial upside to $89 and over 100% to $115 with operating improvements.", "primaryDemands": [ "Publicly commit to a full tax-free separation of Marathon into three independent companies (Refining, Midstream/MPLX, Retail/Speedway)", "Form a Special Committee of the Board to oversee the separation", "Develop a leadership transition plan to identify independent, world-class leadership for each business", "Map out each company's key value-creation initiatives (margins, working capital, growth)", "Modernize corporate governance: annual director elections, remove supermajority voting, genuinely independent and diverse boards" ], "scqaResolution": "The Board must publicly commit to a full tax-free separation into three independent companies, form a Special Committee to oversee it, install world-class independent leadership for each, and adopt modern governance including annual director elections.", "thesisOneLiner": "Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.", "precedentsCited": [ "Valero / CST Brands retail spin-out (2012) and subsequent sale to Couche-Tard (2016)", "Elliott's 2016 Marathon engagement and accelerated MPLX simplification", "HollyFrontier contracted pipeline access model (evidence midstream ownership is unnecessary)", "Alon, Occidental, Exxon, Shell pipeline and retail divestiture contract precedents" ], "scqaComplication": "Marathon has underperformed Valero by 149% since IPO and trades at a record 61% sum-of-the-parts discount; the integrated model yields lower refining margins than Valero, $1.9bn of excess inventory, and retail fuel and merchandise margins below Couche-Tard.", "narrativeInterest": 5, 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However, it comes at a cost, with MPC using its chronically undervalued currency to take out ANDV shares at a price that we think is above intrinsic value. — RBC, May 1, 2018; Marathon Petroleum (MPC) is the stock we receive the most questions on, particularly following recent disclosure of an activist position and subsequent outperformance. — Scotiabank, September 10, 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f56-faaea62fe2c1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.02, "y": 0.08 }, "kind": "title", "text": "The message is clear—investors want Marathon to change.", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:59.158+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2689b47-aa91-4b18-bfb6-2de8214fc201", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "The Market is Already Speaking", "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 19:55:59.158+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50d5bdd2-085f-434d-bfd4-cdf8fb05bf16", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d785bca7-15ac-4eeb-9416-e623711b6ed4", "evidence": "Comparing TSR performance across three distinct time periods to build a narrative of underperformance vs. improvement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:55:59.158+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 20, "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": 9, "name": "Agitate", "beatId": "339120df-84a0-416d-b544-b7f6ab2b1fd5", "matchId": "291c9ffc-ab4a-42ad-8744-ea84d3821cf6", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Elliott highlights the consequences of not taking action, including Marathon's undervaluation and limited growth prospects", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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contradicted by Marathon's results.", "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 19:55:55.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd6c74ad-5890-4f2a-9d02-8157e9b043a6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.02, "y": 0.86 }, "kind": "quote", "text": "The variability in retail earnings totally dented the case MPC was trying to make for more complex integrated model.", "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 19:55:55.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3dd8fe9-294b-4631-a1ac-ef28c910cac5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.7 }, "kind": "quote", "text": "[M]y first question is just around earnings consistency, Gary. And if I look back over the last 5 years... you've beaten consensus about 50% of the time... And the S&P large-cap average is closer to 75%.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:55.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e168bec-d3f8-42fb-8571-6cbeef272729", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"[M]y first question is just around earnings consistency, Gary. And if I look back over the last 5 years, so I’ll take the last 21 quarters, you’ve beaten consensus about 50% of the time, you’ve missed consensus about 50% of the time. And the S&P large-cap average is closer to 75%. So just wanted your thoughts on what the company can do to get a more consistent pattern of earnings execution.\" — Neil Mehta, Goldman Sachs, May 8, 2019. \"The variability in retail earnings totally dented the case MPC was trying to make for more complex integrated model.\" — Credit Suisse, May 10, 2019.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f58-48dc8110cf9f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Inconsistent Earnings Eroding Management Credibility", "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 19:55:55.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c4782b7-30eb-49c8-895b-d18c2a15f6a5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "aedf3d09-7fa7-41a5-87c5-0557b2fd6641", "evidence": "Contradicting management's stated strategy with historical performance data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:55:55.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "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": 9, "name": "Agitate", "beatId": "339120df-84a0-416d-b544-b7f6ab2b1fd5", "matchId": "291c9ffc-ab4a-42ad-8744-ea84d3821cf6", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Elliott highlights the consequences of not taking action, including Marathon's undervaluation and limited growth prospects", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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This automatic placement is the key enabler to the overall optimization of our integrated supply and distribution network.\" (Analyst Day, 12/4/18) — Marathon Management. \"When you look at the connectivity of our gathering systems with our intermediate and long-haul pipelines, we have that ability to provide reliable intake to our refineries and our processing facilities.\" (Investor Day, 12/4/18) — Marathon Management. \"There's no bright line, there's no specific guidance that the IRS or parties whatever specifically provide. I think the key is that it is an arm's length agreement, and things that would incorporate full requirements contracts for extended periods of time are not arm's length agreements.\" (Speedway Review Call, 9/5/17) — Marathon Management. \"Our strong position in company retail presents many opportunities to continue to grow organically with mid-teen rate of return type projects, as well as the national footprint gives us an opportunity to look at acquisition opportunities as they present themselves.\" (Investor Day, 12/4/18) — Marathon Management. \"Fosters further growth opportunities\", \"Enhances projects via volume commitments\", and enables MPLX to \"Provide logistics solutions to MPC's nationwide refining footprint.\" (MPLX Presentation, 8/14/19) — Marathon Management.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { 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