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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Quentin Koffey",
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  "presentationDate": "2016-11-21 00:00:00",
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      "text": "Marathon can take direct, immediate action to simplify its midstream operations and structure that will result in a lower cost of capital for the midstream business and a forced revaluation for Marathon shareholders.",
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      "text": "EBITDA: 40%",
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      "text": "Another rationale for phasing drops over time could be a hope that MPLX units will trade up over time and be issuable at lower yields. We believe the best way to lower MPLX's cost of capital is by providing certainty...",
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      "text": "One rationale for phasing drops over time is to manage the growth of the underlying MLP... it is not applicable to Marathon. The Company has already committed to dropping all assets in the next three years...",
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      "text": "While we are encouraged to see Marathon begin to take steps to address the Company’s undervaluation, we believe the recent strategic announcement exacerbated the uncertainty surrounding MPLX...",
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      "text": "These drop downs can be value accretive for all parties. In the accompanying presentation, we detail how carrying out drops today allows Marathon to receive ~$6 billion in cash and $5 billion in LP units...",
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      "text": "In conjunction with the drops, Marathon could elect to exchange its IDR for additional LP units in MPLX. In the accompanying presentation we show precedent transactions...",
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      "text": "Recommendation 1: “Drop Down” All MLP-Qualifying Assets to MPLX Immediately.",
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