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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Includes a specific callout box arguing that dropping at 6.0x is unnecessary.",
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      "text": "Year over Year MPLX Dividend Accretion at Various Drop Multiples and PF GP Distributions",
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      "text": "Assumes $1.4 billion of MLP-qualifying EBITDA dropped at year-end 2016 and holds DCF coverage constant at 1.11x. Relative accretion of 2017 LP distribution with full drops to 2017 distribution with no drops, holding DCF coverage constant, is 39.7%, 23.0%, 16.3%, and 10.5% for drops at 6x, 8x, 9x, and 10x, respectively. New debt financed at incremental cash interest of 4.25%; additional equity issuance done at current MPLX unit price as of 11/18/16 close. MPLX Series A convertible preferred and Class B units treated as converted.",
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      "text": "y/y Growth in LP Distribution / Unit: 46.0%",
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      "text": "Marathon can drop assets to MPLX at a range of multiples that would still be meaningfully accretive to LP distributions per unit without increasing leverage above 4.0x or decreasing distribution coverage.",
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