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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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      "text": "After the drops, MPLX will still deliver 8% EBITDA growth... leading to 8% growth in distributable cash flow and 12% growth in GP distributions.",
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      "text": "Assumes $1.4 billion of growth capex... Assumes incremental equity issuance... Assumes 2.5% growth in current organic EBITDA...",
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      "text": "After the drops, MPLX will still deliver 8% EBITDA growth... leading to 8% growth in distributable cash flow and 12% growth in GP distributions. Growth is achieved with $1.4 billion of growth capex. LP unitholders will receive a 28.5% dividend increase.",
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      "text": "EBITDA growth: 8%",
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      "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.",
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      "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. Morgan Energy Conference, 6/27/16)",
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      "text": "Growth at MPLX Remains Robust After Completion of Drops",
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