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  "docSlug": "30650a8e606d",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Includes a callout box highlighting the percentage of market cap represented by LP units and cash.",
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      "kind": "callout",
      "text": "Value of LP Units and Cash from Drops as % of Marathon Market Cap Today and as % of Market Cap + Net Debt Today",
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      "text": "Value of LP Units and Cash from Drops as % of Marathon Market Cap Today",
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      "text": "Market Cap: 113%",
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      "kind": "paragraph",
      "text": "Dropping assets for cash and additional LP units or additionally undergoing an IDR simplification significantly increases the percent of Marathon's value that is publicly listed or in the form of cash to be distributed. We believe taking these steps reveals the glaring undervaluation of Marathon today and will drive a revaluation.",
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      "kind": "source-note",
      "text": "(1) Assumes $1.4 billion of EBITDA dropped at 8.0x with debt financing up to 4.0x net leverage. (2) Assumes drop transaction done in Q4'16 prior to implementation of new tax regulations in January 2017. (3) LP interest after drops valued at MPLX unit price as of 11/18/16 close.",
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      "kind": "table",
      "text": "Not Accounted for in Valuation Above: MLP-Qualifying EBITDA, GP Distribution, Speedway, Adj. Refining EBITDA, 2017E Cashflows to MPC",
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      "text": "Table showing Today, After Drops, and IDR Simplification scenarios for LP units, cash proceeds, and distributions.",
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      "kind": "title",
      "text": "Dropping All Assets Will Force a Revaluation of Marathon as Cash and Public Securities Account for ~60 – 110+% of Market Cap",
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