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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": "Uses peer multiples (VLO/HFC) to value Marathon's refining segment.",
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      "text": "Fair Value for Marathon Refining: Low 10,353, High 10,550",
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      "text": "Refining TEV: $10 Billion",
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      "text": "(1) VLP and HEP GP distributions valued at 50x and 20x respectively, with 25% tax discount. (2) LP interests held valued at market value less 25% tax discount. (3) VLO dropdown assets valued at 8x with assumed 25% basis...",
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      "text": "Actual TEV, Value of Non-Refining, Implied Refining TEV, 2017 Refining EBITDA, Mult. Incl. RINs, Mult. Excl. RINs",
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      "text": "Public Comparables for a Standalone RefiningCo Support a Valuation of ~$10 Billion",
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