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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott Management",
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  "notes": "This slide serves as a credibility-building introduction for the activist investor.",
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      "text": "Marathon Petroleum Corporation",
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      "text": "Conducted over 80 due diligence meetings with current and former refining, logistics, and retail executives and industry experts.\nEvaluated 1,985 downstream M&A deals extending back to 1990.\nMapped the physical locations of all ~2,770 Speedway and ~5,400 Marathon-branded retail locations along with ~15,000 other convenience stores.\nAnalyzed liquidity in Marathon's end markets for gasoline, encompassing 87 cities across 30 major metropolitan areas.\nExamined OPIS pricing in each of Marathon's retail markets.\nConducted extensive analysis with a top consulting firm.\nWorked with multiple leading corporate law firms.",
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      "text": "We have carried out extensive research to understand Marathon’s business across refining, midstream/logistics, and retail and have evaluated in depth whether any benefits to integration exist, including:",
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      "text": "Approximately $30 billion of assets under management with extensive experience in the energy and midstream sector in both public and private equity investments.\nLong-term view of investments and a focus on creating value for all shareholders.",
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      "text": "Elliott Management, founded in 1977, is one of the oldest private investment firms of its kind under continuous management. The firm’s investors include pension funds, private endowments, charitable foundations, family offices, and employees of the firm.",
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      "text": "About Elliott Management",
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