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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 callout box critiquing Marathon's stated profitability metrics.",
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      "kind": "callout",
      "text": "Marathon's stated profitability metrics: Compare across different geographies; Do not back out ~$1.3 billion of MLP-qualifying EBITDA in R&M segment today; Do not adjust for RINs expenses avoided from Speedway ownership.",
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      "text": "Marathon’s stated profitability metrics: Compare across different geographies; Do not back out ~$1.3 billion of MLP-qualifying EBITDA in R&M segment today; Do not adjust for RINs expenses avoided from Speedway ownership.",
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      "text": "Adj. EBITDA per Barrel of Total Throughput, 2013-YTD 2016 Average",
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      "text": "MPC vs. Peers - Operating Income per Barrel",
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      "text": "Adj. EBITDA per Barrel: $6.30",
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      "text": "Despite owning retail operations that account for ~40% of Marathon gasoline volumes, there is no observed benefit to EBITDA per barrel when compared to merchant peers with similar geographic footprints, adjusted for RINs and MLP-qualifying EBITDA.",
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      "text": "Source: MPC Barclays CEO Conference 2016 Presentation; Company financials; Earnings transcripts; IR conversations.",
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      "kind": "title",
      "text": "Marathon's Refineries Are No More Profitable Than Merchant Peers",
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