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  "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": "The slide uses a clear 'problem-solution' structure, identifying the cost of undervaluation and proposing specific tactical actions.",
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      "kind": "callout",
      "text": "We believe Marathon’s severe undervaluation costs shareholders $14 – 19 billion (~60 – 80+% of equity value).",
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      "text": "We believe Marathon’s severe undervaluation costs shareholders $14 – 19 billion (~60 – 80+% of equity value). Marathon has persistently traded at similar valuation multiples to low-multiple merchant refiners. Valuing each of Marathon’s three business segments in line with public peers indicates an equity valuation ~80+% higher than Marathon today. Marathon’s recent announcement of strategic actions around its midstream assets is an encouraging first step but much more can and should be done to unlock value for shareholders.",
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      "text": "1. “Drop down” all MLP-qualifying assets to MPLX today. 2. Conduct a full strategic review including the potential tax-free separation into Speedway, RefiningCo, and MidstreamCo.",
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      "text": "equity value: $14-19bn",
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      "kind": "title",
      "text": "Marathon’s Board Can Increase Shareholder Value by ~60 – 80+%",
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