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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": "The slide uses expert quotes to frame the problem of current low utilization and provides a financial impact estimate at the bottom.",
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      "kind": "callout",
      "text": "5 pts increase in pipeline utilization would drive an additional ~$15 – 25MM in incremental EBITDA.",
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      "text": "Crude Pipeline Utilization",
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      "text": "pipeline utilization: ~$15 – 25MM",
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      "kind": "quote",
      "text": "Compared to an independent midstream pipeline operator, refiners want to keep more excess capacity than they could possibly use on their pipelines. This guarantees that they won't have any system bottlenecks impacting the refinery. Conversely, when a midstream operator owns those pipelines, they want to keep assets as full as possible.",
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      "text": "Utilization just isn't a concern for a proprietary pipeline like it is for an independent. Independent operators are hyper-focused on maximizing utilization.",
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      "text": "Compared to an independent midstream pipeline operator, refiners want to keep more excess capacity than they could possibly use on their pipelines. This guarantees that they won't have any system bottlenecks impacting the refinery. Conversely, when a midstream operator owns those pipelines, they want to keep assets as full as possible. — Industry Expert; Utilization just isn't a concern for a proprietary pipeline like it is for an independent. Independent operators are hyper-focused on maximizing utilization. — Industry Expert",
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      "text": "Source: Annual reports; Expert interviews.",
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      "text": "Marathon operated pipelines have relatively low utilization and an opportunity to increase 3rd party volumes. A focused, independent MidstreamCo management team likely can drive increased utilization.",
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