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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "notes": "Uses a before-after comparison to show value creation through corporate separation.",
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      "text": "Marathon today reports lower RINs expense than merchant peers because Speedway reports no RINs revenue. If Speedway were a separate company, it would recognize higher revenue from RINs commensurate with the higher cost of RINs at Marathon’s refineries.",
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      "text": "Value to Shareholders: +$1.1 billion",
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      "text": "(1) RINs expense and valuation multiples are illustrative.",
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