{
  "docId": "019dd923-622b-71dc-a6d9-8026e9a12aa5",
  "docSlug": "30650a8e606d",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 47,
  "pageCount": 50,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes a small inset image of a table from a previous slide (Elliott Perspectives on Management Commentary) to highlight the specific point being rebutted.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "line_chart",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-8026e9a12aa5/47",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5#slide-47",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.56,
        "y": 0.75
      },
      "kind": "callout",
      "text": "We calculate the lost margin arbitrage opportunity from divesting retail and midstream at ~$20 – 45MM per year.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01fc6677-124a-48bc-b9ec-b6a62889b02d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.07,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Price Dislocation Percentile charts for 8 cities",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0178c19b-4a39-48c0-9563-b30af764911d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.73,
        "y": 0.015
      },
      "kind": "image",
      "text": "Inset table: Elliott Perspectives on Management Commentary",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22146e82-328a-4722-bc91-d8bdc64fa0cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.56,
        "y": 0.36
      },
      "kind": "list",
      "text": "We analyzed OPIS rack city data for 35 cities in 9 key PADD 2 markets from 2008 – 2016 to determine the magnitude and frequency of price dislocations. Typical dislocations range from ~4 – 7 cents per gallon and last 5 – 14 days in length.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b567d8aa-91c7-4fc0-8ede-fd5e1c43e752",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "lost margin arbitrage opportunity: $20-45MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b06f-35530f2480a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.07,
        "y": 0.16
      },
      "kind": "quote",
      "text": "Margin arbitrage is difficult to execute. Capacity must be shifted on extremely short notice, and a core competency must be developed internally to be successful. Even the strongest companies know arbitrage is only 'worth it' in certain situations.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db57786a-c521-4bc4-ad8f-02c59753c22f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Margin arbitrage is difficult to execute. Capacity must be shifted on extremely short notice, and a core competency must be developed internally to be successful. Even the strongest companies know arbitrage is only ‘worth it’ in certain situations.\" — Industry Expert",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b06f-326a6ab7652a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.07,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: OPIS; Elliott analysis; Expert interviews.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "997311a7-6d91-460d-9b01-03345a627887",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.07,
        "y": 0.11
      },
      "kind": "title",
      "text": "Margin Arbitrage Is Not a Reason to Own Retail",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "deb89f08-22ed-4a8a-ba4b-ca7233edfd0b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "e0e5b225-296e-42ef-af2e-03db602671b6",
      "evidence": "We calculate the lost margin arbitrage opportunity from divesting retail and midstream at ~$20 – 45MM per year.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "8d08f4d7-d143-4810-bcc2-064c4cf03066",
      "evidence": "The slide explicitly addresses and refutes a specific argument (margin arbitrage) made by the opposing party.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 23,
      "beatId": "181fb6e2-2fcd-4f92-b9ab-ecb17c1992f6",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck provides a solution by proposing a full strategic review and dropdowns",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}