{
  "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": 48,
  "pageCount": 50,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Includes a thumbnail of a previous slide (likely a table) in the top right corner.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table",
    "callout_box",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-8026e9a12aa5/48",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5#slide-48",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.36,
        "x": 0.59,
        "y": 0.68
      },
      "kind": "callout",
      "text": "PBF obtains crude and other feedstocks from unaffiliated sources and accesses advantaged Bakken crude via contractual agreements on common carrier pipelines.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "219d3b13-0aae-41f0-9afb-0c015dea2e6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.36,
        "x": 0.59,
        "y": 0.488
      },
      "kind": "callout",
      "text": "Despite a smaller overall refining footprint, CVR secured access to advantaged crude via long term agreements with common carrier operators from the Bakken, Canada, and Colorado.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36c8ab60-fc93-4783-8bd4-70c250b5ee5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Other merchant refiners maintain access to advantaged crudes through commercial arrangements with pipeline operators without the need to own the pipelines.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b06f-4cc2a1e11e82",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.24,
        "x": 0.74,
        "y": 0.02
      },
      "kind": "image",
      "text": "Thumbnail of previous slide",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "259e101a-c3d8-4863-99af-8ec1b85ba531",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Other merchant refiners maintain access to advantaged crudes through commercial arrangements with pipeline operators without the need to own the pipelines. Marathon can divest ownership today given the market's failure to fairly value them within the conglomerate structure. Nothing stops Marathon from owning pipelines constructed in the future if necessary to secure capacity.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02dc61bd-12c6-438a-bd62-990093193dd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company financials; Analyst reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96032cd8-5039-42cd-9da0-60e2e3b10345",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.36,
        "x": 0.2,
        "y": 0.43
      },
      "kind": "table",
      "text": "Commercial Arrangements: CVR Energy and PBF Energy examples of pipeline agreements.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8d7df8f-7c24-4640-9d88-4be9a0191749",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Marathon Does Not Need to Own Pipelines to Access Cheap Crude",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bd2d506-afb1-4fb4-a4da-fef7fca2078f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Analytical method",
      "slug": "analytical-method",
      "agent": null,
      "layer": "slide",
      "matchId": "576c75cb-cb44-434a-873b-a8551fdc7da7",
      "evidence": "Other merchant refiners maintain access to advantaged crudes through commercial arrangements with pipeline operators without the need to own the pipelines.",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "1f0ea90f-bbee-4b43-9352-fc10ef8b2920",
      "evidence": "The slide directly addresses a potential counter-argument (need for pipeline ownership) and provides evidence to refute it.",
      "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
}