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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott Management",
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      "text": "Marathon’s Board can and should do much more for shareholders.",
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      "text": "After completing the drops, Marathon will hold after-tax cash proceeds and LP units equivalent to 60+% of Marathon's current market capitalization. If Marathon exchanges its IDR for additional LP units, the resulting cumulative cash proceeds and publicly traded LP units will be 110+% of its market capitalization. Any valuation for Speedway and refining operations will result in uplift to Marathon's share price.",
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      "text": "Given the tremendous value unlock from separation, we recommend that Marathon reassess whether its current structure maximizes value for shareholders.",
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      "text": "Dropping down assets immediately will remove the cloud of uncertainty weighing on MPLX's cost of capital, increase Marathon's GP cash flow to ~$650MM in 2017, and force a revaluation of Marathon.",
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      "text": "Marathon's Board can increase shareholder value by $14 – 19 billion (~60 – 80+% of equity value).",
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      "text": "We have had constructive engagement with Marathon to date and view their recent announcement as a step in the right direction, but Marathon's Board can and should do much more for shareholders.",
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      "text": "Delaying drops over three years could cost Marathon shareholders ~$750-900MM in tax inefficiencies.",
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      "text": "Conduct a full strategic review including potential tax-free separation into Speedway, RefiningCo, and MidstreamCo.",
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      "text": "Drop down all MLP-qualifying assets to MPLX today.",
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