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  "docSlug": "30650a8e606d",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Uses a before-after framing to highlight a valuation disconnect.",
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      "kind": "callout",
      "text": "Despite ~60% Increase in Stable Earnings... ...0% Increase in Multiple vs. Merchant Refiner Peers",
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      "text": "NTM P/E vs. Comps",
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      "text": "2011 Earnings: Stable Earnings = 12%",
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      "text": "2017 Earnings: Stable Earnings = 69%",
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      "kind": "disclaimer",
      "text": "(1) 2011 earnings split allocates interest and taxes pro rata based on operating income split. (2) 2017E earnings split based on consensus average... (3) Comp average for NTM P/E comparison is 40% HFC and 60% VLO...",
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      "text": "Stable Earnings: 69%",
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      "kind": "source-note",
      "text": "Source: Company filings and Capital IQ consensus estimates.",
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      "kind": "title",
      "text": "Despite Substantially Growing Its Midstream and Retail Businesses... Marathon Is Persistently Valued as a Merchant Refiner",
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