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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses executive quotes to expose contradiction in management's previous narrative regarding integration synergies.",
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      "text": "Marathon’s prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement.",
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      "text": "Claimed integration dis-synergies were solved with contracts. Separation resulted in sustained value creation which far outweighed the tax leakage (initially overestimated by Management).",
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      "text": "Quote from Brian Partee, Senior Vice President, Marketing of Marathon Petroleum",
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      "text": "“Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020; “I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.” — Mike Hennigan, CEO of Marathon Petroleum, November 2, 2020; “On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.” — Mike Hennigan, CEO of Marathon Petroleum, February 2, 2022; “If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract.” — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020",
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      "text": "CASE STUDY: MARATHON AFTER PROPER GOVERNANCE",
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