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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott",
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  "notes": "Includes quotes from management and analysts supporting the spin-off thesis.",
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      "text": "Valero has outperformed Marathon by 131% since the completion of the CST spin",
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      "text": "Total Shareholder Return Since CST Brands Spin",
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      "text": "In July of 2012, Valero announced the separation of its retail business... On May 1, 2013, Valero spun out 80% of CST Brands... On August 22, 2016, CST announced its sale to Couche-Tard...",
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      "text": "Frustrated by the trapped value of its retail business, Valero's board took action to unlock substantial value.",
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      "text": "We believe a separation of our retail business... will create operational flexibility... Bill Klesse, Valero Chairman and CEO",
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      "text": "Valero's Board of Directors authorized management to pursue a separation... ISI",
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      "text": "The key takeaway from our recent road trip with management was palpable frustration over the market's failure to recognize underlying value... Bank of America Merrill Lynch",
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      "kind": "quote",
      "text": "\"We believe a separation of our retail business from the remainder of Valero by way of a tax-efficient distribution will create operational flexibility within the businesses and unlock value for our shareholders... As independent companies, both retail and the remaining business will be better-positioned to focus on their industry-specific strategies.\" — Bill Klesse, Valero Chairman and CEO, July 31, 2012",
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      "text": "Total return from CST when-issued trading date of 4/17/13 through 8/14/19.",
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