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  "docSlug": "7ed65c83e062",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2019-09-24 00:00:00",
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  "notes": "The slide uses a quote from Gary Heminger to contrast with the data presented, framing it as a contradiction.",
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      "kind": "callout",
      "text": "Clear evidence that the integrated model is not working",
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      "text": "Total Shareholder Return %",
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      "text": "Our integrated business model allows for differentiated results.",
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      "text": "“Our integrated business model allows for differentiated results.” — Gary Heminger, December 4, 2018",
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      "kind": "source-note",
      "text": "1. Cumulative as of 8/14/19. 2. Since Marathon's spin-off... 3. Since trading day prior to Marathon's decision... 4. Since trading day prior to Marathon's announcement...",
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      "kind": "subtitle",
      "text": "Marathon has meaningfully underperformed both Refining and Retail peers over its trading history.",
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      "kind": "title",
      "text": "Marathon Has Consistently and Significantly Underperformed its Peers(1)",
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