{ "docId": "019dd923-622c-750b-8b9c-70939a0f825f", "docSlug": "7ed65c83e062", "documentTitle": "Marathon Petroleum Corporation (MPC)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-09-24 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 16, "pageCount": 45, "prevPage": 15, "nextPage": 17, "slideType": "peer_benchmark", "function": "compare_peers", "density": "overcrowded", "nDataPoints": 9, "notes": "Uses stamps ('STATUS QUO', 'DOUBLE DOWN', 'Hope for Change') to frame the narrative of each period.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-70939a0f825f/16", "deckHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f#slide-16", "components": [ { "bbox": null, "kind": "callout", "text": "The message is clear—investors want Marathon to change.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14d7-73fd-9f56-f766a6536468", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.35, "y": 0.15 }, "kind": "chart", "text": "TSR Since Andeavor Acquisition", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0a7572b3-776e-4b03-90f1-2a85d092a7f8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.67, "y": 0.15 }, "kind": "chart", "text": "TSR Since Elliott 13F Filing", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6ab58b6f-7aca-411d-95d3-57d0a55c3dd2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.03, "y": 0.15 }, "kind": "chart", "text": "TSR Since Retention of Retail", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f83b7173-0fe3-424a-98e8-2f2fa781ef11", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "TSR: 26%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-14d7-73fd-9f56-ff3b87ffc01d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.03, "y": 0.62 }, "kind": "quote", "text": "Following the announcement on Tuesday that Marathon Petroleum would not spin-off its retail segment, several investors we spoke to expressed greater concern on the story.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "05519e09-1d27-4223-adc1-c1327650c161", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.35, "y": 0.62 }, "kind": "quote", "text": "MPC's acquisition of ANDV creates the largest US refiner and adds significant diversification. However, it comes at a cost, with MPC using its chronically undervalued currency to take out ANDV shares at a price that we think is above intrinsic value.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "94509621-2702-40da-a027-19caddad72bf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.67, "y": 0.62 }, "kind": "quote", "text": "Marathon Petroleum (MPC) is the stock we receive the most questions on, particularly following recent disclosure of an activist position and subsequent outperformance.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ba391d63-fab6-460f-99af-82215a228ec0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Following the announcement on Tuesday that Marathon Petroleum would not spin-off its retail segment, several investors we spoke to expressed greater concern on the story. — Goldman Sachs, September 8, 2017; MPC's acquisition of ANDV creates the largest US refiner and adds significant diversification. However, it comes at a cost, with MPC using its chronically undervalued currency to take out ANDV shares at a price that we think is above intrinsic value. — RBC, May 1, 2018; Marathon Petroleum (MPC) is the stock we receive the most questions on, particularly following recent disclosure of an activist position and subsequent outperformance. — Scotiabank, September 10, 2019", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14d7-73fd-9f56-faaea62fe2c1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.02, "y": 0.08 }, "kind": "title", "text": "The message is clear—investors want Marathon to change.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c2689b47-aa91-4b18-bfb6-2de8214fc201", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "The Market is Already Speaking", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "50d5bdd2-085f-434d-bfd4-cdf8fb05bf16", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "comparison_frame", "slug": null, "matchId": "d785bca7-15ac-4eeb-9416-e623711b6ed4", "evidence": "Comparing TSR performance across three distinct time periods to build a narrative of underperformance vs. improvement.", "confidence": 0.9 } ], "arcBeats": [ { "to": 20, "from": 9, "beatId": "339120df-84a0-416d-b544-b7f6ab2b1fd5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "Elliott highlights the consequences of not taking action, including Marathon's undervaluation and limited growth prospects", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 16, "from": 15, "name": "Tale Two Worlds", "slug": "04-tale-two-worlds", "bestFor": "Competitive analysis, benchmarking, case for change", "matchId": "2b9b9962-75f1-47c3-8d02-a78950d96b01", "evidence": "Elliott compares Marathon's performance to its peers, highlighting the need for change", "position": 0, "objective": "Highlight Marathon's underperformance compared to peers", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "confidence": 0.7, "description": "Show the gap between two states to drive urgency or highlight opportunity" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }