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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott",
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  "presentationDate": "2019-09-24 00:00:00",
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  "notes": "Uses a combination of bar charts and analyst quotes to build a case against management's narrative.",
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      "text": "Consistently negative reaction to earnings since Andeavor close",
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      "text": "% of Earnings Announcements with a Negative Price Reaction",
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      "text": "Contradiction of management narrative via data",
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      "text": "stock price reaction: 66.7%",
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      "text": "Management's insistence that its integrated structure stabilizes earnings is contradicted by Marathon's results.",
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      "kind": "quote",
      "text": "The variability in retail earnings totally dented the case MPC was trying to make for more complex integrated model.",
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      "kind": "quote",
      "text": "[M]y first question is just around earnings consistency, Gary. And if I look back over the last 5 years... you've beaten consensus about 50% of the time... And the S&P large-cap average is closer to 75%.",
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      "kind": "quote",
      "text": "\"[M]y first question is just around earnings consistency, Gary. And if I look back over the last 5 years, so I’ll take the last 21 quarters, you’ve beaten consensus about 50% of the time, you’ve missed consensus about 50% of the time. And the S&P large-cap average is closer to 75%. So just wanted your thoughts on what the company can do to get a more consistent pattern of earnings execution.\" — Neil Mehta, Goldman Sachs, May 8, 2019. \"The variability in retail earnings totally dented the case MPC was trying to make for more complex integrated model.\" — Credit Suisse, May 10, 2019.",
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      "kind": "title",
      "text": "Inconsistent Earnings Eroding Management Credibility",
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      "evidence": "Elliott highlights the consequences of not taking action, including Marathon's undervaluation and limited growth prospects",
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