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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "presentationDate": "2019-09-24 00:00:00",
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  "notes": "Uses a 'Justification vs. Reality' framework to systematically dismantle management's arguments.",
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      "text": "Marathon management has failed to prove the case for integration.",
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      "text": "\"I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance.\" (1Q19 Earnings Call, 5/8/19) — Marathon Management. \"The gasoline supply to these locations serves as the foundation for our assured product placement strategy... This automatic placement is the key enabler to the overall optimization of our integrated supply and distribution network.\" (Analyst Day, 12/4/18) — Marathon Management. \"When you look at the connectivity of our gathering systems with our intermediate and long-haul pipelines, we have that ability to provide reliable intake to our refineries and our processing facilities.\" (Investor Day, 12/4/18) — Marathon Management. \"There's no bright line, there's no specific guidance that the IRS or parties whatever specifically provide. I think the key is that it is an arm's length agreement, and things that would incorporate full requirements contracts for extended periods of time are not arm's length agreements.\" (Speedway Review Call, 9/5/17) — Marathon Management. \"Our strong position in company retail presents many opportunities to continue to grow organically with mid-teen rate of return type projects, as well as the national footprint gives us an opportunity to look at acquisition opportunities as they present themselves.\" (Investor Day, 12/4/18) — Marathon Management. \"Fosters further growth opportunities\", \"Enhances projects via volume commitments\", and enables MPLX to \"Provide logistics solutions to MPC's nationwide refining footprint.\" (MPLX Presentation, 8/14/19) — Marathon Management.",
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      "text": "Examining Management's Objections to a Separation",
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