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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "notes": "Uses a dialogue format to highlight a contradiction between analyst questioning and management's vague response.",
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      "kind": "callout",
      "text": "Management admits discount but offers no real reasons to keep value trapped",
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      "text": "Well, you're right. Neil, the stock is discounted when you look at it on a sum-of-the-parts-basis. But I also want you to take a strong look at the first quarter's performance...",
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      "text": "[T]he stock the way we look at it, it's so dislocated relative to its sum-of-the-parts value... Is MPC better together or apart?",
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      "text": "\"[T]he stock the way we look at it, it's so dislocated relative to its sum-of-the-parts value. The question we consistently get is what ultimately is going to unlock that value. So, going back a couple of years, there was a talk about dis-integration and whether there is value in doing that. But Gary what are your latest thoughts there? I'm just saying if there is -- if the stock is just discounted relative to its sum-of-the-parts, how do you pull forward that value. Is MPC better together or apart?\" — Neil Mehta, Goldman Sachs. \"Well, you're right. Neil, the stock is discounted when you look at it on a sum-of-the-parts-basis. But I also want you to take a strong look at the first quarter's performance... I'd rather be invested in a company that has that type of a portfolio balance.\" — Gary Heminger, Marathon Petroleum Corporation.",
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      "text": "May 8, 2019, Marathon Q1 earnings call transcript",
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      "text": "Marathon management lauds benefits of integrated model without any compelling evidence.",
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      "text": "Management Cannot Articulate a Coherent Rationale For Integration",
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