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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott",
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  "notes": "Uses industry expert quotes to validate the thesis that ownership is not required for supply chain security.",
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      "text": "Pipeline contracts help lock-in crude/product capacity...",
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      "text": "Overview: Operators sign 10+ year branding contracts... Case studies: Exxon, Shell, Valero... Market commentary: Quotes from Supply Chain Strategy and Refining Division managers.",
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      "text": "...and retail branding contracts help maintain ratable volumes for product",
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      "text": "Overview: Many refineries lock-in pipeline capacity via long-term (10+ year) volume contracts... Case studies: Alon, Occidental... Market commentary: Quotes from Supply Chain Leaders.",
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      "text": "Even after long-term contracts expire, both parties will likely have an incentive to extend the commercial relationship. Shareholders will receive shares in each business in the separation, thus retaining a proportionate share in most or all of the benefits of the current structure in any later contract renegotiation (10+ years down the road).",
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      "text": "\"When you sell your pipelines, you enter into ‘brother-in-law terms’ with your buyer to enable continued advantaged use of those resources.\" — Supply Chain Leader, Major O&G Co.; \"Pipeline ownership isn't necessary given the prevalence of long-term contracts, which provide the same benefits you would enjoy through ownership.\" — General Manager of Crude and Feedstock Supply, Major O&G Co.; \"Even once contracts end, there is a limited amount of gasoline supply, so stations continue to buy from the same refineries and just re-brand at the terminal rack.\" — Manager of Global Supply Chain Strategy, Major O&G Co.; \"Most majors don't own their own retail stations, but they sign contracts with certain price and advertising agreements in order to maintain retail volumes.\" — VP of Refining Division, O&G Co.",
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      "text": "1. Primary market interviews by third-party consulting firm, August 2019.",
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      "text": "Separation Can Be Structured with Long-Term Contracts in Place",
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