16 documents showing 1–16
Phillips 66 PSX
Phillips 66's refining + midstream conglomerate has underperformed pure-play peers by up to 188% over a decade; separating the businesses would eliminate the structural discount.
N3
V4
C4
⌂
SandRidge Energy SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
C3
⌂
◫
”
⚑
Marathon Petroleum Corporation MPC
Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.
N4
V1
C1
◫
Marathon Petroleum Corporation MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
N4
V4
C4
⌂
◫
”
CONSOL Energy CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
N5
V3
C3
⌂
◫
”
Date
Fund
Target
Thesis
Scores
Mar 27, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's CEO is talking down his own stock after a decade of underperformance; Elliott's Streamline66 slate targets a $200+ share price via a sum-of-parts breakup.
N4
V4
Mar 25, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 is deeply undervalued; Elliott's Streamline 66 plan and four new directors can deliver 65%+ upside by repeating the Marathon Petroleum playbook.
N3
V4
Mar 24, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 is worth $200 — 65% above today's $120 — if shareholders elect Elliott's slate and force the Streamline 66 simplification plan.
N4
V4
Mar 21, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's refining + midstream conglomerate has underperformed pure-play peers by up to 188% over a decade; separating the businesses would eliminate the structural discount.
N3
V4
Oct 04, 2023
Bluebell Capital
BP plc
BP
BP trades at a 44% discount to US majors because Looney's pivot away from oil & gas destroys value; reverse the strategy, return capital, and unlock 50%+ upside.
N4
V2
Oct 27, 2022
Palliser Capital
Capricorn Energy
CNE
NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.
N5
V4
Aug 09, 2022
Palliser Capital
Capricorn Energy PLC
CNE
Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.
N4
V3
Jul 28, 2022
Muddy Waters
Sunrun Inc.
RUN
Sunrun's equity story rests on three shaky pillars — inflated subscriber values, abusive IRS tax-basis gaming, and fragile ABS — that together imply an 85% haircut to Net Earning Assets.
N4
V2
Sep 24, 2019
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.
N5
V4
Jan 07, 2019
Elliott Management
QEP Resources, Inc.
QEP
QEP's core-of-the-core Permian assets are stranded in a broken public-company wrapper; Elliott offers $8.75/share cash — a 44% premium — to deliver certain value through sale.
N3
V1
May 24, 2018
Carl Icahn
SandRidge Energy
SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
Nov 21, 2016
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.
N4
V1
Nov 01, 2016
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
N4
V4
Nov 16, 2015
Greenlight Capital
CONSOL Energy
CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
N5
V3
Nov 01, 2014
Sandell
TransCanada Corp
TRP
TransCanada is an undervalued conglomerate; spinning off Energy and doing an all-in dropdown into TCP — Spectra-style — re-rates the parts to roughly $75/share.
N4
V4
Jan 29, 2013
Elliott Management
Hess Corporation
HES
Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.
N5
V4