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Campaigns / Elliott Management → Marathon Petroleum Corporation
Elliott Management vs. Marathon Petroleum Corporation

Marathon Petroleum Corporation · MPC

2 decks published between 2016-11-01 and 2016-11-21 — 54 pages, 54 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2016-11-01 initial thesis

    Elliott Perspectives on Marathon vfinal

    50pp · full_deck

    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).

    N 4 V 4 C 4
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  2. 2016-11-21 initial thesis

    Elliott Letter to MarathonvFinal

    4pp · letter

    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%+.