The company plans to "significantly accelerate its dropdown of assets" to its MPLX LP (MPLX - Get Report) unit. This is a clear sign that Elliott Management's activist position in the stock is showing progress, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
The company will also conduct a "full and thorough review" of its Speedway business, a huge gas station network it operates, Cramer added.
Last time Cramer spoke with management, they seemed "lukewarm" about Elliott's presence. But these two parties have found some common ground to work on and have found solutions to improve efficiency.