Morningstar

Morningstar, Inc.

Equity Bottom-Up

With the acquisition of Andeavor closing late last year, Marathon is turning its attention to fully integrating the company's operations and delivering on its synergy targets that should provide earnings growth independent of macro conditions. Management expects to deliver $1.4 billion in annual run-rate synergies by year-end 2021, with nearly half coming from the refining and marketing segment. The combination of the two companies created the U.S.' largest refiner with 3.0 mmbd of refining…

Marathon Petroleum reported first-quarter earnings that fell short of our expectations and consensus due to a weaker-than-expected refining performance. The shares fell sharply as a result. However, the results were largely driven by poor market conditions including narrow crude differentials and weak gasoline margins, which have already recovered substantially. As such, the results are not indicative of the future, in our opinion, and we are therefore leaving our fair value estimate and moat…

United States

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

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