Increasing Marathon Petroleum's Fair Value Estimate on Accelerated Asset Drop Plan
We are increasing Marathon Petroleum’s fair value estimate to $60 from $56 after incorporating the recently announced accelerated drop program. The plan--which calls for dropping $350 million of EBITDA to MPLX in 2017 and an additional $1 billion by year-end 2019--returns the MPLX distribution growth profile to double digits, increases the amount of general-partner distributions to MPC, and generates cash for repurchase of MPC shares. Our valuation considers MPC's current plan, although it has b...Marathon Petroleum is an independent petroleum refining and marketing, retail and midstream company. The company's segments include: Refining and Marketing, which refines crude oil and other feedstocks at its refineries, purchases refined products and ethanol for resale and distributes refined products; Retail, which sells transportation fuels and convenience products in the retail market across the U.S.; and Midstream, which transports, stores, distributes and markets crude oil and refined products via refining logistics assets, pipelines, terminals, towboats and barges, gathers, processes and transports natural gas, and gathers, transports, fractionates, stores and markets natural gas liquids.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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