Marathon Petroleum's 1Q Results Disappoint; Remains Top Refining Idea on Delivery of Synergies
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 ra...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.
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