Marathon Petroleum’s Analyst Day Highlights Future Potential; Shares Undervalued
Marathon Petroleum held its first analyst day since merging with Andeavor on Dec. 4 when it updated strategic plans and financial targets for the next five years. The key takeaways include an increase in its merger synergy target to $1.4 billion annually from the initial $1.0 billion and a 50% free cash flow payout rate in 2019. Nothing in the presentation results in a change to fair value estimate or narrow-moat rating. However, the event serves as a reminder of Marathon’s high-quality asset ba...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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