Marathon Petroleum: The Cannibal in the Golden Cage of Refinery Scarcity
Very high likelihood of a big-picture breakout, as the valuation (P/E 15.5) ignores the massive capital return through stock buybacks.
Reading Time: 2 minutes
Marathon Petroleum (MPC) is the undisputed king of US downstream infrastructure. In an era where the construction of new refineries is politically and economically nearly impossible, existing assets are transforming into irreplaceable cash flow fortresses. As the largest independent operator with 3 million barrels per day capacity, the company controls the critical juncture between wellhead and gas station. This structural moat is massive: the artificial supply scarcity due to the lack of new builds protects the margins of established giants like...
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