Marathon Petroleum Corp

Latest Marathon Petroleum Corp News and Updates

  • The MPLX crude oil pipeline system
    Company & Industry Overviews

    The MPLX crude oil pipeline system

    MPLX crude pipelines are connected to supply hubs, and transport crude oil to Marathon Petroleum Corporation’s, or MPC’s, refineries and third parties.

    By Keisha Bandz
  • Overview of US Gulf Coast 3:2:1 Crack Spread
    Macroeconomic Analysis

    Overview of US Gulf Coast 3:2:1 Crack Spread

    Crack spreads usually fall when crude oil prices (USO) increase by more than product prices, or when product prices fall more than crude oil prices.

    By Keisha Bandz
  • uploads///DMA
    Company & Industry Overviews

    HollyFrontier’s Stock: Trading Below Moving Averages

    Refining companies’ stock performance was affected by the abolition of the crude oil export ban in the United States.

    By Maitali Ramkumar
  • uploads///HFC
    Company & Industry Overviews

    HollyFrontier Stock Has Recovered 5.5% in 2019

    HollyFrontier (HFC) stock has risen 5.5% since January 2. The stock has risen less than its peers Marathon Petroleum (MPC) and Valero (VLO).

    By Maitali Ramkumar
  • uploads///Target prices
    Energy & Utilities

    HFC and PSX: Which Company Could Post the Most Gains?

    After HollyFrontier’s earnings, RBC lowered its target price on the stock from $68 to $66.

    By Maitali Ramkumar
  • uploads///US distillate stocks
    Energy & Utilities

    Why analysts were surprised by distillate inventories last week

    It’s expected distillate production will grow by the end of 2014. Refineries have built new facilities to produce more distillates than gasoline in anticipation of strong global demand growth.

    By Keisha Bandz
  • uploads///Rankings
    Earnings Report

    Refiners’ 4Q17 Estimates: Ranking MPC, VLO, PSX, ANDV on Earnings

    In this series, we’ll be sorting refining stocks in terms of earnings expectations for 4Q17. If we rank them on their likely YoY growth in EPS, then Andeavor (ANDV) occupies the top slot.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    Valero’s 4Q15 Estimates Suggest Two Big Words: Under Pressure

    In 4Q15, according to Wall Street analyst estimates, Valero is expected to post EPS of $1.40, which would be 23% lower than its 4Q14 adjusted EPS.

    By Maitali Ramkumar
  • uploads///Ref margin
    Company & Industry Overviews

    Analyzing HollyFrontier’s Refining Margin in 2018

    HollyFrontier’s refining segment is critical for its overall earnings. The refining segment’s adjusted EBITDA rose 127% to $1.7 billion in 2018.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    How Did Tesoro’s Refining Margin Trend in 3Q16?

    Tesoro (TSO) noted a contraction in its GRM (gross refining margin) by $10.4 per barrel YoY (year-over-year) to $9.1 per barrel in 3Q16.

    By Maitali Ramkumar
  • uploads///Cashflow
    Company & Industry Overviews

    Valero’s Liquidity: Does It Justify High Shareholder Returns?

    Valero’s liquidity In 1H17, Valero Energy (VLO) generated $2785 million in cash from operations. The company had cash outflows of $880 million in the form of capital expenditure and deferred turnaround and catalyst costs and $627 million in the form of dividends. Valero’s liquidity surplus Valero’s cash outflows amounted to around $1507 million in 1H17, […]

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    How Is Marathon Petroleum’s Leverage Trending?

    Marathon Petroleum’s solvency ratios are higher than the industry average, which is not a comfortable situation.

    By Maitali Ramkumar
  • uploads///Segments
    Company & Industry Overviews

    Marathon Petroleum’s Earnings Mix by Segment

    Marathon Petroleum’s (MPC) operating income rose 51% yearly to $440 million in the first quarter. The rise in midstream earnings mainly led to the rise in operating income.

    By Maitali Ramkumar
  • uploads///distillate
    Macroeconomic Analysis

    Distillate inventories continued to decline

    Distillate demand and stock levels drive crude demand and crude prices. As a result, energy investors watch distillate inventories closely.

    By Keisha Bandz
  • uploads///Targets
    Earnings Report

    Valero Energy’s Analyst Recommendations: No “Sell” Ratings

    Barclays, Goldman Sachs, Credit Suisse, and Wolfe Research have positive recommendations for the stock. They gave price targets equal to $80 per share or above.

    By Maitali Ramkumar
  • uploads///IH
    Company & Industry Overviews

    HollyFrontier: Which Institutions Bought or Sold the Stock?

    Dimensional Fund Advisers, AQR Capital Management, and Goldman Sachs increased their holdings in HollyFrontier stock in the first quarter.

    By Maitali Ramkumar
  • uploads///ANS versus Bakken Rail Delivered Price to Anacortes WA
    Macroeconomic Analysis

    Tesoro’s Big Bet on Building Crude-by-Rail Infrastructure

    An important part of Tesoro’s business, crude-by-rail allows refiners to cover maximum accessibility and to gain from price differentials.

    By Manu Milan
  • uploads///Estimates
    Earnings Report

    Phillips 66: 2Q17 Earnings Beat Estimates, Refining Earnings Rose

    In 2Q17, Phillips 66’s revenues missed Wall Street analysts’ estimates by 1%. However, its 2Q17 adjusted EPS of $1.09 surpassed estimates of $1.01.

    By Maitali Ramkumar
  • uploads///Segment
    Earnings Report

    Waiting for the Numbers: Valero’s 4Q15 Earnings and Refining Margin Trend

    In 3Q15, Valero noted a rise in its gross refining margin by $2.6 per barrel to $14.4 per barrel, compared to what we saw in 3Q14.

    By Maitali Ramkumar
  • uploads///Refining margin
    Company & Industry Overviews

    Who among MPC, VLO, HFC, and PSX Has the Highest Refining Margin?

    In this article, we’ll compare the gross refining margins of leading American downstream companies.

    By Maitali Ramkumar
  • uploads///ANDV
    Energy & Utilities

    Why Andeavor Has so Many ‘Buy’ Ratings among US Refiners

    Of the 17 analysts covering Andeavor (ANDV), 15 (88%) have rated the stock a “buy” so far in August 2017. Two analysts have rated ANDV a “hold.”

    By Maitali Ramkumar
  • uploads///Targets
    Earnings Report

    How Are Analysts Rating MPC after Its 3Q16 Earnings?

    The analyst survey shows that nine out of the 12 companies surveyed rated Marathon Petroleum (MPC) as a “buy,” “overweight,” or “outperform.”

    By Maitali Ramkumar
  • uploads///Valutaion
    Company & Industry Overviews

    Do Marathon Petroleum’s Valuations Stand above Peer Averages?

    Currently, MPC trades at a forward PE (price-to-earnings) ratio of 14.8x, above its peer average of 13.8x.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    Your Segmental Analysis of Marathon Petroleum’s 4Q15 Results

    On a sequential basis, Marathon’s operating income fell by 78%. All the segments reported declines in income in 4Q15 over 3Q15.

    By Maitali Ramkumar
  • uploads///distillate stocks
    Macroeconomic Analysis

    Update: Distillate inventory movement

    Inventories provide a useful snapshot of distillate demand and supply trends, particularly near and during the winter months.

    By Keisha Bandz
  • uploads///Part
    Company & Industry Overviews

    Phillips 66’s Cash Flow: Rising Shareholder Returns and Capex

    From 3Q14 to 3Q15, PSX maintained average quarterly cash flow from operations at $1.1 billion. The company has continued its focus on preserving growth.

    By Maitali Ramkumar
  • uploads///Yields
    Company & Industry Overviews

    Phillips 66: Refining Yields in the Fourth Quarter

    Phillips 66’s (PSX) refining operations yielded 45% gasoline and 39% distillates in the fourth quarter.

    By Maitali Ramkumar
  • uploads///Annotated
    Earnings Report

    Will Tesoro’s Stock Uptrend Last after 4Q15 Earnings?

    Tesoro Corporation’s (TSO) stock was on an uptrend in 2015, fueled by healthy refining margins. TSO rose 21% in the trailing 12 months up to January 20, 2016.

    By Maitali Ramkumar
  • uploads///Segments
    Company & Industry Overviews

    How Did Valero’s Refining Margins Shape Up in Its Latest Quarter?

    Valero’s total refining capacity is 3.0 MMbpd (million barrels per day), of which 1.7 MMbpd is located in the US Gulf Coast.

    By Maitali Ramkumar
  • uploads///Cash flow
    Company & Industry Overviews

    Marathon Petroleum’s Cash Flow Position

    In the first half of 2018, Marathon Petroleum (MPC) had $2.249 billion in cash from operations. The company had cash outflows of $1.466 billion.

    By Maitali Ramkumar
  • uploads///Stocks
    Company & Industry Overviews

    MPC, ANDV, VLO, PSX: Why Refining Stocks Are Underperforming SPY

    In this series, we’ll perform a cross-sectional analysis of refining stocks. We’ll examine their moving averages and eight-day price forecasts based on implied volatility, and compare their leverage, liquidity, capex, and refining margins.

    By Maitali Ramkumar
  • uploads///DK
    Energy & Utilities

    Behind Delek US Holdings’ Scant ‘Buy’ Ratings

    Four (27%) of the 15 analysts covering DK have rated it a “buy” so far in August 2017.

    By Maitali Ramkumar
  • uploads///heating oil prices
    Macroeconomic Analysis

    Heating Oil Prices Fall by ~11 Cents per Gallon

    Last week, as of March 23, residential heating oil prices averaged ~$2.93 per gallon—~11 cents per gallon lower than the week before.

    By Keisha Bandz
  • Energy & Utilities

    Why the Chemicals and Midstream segments outperformed in 2Q14

    Phillips 66’s net income decreased ~10% to $863 million in 2Q14—from $958 million in 2Q13. Despite the decrease, the Midstream and Chemicals segments’ share in the net income increased to 11% and 33% in 2Q14.

    By Alex Chamberlin
  • uploads///Estimates
    Earnings Report

    Valero’s 1Q17 Earnings Beat Estimates, Refining Margin Expands

    Valero Energy (VLO) posted its 1Q17 results on April 25, 2017. Before we proceed with an earnings review, let’s quickly examine VLO’s 1Q17 performance versus its estimates.

    By Maitali Ramkumar
  • uploads///heating oil
    Macroeconomic Analysis

    Average US Households Expected to Spend $710 Less on Heating Oil

    Like gasoline and distillates, heating oil consumption or demand trends matter to refineries.

    By Keisha Bandz
  • uploads///Stock Returns
    Earnings Report

    4Q16 Pre-Earnings Release: Valero’s Stock Performance

    Refining sector stocks usually perform in line with refining margins and cracks. Since February 2016, refining stocks have been putting up volatile performances.

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Energy & Utilities

    How Analysts Rate Pre-Earnings for PSX, MPC, HFC, and VLO

    Marathon Petroleum is growing with its capex and acquisitions, including the latest acquisition of Andeavor.

    By Maitali Ramkumar
  • uploads///Ref Margin
    Earnings Report

    What Tesoro’s Refining Index for 3Q16 Suggests

    In 3Q16, Tesoro’s (TSO) refining index values, which are regional crack indicators in the areas where TSO operates, have fallen compared to 3Q15.

    By Maitali Ramkumar
  • uploads///Valuations
    Company & Industry Overviews

    MPC, TSO, VLO, PSX: Which Refining Stock Is Trading at a Premium?

    Now, let’s look at the forward valuations of Marathon Petroleum (MPC), Tesoro (TSO), Valero Energy (VLO), and Phillips 66 (PSX).

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    Marathon Petroleum’s Debt Is Lower than Industry Averages

    Marathon Petroluem’s net debt-to-EBITDA ratio stood at 1.9x in 4Q16. It’s lower than the average industry ratio of 2.8x.

    By Maitali Ramkumar
  • uploads///Correlation
    Company & Industry Overviews

    Refining Stocks and Oil Prices: Understanding the Correlation Coefficient

    The correlation coefficient of Phillips 66 (PSX) and WTI stands highest among refiners at 0.42.

    By Maitali Ramkumar
  • uploads///residential heating oil prices
    Macroeconomic Analysis

    Important update on heating oil prices

    As of January 5, residential heating oil prices averaged ~$2.97 per gallon, ~$0.08 lower than last week and $1.05 lower than the same week last year.

    By Keisha Bandz
  • uploads///defdeeaafbbdbf
    Macroeconomic Analysis

    Crude Prices Fell Again Due to Long-Term Oversupply Concerns

    NYMEX-traded WTI crude oil futures for March delivery fell and closed at $29.64 per barrel on February 19. Oil prices fell due to long-term oversupply concerns.

    By Gordon Kristopher
  • uploads///Valuations
    Company & Industry Overviews

    Why MPC and PSX Trade at a Premium, ANDV and VLO at a Discount

    In the previous part of this series, we discussed refining stocks’ dividend yield trends. Now, we’ll look at the forward valuations for Marathon Petroleum (MPC), Andeavor (ANDV), Valero Energy (VLO), and Phillips 66 (PSX).

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Miscellaneous

    Why Most Analysts Are Calling Marathon Petroleum a ‘Buy’

    Marathon Petroleum (MPC) has been rated by 19 Wall Street analysts. Seventeen analysts (or 89%) have rated it as a “buy” so far in May 2017.

    By Maitali Ramkumar
  • uploads///Fwd valuations
    Company & Industry Overviews

    Comparing MPC’s, TSO’s, VLO’s, and PSX’s Valuation

    Average valuation multiples Earlier, we discussed refining stocks’ performance in 1Q17 and compared their dividend yields. In this part, we’ll look at Marathon Petroleum’s (MPC), Tesoro’s (TSO), Valero Energy’s (VLO), and Phillips 66’s (PSX) forward valuation. The average forward EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiples and average forward PE […]

    By Maitali Ramkumar
  • uploads///rresidential heasting prices
    Macroeconomic Analysis

    Heating oil prices prices rise by about 11 cents per gallon

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices. However, last week, crude prices had been rising. This move was mirrored by heating oil prices, as the graph above shows.

    By Keisha Bandz
  • uploads///Stock
    Company & Industry Overviews

    How Is Marathon Petroleum Stock Performing in 4Q17?

    Since October 2, 2017, Marathon Petroleum (MPC) stock has risen 15.7%, outperforming the SPDR S&P 500 ETF (SPY). SPY has risen 5.3% in the same period.

    By Maitali Ramkumar
  • uploads///Hist valuations
    Company & Industry Overviews

    How Refining Stocks’ Historical Valuation Compares

    Refining stocks’ valuation In this part, we’ll compare refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios with their three-year averages. Marathon Petroleum (MPC), Valero Energy (VLO), Phillips 66 (PSX), and Tesoro (TSO) are trading higher than their historical valuation. MPC was trading at a 10.3x EV-to-EBITDA ratio in 1Q17, compared […]

    By Maitali Ramkumar
  • uploads///GASOLINE PRICES
    Macroeconomic Analysis

    Gasoline Prices Continue their Uptrend the Week of May 8

    For the summer of 2015, the EIA expects consumption to average 9.2 MMbpd, which is 0.14 MMbpd higher than last summer’s consumption.

    By Keisha Bandz
  • uploads///Credit Ratings
    Company & Industry Overviews

    Marathon Petroleum’s Credit Rating Compared to Its Peers

    Marathon Petroleum’s credit rating of BBB is higher than Tesoro. Valero Energy’s (VLO) rating is in line with Marathon Petroleum’s credit rating.

    By Maitali Ramkumar
  • uploads///Featured image
    Company & Industry Overviews

    HollyFrontier Stock Has Fallen 25% in Q4 2018

    Since October 1, the beginning of the fourth quarter, HollyFrontier (HFC) stock has fallen 25%.

    By Maitali Ramkumar
  • uploads///Refiners Gainers WU_
    Energy & Utilities

    How Oil and Gas Refining and Marketing Stocks Performed Last Week

    Marathon Petroleum (MPC) was the biggest loser last week from the refining and marketing sector.

    By Nicholas Chapman
  • uploads///XLE
    Macroeconomic Analysis

    XLE Rose Despite Weakness in Crude Oil Prices Last Week

    The Energy Select Sector SPDR ETF (XLE) gained 3.45% in the week ended August 14. This ETF tracks a diverse group of ~45 of the largest American energy stocks.

    By Keisha Bandz
  • uploads///wti brent
    Macroeconomic Analysis

    WTI-Brent Spread Narrows Due to Lower Production and Iran Deal

    A narrower WTI-Brent spread is a positive for US producers, but a negative for US refiners.

    By Keisha Bandz
  • uploads///Featured image
    Company & Industry Overviews

    Valero Energy Stock Fell 10%: What’s the Story?

    Valero Energy (VLO) stock fell 10.3% on Friday, October 19. That same day, Goldman Sachs downgraded the stock from a “neutral” to a “sell.”

    By Maitali Ramkumar
  • uploads///EBITDA
    Energy & Utilities

    Must-know: Putting Phillips 66’s debt levels into perspective

    There’s no imminent liquidity crisis. PSX is generating enough cash to cover its major needs. Its high debt level is a concern—particularly if there’s any liquidity crunch in the financial market.

    By Alex Chamberlin
  • uploads///diesel
    Macroeconomic Analysis

    What Drove Diesel Prices Higher the Week Ended September 4?

    Prompt New York Harbor ultra-low-sulfur diesel futures traded on the NYMEX closed ~2.4% higher on a weekly basis at ~$1.62 per gallon in the week ended September 4.

    By Keisha Bandz
  • uploads///heating oil prices
    Macroeconomic Analysis

    Analyzing the latest increase in heating oil prices

    As of February 16, residential heating oil prices averaged ~$3.03 per gallon. The prices were ~$0.12 per gallon higher than last week.

    By Keisha Bandz
  • uploads///Throughput
    Company & Industry Overviews

    This US Refiner Had the Highest Utilization Rate in 1Q17

    Tesoro (TSO) achieved a 92% refinery utilization rate in 1Q17—the highest among our select group of four major US refiners.

    By Maitali Ramkumar
  • uploads///MPLX structure
    Company & Industry Overviews

    MPLX LP: The infrastructure link in Marathon Petroleum’s chain

    Marathon Petroleum Corporation, or MPC, owns 100% of the MPLX general partnership, or GP, interests, as well as the incentive distribution rights.

    By Keisha Bandz
  • uploads///faecdeecdecfcb
    Macroeconomic Analysis

    Crude Oil Prices Fell and Warren Buffet Sold ExxonMobil

    NYMEX-traded WTI crude oil futures contracts for September delivery fell by 0.24% on September 8. Oversupply concerns were weighing on crude oil prices.

    By Gordon Kristopher
  • uploads///Hist Valuations
    Company & Industry Overviews

    How Refining Stocks’ Valuations Compare to Historical Averages

    In this article, we’ll look at refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios compared to their three-year historical averages.

    By Maitali Ramkumar
  • uploads///crude  month chat  april
    Macroeconomic Analysis

    Unexpected Inventory Buildup: Will Crude Oil Hit $52 per Barrel?

    The US commercial crude oil inventory data will be reported by the EIA today. Prices may experience volatility due to inventory increasing more than market estimates.

    By Gordon Kristopher
  • uploads///Part _
    Fund Managers

    Possibly Overbought Refiners Posted Losses Last Week

    US refiners have profited from access to cheaper crude oil inputs. But a series of refinery projects being ramped up in Latin America could stall exports.

    By Stuart McKenzie
  • uploads///DMA
    Earnings Report

    Marathon Petroleum Stock: Performance ahead of the 1Q17 Earnings

    Marathon Petroleum stock has plunged 7% year-to-date. Due to its falling price in 1Q17, the stock has broken below its 50-day moving average.

    By Maitali Ramkumar
  • uploads///diesel prices
    Macroeconomic Analysis

    Diesel Prices Rose Again on May 11

    The EIA expects US distillate consumption this summer to average 4 million barrels per day, up 3% compared with last summer.

    By Keisha Bandz
  • uploads///Org Structure
    Company & Industry Overviews

    Why Is Western Refining Raising $500 Million?

    Western Refining (WNR) plans to raise $500 million via a term loan. In this series, we’ll give you insights into the company’s operations, financials, market performance, and much more.

    By Maitali Ramkumar
  • uploads///Valuations
    Company & Industry Overviews

    These Refining Stocks Are Trading at a Premium

    PSX is trading at 9x its forward EV-to-EBITDA ratio and at 16.4x its forward PE ratio, which is above the peer averages.

    By Maitali Ramkumar
  • uploads///Featured image
    Company & Industry Overviews

    Phillips 66 Stock Is Down 20% in Q4: USGC WTI 3-2-1 Crack Plunges

    Since the beginning of the fourth quarter, Phillips 66 (PSX) stock has fallen 20.3%.

    By Maitali Ramkumar
  • uploads///heating oil prices
    Macroeconomic Analysis

    Lower heating oil prices are a positive for US households

    Last week, residential heating oil prices fell ~8 cents compared to the prior week, averaging $3.14 per gallon. Prices were 81 cents lower than last year.

    By Keisha Bandz
  • uploads///PSX
    Energy & Utilities

    Phillips 66 Stands Midway with 47% ‘Buy’ Ratings

    Seven of the 15 analysts covering PSX rated it as a “buy” in June.

    By Maitali Ramkumar
  • uploads///DMA
    Company & Industry Overviews

    Why Has Tesoro Stock Fallen in 1Q17?

    Since January 3, 2017, Tesoro stock has fallen 8%, more than its peers Marathon Petroleum and Valero Energy, the leading American downstream companies.

    By Maitali Ramkumar
  • uploads///CRACK SPREAD
    Macroeconomic Analysis

    What a Wider Crack Spread in Mid-May Means for American Refiners

    A crack spread represents the price difference between refiners’ revenues—achieved through the sale of finished refined products—and refiner costs—that is, the price of crude oil.

    By Keisha Bandz
  • uploads///Segments
    Earnings Report

    How Will Marathon Petroleum’s Refining Earnings Fare in 3Q16?

    According to MPC, a dollar-per-barrel change in the blended LLS 6-3-2-1 crack spread affects its annual net income by $450 million.

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Energy & Utilities

    Analysts’ Ratings: Marathon Petroleum and Phillips 66

    Marathon Petroleum’s mean target price is $98 per share, which implies a 57% gain from the current level–the highest among its peers.

    By Maitali Ramkumar
  • uploads///Valuations
    Energy & Utilities

    What Do Refining Stock Valuations Reveal?

    With respect to the price-to-earnings ratio, larger players Marathon Petroleum (MPC), Tesoro (TSO), and Phillips 66 (PSX) trade higher than the average valuations.

    By Maitali Ramkumar
  • uploads///heating oil
    Macroeconomic Analysis

    Residential heating oil prices fall with crude

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices.

    By Keisha Bandz
  • uploads///Correlation
    Company & Industry Overviews

    Correlation Analysis: Marathon Petroleum’s Stock, Oil Prices, and the Broad Market

    The correlation value between Marathon and oil prices indicates that in the past year, stock prices of MPC have moved in line with crude oil prices.

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    Refiners’ Leverages in 1Q17: Who’s Best Placed—MPC, TSO, VLO, or PSX?

    The currently unstable refining environment has resulted in volatile refining earnings for big US refiners like MPC, VLO, TSO, and PSX.

    By Maitali Ramkumar
  • uploads///crack spread
    Macroeconomic Analysis

    US Gulf Coast 3:2:1 Crack Spread Widened Last Week

    The wider the crack spread, the more profitable it is for refiners such as Valero Energy (VLO), Phillips 66 (PSX), Marathon Petroleum (MPC), and Tesoro (TSO).

    By Keisha Bandz
  • uploads///Part
    Consumer

    Why Loeb Cut Exposure to Netflix, Microsoft, and Alibaba in Q4

    In its third-quarter letter to investors, Third Point told investors that it reduced its “tech exposure meaningfully.”

    By Anuradha Garg
  • uploads///crack spread
    Macroeconomic Analysis

    US Gulf Coast 3:2:1 Crack Spread Rises in the Week to June 26

    The benchmark US Gulf Coast 3:2:1 crack spread rose 4.4% to $17.385 per barrel in the week to June 26—compared to $16.65 per barrel on June 19.

    By Keisha Bandz
  • uploads///heating oil
    Macroeconomic Analysis

    What Do Changes in Heating Oil Prices Mean?

    As of March 16, residential heating oil prices averaged $3.03 per gallon, $0.18 per gallon lower than last week and $1.09 per gallon lower than a year ago.

    By Keisha Bandz
  • uploads///heating oil prices
    Macroeconomic Analysis

    A key update on heating oil prices

    The latest STEO forecasts that US heating oil prices should average $2.90 per gallon, 25% lower than last year.

    By Keisha Bandz
  • uploads///wti  month Chart  Apr
    Macroeconomic Analysis

    Middle East Tensions and Slowing US Production Impact Crude Oil

    Lately, Middle East tensions and slowing US production are driving oil prices higher. Oil prices gained 21% in April 2015.

    By Gordon Kristopher
  • uploads///MPC
    Company & Industry Overviews

    Marathon Petroleum’s Q1 Refining Earnings Outlook

    So far in the first quarter, according to Marathon Petroleum, the blended crack has fallen by $2.1 per barrel YoY to $6.5 per barrel.

    By Maitali Ramkumar
  • uploads///Total IG Bond Issuance for the WE December
    Company & Industry Overviews

    Visa Inc Led the High-Grade Bond Market Last Week

    Visa Inc (V) issued A1/A+ rated high-grade bonds worth $16.0 billion via six parts. This included $1.75 billion in 1.20% two-year notes at a spread of 30 bps.

    By Lynn Noah
  • uploads///USO ETF
    Macroeconomic Analysis

    Why Did WTI Fall More than Brent Crude Oil Prices?

    WTI crude oil futures contracts for January delivery fell by 4.7% during the first week of December. Crude oil prices were volatile due to OPEC’s meeting.

    By Gordon Kristopher
  • uploads///Segments
    Earnings Report

    What Happened to Valero’s Refining Margin in 3Q17?

    In 3Q17, Valero Energy (VLO) saw a rise in its gross refining margin by $2.2 per barrel over 3Q16 to $10.9 per barrel.

    By Maitali Ramkumar
  • uploads///valuations
    Company & Industry Overviews

    Marathon Petroleum’s Valuation and the Peer Average

    MPC trades at valuations above its peer averages, likely because it is now in the process of restructuring the organization to unlock value.

    By Maitali Ramkumar
  • uploads///Segment
    Earnings Report

    PSX’s Gross Refining Margin Rises to $9.4 per Barrel in 4Q15

    Phillips 66 saw its gross refining margin (or GRM) rise by $0.1 per barrel over 4Q14 to $9.4 per barrel in 4Q15.

    By Maitali Ramkumar
  • uploads///Crack Spread
    Earnings Report

    Phillips 66 margins dip on refined products crack spread

    The crack spread measures the difference between market prices for refined petroleum products and crude oil. In the US, we follow a 3:2:1 crack spread.

    By Alex Chamberlin
  • uploads///Valuation
    Company & Industry Overviews

    Refiners’ Valuations: MPC, TSO, VLO, and PSX

    VLO’s forward PE multiple is 12.9x, and its forward EV-to-EBITDA multiple is 6.1x.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    What Can We Expect from Marathon Petroleum’s 4Q15 Results?

    Marathon Petroleum (MPC) is expected to post its 4Q15 results on February 3, 2016.

    By Maitali Ramkumar
  • uploads///Ref index
    Company & Industry Overviews

    Andeavor’s 4Q17 Refining Index: Could Margins Sustain 3Q17 Levels?

    ANDV’s Midcontinent index value has declined to $19.00 per barrel in 4Q17 quarter-to-date from $20.10 per barrel in 3Q17.

    By Maitali Ramkumar
  • uploads///Gasoline Inventories
    Energy & Utilities

    Must-know: Why gasoline inventories saw huge draws

    Last week, gasoline inventories declined by 2.3 MMBbls, to 210 million barrels—the lowest level in 2014, according to the EIA. The EIA described this level as being in the middle of the five-year average range.

    By Keisha Bandz
  • uploads///Segment
    Earnings Report

    VLO’s Net Refining Margin Fell to $5.6 per Barrel in 4Q15

    Let’s talk about VLO’s refining margin in 4Q15. The adjusted operating income from the refining segment fell by 3% over 4Q14 to $1,480 million in 4Q15.

    By Maitali Ramkumar
  • uploads///gasoline production
    Macroeconomic Analysis

    Why Did Gasoline Inventories Rise in the Last Week of July?

    Gasoline production increased from ~9.68 million barrels per day (or MMbpd) in the week ended July 24 to 9.98 MMbpd in the week ended July 31.

    By Keisha Bandz
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