Marathon Petroleum Q2 Review: Resilience Enables More Buybacks

Marathon Petroleum's sum-of-the-parts valuation is highly compelling, with its MPLX stake representing two-thirds of its value and supporting a secure dividend. Refining margins have rebounded from winter lows, but economic growth concerns and softer gasoline demand may pressure spreads near-term, though inventory levels remain supportive. Aggressive capital returns through buybacks and dividends provide a 13% capital return yield, making the stock extremely attractive at just 3.5x EV/EBITDA.