Marathon Petroleum engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation. The company was founded in 1998 and is based in Findlay, Ohio.
Energy stocks used to make up more than 10% of the S&P 500. After trailing again in 2020, energy stocks are up 18% in the first two weeks of 2021, even though the S&P 500 is only up 1%. Thomas Lee, head of research at Fundstrat Global Advisors, thinks that energy stocks could benefit from the same change in investor sentiment that helped drive (TSLA) (ticker: TSLA) in 2020—a “fear of missing out,” or FOMO, on a new investment theme after a long period of underinvestment.
Marathon Petroleum Corporation (NYSE: MPC) today announced that Maryann T. Mannen will join the company as Executive Vice President and Chief Financial Officer effective January 25. Ms. Mannen will succeed retiring CFO Donald C. Templin.
Saudi Arabia agreed to cut more oil production than other OPEC members, lighting a fire under oil prices. Earlier Tuesday, reports from a meeting of the Organization of the Petroleum Exporting Countries and other producers such as Russia said the group had agreed to hold off on production increases until March as a spike in coronavirus cases threatened demand. Then, Saudi Arabia announced it would cut 1 million barrels a day in February and March while other nations hold steady or make minor increases.