Commodity stocks are experiencing a strong uptrend. Oil prices are also stabilizing after the upheaval in 2020. Marathon Petroleum Corp is an independent oil refining company based in Ohio. It also happens to be the largest refinery operator in the US, with a capacity of 3 million barrels per day spread across 16 refineries. Marathon is part of the Fortune 500 list. The company owns and operates midstream assets through other listed entities. The price of oil is expected to remain high as there are expectations of higher inflation and a commodity upcycle. Therefore, the future prospects of Marathon currently look bright. Investors looking at the best oil stocks to buy right now may want to consider investing in companies like Marathon Petroleum Corporation.
Marathon Petroleum Company Background
Marathon Petroleum Corporation was formed as recently as 2009. It was a subsidiary of Marathon Oil. So, Marathon Petroleum Corporation’s parent Marathon Oil has a much longer history. Its origins date back to 1887 when multiple oil companies in Ohio came together to form The Ohio Oil Company. Two years later, in 1889, John D. Rockefeller purchased the company via its oil business Standard Oil. In 1911, The Ohio Oil Company parted ways from Standard Oil and subsequently renamed itself in 1930 as Marathon. In 1962, it then turned into Marathon Oil Company. So, Marathon Petroleum Corporation has had an interesting background over the decades. In recent news, Marathon Petroleum Corporation announced in August 2020 that it would be selling Speedway to Seven & I Holdings in a $21 billion deal. Marathon Petroleum Corporation is among the top oil and gas stocks at this time.
Marathon Petroleum Corporation’s stock closed at $61.52 on 17th May 2021. The stock was trading at a healthy 3.77% dividend yield at the time. A lot of the oil-related stocks have been on an uptrend lately. Marathon Petroleum Corporation gained 15% over the preceding 30 days.