PSX - Marathon Petroleum: Buyback Heavy Dividend Light

• Marathon Petroleum, the largest refiner in the United States, will certainly be a beneficiary of the current macro environment.
• The relatively low price of domestic natural gas is a competitive advantage as compared to foreign refiners - especially those in Europe.
• Sanctions on Russian heavy crude will also likely lead to a boost in global diesel prices, another tailwind for MPC.
• However, for the ordinary shareholder, MPC will be spending much more on share buybacks (at high prices) as compared to dividends directly into their pockets.

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