VLO - MPC after the call - stock up 6% as focus remains on buybacks shares hit 3yr high

Marathon (NYSE:MPC) beat earnings estimates and added significantly to the Company's buyback, as detailed in the company's pre-market earnings release today. The shares have continued to rally throughout the day on the back of a strong conference call from Management:  Buybacks - when asked about dividends, CFO Maryann Mannen indicated that now is not the time to focus on dividends, rather the Board is focused on buybacks until the capital structure and environment are "more normal" (i.e., cash balances from Speedway sale are allocated). Martinez - the Martinez renewable project is shovel-ready and following permit approvals, management hopes to get to work by the end of Q1; feedstock discussions are ongoing. Costs - the refining business has cut almost 20% from its cost per barrel since 2020, and Q1 guidance indicates these reductions are sustainable. Similar to Valero (NYSE:VLO), Marathon's CEO says "product inventories remain tight and US demand continues to

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MPC after the call - stock up 6% as focus remains on buybacks, shares hit 3yr high