Marathon Petroleum Corp. (MPC, Financial) is one of the largest independent refiners and marketers of crude oil and refined products in the U.S. The shares performed strongly during the fourth quarter as investors anticipated rising profitability due to signals that refining margins were expanding on widening price differentials between domestic and international oil prices. Shares also appeared to benefit from increased visibility into Marathon's pipeline of midstream assets that can be dropped down into its Master Limited Partnership in the future.
From Ron Baron (Trades, Portfolio)'s Baron Funds fourth quarter 2013 commentary.
