The stock price of oil refiner Marathon Petroleum (MPC, Financial) trended in line with oil supply/demand volatility, jumping up more than 60% from the first to second quarter of 2020, only to lose momentum in the third quarter. Brent crude futures fell and Chinese demand lessened. Nevertheless, Marathon made strategic top-line (selling Speedway gas stations) and bottom-line (reducing expenses and headcount) decisions which should offer some protection against broader commodity market tumult.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund third-quarter 2020 letter.
