Energy holding, Marathon Petroleum (NYSE:MPC), was up more than 18% for the quarter, as company earnings beat estimates due to higher refining volumes and margins. Marathon’s Speedway gas stations reported stable income from operations, likely to be bolstered in future quarters by a new joint venture with Pilot Flying J. The company also executed a number of strategic actions, including the dropdown of refining logistics assets and fuels distribution services to its general partner, MPLX, in exchange for $8.1 billion.
From the Polaris Global Value Fund fourth quarter 2017 shareholder letter.
