Marathon Petroleum shares jump nearly 50% on record refining margins and strong cash flow.

Marathon Petroleum's stock has surged nearly 50% since July, driven by historic refining margins exceeding $60 per barrel amid global supply disruptions. The company's Q2 net income quadrupled, free cash flow soared, and share buybacks accelerated, supported by a strong balance sheet and excess cash of $15 per share. Analysts expect the refining windfall to continue through at least 2027, with potential further upside of over 10%, possibly pushing shares to $440. This performance highlights the significant profit opportunities in the refining sector due to ongoing supply shocks and high diesel prices.