Group 1 - Marathon Petroleum (NYSE: MPC) has produced a 50% total return since the last write-up on Christmas Eve 2024, attributed to its low valuation and MPLX ownership [1] - The investment strategy focuses on fundamental analysis, targeting individual issues and asset classes that are out of favor, presenting a favorable risk/reward trade-off [1] Group 2 - The author has no current stock, option, or similar derivative positions in any mentioned companies and does not plan to initiate any within the next 72 hours [2] - The article expresses the author's own opinions and is not compensated beyond Seeking Alpha [2]

Core Points - Madison Pacific Properties Inc. announces changes to its Board of Directors, effective September 30, 2025 [1] - Mark Elliott and Jonathan Rees will step down from the Board after many years of service, with Elliott serving over 12 years and Rees over 6 years [2] - Alistair Duncan, Jr. and Robert Wiens will be appointed to the Board, bringing extensive experience in corporate governance and strategic development [3] Board Changes - Mark Elliott will step down as a director and has served as Chairman of the Audit Committee for 9 years [2] - Jonathan Rees will also step down after providing over 6 years of dedicated service [2] - The Company expresses gratitude for the significant contributions of both Elliott and Rees [2] New Appointments - Alistair Duncan, Jr. is currently the President and CEO of viDA Therapeutics Inc. and has prior experience as President and CEO of Chromos Molecular Systems Inc. [4] - Robert Wiens has over 30 years of management experience, including roles as CFO of D-Wave Systems and Managing Partner at Arthur Andersen & Co. [5] - Both Duncan and Wiens have familiarity with the Company's business, having served as directors of Metro Vancouver Properties Corp. prior to its privatization in 2024 [6]

All right, let's do another move. Uh, it's from Joe. You sold Marathon Petroleum, right.It's still in the ETF, right. In the context, this was personal trade and stocks up 31% this year. So, give me more.This is within the context of the refiner trade that I put on early in August. I sprinkled money towards Philip 66, Marathon Petroleum, and Valero. I said yesterday on the show I was going to do some selling in each of those. What I ultimately decided to do was sell Marathon in its entirety.Keep Phillips. K ...

Group 1 - Marathon Petroleum was sold entirely by the company, which had seen a stock increase of 31% this year [1] - The refiner trade initiated in August included investments in Phillips 66, Marathon Petroleum, and Valero, with a decision to sell Marathon [1] - Valero is considered the best in breed among refiners, supported by price performance [2] Group 2 - Phillips 66 is viewed positively due to its potential turnaround, bolstered by an activist stake from Elliot Management, which holds two board seats [2] - Phillips 66 recently acquired the remaining 50% ownership of WRB Refining from Senovas, with a valuation around four times IBIDA, compared to a typical seven times IBIDA for such deals [2][3] - The acquisition is seen as a strong valuation move, with expectations for mean reversion in Phillips 66's performance [3]

Group 1 - Piper Sandler raised the target price for Marathon Oil Corporation from $184 to $222 [1]

Core Points - Marathon Petroleum Corp. (MPC) will host a conference call on November 4, 2025, at 11 a.m. EST to discuss its third-quarter financial results for 2025 [1] - Interested parties can access the conference call via MPC's website, where a replay will be available for two weeks [2] - MPC is a leading integrated downstream and midstream energy company, operating the largest refining system in the U.S. and owning a significant interest in MPLX LP, a midstream company [3] Financial Information - The board of directors has declared a quarterly dividend of $0.91 per share on common stock [5] - The second-quarter net income attributable to MPC was reported at $1.2 billion, or $3.96 per diluted share, with adjusted EBITDA of $3.3 billion driven by refining activities [4]

Investment Recommendations - The industry suggests taking a breather on ETH Grayscale mini trust, despite feeling early on it [1] - The industry suggests selling upside calls [2] Market Observations - United Randall hit an all-time high then closed lower, which is considered a negative sign [1] - The industry is a seller of Google [2] Final Trades - Marathon Petroleum is mentioned as a final trade [2]

Group 1 - The core viewpoint of the articles indicates that the U.S. oil and gas industry is entering a merger and acquisition (M&A) boom in 2024, with a projected total M&A value of $206.6 billion, representing a 331% year-on-year increase [1] - The number of leading publicly listed exploration and production (E&P) companies in the U.S. has decreased from 50 to 40, yet these 40 companies contribute approximately 41% of the nation's oil and gas production, highlighting a trend of "the strong getting stronger" [1] - In 2024, 42% of the M&A budget will be allocated to undeveloped reserves, a significant increase from 18% in 2023, indicating a strategic shift towards securing high-quality drilling locations for long-term production potential [1] Group 2 - The exploration and development costs have decreased by 7% year-on-year, despite the ongoing M&A activity, and the industry's reserve replacement rate remains above 100%, demonstrating the effectiveness of the new model of achieving reserve growth through M&A while reducing traditional exploration investments [2] - Following the M&A boom, U.S. oil and gas companies are focusing on addressing various uncertainties in the macro environment, with operational efficiency and capital discipline becoming critical for success [2] - The M&A activity is expected to slow significantly by the second quarter of 2025 due to the scarcity of quality targets, forcing buyers to diversify into non-core areas [2]

Core Viewpoint - The Zacks Oil and Gas - Refining & Marketing industry is evolving to balance reliable fossil fuel output with investments in cleaner, lower-carbon solutions, driven by government incentives and corporate demand, while U.S. refiners are increasing exports to capture margins and diversify revenue streams [1][3][4]. Industry Overview - The industry includes companies that sell refined petroleum products and non-energy materials, operating terminals, storage facilities, and transportation services. Refining margins are volatile and influenced by various factors including inventory levels, demand, and capacity utilization [2]. Trends Defining the Future - **Growing Role of Low-Carbon Solutions**: Refiners are investing in renewable diesel and sustainable aviation fuel, supported by government incentives and corporate demand, which positions them for long-term relevance in a decarbonizing economy [3]. - **Advantaged Export Opportunities**: U.S. refiners are leveraging strong international demand, particularly from Latin America and Europe, to export refined products, enhancing profitability and providing a hedge against domestic market fluctuations [4]. - **Margin Pressure from Volatile Prices**: The industry faces risks from fluctuating crude oil prices and inflationary cost pressures, which could impact earnings stability and shareholder returns [5]. Industry Outlook - The Zacks Oil and Gas - Refining & Marketing industry holds a Zacks Industry Rank of 56, placing it in the top 23% of 246 Zacks industries, indicating strong near-term prospects [6][7]. Performance Comparison - Over the past year, the industry has underperformed compared to the broader Zacks Oil - Energy Sector and the S&P 500, with a decline of 10.1% versus a decrease of 0.6% for the sector and a gain of 15.9% for the S&P 500 [9]. Current Valuation - The industry is currently trading at an EV/EBITDA ratio of 4.24X, significantly lower than the S&P 500's 17.60X and the sector's 4.92X, indicating a potential undervaluation [12]. Stocks in Focus - **Par Pacific Holdings**: Operates an integrated energy platform with a refining capacity of 219,000 barrels per day and a market cap of $1.5 billion, showing a projected earnings growth of 394.6% for 2025 [15][16]. - **Galp Energia**: A Portuguese company with a market cap of $13.1 billion, producing over 100,000 barrels of oil equivalent per day, and a four-quarter average earnings surprise of 47.2% [18][19]. - **Marathon Petroleum**: A leading independent refiner with a market cap of $50 billion, known for strong cash flow generation and shareholder returns, with a recent earnings estimate increase of 8.5% for 2025 [21][22]. - **Phillips 66**: One of the largest independent refiners with nearly 2 million barrels per day of refining capacity, expected EPS growth rate of 15.5% over three to five years [24][25].

Core Viewpoint - Madison Pacific Properties Inc. reported strong financial results for the first half of 2025, showing significant growth in net income and operational performance compared to the previous year [3]. Financial Performance - The company reported a net income of $22.4 million for the six months ended June 30, 2025, compared to $13.6 million for the same period in 2024, reflecting a year-over-year increase of 64.7% [3]. - Cash flows from operating activities before changes in non-cash operating balances were $6.0 million, slightly down from $6.3 million in the previous year [3]. - Earnings per share increased to $0.30 from $0.23 year-over-year [3]. - The net gain on fair value adjustments for investment properties was approximately $21.9 million, up from $9.7 million in the prior year [3]. Investment Properties - As of June 30, 2025, the company owns approximately $741 million in investment properties, an increase from $724 million as of December 31, 2024 [4]. - The investment portfolio consists of 54 properties with around 2.0 million rentable square feet of industrial and commercial space, and a 50% interest in eight multi-family rental properties totaling 239 units [5]. - The occupancy rates are high, with 97.95% of industrial and commercial space leased and 99.16% of multi-family residential properties leased [5]. Leadership Changes - Dino Di Marco will be appointed as President & CEO effective September 1, 2025, bringing extensive experience from his previous role as Chief Financial Officer [7]. - John DeLucchi will continue as Chairman of the Board, and Robert Pringle has been appointed as a new director, contributing his extensive background in banking and leadership [9]. Dividend Announcement - The company announced a dividend of $0.0525 per share on Class B voting common shares and Class C non-voting shares, payable on September 3, 2025, to shareholders of record on August 25, 2025 [10].