Marathon's current shares offer a 20% discount to the sum of its parts.
We see the strength in each operating segment as supporting evidence of the value in ExxonMobil's integrated model.
To boost returns, integrated firms are shedding downstream assets.
Refiners posted strong gains in 2010, but additional upside may be limited.
Though well-known, opportunities remain among the super majors.
Refining margins have shown improvement, but will it continue?
For refiners, factors other than complexity and size can determine profitability.
Large oil and gas companies are facing challenges to production growth.
Independent refiners continue to face challenges.