Marathon Petroleum has informed Reuters that it intends to participate in upcoming bids for Venezuelan crude oil, positioning itself to capitalize on renewed U.S. imports following the January 3 ouster of President Nicolás Maduro. The company aims to secure grades such as Merey 16 and Boscan, which carry high sulfur content but trade at a discount of roughly 10–15% relative to lighter benchmarks. By leveraging its Midwest and Gulf Coast refining network—capable of processing over 1.5 million barrels per day—Marathon expects to enhance utilization rates and capture incremental refinery margins projected to rise by $2–$3 per barrel in the second quarter. Investors will be watching how quickly the U.S. administration lifts sanctions and the pace at which supply volumes reach domestic terminals, with initial cargoes likely to arrive by late spring.

Through the first quarter, Marathon Petroleum’s stock has climbed approximately 12%, lagging the broader energy sector’s 18% advance and underperforming service provider Oceaneering International, which gained around 22% over the same period. The company’s refining margin has averaged $14.50 per barrel, compared to a sector average of $17.00, while its debt-to-EBITDA ratio stands at 1.8x, below the peer median of 2.2x. Despite solid cash flow generation—free cash flow reached $1.8 billion last quarter—investors remain cautious as global crude differentials tighten and refinery maintenance schedules intensify in the summer driving season.