Marathon Petroleum to Go Public on $14.7 Billion Valuation
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Marathon Petroleum Corp. is set to debut on the New York Stock Exchange tomorrow as the second-largest U.S. independent oil refiner after surging gasoline prices drove a year long rise in refining stocks.
Marathon Petroleum is being spun off from parent Marathon Oil Corp. amid growing investor demand for companies that can capitalize on gasoline prices that rose at twice the rate of crude oil in the past 12 months, said Sam Margolin, an analyst at Dahlman Rose & Co.