Speaker prefers MPC due to widened margins and strong FCF returns, despite recent strong performance.

Now, we have clearly seen that refined product margins have widened even further, so refiners such as Valero, Marathon Petroleum and Phillips 66 have seen huge free cash flows over the past two quarters, much of which has been returned to shareholders in the form of share buybacks or higher dividends.

We also prefer Marathon Petroleum. But both stocks, as I highlighted, have performed really well. They have performed very well over the past year, and indeed over the past two years.