# Oil & Gas Refining & Marketing — company-by-company sector analysis

> Oil & Gas Refining & Marketing: Marathon Petroleum Corporation owns the largest revenue base; Sunoco LP has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Oil & Gas Refining & Marketing has outperformed S&P 500 by 37.1% over 52 weeks and 9.3% over 13 weeks. 11 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 15 beat the sector itself. Marathon Petroleum Corporation leads with revenue of $135,382 million, based on 14 of 16 comparable companies through Mar 2026.

### Is the Oil & Gas Refining & Marketing sector outperforming S&P 500?

Oil & Gas Refining & Marketing has outperformed S&P 500 by 37.1% over 52 weeks and 9.3% over 13 weeks. 11 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 15 beat the sector itself.

### Which Oil & Gas Refining & Marketing company is largest by revenue?

Marathon Petroleum Corporation leads with revenue of $135,382 million, based on 14 of 16 comparable companies through Mar 2026.

### Which Oil & Gas Refining & Marketing company is growing fastest?

Sunoco LP has the fastest current revenue growth at 37.3%, across 14 of 16 comparable companies.

### Which Oil & Gas Refining & Marketing company has the strongest 4-Factor Sector Score?

PBF Energy Inc. ranks first at 67.1/100 with 74.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Oil & Gas Refining & Marketing company reports the most CAPEX?

Marathon Petroleum Corporation reports the largest latest CAPEX at $913 million, with 16 of 16 companies comparable.

### Which Oil & Gas Refining & Marketing company has the least gross debt?

Clean Energy Fuels Corp. has the lowest comparable gross debt at $324 million. Marathon Petroleum Corporation has the highest at $34,326 million.

### Which Oil & Gas Refining & Marketing company has the lowest comparable PEG?

PBF Energy Inc. has the lowest comparable Guarded PEG at 0.09, among 9 of 16 companies that pass the metric’s comparability rules.

### How much history does this Oil & Gas Refining & Marketing comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Oil & Gas Refining & Marketing has outperformed S&P 500 by 37.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.3%. 11 of 15 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad.

13-week sector return versus NIFTY 500: 9.3%
52-week sector return versus NIFTY 500: 37%
Stocks leading NIFTY: 11/15
Stocks leading sector: 9/15

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 16
Combined market value: ₹3.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. PBF Energy Inc. (PBF): 67/100 — Favorable setup; evidence 75%
   - Growth & earnings 20.3/35 | Capital efficiency 11.8/25 | Valuation 15.6/20 | Relative strength 19.4/20
   - Exact sum: 20.3 + 11.8 + 15.6 + 19.4 = 67.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. HF Sinclair Corporation (DINO): 67/100 — Favorable setup; evidence 75%
   - Growth & earnings 21.1/35 | Capital efficiency 16.1/25 | Valuation 12.1/20 | Relative strength 17.7/20
   - Exact sum: 21.1 + 16.1 + 12.1 + 17.7 = 67
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Valero Energy Corporation (VLO): 63/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 21.0/35 | Capital efficiency 15.6/25 | Valuation 13.4/20 | Relative strength 13.3/20
   - Exact sum: 21 + 15.6 + 13.4 + 13.3 = 63.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Star Group, L.P. (SGU): 59/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 20.2/35 | Capital efficiency 18.0/25 | Valuation 16.3/20 | Relative strength 4.8/20
   - Exact sum: 20.2 + 18 + 16.3 + 4.8 = 59.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Marathon Petroleum Corporation (MPC): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.9/35 | Capital efficiency 11.1/25 | Valuation 12.4/20 | Relative strength 15.4/20
   - Exact sum: 19.9 + 11.1 + 12.4 + 15.4 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Sunoco LP (SUN): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.3/35 | Capital efficiency 12.8/25 | Valuation 12.3/20 | Relative strength 11.6/20
   - Exact sum: 19.3 + 12.8 + 12.3 + 11.6 = 56
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. World Kinect Corporation (WKC): 56/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 20.2/35 | Capital efficiency 12.5/25 | Valuation 8.7/20 | Relative strength 14.4/20
   - Exact sum: 20.2 + 12.5 + 8.7 + 14.4 = 55.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Par Pacific Holdings, Inc. (PARR): 55/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 19.2/35 | Capital efficiency 10.4/25 | Valuation 11.3/20 | Relative strength 14.0/20
   - Exact sum: 19.2 + 10.4 + 11.3 + 14 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Phillips 66 (PSX): 54/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 20.1/35 | Capital efficiency 10.5/25 | Valuation 9.7/20 | Relative strength 13.2/20
   - Exact sum: 20.1 + 10.5 + 9.7 + 13.2 = 53.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Clean Energy Fuels Corp. (CLNE): 45/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 23.1/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 23.1 + 8.7 + 10 + 3 = 44.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. CrossAmerica Partners LP (CAPL): 44/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 17.1/35 | Capital efficiency 8.4/25 | Valuation 14.1/20 | Relative strength 4.7/20
   - Exact sum: 17.1 + 8.4 + 14.1 + 4.7 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Delek US Holdings, Inc. (DK): 39/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 8.0/35 | Capital efficiency 3.9/25 | Valuation 9.2/20 | Relative strength 17.6/20
   - Exact sum: 8 + 3.9 + 9.2 + 17.6 = 38.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 51.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Delek Logistics Partners, LP (DKL): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.0/35 | Capital efficiency 9.3/25 | Valuation 5.6/20 | Relative strength 7.0/20
   - Exact sum: 14 + 9.3 + 5.6 + 7 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. CVR Energy, Inc. (CVI): 35/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 13.8/35 | Capital efficiency 5.2/25 | Valuation 12.0/20 | Relative strength 4.3/20
   - Exact sum: 13.8 + 5.2 + 12 + 4.3 = 35.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Icahn Enterprises L.P. (IEP): 32/100 — Adverse evidence; evidence 65%
   - Growth & earnings 16.9/35 | Capital efficiency 4.4/25 | Valuation 8.5/20 | Relative strength 1.7/20
   - Exact sum: 16.9 + 4.4 + 8.5 + 1.7 = 31.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. ARKO Petroleum Corp. (APC): 47/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 16.0/35 | Capital efficiency 10.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 16 + 10.8 + 10 + 10 = 46.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Marathon Petroleum Corporation is the scale leader at $135,382 million, 0.7% ahead of Phillips 66. Sunoco LP's growth is 37.3% from a $30,712 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Marathon Petroleum Corporation is the scale benchmark; Sunoco LP is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Marathon Petroleum Corporation's growth falls below Sunoco LP's for two consecutive comparable reports while operating margin also compresses.

Evidence: Marathon Petroleum Corporation · $135,382 million | 0.7% versus #2 · Phillips 66 | 2/8 recent comparable periods | 14/16 companies · 291 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Marathon Petroleum Corporation (MPC): ₹1.4 L Cr
2. Phillips 66 (PSX): ₹1.3 L Cr
3. Valero Energy Corporation (VLO): ₹1.2 L Cr
4. Sunoco LP (SUN): ₹30.7K Cr
5. PBF Energy Inc. (PBF): ₹30.2K Cr

### Revenue growth — fastest growers
1. Sunoco LP (SUN): 37%
2. Delek Logistics Partners, LP (DKL): 13%
3. Icahn Enterprises L.P. (IEP): 6.2%
4. Clean Energy Fuels Corp. (CLNE): 5.5%
5. Star Group, L.P. (SGU): 3.2%

### 20-quarter Revenue history
- MPC: Sep 2021 ₹32.3K Cr | Dec 2021 ₹35.3K Cr | Mar 2022 ₹38.1K Cr | Jun 2022 ₹53.8K Cr | Sep 2022 ₹45.8K Cr | Dec 2022 ₹39.8K Cr | Mar 2023 ₹34.9K Cr | Jun 2023 ₹36.3K Cr | Sep 2023 ₹40.9K Cr | Dec 2023 ₹36.3K Cr | Mar 2024 ₹32.7K Cr | Jun 2024 ₹37.9K Cr | Sep 2024 ₹35.1K Cr | Dec 2024 ₹33.1K Cr | Mar 2025 ₹31.5K Cr | Jun 2025 ₹33.8K Cr | Sep 2025 ₹34.8K Cr | Dec 2025 ₹32.6K Cr | Mar 2026 ₹34.2K Cr | Jun 2026 —
- VLO: Sep 2021 ₹29.5K Cr | Dec 2021 ₹35.9K Cr | Mar 2022 ₹38.5K Cr | Jun 2022 ₹51.6K Cr | Sep 2022 ₹44.5K Cr | Dec 2022 ₹41.7K Cr | Mar 2023 ₹36.4K Cr | Jun 2023 ₹34.5K Cr | Sep 2023 ₹38.4K Cr | Dec 2023 ₹35.4K Cr | Mar 2024 ₹31.8K Cr | Jun 2024 ₹34.5K Cr | Sep 2024 ₹32.9K Cr | Dec 2024 ₹30.8K Cr | Mar 2025 ₹30.3K Cr | Jun 2025 ₹29.9K Cr | Sep 2025 ₹32.2K Cr | Dec 2025 ₹30.4K Cr | Mar 2026 ₹32.4K Cr | Jun 2026 —
- PSX: Sep 2021 ₹30.2K Cr | Dec 2021 ₹32.6K Cr | Mar 2022 ₹36.2K Cr | Jun 2022 ₹48.6K Cr | Sep 2022 ₹45.0K Cr | Dec 2022 ₹40.3K Cr | Mar 2023 ₹34.4K Cr | Jun 2023 ₹35.1K Cr | Sep 2023 ₹39.6K Cr | Dec 2023 ₹38.3K Cr | Mar 2024 ₹35.8K Cr | Jun 2024 ₹38.1K Cr | Sep 2024 ₹35.5K Cr | Dec 2024 ₹33.7K Cr | Mar 2025 ₹30.4K Cr | Jun 2025 ₹33.3K Cr | Sep 2025 ₹34.5K Cr | Dec 2025 ₹34.1K Cr | Mar 2026 ₹32.5K Cr | Jun 2026 —
- DINO: Sep 2021 ₹4.7K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹11.2K Cr | Sep 2022 ₹10.6K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹8.9K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹7.8K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 —
- SUN: Sep 2021 ₹4.8K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹10.7K Cr | Jun 2026 —
- PBF: Sep 2021 ₹7.2K Cr | Dec 2021 ₹8.2K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹12.8K Cr | Dec 2022 ₹10.8K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 —
- IEP: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- PARR: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- DK: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- CVI: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- DKL: Sep 2021 ₹190 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹256 Cr | Mar 2026 ₹297 Cr | Jun 2026 —
- WKC: Sep 2021 ₹8.4K Cr | Dec 2021 ₹9.9K Cr | Mar 2022 ₹12.4K Cr | Jun 2022 ₹17.1K Cr | Sep 2022 ₹15.7K Cr | Dec 2022 ₹13.9K Cr | Mar 2023 ₹12.5K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹12.2K Cr | Dec 2023 ₹12.0K Cr | Mar 2024 ₹11.0K Cr | Jun 2024 ₹11.0K Cr | Sep 2024 ₹10.5K Cr | Dec 2024 ₹9.8K Cr | Mar 2025 ₹9.5K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹9.4K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 — | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- CAPL: Sep 2021 ₹985 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹942 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹862 Cr | Jun 2025 ₹962 Cr | Sep 2025 ₹972 Cr | Dec 2025 ₹866 Cr | Mar 2026 ₹842 Cr | Jun 2026 —
- CLNE: Sep 2021 ₹86 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹118 Cr | Jun 2026 —
- SGU: Sep 2021 ₹237 Cr | Dec 2021 ₹488 Cr | Mar 2022 ₹783 Cr | Jun 2022 ₹439 Cr | Sep 2022 ₹297 Cr | Dec 2022 ₹648 Cr | Mar 2023 ₹738 Cr | Jun 2023 ₹300 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹528 Cr | Mar 2024 ₹666 Cr | Jun 2024 ₹332 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹488 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹306 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹767 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 82% | Sep 2022 42% | Dec 2022 13% | Mar 2023 -8.4% | Jun 2023 -32% | Sep 2023 -11% | Dec 2023 -8.9% | Mar 2024 -6.2% | Jun 2024 4.3% | Sep 2024 -14% | Dec 2024 -8.6% | Mar 2025 -3.6% | Jun 2025 -11% | Sep 2025 -0.9% | Dec 2025 -1.7% | Mar 2026 8.5% | Jun 2026 —
- VLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 51% | Dec 2022 16% | Mar 2023 -5.5% | Jun 2023 -33% | Sep 2023 -14% | Dec 2023 -15% | Mar 2024 -13% | Jun 2024 -0.1% | Sep 2024 -14% | Dec 2024 -13% | Mar 2025 -4.7% | Jun 2025 -13% | Sep 2025 -2.2% | Dec 2025 -1.3% | Mar 2026 7.0% | Jun 2026 —
- PSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 49% | Dec 2022 24% | Mar 2023 -4.9% | Jun 2023 -28% | Sep 2023 -12% | Dec 2023 -5.0% | Mar 2024 4.1% | Jun 2024 8.7% | Sep 2024 -10% | Dec 2024 -12% | Mar 2025 -15% | Jun 2025 -13% | Sep 2025 -2.9% | Dec 2025 1.3% | Mar 2026 6.9% | Jun 2026 —
- DINO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 144% | Sep 2022 126% | Dec 2022 60% | Mar 2023 1.4% | Jun 2023 -30% | Sep 2023 -16% | Dec 2023 -15% | Mar 2024 -7.1% | Jun 2024 0.2% | Sep 2024 -19% | Dec 2024 -15% | Mar 2025 -9.4% | Jun 2025 -14% | Sep 2025 0.6% | Dec 2025 -0.6% | Mar 2026 12% | Jun 2026 —
- SUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 38% | Dec 2022 19% | Mar 2023 -0.7% | Jun 2023 -26% | Sep 2023 -4.2% | Dec 2023 -4.7% | Mar 2024 2.6% | Jun 2024 7.5% | Sep 2024 -9.0% | Dec 2024 -6.6% | Mar 2025 -5.8% | Jun 2025 -13% | Sep 2025 4.9% | Dec 2025 63% | Mar 2026 106% | Jun 2026 —
- PBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 104% | Sep 2022 78% | Dec 2022 32% | Mar 2023 1.7% | Jun 2023 -35% | Sep 2023 -16% | Dec 2023 -16% | Mar 2024 -7.0% | Jun 2024 -4.6% | Sep 2024 -22% | Dec 2024 -20% | Mar 2025 -18% | Jun 2025 -14% | Sep 2025 -8.7% | Dec 2025 -2.9% | Mar 2026 12% | Jun 2026 —
- IEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 29% | Dec 2022 38% | Mar 2023 -35% | Jun 2023 -27% | Sep 2023 -12% | Dec 2023 -16% | Mar 2024 -7.6% | Jun 2024 -14% | Sep 2024 -7.3% | Dec 2024 -5.1% | Mar 2025 -24% | Jun 2025 7.6% | Sep 2025 -2.4% | Dec 2025 5.4% | Mar 2026 18% | Jun 2026 —
- PARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 73% | Sep 2022 57% | Dec 2022 40% | Mar 2023 25% | Jun 2023 -15% | Sep 2023 25% | Dec 2023 21% | Mar 2024 18% | Jun 2024 13% | Sep 2024 -17% | Dec 2024 -16% | Mar 2025 -12% | Jun 2025 -6.2% | Sep 2025 -6.1% | Dec 2025 -1.0% | Mar 2026 4.5% | Jun 2026 —
- DK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 173% | Sep 2022 80% | Dec 2022 30% | Mar 2023 -12% | Jun 2023 -30% | Sep 2023 -13% | Dec 2023 -2.3% | Mar 2024 -20% | Jun 2024 -21% | Sep 2024 -34% | Dec 2024 -40% | Mar 2025 -16% | Jun 2025 -16% | Sep 2025 -5.1% | Dec 2025 2.3% | Mar 2026 0.4% | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 43% | Dec 2022 27% | Mar 2023 -3.7% | Jun 2023 -29% | Sep 2023 -6.6% | Dec 2023 -18% | Mar 2024 -19% | Jun 2024 -12% | Sep 2024 -27% | Dec 2024 -12% | Mar 2025 -12% | Jun 2025 -10% | Sep 2025 6.1% | Dec 2025 -7.0% | Mar 2026 20% | Jun 2026 —
- DKL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 55% | Dec 2022 42% | Mar 2023 18% | Jun 2023 -7.5% | Sep 2023 -6.1% | Dec 2023 -5.6% | Mar 2024 3.3% | Jun 2024 7.3% | Sep 2024 -22% | Dec 2024 -17% | Mar 2025 -0.8% | Jun 2025 -7.2% | Sep 2025 22% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- WKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 142% | Sep 2022 88% | Dec 2022 40% | Mar 2023 0.8% | Jun 2023 -36% | Sep 2023 -22% | Dec 2023 -14% | Mar 2024 -12% | Jun 2024 -0.2% | Sep 2024 -14% | Dec 2024 -19% | Mar 2025 -14% | Jun 2025 -18% | Sep 2025 -10% | Dec 2025 -7.5% | Mar 2026 2.5% | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -9.7% | Dec 2025 -9.5% | Mar 2026 -0.2% | Jun 2026 —
- CAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 72% | Sep 2022 29% | Dec 2022 4.4% | Mar 2023 -7.0% | Jun 2023 -22% | Sep 2023 -5.0% | Dec 2023 -9.8% | Mar 2024 -7.3% | Jun 2024 -1.1% | Sep 2024 -11% | Dec 2024 -7.0% | Mar 2025 -8.5% | Jun 2025 -15% | Sep 2025 -9.9% | Dec 2025 -8.3% | Mar 2026 -2.3% | Jun 2026 —
- CLNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 47% | Dec 2022 24% | Mar 2023 59% | Jun 2023 -6.2% | Sep 2023 -24% | Dec 2023 -6.1% | Mar 2024 -21% | Jun 2024 7.7% | Sep 2024 9.4% | Dec 2024 1.9% | Mar 2025 0.0% | Jun 2025 5.1% | Sep 2025 1.0% | Dec 2025 2.8% | Mar 2026 13% | Jun 2026 —
- SGU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 25% | Dec 2022 33% | Mar 2023 -5.8% | Jun 2023 -32% | Sep 2023 -10% | Dec 2023 -19% | Mar 2024 -9.8% | Jun 2024 11% | Sep 2024 -10% | Dec 2024 -7.6% | Mar 2025 12% | Jun 2025 -7.8% | Sep 2025 3.3% | Dec 2025 10% | Mar 2026 3.2% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Star Group, L.P. leads opm at 20.5%; Clean Energy Fuels Corp. leads margin change at +119.2 percentage points.

Investor read: Star Group, L.P. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Star Group, L.P. · 20.5% | 53% versus #2 · Delek Logistics Partners, LP | 5/8 recent comparable periods | 16/16 companies · 291 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Star Group, L.P. (SGU): 21%
2. Delek Logistics Partners, LP (DKL): 13%
3. HF Sinclair Corporation (DINO): 12%
4. Sunoco LP (SUN): 8.1%
5. Valero Energy Corporation (VLO): 5.3%

### Margin change — fastest expanders
1. Clean Energy Fuels Corp. (CLNE): +119.2 pp
2. PBF Energy Inc. (PBF): +11.0 pp
3. HF Sinclair Corporation (DINO): +10.6 pp
4. Valero Energy Corporation (VLO): +8.3 pp
5. Icahn Enterprises L.P. (IEP): +5.8 pp

### 20-quarter OPM history
- MPC: Sep 2021 3.2% | Dec 2021 4.3% | Mar 2022 4.5% | Jun 2022 16% | Sep 2022 15% | Dec 2022 11% | Mar 2023 12% | Jun 2023 9.1% | Sep 2023 12% | Dec 2023 6.6% | Mar 2024 5.5% | Jun 2024 6.7% | Sep 2024 3.8% | Dec 2024 3.4% | Mar 2025 2.2% | Jun 2025 6.5% | Sep 2025 7.8% | Dec 2025 8.3% | Mar 2026 4.1% | Jun 2026 —
- VLO: Sep 2021 2.3% | Dec 2021 4.4% | Mar 2022 3.6% | Jun 2022 12% | Sep 2022 8.5% | Dec 2022 10% | Mar 2023 11% | Jun 2023 8.0% | Sep 2023 9.1% | Dec 2023 4.4% | Mar 2024 5.3% | Jun 2024 3.5% | Sep 2024 1.5% | Dec 2024 1.1% | Mar 2025 -3.0% | Jun 2025 3.3% | Sep 2025 4.7% | Dec 2025 5.2% | Mar 2026 5.3% | Jun 2026 —
- PSX: Sep 2021 -2.1% | Dec 2021 2.5% | Mar 2022 1.2% | Jun 2022 7.3% | Sep 2022 7.8% | Dec 2022 5.2% | Mar 2023 6.3% | Jun 2023 5.3% | Sep 2023 5.9% | Dec 2023 4.0% | Mar 2024 1.6% | Jun 2024 2.0% | Sep 2024 0.0% | Dec 2024 -0.2% | Mar 2025 -1.4% | Jun 2025 3.6% | Sep 2025 0.0% | Dec 2025 4.5% | Mar 2026 0.3% | Jun 2026 —
- DINO: Sep 2021 6.3% | Dec 2021 -0.4% | Mar 2022 3.1% | Jun 2022 15% | Sep 2022 13% | Dec 2022 9.2% | Mar 2023 6.7% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 -1.0% | Mar 2024 5.8% | Jun 2024 2.5% | Sep 2024 -1.7% | Dec 2024 -3.5% | Mar 2025 1.3% | Jun 2025 4.1% | Sep 2025 7.8% | Dec 2025 0.1% | Mar 2026 12% | Jun 2026 —
- SUN: Sep 2021 3.2% | Dec 2021 3.6% | Mar 2022 4.8% | Jun 2022 2.2% | Sep 2022 2.3% | Dec 2022 1.6% | Mar 2023 3.7% | Jun 2023 2.5% | Sep 2023 5.3% | Dec 2023 -0.8% | Mar 2024 5.4% | Jun 2024 2.4% | Sep 2024 1.9% | Dec 2024 4.5% | Mar 2025 5.7% | Jun 2025 3.8% | Sep 2025 4.2% | Dec 2025 2.1% | Mar 2026 8.1% | Jun 2026 —
- PBF: Sep 2021 1.4% | Dec 2021 3.5% | Mar 2022 1.0% | Jun 2022 12% | Sep 2022 11% | Dec 2022 -82% | Mar 2023 5.7% | Jun 2023 15% | Sep 2023 10% | Dec 2023 -98% | Mar 2024 1.7% | Jun 2024 -0.9% | Sep 2024 -4.6% | Dec 2024 -3.0% | Mar 2025 -7.2% | Jun 2025 0.6% | Sep 2025 3.7% | Dec 2025 -16% | Mar 2026 3.8% | Jun 2026 —
- IEP: Sep 2021 -2.7% | Dec 2021 -35% | Mar 2022 27% | Jun 2022 -3.8% | Sep 2022 -2.4% | Dec 2022 -7.1% | Mar 2023 -6.3% | Jun 2023 -10% | Sep 2023 7.8% | Dec 2023 -1.6% | Mar 2024 5.5% | Jun 2024 -16% | Sep 2024 7.6% | Dec 2024 0.2% | Mar 2025 -28% | Jun 2025 -4.6% | Sep 2025 25% | Dec 2025 5.6% | Mar 2026 -22% | Jun 2026 —
- PARR: Sep 2021 7.5% | Dec 2021 1.8% | Mar 2022 -9.0% | Jun 2022 8.3% | Sep 2022 14% | Dec 2022 5.6% | Mar 2023 16% | Jun 2023 2.6% | Sep 2023 7.6% | Dec 2023 8.0% | Mar 2024 0.5% | Jun 2024 2.4% | Sep 2024 1.7% | Dec 2024 -2.6% | Mar 2025 -0.9% | Jun 2025 5.1% | Sep 2025 18% | Dec 2025 5.5% | Mar 2026 3.6% | Jun 2026 —
- DK: Sep 2021 1.3% | Dec 2021 0.8% | Mar 2022 1.0% | Jun 2022 8.2% | Sep 2022 1.0% | Dec 2022 -2.6% | Mar 2023 3.6% | Jun 2023 1.2% | Sep 2023 4.6% | Dec 2023 -3.7% | Mar 2024 0.9% | Jun 2024 0.1% | Sep 2024 -4.0% | Dec 2024 -17% | Mar 2025 -4.8% | Jun 2025 -1.2% | Sep 2025 10% | Dec 2025 6.8% | Mar 2026 -6.8% | Jun 2026 —
- CVI: Sep 2021 9.3% | Dec 2021 1.9% | Mar 2022 9.3% | Jun 2022 13% | Sep 2022 3.8% | Dec 2022 8.8% | Mar 2023 14% | Jun 2023 10% | Sep 2023 18% | Dec 2023 -1.9% | Mar 2024 6.6% | Jun 2024 1.4% | Sep 2024 -6.2% | Dec 2024 1.1% | Mar 2025 -8.0% | Jun 2025 -5.8% | Sep 2025 26% | Dec 2025 -5.2% | Mar 2026 -7.3% | Jun 2026 —
- DKL: Sep 2021 27% | Dec 2021 26% | Mar 2022 23% | Jun 2022 16% | Sep 2022 20% | Dec 2022 23% | Mar 2023 26% | Jun 2023 24% | Sep 2023 23% | Dec 2023 21% | Mar 2024 26% | Jun 2024 26% | Sep 2024 15% | Dec 2024 18% | Mar 2025 19% | Jun 2025 21% | Sep 2025 17% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- WKC: Sep 2021 0.5% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 0.7% | Sep 2023 0.6% | Dec 2023 -0.1% | Mar 2024 0.6% | Jun 2024 0.4% | Sep 2024 0.7% | Dec 2024 0.3% | Mar 2025 -0.1% | Jun 2025 -3.8% | Sep 2025 0.7% | Dec 2025 -3.1% | Mar 2026 0.6% | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 — | Sep 2025 1.7% | Dec 2025 1.5% | Mar 2026 1.5% | Jun 2026 —
- CAPL: Sep 2021 1.3% | Dec 2021 1.5% | Mar 2022 0.9% | Jun 2022 1.4% | Sep 2022 3.1% | Dec 2022 2.3% | Mar 2023 0.9% | Jun 2023 2.4% | Sep 2023 2.0% | Dec 2023 2.7% | Mar 2024 -1.4% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 3.0% | Mar 2025 0.2% | Jun 2025 4.3% | Sep 2025 2.9% | Dec 2025 3.0% | Mar 2026 2.8% | Jun 2026 —
- CLNE: Sep 2021 -3.6% | Dec 2021 -6.6% | Mar 2022 -24% | Jun 2022 -12% | Sep 2022 -6.9% | Dec 2022 -9.8% | Mar 2023 -27% | Jun 2023 -14% | Sep 2023 -22% | Dec 2023 -6.1% | Mar 2024 -9.0% | Jun 2024 -5.7% | Sep 2024 -8.1% | Dec 2024 -4.4% | Mar 2025 -122% | Jun 2025 -9.0% | Sep 2025 -13% | Dec 2025 -9.5% | Mar 2026 -2.5% | Jun 2026 —
- SGU: Sep 2021 -13% | Dec 2021 4.6% | Mar 2022 15% | Jun 2022 -2.6% | Sep 2022 -23% | Dec 2022 3.6% | Mar 2023 12% | Jun 2023 -9.9% | Sep 2023 -8.6% | Dec 2023 4.1% | Mar 2024 15% | Jun 2024 -3.7% | Sep 2024 -20% | Dec 2024 10% | Mar 2025 17% | Jun 2025 -6.3% | Sep 2025 -17% | Dec 2025 10% | Mar 2026 21% | Jun 2026 —

### 20-quarter Margin change history
- MPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.0 pp | Sep 2022 +11.4 pp | Dec 2022 +6.9 pp | Mar 2023 +7.1 pp | Jun 2023 −6.4 pp | Sep 2023 −3.0 pp | Dec 2023 −4.6 pp | Mar 2024 −6.1 pp | Jun 2024 −2.4 pp | Sep 2024 −7.8 pp | Dec 2024 −3.2 pp | Mar 2025 −3.3 pp | Jun 2025 −0.2 pp | Sep 2025 +4.0 pp | Dec 2025 +4.9 pp | Mar 2026 +1.9 pp | Jun 2026 —
- VLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.2 pp | Sep 2022 +6.2 pp | Dec 2022 +5.9 pp | Mar 2023 +7.5 pp | Jun 2023 −4.0 pp | Sep 2023 +0.6 pp | Dec 2023 −5.9 pp | Mar 2024 −5.8 pp | Jun 2024 −4.5 pp | Sep 2024 −7.6 pp | Dec 2024 −3.3 pp | Mar 2025 −8.3 pp | Jun 2025 −0.2 pp | Sep 2025 +3.2 pp | Dec 2025 +4.1 pp | Mar 2026 +8.3 pp | Jun 2026 —
- PSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.4 pp | Sep 2022 +9.9 pp | Dec 2022 +2.7 pp | Mar 2023 +5.1 pp | Jun 2023 −2.0 pp | Sep 2023 −1.9 pp | Dec 2023 −1.2 pp | Mar 2024 −4.7 pp | Jun 2024 −3.3 pp | Sep 2024 −5.9 pp | Dec 2024 −4.2 pp | Mar 2025 −3.0 pp | Jun 2025 +1.6 pp | Sep 2025 0.0 pp | Dec 2025 +4.7 pp | Mar 2026 +1.7 pp | Jun 2026 —
- DINO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.6 pp | Sep 2022 +6.2 pp | Dec 2022 +9.6 pp | Mar 2023 +3.6 pp | Jun 2023 −5.9 pp | Sep 2023 −0.5 pp | Dec 2023 −10.2 pp | Mar 2024 −0.9 pp | Jun 2024 −6.5 pp | Sep 2024 −13.7 pp | Dec 2024 −2.5 pp | Mar 2025 −4.5 pp | Jun 2025 +1.6 pp | Sep 2025 +9.5 pp | Dec 2025 +3.6 pp | Mar 2026 +10.6 pp | Jun 2026 —
- SUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.7 pp | Sep 2022 −0.9 pp | Dec 2022 −2.0 pp | Mar 2023 −1.1 pp | Jun 2023 +0.3 pp | Sep 2023 +3.0 pp | Dec 2023 −2.4 pp | Mar 2024 +1.7 pp | Jun 2024 −0.1 pp | Sep 2024 −3.4 pp | Dec 2024 +5.3 pp | Mar 2025 +0.3 pp | Jun 2025 +1.4 pp | Sep 2025 +2.3 pp | Dec 2025 −2.4 pp | Mar 2026 +2.4 pp | Jun 2026 —
- PBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.0 pp | Sep 2022 +9.6 pp | Dec 2022 −85.8 pp | Mar 2023 +4.7 pp | Jun 2023 +3.1 pp | Sep 2023 −1.0 pp | Dec 2023 −15.8 pp | Mar 2024 −4.0 pp | Jun 2024 −16.1 pp | Sep 2024 −14.6 pp | Dec 2024 +95.1 pp | Mar 2025 −8.9 pp | Jun 2025 +1.5 pp | Sep 2025 +8.3 pp | Dec 2025 −12.8 pp | Mar 2026 +11.0 pp | Jun 2026 —
- IEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.0 pp | Sep 2022 +0.3 pp | Dec 2022 +27.7 pp | Mar 2023 −33.6 pp | Jun 2023 −6.4 pp | Sep 2023 +10.2 pp | Dec 2023 +5.5 pp | Mar 2024 +11.8 pp | Jun 2024 −5.3 pp | Sep 2024 −0.2 pp | Dec 2024 +1.8 pp | Mar 2025 −33.2 pp | Jun 2025 +10.9 pp | Sep 2025 +17.0 pp | Dec 2025 +5.4 pp | Mar 2026 +5.8 pp | Jun 2026 —
- PARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +15.2 pp | Sep 2022 +6.3 pp | Dec 2022 +3.8 pp | Mar 2023 +24.5 pp | Jun 2023 −5.7 pp | Sep 2023 −6.2 pp | Dec 2023 +2.4 pp | Mar 2024 −15.0 pp | Jun 2024 −0.2 pp | Sep 2024 −5.9 pp | Dec 2024 −10.6 pp | Mar 2025 −1.4 pp | Jun 2025 +2.7 pp | Sep 2025 +16.1 pp | Dec 2025 +8.1 pp | Mar 2026 +4.5 pp | Jun 2026 —
- DK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.1 pp | Sep 2022 −0.3 pp | Dec 2022 −3.4 pp | Mar 2023 +2.6 pp | Jun 2023 −7.0 pp | Sep 2023 +3.6 pp | Dec 2023 −1.1 pp | Mar 2024 −2.7 pp | Jun 2024 −1.1 pp | Sep 2024 −8.6 pp | Dec 2024 −13.3 pp | Mar 2025 −5.7 pp | Jun 2025 −1.3 pp | Sep 2025 +14.2 pp | Dec 2025 +23.8 pp | Mar 2026 −2.0 pp | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.5 pp | Sep 2022 −5.5 pp | Dec 2022 +6.9 pp | Mar 2023 +5.1 pp | Jun 2023 −2.8 pp | Sep 2023 +13.8 pp | Dec 2023 −10.7 pp | Mar 2024 −7.8 pp | Jun 2024 −8.6 pp | Sep 2024 −23.8 pp | Dec 2024 +3.0 pp | Mar 2025 −14.6 pp | Jun 2025 −7.2 pp | Sep 2025 +32.5 pp | Dec 2025 −6.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- DKL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.9 pp | Sep 2022 −6.6 pp | Dec 2022 −3.1 pp | Mar 2023 +3.6 pp | Jun 2023 +8.5 pp | Sep 2023 +2.6 pp | Dec 2023 −2.2 pp | Mar 2024 −0.7 pp | Jun 2024 +1.6 pp | Sep 2024 −7.8 pp | Dec 2024 −2.6 pp | Mar 2025 −6.6 pp | Jun 2025 −4.6 pp | Sep 2025 +2.5 pp | Dec 2025 −3.9 pp | Mar 2026 −5.6 pp | Jun 2026 —
- WKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.1 pp | Sep 2022 +0.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.4 pp | Sep 2023 0.0 pp | Dec 2023 −0.7 pp | Mar 2024 +0.1 pp | Jun 2024 −0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.7 pp | Jun 2025 −4.2 pp | Sep 2025 0.0 pp | Dec 2025 −3.4 pp | Mar 2026 +0.7 pp | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- CAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 +1.8 pp | Dec 2022 +0.8 pp | Mar 2023 0.0 pp | Jun 2023 +1.0 pp | Sep 2023 −1.1 pp | Dec 2023 +0.4 pp | Mar 2024 −2.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.3 pp | Mar 2025 +1.6 pp | Jun 2025 +1.8 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 +2.6 pp | Jun 2026 —
- CLNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16,533.2 pp | Sep 2022 −3.3 pp | Dec 2022 −3.2 pp | Mar 2023 −2.8 pp | Jun 2023 −2.2 pp | Sep 2023 −15.5 pp | Dec 2023 +3.7 pp | Mar 2024 +17.8 pp | Jun 2024 +8.7 pp | Sep 2024 +14.3 pp | Dec 2024 +1.7 pp | Mar 2025 −112.7 pp | Jun 2025 −3.3 pp | Sep 2025 −4.7 pp | Dec 2025 −5.1 pp | Mar 2026 +119.2 pp | Jun 2026 —
- SGU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 −10.0 pp | Dec 2022 −1.0 pp | Mar 2023 −2.6 pp | Jun 2023 −7.3 pp | Sep 2023 +14.3 pp | Dec 2023 +0.5 pp | Mar 2024 +2.7 pp | Jun 2024 +6.2 pp | Sep 2024 −11.6 pp | Dec 2024 +6.0 pp | Mar 2025 +1.8 pp | Jun 2025 −2.6 pp | Sep 2025 +3.7 pp | Dec 2025 0.0 pp | Mar 2026 +3.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Marathon Petroleum Corporation leads with $6,383 million of TTM profit, 51.2% above Phillips 66. Phillips 66 shows ≥100% on the scoring scale (117.6% uncapped) growth from a $4,221 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Marathon Petroleum Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Marathon Petroleum Corporation · $6,383 million | 51.2% versus #2 · Phillips 66 | 3/8 recent comparable periods | 14/16 companies · 291 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Marathon Petroleum Corporation (MPC): ₹6.4K Cr
2. Phillips 66 (PSX): ₹4.2K Cr
3. Valero Energy Corporation (VLO): ₹4.2K Cr
4. HF Sinclair Corporation (DINO): ₹1.2K Cr
5. Sunoco LP (SUN): ₹964 Cr

### Profit growth — fastest growers
1. Phillips 66 (PSX): 100%
2. Marathon Petroleum Corporation (MPC): 56%
3. Star Group, L.P. (SGU): 34%
4. Delek Logistics Partners, LP (DKL): 14%
5. Sunoco LP (SUN): 13%

### 20-quarter Net profit history
- MPC: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹785 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹851 Cr | Jun 2026 —
- VLO: Sep 2021 ₹508 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹967 Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹926 Cr | Sep 2024 ₹393 Cr | Dec 2024 ₹357 Cr | Mar 2025 ₹-652 Cr | Jun 2025 ₹663 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- PSX: Sep 2021 ₹488 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹761 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹526 Cr | Jun 2025 ₹908 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹219 Cr | Jun 2026 —
- DINO: Sep 2021 ₹303 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹978 Cr | Dec 2022 ₹625 Cr | Mar 2023 ₹385 Cr | Jun 2023 ₹534 Cr | Sep 2023 ₹825 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹317 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹-74 Cr | Dec 2024 ₹-212 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹-27 Cr | Mar 2026 ₹650 Cr | Jun 2026 —
- SUN: Sep 2021 ₹104 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹121 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹272 Cr | Dec 2023 ₹-106 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹501 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹644 Cr | Jun 2026 —
- PBF: Sep 2021 ₹79 Cr | Dec 2021 ₹189 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹656 Cr | Mar 2023 ₹386 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹794 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹-66 Cr | Sep 2024 ₹-289 Cr | Dec 2024 ₹-293 Cr | Mar 2025 ₹-406 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- IEP: Sep 2021 ₹-211 Cr | Dec 2021 ₹-826 Cr | Mar 2022 ₹885 Cr | Jun 2022 ₹-287 Cr | Sep 2022 ₹-215 Cr | Dec 2022 ₹-408 Cr | Mar 2023 ₹-358 Cr | Jun 2023 ₹-419 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹-205 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-486 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹-110 Cr | Mar 2025 ₹-580 Cr | Jun 2025 ₹-201 Cr | Sep 2025 ₹411 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹-563 Cr | Jun 2026 —
- PARR: Sep 2021 ₹82 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹-137 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹289 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- DK: Sep 2021 ₹21 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹369 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹-102 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹-163 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-135 Cr | Dec 2024 ₹-401 Cr | Mar 2025 ₹-158 Cr | Jun 2025 ₹-89 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹-191 Cr | Jun 2026 —
- CVI: Sep 2021 ₹106 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹172 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹354 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹-122 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹-105 Cr | Jun 2025 ₹-90 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹-116 Cr | Mar 2026 ₹-160 Cr | Jun 2026 —
- DKL: Sep 2021 ₹44 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- WKC: Sep 2021 ₹22 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹-35 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹-101 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-339 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹-280 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- CAPL: Sep 2021 ₹9 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- CLNE: Sep 2021 ₹-4 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-24 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-39 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-141 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —
- SGU: Sep 2021 ₹-23 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-50 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-20 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹108 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 957% | Sep 2022 387% | Dec 2022 223% | Mar 2023 163% | Jun 2023 -59% | Sep 2023 -28% | Dec 2023 -47% | Mar 2024 -57% | Jun 2024 -24% | Sep 2024 -72% | Dec 2024 -58% | Mar 2025 -74% | Jun 2025 -18% | Sep 2025 91% | Dec 2025 152% | Mar 2026 146% | Jun 2026 —
- VLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,533% | Sep 2022 473% | Dec 2022 191% | Mar 2023 225% | Jun 2023 -55% | Sep 2023 -8.6% | Dec 2023 -62% | Mar 2024 -58% | Jun 2024 -56% | Sep 2024 -85% | Dec 2024 -71% | Mar 2025 -149% | Jun 2025 -28% | Sep 2025 171% | Dec 2025 227% | Mar 2026 — | Jun 2026 —
- PSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 751% | Sep 2022 1,035% | Dec 2022 47% | Mar 2023 216% | Jun 2023 -46% | Sep 2023 -61% | Dec 2023 -36% | Mar 2024 -63% | Jun 2024 -41% | Sep 2024 -83% | Dec 2024 -98% | Mar 2025 -31% | Jun 2025 -11% | Sep 2025 -55% | Dec 2025 11,608% | Mar 2026 -58% | Jun 2026 —
- DINO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 543% | Sep 2022 223% | Dec 2022 — | Mar 2023 108% | Jun 2023 -57% | Sep 2023 -16% | Dec 2023 -105% | Mar 2024 -18% | Jun 2024 -71% | Sep 2024 -109% | Dec 2024 — | Mar 2025 -101% | Jun 2025 36% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 -20% | Dec 2022 -45% | Mar 2023 -35% | Jun 2023 -28% | Sep 2023 228% | Dec 2023 -293% | Mar 2024 63% | Jun 2024 476% | Sep 2024 -99% | Dec 2024 — | Mar 2025 -10% | Jun 2025 -83% | Sep 2025 6,750% | Dec 2025 -31% | Mar 2026 211% | Jun 2026 —
- PBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,666% | Sep 2022 1,272% | Dec 2022 247% | Mar 2023 — | Jun 2023 -17% | Sep 2023 -27% | Dec 2023 -107% | Mar 2024 -72% | Jun 2024 -106% | Sep 2024 -136% | Dec 2024 — | Mar 2025 -476% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -140% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 414% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 226% | Dec 2022 963% | Mar 2023 — | Jun 2023 -80% | Sep 2023 -36% | Dec 2023 240% | Mar 2024 -102% | Jun 2024 -37% | Sep 2024 -96% | Dec 2024 -119% | Mar 2025 — | Jun 2025 211% | Sep 2025 3,657% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -19% | Dec 2022 — | Mar 2023 380% | Jun 2023 -101% | Sep 2023 641% | Dec 2023 — | Mar 2024 -139% | Jun 2024 — | Sep 2024 -207% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -25% | Dec 2022 588% | Mar 2023 69% | Jun 2023 -30% | Sep 2023 343% | Dec 2023 -44% | Mar 2024 -65% | Jun 2024 -77% | Sep 2024 -134% | Dec 2024 -59% | Mar 2025 -217% | Jun 2025 -337% | Sep 2025 — | Dec 2025 -390% | Mar 2026 — | Jun 2026 —
- DKL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 2.3% | Dec 2022 2.4% | Mar 2023 -7.5% | Jun 2023 0.0% | Sep 2023 -22% | Dec 2023 -49% | Mar 2024 -11% | Jun 2024 28% | Sep 2024 -2.9% | Dec 2024 59% | Mar 2025 18% | Jun 2025 9.8% | Sep 2025 35% | Dec 2025 34% | Mar 2026 -18% | Jun 2026 —
- WKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 100% | Dec 2022 31% | Mar 2023 -12% | Jun 2023 24% | Sep 2023 -18% | Dec 2023 -267% | Mar 2024 17% | Jun 2024 245% | Sep 2024 -2.8% | Dec 2024 — | Mar 2025 -178% | Jun 2025 -417% | Sep 2025 -20% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -9.1% | Dec 2025 0.0% | Mar 2026 60% | Jun 2026 —
- CAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 211% | Dec 2022 42% | Mar 2023 -120% | Jun 2023 7.1% | Sep 2023 -57% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 -20% | Sep 2024 -8.3% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 108% | Sep 2025 27% | Dec 2025 -41% | Mar 2026 — | Jun 2026 —
- SGU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 -23% | Jun 2023 — | Sep 2023 — | Dec 2023 -7.1% | Mar 2024 9.7% | Jun 2024 — | Sep 2024 — | Dec 2024 154% | Mar 2025 26% | Jun 2025 — | Sep 2025 — | Dec 2025 9.1% | Mar 2026 26% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Marathon Petroleum Corporation reports $913 million of CAPEX; Delek Logistics Partners, LP has the highest covered intensity at 16.5%. Coverage is only 16 of 16 companies and 287 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Marathon Petroleum Corporation · $913 million | 56.9% versus #2 · Phillips 66 | 8/8 recent comparable periods | 16/16 companies · 287 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Marathon Petroleum Corporation (MPC): ₹913 Cr
2. Phillips 66 (PSX): ₹582 Cr
3. Valero Energy Corporation (VLO): ₹448 Cr
4. PBF Energy Inc. (PBF): ₹349 Cr
5. Sunoco LP (SUN): ₹199 Cr

### CAPEX intensity — highest reinvestment intensity
1. Delek Logistics Partners, LP (DKL): 17%
2. Delek US Holdings, Inc. (DK): 7.1%
3. Clean Energy Fuels Corp. (CLNE): 5.9%
4. Icahn Enterprises L.P. (IEP): 5.2%
5. PBF Energy Inc. (PBF): 4.4%

### 20-quarter CAPEX history
- MPC: Sep 2021 ₹377 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹495 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹701 Cr | Dec 2022 ₹726 Cr | Mar 2023 ₹457 Cr | Jun 2023 ₹481 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹532 Cr | Mar 2024 ₹585 Cr | Jun 2024 ₹487 Cr | Sep 2024 ₹651 Cr | Dec 2024 ₹810 Cr | Mar 2025 ₹663 Cr | Jun 2025 ₹695 Cr | Sep 2025 ₹947 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹913 Cr | Jun 2026 —
- VLO: Sep 2021 ₹586 Cr | Dec 2021 ₹751 Cr | Mar 2022 ₹843 Cr | Jun 2022 ₹652 Cr | Sep 2022 ₹602 Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹524 Cr | Jun 2023 ₹458 Cr | Sep 2023 ₹394 Cr | Dec 2023 ₹540 Cr | Mar 2024 ₹661 Cr | Jun 2024 ₹420 Cr | Sep 2024 ₹429 Cr | Dec 2024 ₹547 Cr | Mar 2025 ₹659 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹448 Cr | Jun 2026 —
- PSX: Sep 2021 ₹552 Cr | Dec 2021 ₹597 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹735 Cr | Dec 2022 ₹713 Cr | Mar 2023 ₹378 Cr | Jun 2023 ₹551 Cr | Sep 2023 ₹855 Cr | Dec 2023 ₹634 Cr | Mar 2024 ₹628 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹358 Cr | Dec 2024 ₹506 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹587 Cr | Sep 2025 ₹541 Cr | Dec 2025 ₹682 Cr | Mar 2026 ₹582 Cr | Jun 2026 —
- DINO: Sep 2021 ₹216 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- SUN: Sep 2021 ₹44 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹199 Cr | Jun 2026 —
- PBF: Sep 2021 ₹57 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹240 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹131 Cr | Dec 2023 — | Mar 2024 ₹140 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹102 Cr | Dec 2024 — | Mar 2025 ₹111 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹149 Cr | Dec 2025 — | Mar 2026 ₹349 Cr | Jun 2026 —
- IEP: Sep 2021 ₹82 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹244 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹114 Cr | Jun 2026 —
- PARR: Sep 2021 ₹7 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- DK: Sep 2021 ₹30 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹166 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹188 Cr | Jun 2026 —
- CVI: Sep 2021 ₹63 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- DKL: Sep 2021 ₹4 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- WKC: Sep 2021 ₹14 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹14 Cr
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- CAPL: Sep 2021 ₹10 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- CLNE: Sep 2021 ₹12 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- SGU: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- MPC: Sep 2021 1.2% | Dec 2021 1.4% | Mar 2022 1.3% | Jun 2022 0.9% | Sep 2022 1.5% | Dec 2022 1.8% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.0% | Dec 2023 1.5% | Mar 2024 1.8% | Jun 2024 1.3% | Sep 2024 1.9% | Dec 2024 2.4% | Mar 2025 2.1% | Jun 2025 2.1% | Sep 2025 2.7% | Dec 2025 3.6% | Mar 2026 2.7% | Jun 2026 —
- VLO: Sep 2021 2.0% | Dec 2021 2.1% | Mar 2022 2.2% | Jun 2022 1.3% | Sep 2022 1.4% | Dec 2022 1.5% | Mar 2023 1.4% | Jun 2023 1.3% | Sep 2023 1.0% | Dec 2023 1.5% | Mar 2024 2.1% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.8% | Mar 2025 2.2% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 —
- PSX: Sep 2021 1.8% | Dec 2021 1.8% | Mar 2022 1.0% | Jun 2022 0.8% | Sep 2022 1.6% | Dec 2022 1.8% | Mar 2023 1.1% | Jun 2023 1.6% | Sep 2023 2.2% | Dec 2023 1.7% | Mar 2024 1.8% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.5% | Mar 2025 1.4% | Jun 2025 1.8% | Sep 2025 1.6% | Dec 2025 2.0% | Mar 2026 1.8% | Jun 2026 —
- DINO: Sep 2021 4.6% | Dec 2021 4.7% | Mar 2022 2.1% | Jun 2022 1.4% | Sep 2022 0.9% | Dec 2022 1.1% | Mar 2023 1.3% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 1.6% | Mar 2024 1.3% | Jun 2024 1.1% | Sep 2024 1.7% | Dec 2024 2.7% | Mar 2025 1.4% | Jun 2025 1.6% | Sep 2025 1.7% | Dec 2025 2.0% | Mar 2026 1.4% | Jun 2026 —
- SUN: Sep 2021 0.9% | Dec 2021 1.7% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.6% | Dec 2022 1.5% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 0.7% | Dec 2023 1.5% | Mar 2024 0.7% | Jun 2024 1.1% | Sep 2024 1.8% | Dec 2024 2.5% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 2.6% | Dec 2025 1.8% | Mar 2026 1.9% | Jun 2026 —
- PBF: Sep 2021 0.8% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 0.8% | Sep 2022 1.3% | Dec 2022 2.2% | Mar 2023 2.6% | Jun 2023 2.3% | Sep 2023 1.2% | Dec 2023 — | Mar 2024 1.6% | Jun 2024 0.6% | Sep 2024 1.2% | Dec 2024 — | Mar 2025 1.6% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 — | Mar 2026 4.4% | Jun 2026 —
- IEP: Sep 2021 3.1% | Dec 2021 2.9% | Mar 2022 1.7% | Jun 2022 4.3% | Sep 2022 3.1% | Dec 2022 2.9% | Mar 2023 2.5% | Jun 2023 4.5% | Sep 2023 2.4% | Dec 2023 3.9% | Mar 2024 3.2% | Jun 2024 4.5% | Sep 2024 2.1% | Dec 2024 3.7% | Mar 2025 7.0% | Jun 2025 10% | Sep 2025 3.2% | Dec 2025 2.8% | Mar 2026 5.2% | Jun 2026 —
- PARR: Sep 2021 0.5% | Dec 2021 0.7% | Mar 2022 1.2% | Jun 2022 0.6% | Sep 2022 0.4% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 1.3% | Mar 2024 1.2% | Jun 2024 1.8% | Sep 2024 1.3% | Dec 2024 4.8% | Mar 2025 2.3% | Jun 2025 2.5% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 2.4% | Jun 2026 —
- DK: Sep 2021 1.0% | Dec 2021 1.9% | Mar 2022 0.7% | Jun 2022 1.2% | Sep 2022 1.8% | Dec 2022 2.9% | Mar 2023 5.4% | Jun 2023 1.6% | Sep 2023 1.3% | Dec 2023 1.8% | Mar 2024 1.2% | Jun 2024 2.4% | Sep 2024 3.9% | Dec 2024 8.0% | Mar 2025 5.1% | Jun 2025 6.0% | Sep 2025 3.7% | Dec 2025 4.9% | Mar 2026 7.1% | Jun 2026 —
- CVI: Sep 2021 3.3% | Dec 2021 1.8% | Mar 2022 1.7% | Jun 2022 3.7% | Sep 2022 2.3% | Dec 2022 2.1% | Mar 2023 2.3% | Jun 2023 4.3% | Sep 2023 2.1% | Dec 2023 2.7% | Mar 2024 3.2% | Jun 2024 3.8% | Sep 2024 2.0% | Dec 2024 3.2% | Mar 2025 5.7% | Jun 2025 11% | Sep 2025 2.2% | Dec 2025 3.1% | Mar 2026 2.4% | Jun 2026 —
- DKL: Sep 2021 2.1% | Dec 2021 6.3% | Mar 2022 5.3% | Jun 2022 9.4% | Sep 2022 14% | Dec 2022 24% | Mar 2023 12% | Jun 2023 11% | Sep 2023 1.1% | Dec 2023 15% | Mar 2024 4.4% | Jun 2024 5.7% | Sep 2024 27% | Dec 2024 22% | Mar 2025 22% | Jun 2025 46% | Sep 2025 26% | Dec 2025 12% | Mar 2026 17% | Jun 2026 —
- WKC: Sep 2021 0.2% | Dec 2021 0.1% | Mar 2022 0.1% | Jun 2022 0.1% | Sep 2022 0.1% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.3% | Sep 2023 0.2% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.1% | Dec 2025 0.2% | Mar 2026 0.1% | Jun 2026 —
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3% | Mar 2025 0.5% | Jun 2025 — | Sep 2025 — | Dec 2025 0.6% | Mar 2026 0.4% | Jun 2026 —
- CAPL: Sep 2021 1.0% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 0.5% | Sep 2022 0.8% | Dec 2022 0.4% | Mar 2023 0.6% | Jun 2023 0.4% | Sep 2023 0.8% | Dec 2023 1.3% | Mar 2024 0.6% | Jun 2024 0.4% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 1.2% | Jun 2025 1.2% | Sep 2025 0.7% | Dec 2025 0.8% | Mar 2026 0.4% | Jun 2026 —
- CLNE: Sep 2021 14% | Dec 2021 9.8% | Mar 2022 15% | Jun 2022 10% | Sep 2022 9.5% | Dec 2022 17% | Mar 2023 21% | Jun 2023 33% | Sep 2023 28% | Dec 2023 34% | Mar 2024 18% | Jun 2024 17% | Sep 2024 24% | Dec 2024 17% | Mar 2025 18% | Jun 2025 15% | Sep 2025 11% | Dec 2025 13% | Mar 2026 5.9% | Jun 2026 —
- SGU: Sep 2021 1.3% | Dec 2021 0.8% | Mar 2022 0.4% | Jun 2022 1.1% | Sep 2022 2.4% | Dec 2022 0.5% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 0.5% | Jun 2024 0.6% | Sep 2024 1.3% | Dec 2024 0.8% | Mar 2025 0.4% | Jun 2025 1.3% | Sep 2025 2.0% | Dec 2025 0.9% | Mar 2026 0.4% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Clean Energy Fuels Corp. has the clearest covered balance-sheet capacity with $196 million and gross debt of $324 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Clean Energy Fuels Corp. · $324 million | 10.5% versus #2 · Star Group, L.P. | 0/8 recent comparable periods | 16/16 companies · 293 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Clean Energy Fuels Corp. (CLNE): ₹324 Cr
2. Star Group, L.P. (SGU): ₹362 Cr
3. World Kinect Corporation (WKC): ₹745 Cr
4. ARKO Petroleum Corp. (APC): ₹755 Cr
5. CrossAmerica Partners LP (CAPL): ₹847 Cr

### Net debt — lowest net debt
1. Clean Energy Fuels Corp. (CLNE): ₹196 Cr
2. Star Group, L.P. (SGU): ₹350 Cr
3. World Kinect Corporation (WKC): ₹610 Cr
4. ARKO Petroleum Corp. (APC): ₹733 Cr
5. CrossAmerica Partners LP (CAPL): ₹840 Cr

### 20-quarter Gross debt history
- MPC: Sep 2021 ₹28.8K Cr | Dec 2021 ₹26.9K Cr | Mar 2022 ₹28.0K Cr | Jun 2022 ₹28.0K Cr | Sep 2022 ₹27.9K Cr | Dec 2022 ₹27.9K Cr | Mar 2023 ₹28.5K Cr | Jun 2023 ₹28.6K Cr | Sep 2023 ₹28.6K Cr | Dec 2023 ₹28.5K Cr | Mar 2024 ₹28.5K Cr | Jun 2024 ₹30.1K Cr | Sep 2024 ₹29.4K Cr | Dec 2024 ₹28.8K Cr | Mar 2025 ₹32.1K Cr | Jun 2025 ₹30.0K Cr | Sep 2025 ₹34.2K Cr | Dec 2025 ₹34.4K Cr | Mar 2026 ₹34.3K Cr | Jun 2026 —
- VLO: Sep 2021 ₹14.2K Cr | Dec 2021 ₹13.9K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹12.9K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹11.3K Cr | Sep 2023 ₹11.4K Cr | Dec 2023 ₹11.5K Cr | Mar 2024 ₹10.9K Cr | Jun 2024 ₹10.7K Cr | Sep 2024 ₹10.8K Cr | Dec 2024 ₹10.5K Cr | Mar 2025 ₹10.9K Cr | Jun 2025 ₹10.6K Cr | Sep 2025 ₹10.6K Cr | Dec 2025 ₹10.6K Cr | Mar 2026 ₹11.5K Cr | Jun 2026 —
- PSX: Sep 2021 ₹14.9K Cr | Dec 2021 ₹14.4K Cr | Mar 2022 ₹14.4K Cr | Jun 2022 ₹13.0K Cr | Sep 2022 ₹17.7K Cr | Dec 2022 ₹17.2K Cr | Mar 2023 ₹18.5K Cr | Jun 2023 ₹19.9K Cr | Sep 2023 ₹19.4K Cr | Dec 2023 ₹19.4K Cr | Mar 2024 ₹20.2K Cr | Jun 2024 ₹20.0K Cr | Sep 2024 ₹20.0K Cr | Dec 2024 ₹20.1K Cr | Mar 2025 ₹18.8K Cr | Jun 2025 ₹20.9K Cr | Sep 2025 ₹21.8K Cr | Dec 2025 ₹19.7K Cr | Mar 2026 ₹27.1K Cr | Jun 2026 —
- DINO: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- SUN: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹10.1K Cr | Dec 2025 ₹14.9K Cr | Mar 2026 ₹15.4K Cr | Jun 2026 —
- PBF: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- IEP: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹7.1K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 —
- PARR: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- DK: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- CVI: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- DKL: Sep 2021 ₹924 Cr | Dec 2021 ₹920 Cr | Mar 2022 ₹925 Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- WKC: Sep 2021 ₹514 Cr | Dec 2021 ₹509 Cr | Mar 2022 ₹884 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹709 Cr | Dec 2022 ₹846 Cr | Mar 2023 ₹727 Cr | Jun 2023 ₹878 Cr | Sep 2023 ₹875 Cr | Dec 2023 ₹888 Cr | Mar 2024 ₹884 Cr | Jun 2024 ₹879 Cr | Sep 2024 ₹883 Cr | Dec 2024 ₹881 Cr | Mar 2025 ₹879 Cr | Jun 2025 ₹818 Cr | Sep 2025 ₹795 Cr | Dec 2025 ₹697 Cr | Mar 2026 ₹799 Cr | Jun 2026 ₹745 Cr
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹605 Cr | Dec 2023 ₹605 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹755 Cr | Dec 2024 ₹755 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹899 Cr | Dec 2025 ₹948 Cr | Mar 2026 ₹755 Cr | Jun 2026 —
- CAPL: Sep 2021 ₹982 Cr | Dec 2021 ₹997 Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹964 Cr | Sep 2022 ₹927 Cr | Dec 2022 ₹943 Cr | Mar 2023 ₹947 Cr | Jun 2023 ₹925 Cr | Sep 2023 ₹922 Cr | Dec 2023 ₹910 Cr | Mar 2024 ₹950 Cr | Jun 2024 ₹937 Cr | Sep 2024 ₹915 Cr | Dec 2024 ₹909 Cr | Mar 2025 ₹915 Cr | Jun 2025 ₹855 Cr | Sep 2025 ₹833 Cr | Dec 2025 ₹817 Cr | Mar 2026 ₹847 Cr | Jun 2026 —
- CLNE: Sep 2021 ₹75 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹212 Cr | Sep 2023 ₹225 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹360 Cr | Jun 2024 ₹371 Cr | Sep 2024 ₹366 Cr | Dec 2024 ₹365 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹374 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹326 Cr | Mar 2026 ₹324 Cr | Jun 2026 —
- SGU: Sep 2021 ₹219 Cr | Dec 2021 ₹327 Cr | Mar 2022 ₹385 Cr | Jun 2022 ₹319 Cr | Sep 2022 ₹283 Cr | Dec 2022 ₹395 Cr | Mar 2023 ₹321 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹356 Cr | Mar 2026 ₹362 Cr | Jun 2026 —

### 20-quarter Net debt history
- MPC: Sep 2021 ₹15.5K Cr | Dec 2021 ₹16.1K Cr | Mar 2022 ₹17.4K Cr | Jun 2022 ₹14.7K Cr | Sep 2022 ₹16.8K Cr | Dec 2022 ₹16.1K Cr | Mar 2023 ₹17.1K Cr | Jun 2023 ₹17.1K Cr | Sep 2023 ₹15.5K Cr | Dec 2023 ₹18.3K Cr | Mar 2024 ₹21.0K Cr | Jun 2024 ₹21.6K Cr | Sep 2024 ₹24.3K Cr | Dec 2024 ₹25.5K Cr | Mar 2025 ₹28.3K Cr | Jun 2025 ₹28.4K Cr | Sep 2025 ₹31.5K Cr | Dec 2025 ₹30.7K Cr | Mar 2026 ₹32.2K Cr | Jun 2026 —
- VLO: Sep 2021 ₹10.7K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 ₹10.5K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- PSX: Sep 2021 ₹12.0K Cr | Dec 2021 ₹11.3K Cr | Mar 2022 ₹11.1K Cr | Jun 2022 ₹10.2K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹11.1K Cr | Mar 2023 ₹11.5K Cr | Jun 2023 ₹16.8K Cr | Sep 2023 ₹15.9K Cr | Dec 2023 ₹16.0K Cr | Mar 2024 ₹18.6K Cr | Jun 2024 ₹17.5K Cr | Sep 2024 ₹18.4K Cr | Dec 2024 ₹18.3K Cr | Mar 2025 ₹17.3K Cr | Jun 2025 ₹19.9K Cr | Sep 2025 ₹19.9K Cr | Dec 2025 ₹18.6K Cr | Mar 2026 ₹22.0K Cr | Jun 2026 —
- DINO: Sep 2021 ₹2.0K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- SUN: Sep 2021 ₹3.6K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹14.0K Cr | Mar 2026 ₹14.7K Cr | Jun 2026 —
- PBF: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹740 Cr | Dec 2022 ₹426 Cr | Mar 2023 ₹518 Cr | Jun 2023 ₹711 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹248 Cr | Mar 2024 ₹642 Cr | Jun 2024 ₹687 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- IEP: Sep 2021 ₹4.0K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹465 Cr | Sep 2022 ₹-83 Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹963 Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹965 Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- PARR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- DK: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- CVI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹913 Cr | Jun 2022 ₹695 Cr | Sep 2022 ₹969 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹983 Cr | Jun 2023 ₹833 Cr | Sep 2023 ₹694 Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹941 Cr | Jun 2024 ₹998 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹920 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- DKL: Sep 2021 ₹919 Cr | Dec 2021 ₹916 Cr | Mar 2022 ₹922 Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- WKC: Sep 2021 ₹-282 Cr | Dec 2021 ₹-143 Cr | Mar 2022 ₹618 Cr | Jun 2022 ₹654 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹548 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹584 Cr | Sep 2023 ₹539 Cr | Dec 2023 ₹584 Cr | Mar 2024 ₹563 Cr | Jun 2024 ₹354 Cr | Sep 2024 ₹509 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹415 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹503 Cr | Mar 2026 ₹648 Cr | Jun 2026 ₹610 Cr
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹588 Cr | Dec 2023 ₹588 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹730 Cr | Dec 2024 ₹730 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹866 Cr | Dec 2025 ₹932 Cr | Mar 2026 ₹733 Cr | Jun 2026 —
- CAPL: Sep 2021 ₹974 Cr | Dec 2021 ₹989 Cr | Mar 2022 ₹962 Cr | Jun 2022 ₹960 Cr | Sep 2022 ₹915 Cr | Dec 2022 ₹927 Cr | Mar 2023 ₹939 Cr | Jun 2023 ₹921 Cr | Sep 2023 ₹916 Cr | Dec 2023 ₹905 Cr | Mar 2024 ₹944 Cr | Jun 2024 ₹932 Cr | Sep 2024 ₹907 Cr | Dec 2024 ₹906 Cr | Mar 2025 ₹908 Cr | Jun 2025 ₹845 Cr | Sep 2025 ₹827 Cr | Dec 2025 ₹814 Cr | Mar 2026 ₹840 Cr | Jun 2026 —
- CLNE: Sep 2021 ₹-185 Cr | Dec 2021 ₹-147 Cr | Mar 2022 ₹-147 Cr | Jun 2022 ₹-106 Cr | Sep 2022 ₹-57 Cr | Dec 2022 ₹-64 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹196 Cr | Jun 2026 —
- SGU: Sep 2021 ₹214 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹367 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹260 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹336 Cr | Mar 2026 ₹350 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Star Group, L.P. leads ROCE at 22.6%, 16.6 percentage points above HF Sinclair Corporation. World Kinect Corporation has the strongest latest improvement at +14.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Star Group, L.P. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Star Group, L.P. · 22.6% | 276.7% versus #2 · HF Sinclair Corporation | 5/8 recent comparable periods | 16/16 companies · 293 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Star Group, L.P. (SGU): 23%
2. HF Sinclair Corporation (DINO): 6.0%
3. Sunoco LP (SUN): 4.5%
4. Valero Energy Corporation (VLO): 3.9%
5. ARKO Petroleum Corp. (APC): 3.6%

### ROCE change — fastest improvers
1. World Kinect Corporation (WKC): +14.5 pp
2. Clean Energy Fuels Corp. (CLNE): +11.9 pp
3. PBF Energy Inc. (PBF): +8.4 pp
4. Valero Energy Corporation (VLO): +5.9 pp
5. HF Sinclair Corporation (DINO): +5.4 pp

### 20-quarter ROCE history
- MPC: Sep 2021 1.5% | Dec 2021 2.2% | Mar 2022 2.5% | Jun 2022 12% | Sep 2022 9.5% | Dec 2022 6.5% | Mar 2023 6.0% | Jun 2023 4.8% | Sep 2023 7.0% | Dec 2023 3.5% | Mar 2024 2.7% | Jun 2024 3.9% | Sep 2024 2.1% | Dec 2024 1.8% | Mar 2025 1.1% | Jun 2025 3.6% | Sep 2025 4.4% | Dec 2025 4.4% | Mar 2026 2.3% | Jun 2026 —
- VLO: Sep 2021 1.7% | Dec 2021 3.8% | Mar 2022 3.4% | Jun 2022 15% | Sep 2022 9.2% | Dec 2022 10% | Mar 2023 9.5% | Jun 2023 6.3% | Sep 2023 8.0% | Dec 2023 3.5% | Mar 2024 3.7% | Jun 2024 2.7% | Sep 2024 1.1% | Dec 2024 0.8% | Mar 2025 -2.0% | Jun 2025 2.2% | Sep 2025 3.4% | Dec 2025 3.6% | Mar 2026 3.9% | Jun 2026 —
- PSX: Sep 2021 -1.4% | Dec 2021 1.9% | Mar 2022 1.0% | Jun 2022 8.1% | Sep 2022 6.9% | Dec 2022 4.0% | Mar 2023 4.1% | Jun 2023 3.6% | Sep 2023 3.9% | Dec 2023 2.5% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 0.0% | Dec 2024 -0.1% | Mar 2025 -0.7% | Jun 2025 2.1% | Sep 2025 0.0% | Dec 2025 2.6% | Mar 2026 0.2% | Jun 2026 —
- DINO: Sep 2021 2.8% | Dec 2021 -0.2% | Mar 2022 1.9% | Jun 2022 13% | Sep 2022 10% | Dec 2022 6.4% | Mar 2023 3.5% | Jun 2023 4.6% | Sep 2023 7.0% | Dec 2023 -0.5% | Mar 2024 2.8% | Jun 2024 1.3% | Sep 2024 -0.8% | Dec 2024 -1.6% | Mar 2025 0.6% | Jun 2025 1.9% | Sep 2025 4.0% | Dec 2025 0.1% | Mar 2026 6.0% | Jun 2026 —
- SUN: Sep 2021 3.4% | Dec 2021 3.7% | Mar 2022 5.1% | Jun 2022 3.4% | Sep 2022 3.1% | Dec 2022 1.9% | Mar 2023 3.6% | Jun 2023 2.6% | Sep 2023 6.1% | Dec 2023 -0.8% | Mar 2024 5.3% | Jun 2024 1.7% | Sep 2024 1.2% | Dec 2024 2.7% | Mar 2025 3.2% | Jun 2025 1.6% | Sep 2025 1.8% | Dec 2025 1.0% | Mar 2026 4.5% | Jun 2026 —
- PBF: Sep 2021 1.3% | Dec 2021 3.7% | Mar 2022 1.2% | Jun 2022 23% | Sep 2022 18% | Dec 2022 -110% | Mar 2023 6.5% | Jun 2023 16% | Sep 2023 12% | Dec 2023 -97% | Mar 2024 1.6% | Jun 2024 -0.8% | Sep 2024 -3.9% | Dec 2024 -2.3% | Mar 2025 -5.3% | Jun 2025 0.4% | Sep 2025 3.0% | Dec 2025 -12% | Mar 2026 3.1% | Jun 2026 —
- IEP: Sep 2021 -0.3% | Dec 2021 -3.4% | Mar 2022 4.5% | Jun 2022 -0.5% | Sep 2022 -0.3% | Dec 2022 -0.9% | Mar 2023 -0.7% | Jun 2023 -1.2% | Sep 2023 1.1% | Dec 2023 -0.2% | Mar 2024 0.7% | Jun 2024 -1.9% | Sep 2024 1.2% | Dec 2024 0.0% | Mar 2025 -3.5% | Jun 2025 -0.8% | Sep 2025 4.8% | Dec 2025 1.2% | Mar 2026 -4.2% | Jun 2026 —
- PARR: Sep 2021 7.5% | Dec 2021 1.9% | Mar 2022 -10% | Jun 2022 15% | Sep 2022 22% | Dec 2022 7.5% | Mar 2023 18% | Jun 2023 3.1% | Sep 2023 12% | Dec 2023 9.2% | Mar 2024 0.5% | Jun 2024 2.1% | Sep 2024 1.5% | Dec 2024 -1.9% | Mar 2025 -0.6% | Jun 2025 3.6% | Sep 2025 13% | Dec 2025 3.6% | Mar 2026 2.3% | Jun 2026 —
- DK: Sep 2021 0.9% | Dec 2021 0.6% | Mar 2022 1.2% | Jun 2022 11% | Sep 2022 1.2% | Dec 2022 -2.4% | Mar 2023 3.3% | Jun 2023 1.0% | Sep 2023 4.5% | Dec 2023 -3.0% | Mar 2024 0.6% | Jun 2024 0.1% | Sep 2024 -2.6% | Dec 2024 -9.3% | Mar 2025 -2.8% | Jun 2025 -0.8% | Sep 2025 6.6% | Dec 2025 3.9% | Mar 2026 -4.3% | Jun 2026 —
- CVI: Sep 2021 5.6% | Dec 2021 1.4% | Mar 2022 7.4% | Jun 2022 14% | Sep 2022 3.7% | Dec 2022 8.7% | Mar 2023 12% | Jun 2023 7.6% | Sep 2023 15% | Dec 2023 -1.4% | Mar 2024 4.2% | Jun 2024 0.9% | Sep 2024 -3.8% | Dec 2024 0.7% | Mar 2025 -4.3% | Jun 2025 -3.6% | Sep 2025 17% | Dec 2025 -3.1% | Mar 2026 -5.0% | Jun 2026 —
- DKL: Sep 2021 5.7% | Dec 2021 5.6% | Mar 2022 5.3% | Jun 2022 3.6% | Sep 2022 5.3% | Dec 2022 5.1% | Mar 2023 5.2% | Jun 2023 3.9% | Sep 2023 4.2% | Dec 2023 3.4% | Mar 2024 4.0% | Jun 2024 4.3% | Sep 2024 1.8% | Dec 2024 2.2% | Mar 2025 2.4% | Jun 2025 2.7% | Sep 2025 2.1% | Dec 2025 1.7% | Mar 2026 1.7% | Jun 2026 —
- WKC: Sep 2021 1.5% | Dec 2021 1.1% | Mar 2022 1.3% | Jun 2022 1.6% | Sep 2022 3.2% | Dec 2022 2.5% | Mar 2023 1.9% | Jun 2023 2.1% | Sep 2023 2.2% | Dec 2023 -0.4% | Mar 2024 1.9% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 0.9% | Mar 2025 -0.2% | Jun 2025 -11% | Sep 2025 2.0% | Dec 2025 -9.4% | Mar 2026 1.9% | Jun 2026 3.5%
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 2.8% | Dec 2024 2.2% | Mar 2025 — | Jun 2025 — | Sep 2025 2.5% | Dec 2025 2.0% | Mar 2026 3.6% | Jun 2026 —
- CAPL: Sep 2021 1.3% | Dec 2021 1.6% | Mar 2022 1.0% | Jun 2022 2.2% | Sep 2022 3.7% | Dec 2022 2.3% | Mar 2023 0.8% | Jun 2023 2.6% | Sep 2023 2.3% | Dec 2023 2.6% | Mar 2024 -1.3% | Jun 2024 2.8% | Sep 2024 2.7% | Dec 2024 2.9% | Mar 2025 0.2% | Jun 2025 4.4% | Sep 2025 3.1% | Dec 2025 3.0% | Mar 2026 2.7% | Jun 2026 —
- CLNE: Sep 2021 -0.4% | Dec 2021 -0.8% | Mar 2022 -2.7% | Jun 2022 -1.5% | Sep 2022 -1.1% | Dec 2022 -1.3% | Mar 2023 -4.1% | Jun 2023 -1.5% | Sep 2023 -2.5% | Dec 2023 -0.6% | Mar 2024 -0.9% | Jun 2024 -0.6% | Sep 2024 -0.8% | Dec 2024 -0.4% | Mar 2025 -12% | Jun 2025 -0.9% | Sep 2025 -1.3% | Dec 2025 -1.1% | Mar 2026 -0.3% | Jun 2026 —
- SGU: Sep 2021 -6.1% | Dec 2021 4.5% | Mar 2022 21% | Jun 2022 -2.0% | Sep 2022 -13% | Dec 2022 4.6% | Mar 2023 16% | Jun 2023 -5.2% | Sep 2023 -4.4% | Dec 2023 4.2% | Mar 2024 18% | Jun 2024 -2.3% | Sep 2024 -9.0% | Dec 2024 9.0% | Mar 2025 20% | Jun 2025 -3.3% | Sep 2025 -7.1% | Dec 2025 9.0% | Mar 2026 23% | Jun 2026 —

### 20-quarter ROCE change history
- MPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.0 pp | Dec 2022 +4.3 pp | Mar 2023 +3.5 pp | Jun 2023 −6.8 pp | Sep 2023 −2.5 pp | Dec 2023 −3.0 pp | Mar 2024 −3.3 pp | Jun 2024 −0.9 pp | Sep 2024 −4.9 pp | Dec 2024 −1.7 pp | Mar 2025 −1.6 pp | Jun 2025 −0.3 pp | Sep 2025 +2.3 pp | Dec 2025 +2.6 pp | Mar 2026 +1.2 pp | Jun 2026 —
- VLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.5 pp | Dec 2022 +6.4 pp | Mar 2023 +6.1 pp | Jun 2023 −8.6 pp | Sep 2023 −1.2 pp | Dec 2023 −6.7 pp | Mar 2024 −5.8 pp | Jun 2024 −3.6 pp | Sep 2024 −6.9 pp | Dec 2024 −2.7 pp | Mar 2025 −5.7 pp | Jun 2025 −0.5 pp | Sep 2025 +2.3 pp | Dec 2025 +2.8 pp | Mar 2026 +5.9 pp | Jun 2026 —
- PSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.3 pp | Dec 2022 +2.1 pp | Mar 2023 +3.1 pp | Jun 2023 −4.5 pp | Sep 2023 −3.0 pp | Dec 2023 −1.5 pp | Mar 2024 −3.1 pp | Jun 2024 −2.3 pp | Sep 2024 −3.9 pp | Dec 2024 −2.6 pp | Mar 2025 −1.7 pp | Jun 2025 +0.8 pp | Sep 2025 0.0 pp | Dec 2025 +2.7 pp | Mar 2026 +0.9 pp | Jun 2026 —
- DINO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.5 pp | Dec 2022 +6.6 pp | Mar 2023 +1.6 pp | Jun 2023 −8.4 pp | Sep 2023 −3.3 pp | Dec 2023 −6.9 pp | Mar 2024 −0.7 pp | Jun 2024 −3.3 pp | Sep 2024 −7.8 pp | Dec 2024 −1.1 pp | Mar 2025 −2.2 pp | Jun 2025 +0.6 pp | Sep 2025 +4.8 pp | Dec 2025 +1.7 pp | Mar 2026 +5.4 pp | Jun 2026 —
- SUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.8 pp | Mar 2023 −1.5 pp | Jun 2023 −0.8 pp | Sep 2023 +3.0 pp | Dec 2023 −2.7 pp | Mar 2024 +1.7 pp | Jun 2024 −0.9 pp | Sep 2024 −4.9 pp | Dec 2024 +3.5 pp | Mar 2025 −2.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.6 pp | Dec 2025 −1.7 pp | Mar 2026 +1.3 pp | Jun 2026 —
- PBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +16.7 pp | Dec 2022 −113.6 pp | Mar 2023 +5.3 pp | Jun 2023 −6.2 pp | Sep 2023 −6.2 pp | Dec 2023 +13.1 pp | Mar 2024 −4.9 pp | Jun 2024 −17.2 pp | Sep 2024 −15.7 pp | Dec 2024 +94.5 pp | Mar 2025 −6.9 pp | Jun 2025 +1.2 pp | Sep 2025 +6.9 pp | Dec 2025 −10.0 pp | Mar 2026 +8.4 pp | Jun 2026 —
- IEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +2.5 pp | Mar 2023 −5.2 pp | Jun 2023 −0.7 pp | Sep 2023 +1.4 pp | Dec 2023 +0.7 pp | Mar 2024 +1.4 pp | Jun 2024 −0.7 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 −4.2 pp | Jun 2025 +1.1 pp | Sep 2025 +3.6 pp | Dec 2025 +1.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- PARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.3 pp | Dec 2022 +5.6 pp | Mar 2023 +28.5 pp | Jun 2023 −12.1 pp | Sep 2023 −10.0 pp | Dec 2023 +1.7 pp | Mar 2024 −17.9 pp | Jun 2024 −1.0 pp | Sep 2024 −10.3 pp | Dec 2024 −11.1 pp | Mar 2025 −1.1 pp | Jun 2025 +1.5 pp | Sep 2025 +11.4 pp | Dec 2025 +5.5 pp | Mar 2026 +2.9 pp | Jun 2026 —
- DK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −3.0 pp | Mar 2023 +2.1 pp | Jun 2023 −10.3 pp | Sep 2023 +3.3 pp | Dec 2023 −0.6 pp | Mar 2024 −2.7 pp | Jun 2024 −0.9 pp | Sep 2024 −7.1 pp | Dec 2024 −6.3 pp | Mar 2025 −3.4 pp | Jun 2025 −0.9 pp | Sep 2025 +9.2 pp | Dec 2025 +13.2 pp | Mar 2026 −1.5 pp | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 +7.3 pp | Mar 2023 +4.3 pp | Jun 2023 −6.6 pp | Sep 2023 +11.7 pp | Dec 2023 −10.1 pp | Mar 2024 −7.5 pp | Jun 2024 −6.7 pp | Sep 2024 −19.2 pp | Dec 2024 +2.1 pp | Mar 2025 −8.5 pp | Jun 2025 −4.5 pp | Sep 2025 +20.7 pp | Dec 2025 −3.8 pp | Mar 2026 −0.7 pp | Jun 2026 —
- DKL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.5 pp | Mar 2023 −0.1 pp | Jun 2023 +0.3 pp | Sep 2023 −1.1 pp | Dec 2023 −1.7 pp | Mar 2024 −1.2 pp | Jun 2024 +0.4 pp | Sep 2024 −2.4 pp | Dec 2024 −1.2 pp | Mar 2025 −1.6 pp | Jun 2025 −1.6 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.7 pp | Jun 2026 —
- WKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +1.4 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 −1.0 pp | Dec 2023 −2.9 pp | Mar 2024 0.0 pp | Jun 2024 −0.8 pp | Sep 2024 −0.1 pp | Dec 2024 +1.3 pp | Mar 2025 −2.1 pp | Jun 2025 −12.3 pp | Sep 2025 −0.1 pp | Dec 2025 −10.3 pp | Mar 2026 +2.1 pp | Jun 2026 +14.5 pp
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +2.8 pp | Dec 2024 +2.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 —
- CAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +0.7 pp | Mar 2023 −0.2 pp | Jun 2023 +0.4 pp | Sep 2023 −1.4 pp | Dec 2023 +0.3 pp | Mar 2024 −2.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 +1.5 pp | Jun 2025 +1.6 pp | Sep 2025 +0.4 pp | Dec 2025 +0.1 pp | Mar 2026 +2.5 pp | Jun 2026 —
- CLNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.5 pp | Mar 2023 −1.4 pp | Jun 2023 0.0 pp | Sep 2023 −1.4 pp | Dec 2023 +0.7 pp | Mar 2024 +3.2 pp | Jun 2024 +0.9 pp | Sep 2024 +1.7 pp | Dec 2024 +0.2 pp | Mar 2025 −11.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −0.7 pp | Mar 2026 +11.9 pp | Jun 2026 —
- SGU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.0 pp | Dec 2022 +0.1 pp | Mar 2023 −4.2 pp | Jun 2023 −3.2 pp | Sep 2023 +8.7 pp | Dec 2023 −0.4 pp | Mar 2024 +1.5 pp | Jun 2024 +2.9 pp | Sep 2024 −4.6 pp | Dec 2024 +4.8 pp | Mar 2025 +2.5 pp | Jun 2025 −1.0 pp | Sep 2025 +1.9 pp | Dec 2025 0.0 pp | Mar 2026 +2.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: PBF Energy Inc. has the lowest comparable Guarded PEG at 0.09×, 0% below Star Group, L.P.. Only 9 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: PBF Energy Inc. · 0.09× | 0% versus #2 · Star Group, L.P. | 0/8 recent comparable periods | 9/16 companies · 23 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. PBF Energy Inc. (PBF): 0.1
2. Star Group, L.P. (SGU): 0.1
3. Valero Energy Corporation (VLO): 0.2
4. CrossAmerica Partners LP (CAPL): 0.3
5. CVR Energy, Inc. (CVI): 0.3

### P/E — lowest P/E
1. Star Group, L.P. (SGU): 4.2
2. Par Pacific Holdings, Inc. (PARR): 7.0
3. HF Sinclair Corporation (DINO): 9.4
4. PBF Energy Inc. (PBF): 12.8
5. CrossAmerica Partners LP (CAPL): 13.9

### 20-quarter Guarded PEG history
- MPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —
- VLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DINO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.4 | Dec 2023 — | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DKL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 — | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 2.8 | Jun 2026 —
- WKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SGU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —

### 20-quarter P/E history
- MPC: Sep 2021 49.5 | Dec 2021 4.2 | Mar 2022 19.9 | Jun 2022 5.6 | Sep 2022 4.4 | Dec 2022 4.1 | Mar 2023 4.1 | Jun 2023 4.2 | Sep 2023 5.7 | Dec 2023 6.3 | Mar 2024 10.1 | Jun 2024 9.1 | Sep 2024 12.9 | Dec 2024 13.8 | Mar 2025 20.5 | Jun 2025 24.7 | Sep 2025 20.6 | Dec 2025 12.3 | Mar 2026 15.9 | Jun 2026 —
- VLO: Sep 2021 — | Dec 2021 33.1 | Mar 2022 16.4 | Jun 2022 6.1 | Sep 2022 4.6 | Dec 2022 4.4 | Mar 2023 4.0 | Jun 2023 4.0 | Sep 2023 4.8 | Dec 2023 5.2 | Mar 2024 8.5 | Jun 2024 9.0 | Sep 2024 12.1 | Dec 2024 14.3 | Mar 2025 46.7 | Jun 2025 56.0 | Sep 2025 35.5 | Dec 2025 21.5 | Mar 2026 18.0 | Jun 2026 —
- PSX: Sep 2021 — | Dec 2021 24.4 | Mar 2022 15.1 | Jun 2022 7.1 | Sep 2022 3.7 | Dec 2022 4.5 | Mar 2023 3.9 | Jun 2023 4.1 | Sep 2023 7.3 | Dec 2023 8.6 | Mar 2024 12.6 | Jun 2024 12.1 | Sep 2024 16.9 | Dec 2024 22.8 | Mar 2025 28.1 | Jun 2025 28.7 | Sep 2025 37.2 | Dec 2025 12.0 | Mar 2026 18.0 | Jun 2026 —
- DINO: Sep 2021 11.4 | Dec 2021 9.7 | Mar 2022 10.0 | Jun 2022 5.4 | Sep 2022 4.8 | Dec 2022 3.6 | Mar 2023 3.1 | Jun 2023 3.5 | Sep 2023 4.5 | Dec 2023 6.7 | Mar 2024 7.5 | Jun 2024 8.5 | Sep 2024 27.5 | Dec 2024 38.5 | Mar 2025 — | Jun 2025 — | Sep 2025 25.0 | Dec 2025 15.0 | Mar 2026 9.4 | Jun 2026 —
- SUN: Sep 2021 7.3 | Dec 2021 7.7 | Mar 2022 6.8 | Jun 2022 6.8 | Sep 2022 7.5 | Dec 2022 9.2 | Mar 2023 11.6 | Jun 2023 13.0 | Sep 2023 8.8 | Dec 2023 16.4 | Mar 2024 13.4 | Jun 2024 13.8 | Sep 2024 60.3 | Dec 2024 8.6 | Mar 2025 27.8 | Jun 2025 20.1 | Sep 2025 14.0 | Dec 2025 23.0 | Mar 2026 14.3 | Jun 2026 —
- PBF: Sep 2021 — | Dec 2021 6.8 | Mar 2022 — | Jun 2022 3.3 | Sep 2022 2.1 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 4.0 | Jun 2024 7.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 12.8 | Jun 2026 —
- IEP: Sep 2021 277.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.2 | Sep 2022 3.4 | Dec 2022 3.8 | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 4.2 | Dec 2023 3.1 | Mar 2024 4.6 | Jun 2024 3.2 | Sep 2024 3.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.5 | Dec 2025 4.9 | Mar 2026 7.0 | Jun 2026 —
- DK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1 | Sep 2022 5.4 | Dec 2022 7.5 | Mar 2023 5.3 | Jun 2023 — | Sep 2023 26.8 | Dec 2023 86.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 67.2 | Mar 2022 16.4 | Jun 2022 10.3 | Sep 2022 8.7 | Dec 2022 6.8 | Mar 2023 5.8 | Jun 2023 5.7 | Sep 2023 4.3 | Dec 2023 4.0 | Mar 2024 5.5 | Jun 2024 4.9 | Sep 2024 33.4 | Dec 2024 312.3 | Mar 2025 — | Jun 2025 — | Sep 2025 22.2 | Dec 2025 94.2 | Mar 2026 — | Jun 2026 —
- DKL: Sep 2021 12.2 | Dec 2021 11.3 | Mar 2022 11.4 | Jun 2022 13.5 | Sep 2022 14.0 | Dec 2022 12.4 | Mar 2023 13.1 | Jun 2023 15.2 | Sep 2023 12.5 | Dec 2023 14.9 | Mar 2024 14.9 | Jun 2024 14.0 | Sep 2024 15.6 | Dec 2024 14.1 | Mar 2025 14.5 | Jun 2025 14.6 | Sep 2025 14.7 | Dec 2025 13.5 | Mar 2026 15.8 | Jun 2026 —
- WKC: Sep 2021 39.1 | Dec 2021 22.8 | Mar 2022 21.1 | Jun 2022 14.7 | Sep 2022 13.6 | Dec 2022 15.0 | Mar 2023 14.5 | Jun 2023 11.2 | Sep 2023 12.8 | Dec 2023 26.5 | Mar 2024 28.4 | Jun 2024 11.4 | Sep 2024 13.7 | Dec 2024 24.4 | Mar 2025 118.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CAPL: Sep 2021 39.8 | Dec 2021 33.4 | Mar 2022 26.9 | Jun 2022 19.7 | Sep 2022 12.4 | Dec 2022 12.2 | Mar 2023 14.8 | Jun 2023 13.5 | Sep 2023 20.5 | Dec 2023 21.7 | Mar 2024 37.4 | Jun 2024 35.5 | Sep 2024 39.9 | Dec 2024 42.3 | Mar 2025 30.7 | Jun 2025 18.5 | Sep 2025 17.5 | Dec 2025 20.2 | Mar 2026 14.0 | Jun 2026 —
- SGU: Sep 2021 5.6 | Dec 2021 9.4 | Mar 2022 9.3 | Jun 2022 7.6 | Sep 2022 9.6 | Dec 2022 28.0 | Mar 2023 129.7 | Jun 2023 — | Sep 2023 14.9 | Dec 2023 14.2 | Mar 2024 10.6 | Jun 2024 8.1 | Sep 2024 13.0 | Dec 2024 8.4 | Mar 2025 7.2 | Jun 2025 7.1 | Sep 2025 5.5 | Dec 2025 5.2 | Mar 2026 4.2 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Star Group, L.P. leads ev/ebitda at 4.03×; ARKO Petroleum Corp. leads p/bv at 0.92×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Star Group, L.P. · 4.03× | 21.3% versus #2 · HF Sinclair Corporation | 0/8 recent comparable periods | 15/16 companies · 258 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Star Group, L.P. (SGU): 4.0
2. HF Sinclair Corporation (DINO): 5.1
3. Par Pacific Holdings, Inc. (PARR): 6.0
4. PBF Energy Inc. (PBF): 6.9
5. CrossAmerica Partners LP (CAPL): 8.3

### P/BV — lowest P/BV
1. ARKO Petroleum Corp. (APC): 0.9
2. Star Group, L.P. (SGU): 1.0
3. Clean Energy Fuels Corp. (CLNE): 1.0
4. PBF Energy Inc. (PBF): 1.0
5. HF Sinclair Corporation (DINO): 1.2

### 20-quarter EV/EBITDA history
- MPC: Sep 2021 13.8 | Dec 2021 8.9 | Mar 2022 14.0 | Jun 2022 4.8 | Sep 2022 3.5 | Dec 2022 3.8 | Mar 2023 3.7 | Jun 2023 4.1 | Sep 2023 5.3 | Dec 2023 4.5 | Mar 2024 6.4 | Jun 2024 6.0 | Sep 2024 7.4 | Dec 2024 7.6 | Mar 2025 8.9 | Jun 2025 9.9 | Sep 2025 9.6 | Dec 2025 7.4 | Mar 2026 9.0 | Jun 2026 —
- VLO: Sep 2021 16.6 | Dec 2021 9.2 | Mar 2022 8.1 | Jun 2022 4.1 | Sep 2022 3.3 | Dec 2022 3.1 | Mar 2023 2.8 | Jun 2023 2.9 | Sep 2023 3.2 | Dec 2023 3.5 | Mar 2024 5.3 | Jun 2024 5.5 | Sep 2024 6.6 | Dec 2024 7.3 | Mar 2025 12.8 | Jun 2025 13.2 | Sep 2025 12.2 | Dec 2025 9.1 | Mar 2026 9.0 | Jun 2026 —
- PSX: Sep 2021 — | Dec 2021 79.2 | Mar 2022 28.1 | Jun 2022 8.7 | Sep 2022 5.8 | Dec 2022 5.7 | Mar 2023 4.8 | Jun 2023 5.2 | Sep 2023 6.7 | Dec 2023 7.5 | Mar 2024 10.7 | Jun 2024 10.7 | Sep 2024 14.9 | Dec 2024 18.0 | Mar 2025 23.4 | Jun 2025 18.9 | Sep 2025 19.2 | Dec 2025 12.8 | Mar 2026 16.4 | Jun 2026 —
- DINO: Sep 2021 6.9 | Dec 2021 7.3 | Mar 2022 9.4 | Jun 2022 4.7 | Sep 2022 3.6 | Dec 2022 2.8 | Mar 2023 2.5 | Jun 2023 2.8 | Sep 2023 3.2 | Dec 2023 4.4 | Mar 2024 4.9 | Jun 2024 5.1 | Sep 2024 8.3 | Dec 2024 8.1 | Mar 2025 11.1 | Jun 2025 11.2 | Sep 2025 7.2 | Dec 2025 5.8 | Mar 2026 5.1 | Jun 2026 —
- SUN: Sep 2021 7.5 | Dec 2021 8.4 | Mar 2022 8.7 | Jun 2022 8.4 | Sep 2022 8.1 | Dec 2022 8.8 | Mar 2023 10.3 | Jun 2023 11.1 | Sep 2023 9.3 | Dec 2023 11.1 | Mar 2024 10.0 | Jun 2024 16.1 | Sep 2024 19.5 | Dec 2024 12.9 | Mar 2025 12.6 | Jun 2025 10.3 | Sep 2025 9.1 | Dec 2025 15.6 | Mar 2026 12.7 | Jun 2026 —
- PBF: Sep 2021 6.8 | Dec 2021 5.4 | Mar 2022 6.4 | Jun 2022 2.2 | Sep 2022 1.4 | Dec 2022 0.7 | Mar 2023 1.5 | Jun 2023 — | Sep 2023 — | Dec 2023 1.6 | Mar 2024 — | Jun 2024 — | Sep 2024 4.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 12.8 | Dec 2025 13.3 | Mar 2026 6.9 | Jun 2026 —
- IEP: Sep 2021 12.3 | Dec 2021 39.0 | Mar 2022 25.1 | Jun 2022 36.2 | Sep 2022 37.2 | Dec 2022 21.8 | Mar 2023 281.2 | Jun 2023 168.7 | Sep 2023 27.7 | Dec 2023 42.8 | Mar 2024 15.7 | Jun 2024 21.5 | Sep 2024 22.3 | Dec 2024 15.8 | Mar 2025 — | Jun 2025 81.3 | Sep 2025 15.4 | Dec 2025 11.9 | Mar 2026 10.9 | Jun 2026 —
- PARR: Sep 2021 — | Dec 2021 29.7 | Mar 2022 234.5 | Jun 2022 10.3 | Sep 2022 5.0 | Dec 2022 5.0 | Mar 2023 3.1 | Jun 2023 3.9 | Sep 2023 4.9 | Dec 2023 4.4 | Mar 2024 6.5 | Jun 2024 5.2 | Sep 2024 6.2 | Dec 2024 13.8 | Mar 2025 15.7 | Jun 2025 14.1 | Sep 2025 6.1 | Dec 2025 4.4 | Mar 2026 6.0 | Jun 2026 —
- DK: Sep 2021 — | Dec 2021 12.2 | Mar 2022 11.0 | Jun 2022 4.3 | Sep 2022 4.2 | Dec 2022 5.9 | Mar 2023 4.2 | Jun 2023 8.3 | Sep 2023 6.0 | Dec 2023 6.3 | Mar 2024 8.0 | Jun 2024 9.1 | Sep 2024 25.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 38.3 | Dec 2025 6.8 | Mar 2026 8.7 | Jun 2026 —
- CVI: Sep 2021 — | Dec 2021 12.9 | Mar 2022 13.0 | Jun 2022 3.9 | Sep 2022 3.9 | Dec 2022 3.6 | Mar 2023 3.3 | Jun 2023 3.4 | Sep 2023 5.8 | Dec 2023 2.6 | Mar 2024 5.4 | Jun 2024 4.3 | Sep 2024 7.9 | Dec 2024 5.9 | Mar 2025 18.0 | Jun 2025 68.1 | Sep 2025 12.7 | Dec 2025 11.3 | Mar 2026 29.2 | Jun 2026 —
- DKL: Sep 2021 12.2 | Dec 2021 11.3 | Mar 2022 11.7 | Jun 2022 15.2 | Sep 2022 14.2 | Dec 2022 12.8 | Mar 2023 12.4 | Jun 2023 12.5 | Sep 2023 10.6 | Dec 2023 10.6 | Mar 2024 9.8 | Jun 2024 9.4 | Sep 2024 12.2 | Dec 2024 12.3 | Mar 2025 14.1 | Jun 2025 15.1 | Sep 2025 14.3 | Dec 2025 14.0 | Mar 2026 16.1 | Jun 2026 —
- WKC: Sep 2021 8.9 | Dec 2021 6.7 | Mar 2022 9.9 | Jun 2022 7.3 | Sep 2022 5.8 | Dec 2022 5.9 | Mar 2023 5.2 | Jun 2023 4.3 | Sep 2023 4.8 | Dec 2023 6.5 | Mar 2024 7.2 | Jun 2024 7.0 | Sep 2024 8.6 | Dec 2024 6.5 | Mar 2025 8.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 81.7
- CAPL: Sep 2021 17.0 | Dec 2021 9.8 | Mar 2022 14.3 | Jun 2022 12.5 | Sep 2022 9.7 | Dec 2022 10.1 | Mar 2023 10.2 | Jun 2023 9.3 | Sep 2023 10.8 | Dec 2023 10.9 | Mar 2024 13.0 | Jun 2024 12.1 | Sep 2024 11.8 | Dec 2024 12.1 | Mar 2025 11.1 | Jun 2025 8.9 | Sep 2025 8.8 | Dec 2025 8.7 | Mar 2026 8.3 | Jun 2026 —
- CLNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 310.9 | Sep 2022 167.3 | Dec 2022 370.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 194.6 | Sep 2024 56.6 | Dec 2024 85.0 | Mar 2025 33.0 | Jun 2025 56.6 | Sep 2025 87.7 | Dec 2025 — | Mar 2026 68.7 | Jun 2026 —
- SGU: Sep 2021 3.7 | Dec 2021 5.4 | Mar 2022 6.0 | Jun 2022 4.9 | Sep 2022 6.0 | Dec 2022 8.5 | Mar 2023 11.2 | Jun 2023 13.6 | Sep 2023 6.5 | Dec 2023 7.2 | Mar 2024 5.8 | Jun 2024 4.6 | Sep 2024 6.4 | Dec 2024 5.5 | Mar 2025 5.2 | Jun 2025 4.6 | Sep 2025 4.4 | Dec 2025 4.7 | Mar 2026 4.0 | Jun 2026 —

### 20-quarter P/BV history
- MPC: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 1.8 | Sep 2023 2.3 | Dec 2023 2.2 | Mar 2024 3.1 | Jun 2024 2.8 | Sep 2024 2.8 | Dec 2024 2.5 | Mar 2025 2.8 | Jun 2025 3.0 | Sep 2025 3.4 | Dec 2025 2.8 | Mar 2026 4.3 | Jun 2026 —
- VLO: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 2.2 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 1.6 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 3.1 | Jun 2026 —
- PSX: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.3 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 2.6 | Jun 2026 —
- DINO: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 —
- SUN: Sep 2021 3.9 | Dec 2021 4.2 | Mar 2022 3.6 | Jun 2022 3.2 | Sep 2022 3.3 | Dec 2022 3.9 | Mar 2023 3.7 | Jun 2023 3.7 | Sep 2023 3.5 | Dec 2023 5.2 | Mar 2024 4.5 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.6 | Jun 2026 —
- PBF: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 0.8 | Mar 2024 1.1 | Jun 2024 0.9 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 1.0 | Jun 2026 —
- IEP: Sep 2021 3.7 | Dec 2021 4.1 | Mar 2022 4.5 | Jun 2022 3.9 | Sep 2022 4.2 | Dec 2022 4.6 | Mar 2023 6.0 | Jun 2023 3.4 | Sep 2023 2.4 | Dec 2023 2.3 | Mar 2024 2.6 | Jun 2024 2.9 | Sep 2024 2.6 | Dec 2024 1.8 | Mar 2025 2.7 | Jun 2025 2.7 | Sep 2025 2.6 | Dec 2025 2.5 | Mar 2026 4.2 | Jun 2026 —
- PARR: Sep 2021 3.7 | Dec 2021 3.7 | Mar 2022 6.2 | Jun 2022 3.4 | Sep 2022 1.8 | Dec 2022 2.2 | Mar 2023 2.0 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.1 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 2.0 | Jun 2026 —
- DK: Sep 2021 1.6 | Dec 2021 1.2 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 2.0 | Mar 2024 2.3 | Jun 2024 2.5 | Sep 2024 1.7 | Dec 2024 3.7 | Mar 2025 5.9 | Jun 2025 63.5 | Sep 2025 10.7 | Dec 2025 6.2 | Mar 2026 52.6 | Jun 2026 —
- CVI: Sep 2021 3.0 | Dec 2021 3.1 | Mar 2022 4.0 | Jun 2022 4.4 | Sep 2022 5.2 | Dec 2022 5.9 | Mar 2023 4.9 | Jun 2023 4.0 | Sep 2023 3.6 | Dec 2023 3.6 | Mar 2024 4.1 | Jun 2024 3.2 | Sep 2024 3.4 | Dec 2024 2.7 | Mar 2025 3.4 | Jun 2025 5.8 | Sep 2025 4.4 | Dec 2025 3.5 | Mar 2026 6.3 | Jun 2026 —
- DKL: Sep 2021 -18.8 | Dec 2021 -17.9 | Mar 2022 -17.9 | Jun 2022 -18.2 | Sep 2022 -19.4 | Dec 2022 -17.8 | Mar 2023 -17.5 | Jun 2023 -18.3 | Sep 2023 -13.1 | Dec 2023 -11.6 | Mar 2024 -41.9 | Jun 2024 -34.3 | Sep 2024 -16.5 | Dec 2024 51.7 | Mar 2025 19.3 | Jun 2025 58.3 | Sep 2025 113.2 | Dec 2025 317.1 | Mar 2026 -132.2 | Jun 2026 —
- WKC: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 1.4
- APC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.9 | Jun 2026 —
- CAPL: Sep 2021 12.3 | Dec 2021 13.5 | Mar 2022 13.0 | Jun 2022 13.4 | Sep 2022 10.9 | Dec 2022 12.0 | Mar 2023 19.4 | Jun 2023 20.5 | Sep 2023 29.1 | Dec 2023 34.2 | Mar 2024 -77.3 | Jun 2024 -40.1 | Sep 2024 -27.1 | Dec 2024 -25.9 | Mar 2025 -15.9 | Jun 2025 -14.8 | Sep 2025 -13.1 | Dec 2025 -11.1 | Mar 2026 -10.1 | Jun 2026 —
- CLNE: Sep 2021 2.4 | Dec 2021 1.8 | Mar 2022 2.4 | Jun 2022 1.4 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 —
- SGU: Sep 2021 1.4 | Dec 2021 1.5 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 —

## Market action

Delek US Holdings, Inc. has the strongest one-year price move in Oil & Gas Refining & Marketing at +202.4%. Par Pacific Holdings, Inc. leads on Mansfield relative strength against the S&P 500 at +55.2%. 11 of 15 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Delek US Holdings, Inc. (DK): 202%
2. PBF Energy Inc. (PBF): 181%
3. Par Pacific Holdings, Inc. (PARR): 164%
4. Valero Energy Corporation (VLO): 124%
5. HF Sinclair Corporation (DINO): 111%

### Strongest relative strength versus NIFTY 500
1. Par Pacific Holdings, Inc. (PARR): 55%
2. PBF Energy Inc. (PBF): 53%
3. Delek US Holdings, Inc. (DK): 52%
4. HF Sinclair Corporation (DINO): 43%
5. World Kinect Corporation (WKC): 38%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Marathon Petroleum Corporation (MPC) — market value ₹89.3K Cr; latest fundamentals Mar 2026
- Valero Energy Corporation (VLO) — market value ₹88.7K Cr; latest fundamentals Mar 2026
- Phillips 66 (PSX) — market value ₹82.5K Cr; latest fundamentals Mar 2026
- HF Sinclair Corporation (DINO) — market value ₹16.1K Cr; latest fundamentals Mar 2026
- Sunoco LP (SUN) — market value ₹10.5K Cr; latest fundamentals Mar 2026
- PBF Energy Inc. (PBF) — market value ₹7.3K Cr; latest fundamentals Mar 2026
- Icahn Enterprises L.P. (IEP) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- Par Pacific Holdings, Inc. (PARR) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Delek US Holdings, Inc. (DK) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- CVR Energy, Inc. (CVI) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Delek Logistics Partners, LP (DKL) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- World Kinect Corporation (WKC) — market value ₹2.0K Cr; latest fundamentals Jun 2026
- ARKO Petroleum Corp. (APC) — market value ₹961 Cr; latest fundamentals Mar 2026
- CrossAmerica Partners LP (CAPL) — market value ₹839 Cr; latest fundamentals Mar 2026
- Clean Energy Fuels Corp. (CLNE) — market value ₹421 Cr; latest fundamentals Mar 2026
- Star Group, L.P. (SGU) — market value ₹415 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Oil & Gas Refining & Marketing company is the biggest?

Marathon Petroleum Corporation is the largest, with trailing-twelve-month revenue of $135,382 million, ahead of Phillips 66 at $134,486 million. That covers 14 of 16 companies with comparable reporting through Mar 2026.

### Which Oil & Gas Refining & Marketing company is growing fastest?

Sunoco LP has the fastest revenue growth at 37.3% year on year, across 14 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Oil & Gas Refining & Marketing company has the best profit margins?

Star Group, L.P. has the highest operating margin at 20.5%, from 16 of 16 comparable companies. Clean Energy Fuels Corp. shows the biggest recent improvement, at +119.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Oil & Gas Refining & Marketing company makes the most profit?

Marathon Petroleum Corporation earns the most, at $6,383 million of trailing-twelve-month net profit, from 14 of 16 comparable companies. Phillips 66 has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Oil & Gas Refining & Marketing company earns the highest return on capital?

Star Group, L.P. leads on return on capital employed at 22.6%, across 16 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Oil & Gas Refining & Marketing stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — PBF Energy Inc. screens cheapest at 0.09×. Only 9 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Oil & Gas Refining & Marketing company has the strongest balance sheet?

Clean Energy Fuels Corp. carries the lowest comparable gross debt at $324 million, from 16 of 16 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Oil & Gas Refining & Marketing company is investing most in new capacity?

Marathon Petroleum Corporation reports the largest capital spending at $913 million, across 16 of 16 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Oil & Gas Refining & Marketing sector beating the market?

Oil & Gas Refining & Marketing has outperformed S&P 500 by 37.1% over the last 52 weeks and 9.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 15 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Oil & Gas Refining & Marketing stock has the strongest price momentum?

Par Pacific Holdings, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Oil & Gas Refining & Marketing company scores highest for research priority?

PBF Energy Inc. scores 67.1 out of 100 with 74.6% evidence confidence, from 20.3 points on growth and earnings, 11.8 on capital efficiency, 15.6 on valuation and 19.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Oil & Gas Refining & Marketing companies does this comparison cover, and over what period?

It compares 16 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Oil & Gas Refining & Marketing sector?

The 16 Oil & Gas Refining & Marketing companies on this page carry $318,688 million of combined market value. Marathon Petroleum Corporation is the largest at $89,347 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Oil & Gas Refining & Marketing sector's P/E ratio?

The median price-to-earnings ratio across the 16 Oil & Gas Refining & Marketing companies on this page is 15.9×, measured on the 14 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Oil & Gas Refining & Marketing sector performing?

11 of the 15 covered Oil & Gas Refining & Marketing companies are beating S&P 500 on Mansfield relative strength. The sector itself is 37.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Oil & Gas Refining & Marketing stocks are listed in the US?

This comparison covers 16 listed Oil & Gas Refining & Marketing companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-gas-refining-marketing