# 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 2026-08-04. Not investment advice.

## Bottom line

Oil & Gas Refining & Marketing has outperformed S&P 500 by 35.8% over 52 weeks and 9.1% over 13 weeks. 10 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 15 beat the sector itself. Marathon Petroleum Corporation leads with revenue of $135,382 million, based on 9 of 16 comparable companies through Mar 2026.

## Sector relative strength

Oil & Gas Refining & Marketing has outperformed S&P 500 by 35.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.1%. 10 of 15 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. PBF Energy Inc. is the strongest against the sector itself at +36.8%.

13-week sector return versus NIFTY 500: 9.1%
52-week sector return versus NIFTY 500: 36%
Stocks leading NIFTY: 10/15
Stocks leading sector: 8/15

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): 68/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 23.0/35 | Capital efficiency 13.8/25 | Valuation 11.5/20 | Relative strength 20.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 23 + 13.8 + 11.5 + 20 = 68.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Valero Energy Corporation (VLO): 65/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 23.1/35 | Capital efficiency 15.2/25 | Valuation 10.6/20 | Relative strength 16.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 23.1 + 15.2 + 10.6 + 16.3 = 65.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Star Group, L.P. (SGU): 62/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 21.6/35 | Capital efficiency 18.8/25 | Valuation 16.3/20 | Relative strength 4.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 21.6 + 18.8 + 16.3 + 4.9 = 61.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Marathon Petroleum Corporation (MPC): 60/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 20.5/35 | Capital efficiency 10.9/25 | Valuation 12.7/20 | Relative strength 16.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 20.5 + 10.9 + 12.7 + 16 = 60.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. HF Sinclair Corporation (DINO): 60/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 21.6/35 | Capital efficiency 13.0/25 | Valuation 11.0/20 | Relative strength 14.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 21.6 + 13 + 11 + 14.3 = 59.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Sunoco LP (SUN): 56/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 21.1/35 | Capital efficiency 13.6/25 | Valuation 12.1/20 | Relative strength 8.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 21.1 + 13.6 + 12.1 + 8.9 = 55.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Par Pacific Holdings, Inc. (PARR): 55/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 18.7/35 | Capital efficiency 9.1/25 | Valuation 10.8/20 | Relative strength 16.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 18.7 + 9.1 + 10.8 + 16.4 = 55
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. World Kinect Corporation (WKC): 52/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 20.2/35 | Capital efficiency 10.0/25 | Valuation 8.7/20 | Relative strength 13.1/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 20.2 + 10 + 8.7 + 13.1 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Phillips 66 (PSX): 49/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.5/35 | Capital efficiency 8.7/25 | Valuation 9.4/20 | Relative strength 13.4/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 17.5 + 8.7 + 9.4 + 13.4 = 49
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. CrossAmerica Partners LP (CAPL): 43/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 16.8/35 | Capital efficiency 10.0/25 | Valuation 14.3/20 | Relative strength 1.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.8 + 10 + 14.3 + 1.9 = 43
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Delek Logistics Partners, LP (DKL): 41/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 14.8/35 | Capital efficiency 11.6/25 | Valuation 5.4/20 | Relative strength 9.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 14.8 + 11.6 + 5.4 + 9 = 40.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. CVR Energy, Inc. (CVI): 40/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.9/35 | Capital efficiency 8.8/25 | Valuation 9.2/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 18.9 + 8.8 + 9.2 + 3 = 39.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Clean Energy Fuels Corp. (CLNE): 40/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 22.3/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 22.3 + 4.5 + 10 + 3 = 39.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Delek US Holdings, Inc. (DK): 39/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 8.2/35 | Capital efficiency 3.7/25 | Valuation 9.0/20 | Relative strength 18.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 8.2 + 3.7 + 9 + 18.3 = 39.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 50.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15. Icahn Enterprises L.P. (IEP): 31/100 — Adverse evidence; evidence 64%
   - Growth & earnings 16.4/35 | Capital efficiency 3.7/25 | Valuation 8.5/20 | Relative strength 1.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.4 + 3.7 + 8.5 + 1.9 = 30.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. ARKO Petroleum Corp. (APC): 48/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 15.7/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 15.7 + 12.5 + 10 + 10 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Delek US Holdings, Inc. has the strongest one-year price move in Oil & Gas Refining & Marketing at +220.6%. PBF Energy Inc. leads on Mansfield relative strength against the S&P 500 at +55.3%. 10 of 15 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Delek US Holdings, Inc. (DK): 221%
2. Par Pacific Holdings, Inc. (PARR): 204%
3. PBF Energy Inc. (PBF): 199%
4. Valero Energy Corporation (VLO): 132%
5. HF Sinclair Corporation (DINO): 103%

### Strongest relative strength versus NIFTY 500
1. PBF Energy Inc. (PBF): 55%
2. Par Pacific Holdings, Inc. (PARR): 53%
3. Delek US Holdings, Inc. (DK): 51%
4. HF Sinclair Corporation (DINO): 34%
5. Valero Energy Corporation (VLO): 33%

## Revenue Scale & Growth Durability

What the numbers say: Marathon Petroleum Corporation is the scale leader at $135,382 million, 340.8% ahead of Sunoco LP. 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 | 340.8% versus #2 · Sunoco LP | 2/8 recent comparable periods | 9/16 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. Sunoco LP (SUN): ₹30.7K Cr
3. Delek US Holdings, Inc. (DK): ₹10.7K Cr
4. Icahn Enterprises L.P. (IEP): ₹10.0K Cr
5. Par Pacific Holdings, Inc. (PARR): ₹7.5K 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 —
- 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 —
- 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 —

### 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 —
- 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 —
- 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 —

## 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 —
- 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 —
- 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 —

### 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 —
- 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 —
- 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 —

## Profit Scale & Acceleration

What the numbers say: Marathon Petroleum Corporation leads with $6,383 million of TTM profit, 562.1% above Sunoco LP. Marathon Petroleum Corporation shows 55.6% growth from a $6,383 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 | 562.1% versus #2 · Sunoco LP | 3/8 recent comparable periods | 9/16 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. Sunoco LP (SUN): ₹964 Cr
3. Par Pacific Holdings, Inc. (PARR): ₹443 Cr
4. Delek Logistics Partners, LP (DKL): ₹170 Cr
5. Star Group, L.P. (SGU): ₹98 Cr

### Profit growth — fastest growers
1. Marathon Petroleum Corporation (MPC): 56%
2. Star Group, L.P. (SGU): 34%
3. Delek Logistics Partners, LP (DKL): 14%
4. 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 —
- 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 —
- 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 —

### 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 —

## Return On Capital Employed

What the numbers say: Star Group, L.P. leads ROCE at 22.6%, 9.7 percentage points above PBF Energy Inc.. 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% | 75.2% versus #2 · PBF Energy Inc. | 5/8 recent comparable periods | 16/16 companies · 297 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. PBF Energy Inc. (PBF): 13%
3. Valero Energy Corporation (VLO): 12%
4. HF Sinclair Corporation (DINO): 8.0%
5. Sunoco LP (SUN): 4.5%

### ROCE change — fastest improvers
1. World Kinect Corporation (WKC): +14.5 pp
2. PBF Energy Inc. (PBF): +12.5 pp
3. Clean Energy Fuels Corp. (CLNE): +11.9 pp
4. Valero Energy Corporation (VLO): +9.3 pp
5. CVR Energy, Inc. (CVI): +6.4 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 12%
- 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 8.0%
- 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 13%
- 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 2.8%
- 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 —
- 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 —
- 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 —

### 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 +9.3 pp
- 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 +6.1 pp
- 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 +12.5 pp
- 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 +6.4 pp
- 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 —
- 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 —
- 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 —

## Valuation Against Growth & Quality

What the numbers say: Star Group, L.P. has the lowest comparable PEG at 0.09×, 71.9% below CrossAmerica Partners LP. Only 5 of 16 companies have earnings and growth steady enough for the ratio to mean anything, 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: Star Group, L.P. · 0.09× | 71.9% versus #2 · CrossAmerica Partners LP | 0/8 recent comparable periods | 5/16 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Star Group, L.P. (SGU): 0.1
2. CrossAmerica Partners LP (CAPL): 0.3
3. Marathon Petroleum Corporation (MPC): 0.4
4. Sunoco LP (SUN): 0.6
5. Delek Logistics Partners, LP (DKL): 2.8

### P/E — lowest P/E
1. PBF Energy Inc. (PBF): 4.0
2. Star Group, L.P. (SGU): 4.2
3. HF Sinclair Corporation (DINO): 6.7
4. Par Pacific Holdings, Inc. (PARR): 7.0
5. Valero Energy Corporation (VLO): 10.8

### 20-quarter 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 10.8
- 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 6.7
- 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 4.0
- 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 40.5
- 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 —


## 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 ₹91.3K Cr; latest fundamentals Mar 2026
- Valero Energy Corporation (VLO) — market value ₹88.9K Cr; latest fundamentals Jun 2026
- Phillips 66 (PSX) — market value ₹82.5K Cr; latest fundamentals Jun 2026
- HF Sinclair Corporation (DINO) — market value ₹15.7K Cr; latest fundamentals Jun 2026
- Sunoco LP (SUN) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- PBF Energy Inc. (PBF) — market value ₹7.9K Cr; latest fundamentals Jun 2026
- Icahn Enterprises L.P. (IEP) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Par Pacific Holdings, Inc. (PARR) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Delek US Holdings, Inc. (DK) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- CVR Energy, Inc. (CVI) — market value ₹3.4K Cr; latest fundamentals Jun 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 ₹982 Cr; latest fundamentals Mar 2026
- CrossAmerica Partners LP (CAPL) — market value ₹819 Cr; latest fundamentals Mar 2026
- Star Group, L.P. (SGU) — market value ₹420 Cr; latest fundamentals Mar 2026
- Clean Energy Fuels Corp. (CLNE) — market value ₹412 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

Oil & Gas Refining & Marketing has outperformed S&P 500 by 35.8% over 52 weeks and 9.1% over 13 weeks. 10 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 8 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 9 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 9 of 16 comparable companies.

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

PBF Energy Inc. ranks first at 68.3/100 with 57.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Star Group, L.P. has the lowest comparable PEG at 0.09, among 5 of 16 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 Sunoco LP at $30,712 million. That covers 9 of 16 companies with comparable reporting through Mar 2026.

### 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 9 of 16 comparable companies. Marathon Petroleum Corporation has the fastest profit growth at 55.6%, 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 PEG — where a LOWER number is cheaper — Star Group, L.P. screens cheapest at 0.09×. Only 5 of 16 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Oil & Gas Refining & Marketing has outperformed S&P 500 by 35.8% over the last 52 weeks and 9.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 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?

PBF Energy 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 68.3 out of 100 with 57.8% evidence confidence, from 23 points on growth and earnings, 13.8 on capital efficiency, 11.5 on valuation and 20 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, 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 $320,920 million of combined market value. Marathon Petroleum Corporation is the largest at $91,262 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 15.7×, 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 2026-08-04.

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

10 of the 15 covered Oil & Gas Refining & Marketing companies are beating S&P 500 on Mansfield relative strength. The sector itself is 35.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.