10 Best Oil Stocks to Invest In According to Billionaires

8. Marathon Petroleum Corporation (NYSE:MPC)

Number of Billionaire Holders: 13

Coming in at number 8 on our list of Best Oil Stocks to Invest in is Marathon Petroleum Corporation (NYSE:MPC), a leading integrated downstream energy company that operates the largest refining system in the US, with approximately 3 million barrels per day of crude oil capacity across 13 refineries.

Marathon Petroleum Corporation (NYSE:MPC) had a strong Q4 2024, as its adjusted EPS of $0.77 surpassed expectations by a significant $0.75. The company’s revenue of $33.47 billion also beat estimates by over $1.5 billion. Due to the ongoing issues faced by the oil refining industry, Marathon’s refining margin declined by 27% YoY in Q4, causing its refining profit to slump to $559 million, down 75% from $2.25 billion a year ago.

That said, Marathon Petroleum Corporation (NYSE:MPC) generated net cash from operations of $8.7 billion in 2024, which enabled peer-leading capital return to shareholders of $10.2 billion. As of the end of 2024, the company still had $7.8 billion available under its share repurchase authorizations.

Marathon Petroleum Corporation (NYSE:MPC)’s strategic shift toward renewable fuels also indicates a significant step toward future growth. The company established a Renewable Diesel segment in Q4 2024 and recently disclosed that it is progressing the distillate hydrotreater project at Galveston Bay, which will upgrade high-sulfur distillate to ultra-low sulfur diesel, allowing the company to place product in this higher-value market. The project is expected to be completed by the end of 2027 and generate a return of over 20%.