5 Oil Stocks Billionaires Are Loading Up On

2. Marathon Petroleum Corporation (NYSE:MPC)

Number of Billionaire Investors: 16

Dollar Value of Billionaire Holdings: $2,105,846,700

Number of Hedge Fund Holders: 58

Marathon Petroleum Corporation (NYSE:MPC) is a Findlay, Ohio-based petroleum refining, marketing, and transportation company that was established in 2011 when Marathon Oil Corporation (NYSE:MRO) spun off its refining and marketing operations into a separate entity.

Marathon Petroleum Corporation (NYSE:MPC) anticipates an increase in oil demand in the coming quarters that will result in stronger margins for the remainder of 2023. The economic recovery following the COVID-19 lockdowns has resulted in a rise in margins for refiners. The conflict between Russia and Ukraine and an increase in the demand for jet fuel have also contributed to rising margins.

Elliott Management was the leading hedge fund investor in Marathon Petroleum Corporation (NYSE:MPC) during Q1 2023.