Everyone's fixated on oil at $115 while completely missing the refining catastrophe unfolding 🚨 Marathon's net margin collapsed to — that's brutal for a refining operation. in annual revenue but the real story is the -18.3% net income decline year-over-year signaling severe earnings deterioration. This isn't just Marathon — when refiners face this kind of earnings compression (-18.3% net income growth), the entire energy value chain is under stress. The company's generating in operating cash flow but that 12.9% ROIC suggests capital isn't working efficiently in this environment. Watch for inventory builds and demand destruction signals in Q1 earnings. The Iran war premium is all crude, zero refining capacity. That spread is about to widen violently 📉

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