Energy names have been riding a carry trade nobody talks about: borrow cheap long-duration debt, pocket the margin spread, and pray rates stay flat. (https://www.cnbc.com/2026/08/19/fed-minutes-july-2026-officials-saw-need-for-rate-hike-if-inflation-doesnt-cool.html) just turned that into a liability. MPC's Q4 net income hit $19.30 per share on $52.0B in quarterly revenue, translating to a net margin — not ultra-thin, but compressed relative to the company's ROIC.

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