Low crude oil prices have given Marathon Petroleum an impressive year, with net income of $3.4 billion for 2012, a 42% increase from the previous year. A significant portion of Marathon’s operations (just under 40%, according to Morningstar) are in the Mid-Continent oil region, which has been able to yield impressive discounts on crude oil compared to the Gulf Coast and oil territories overseas.
Marathon has devoted its resources to upgrading refineries, acquiring new ones, and expanding into new territory. The company has expanded the capacity of its Garyville, Ind. refinery over the past few years, it completed a revamp of its operations in Detroit that will allow it to process Canadian crude, and it purchased a refinery from BP in Galveston Bay, Texas for $2.4 billion.
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