Marathon Petroleum: Strategic Initiatives and Operational Resilience Drive Buy RatingWe assume throughput in-line with company guidance (2,940 kbpd), reflecting planned turnarounds in the Coast regions as well as downtime at Galveston Bay. Across the system, we assume a capture rate of 97%, down from 105% in 2Q (though near historical seasonal levels) largely due to weaker jet vs diesel cracks, maintenance at Galveston Bay, and regional product margin differences in the Mid-Con. Altogether, this results in MSe Refining EBITDA of $1,717 MM vs consensus of $1,803 MM and 2Q of $1,890 MM.