CVR Energy to Acquire Two Marathon Petroleum Refineries for About $4.2 Billion
CVR Energy, Inc. has agreed to acquire two refineries and a related marketing business from subsidiaries of Marathon Petroleum Corporation for approximately $4.2 billion plus net working capital. The transaction encompasses the 105,000 barrel-per-day St. Paul Park Refinery and the 72,000 barrel-per-day Mandan Refinery, alongside an integrated marketing channel supplying up to 590 branded locations. Unanimously approved by CVR Energy’s Board of Directors, the acquisition is anticipated to close by the end of 2026, pending customary closing conditions and regulatory clearance, including antitrust review.
CVR Energy, Inc. has entered into a definitive agreement with subsidiaries of Marathon Petroleum Corporation to acquire two refineries and a related marketing business. The assets, collectively described as the Acquired Business, carry a total purchase price of approximately $4.2 billion, plus net working capital.
The transaction covers Marathon’s St. Paul Park Refinery, a 105,000 barrel-per-day facility in St. Paul Park, Minnesota, and its Mandan Refinery, a 72,000 barrel-per-day facility in Mandan, North Dakota.
CVR Energy would also acquire an integrated marketing channel that supplies up to 590 branded locations across the Upper Midwest and Northern Great Plains regions.
CVR Energy’s Board of Directors unanimously approved the transaction. The acquisition is expected to close by the end of 2026, subject to customary closing conditions and regulatory clearance. Those requirements include the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
This article may include AI-generated content that is human-reviewed, which is for reference and general information purposes only and does not constitute investment advice.
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