Marathon Petroleum Corporation (MPC) and MPLX entered into a definitive agreement to sell two refineries and associated midstream assets to CVR Energy. The refineries are based in St Paul Park, MN, and Mandan, ND, US.
The total purchase price is $4.2 billion (€3.8 billion) plus inventory value, and subject to purchase price adjustments. MPC will receive $3.45 billion (€3.12 billion) for the refining assets, excluding inventory value; MPLX will receive $750 million (€678 million) for related midstream assets.
Both sites operate in crude oil, with the St Paul Park refinery having a capacity of 105,000 barrels per calendar day (bpcd) and the Mandan refinery 72,000 bpcd. MPLX’s midstream assets include crude oil pipelines, storage capacity and three terminals.
Maryann Mannen, chairman, president and CEO of MPC and MPLX, comments: ‘Ensuring the long-term competitive position of our portfolio is a strategic commitment. This divestiture of quality assets in MN and ND advances our strategic priorities of maximising value creation and meeting our return thresholds. We intend to reinvest this capital primarily in the Gulf Coast and to support MPLX’s growth in the Permian and Marcellus basins.’
Dane Neumann, president and CEO of CVR Energy, comments: ‘We are thrilled to deliver on our plan to strategically grow and diversify our business. We are acquiring two well-maintained, highly productive refineries from Marathon that have generated more than $1.1 billion (€995 million) of EBITDA for the first nine months of 2026. In light of current favourable market conditions, we expect the Acquired Business to continue to generate substantial cash flows over at least the next twelve months. Marathon has been an excellent steward of these high-quality assets, and we look forward to welcoming the hardworking employees at these facilities into the CVR Energy family. Looking ahead, with a larger and stronger asset portfolio, we believe CVR Energy is well-positioned to deliver more durable cash flow through the cycle, provide meaningful commercial and operational synergies and significant per share accretion, strengthening CVR Energy’s position while serving as a platform for future growth.’
