CVR Energy to buy St. Paul Park, Mandan refineries for $4.2 billion
MPC•CVR Energy plans to acquire MPC’s St. Paul Park and Mandan refining and marketing operations for about $4.2 billion. The deal would raise crude processing capacity 86% to approximately 384,000 barrels per day across four refineries.
1. Deal and capacity
CVR Energy plans to acquire MPC’s St. Paul Park and Mandan refining and marketing operations for about $4.2 billion. The acquisition would increase crude processing capacity 86% to approximately 384,000 barrels per day across four refineries, and provide access to up to 590 branded locations across the Upper Midwest and Northern Great Plains.
2. Financing and debt
Financing includes a $1.5 billion senior secured term loan B, $1 billion of other secured debt and $1.3 billion of equity. Pro forma EBITDA totaled $1.91 billion for the year ended September 30, 2026, with total debt equivalent to 2 times EBITDA.
