CVR Energy to buy two Marathon refineries, marketing business for $4.2 billion
MPC•CVR Energy said it would buy two refineries and a marketing business from Marathon Petroleum for about $4.2 billion, adding 177,000 barrels per day of refining capacity and up to 590 branded locations.
1. Refineries and marketing business
CVR Energy said it would buy Marathon Petroleum’s St. Paul Park refinery in Minnesota, its Mandan refinery in North Dakota, and a marketing business supplying up to 590 branded locations across the two regions. The deal is valued at about $4.2 billion and will add 177,000 barrels per day of refining capacity to CVR’s portfolio.
2. Market reaction
Marathon shares rose 2.2% in premarket trading, while CVR shares fell 1.3%.
