Marathon Petroleum to sell Minnesota, North Dakota refineries to CVR Energy
MPC•Marathon Petroleum and MPLX agreed to sell two refineries and related midstream assets to CVR Energy for $4.2 billion, excluding inventory and subject to adjustments. The deal is expected to close at the end of 2026.
1. Sale terms
Marathon Petroleum and MPLX agreed to sell the St. Paul Park, Minnesota, and Mandan, North Dakota, refineries and related midstream assets to CVR Energy for $4.2 billion, excluding inventory value and subject to adjustments. The refining assets are expected to generate $3.45 billion in proceeds, while MPLX will receive $750 million, equal to nine times forecast 2027 EBITDA.
2. Expected closing
The transaction is expected to close at the end of 2026, subject to customary conditions. Proceeds are intended primarily for Gulf Coast reinvestment and to support MPLX's growth in the Permian and Marcellus basins.
