MPLX to sell Minnesota, North Dakota midstream assets to CVR Energy for $750 million
MPLX•MPLX will sell refinery-related midstream assets in Minnesota and North Dakota to CVR Energy for $750 million. The sale is part of a broader $4.2 billion transaction, with closing expected at the end of 2026.
1. Asset sale details
MPLX will sell pipeline interests, storage capacity and three terminals in Minnesota and North Dakota to CVR Energy for $750 million. The sale represents nine times forecast 2027 EBITDA, and closing is expected at the end of 2026, subject to customary conditions.
2. Broader transaction
The broader $4.2 billion transaction includes Marathon Petroleum’s St. Paul Park and Mandan refineries, with inventory value additional and purchase price adjustments applicable. Marathon Petroleum will receive $3.45 billion for the refining assets, excluding inventory.
