Overview
- The sale announced Tuesday transfers the St. Paul Park, Minnesota, and Mandan, North Dakota, refineries plus related midstream assets to CVR Energy in a roughly $4.2 billion package.
- Marathon will receive $3.45 billion and midstream unit MPLX will receive $750 million, with the two refineries having a combined crude processing capacity of about 177,000 barrels per day.
- Commodities trader Trafigura agreed to invest $800 million for a minority stake in newly issued CVR shares and will be the exclusive crude supplier and trading intermediary with product offtake deals.
- Marathon reported stronger-than-expected third-quarter results and said it will reinvest its sale proceeds primarily along the U.S. Gulf Coast while MPLX will fund projects in the Permian and Marcellus basins.
- Companies expect the transaction to close by the end of 2026 as record-strong refining margins driven by Middle East and Russia supply disruptions make refinery assets highly valuable and reshape regional supply links.