CVR Energy agrees to acquire Marathon’s St. Paul Park and Mandan refineries and marketing business for ~$4.2 billion
CVR Energy entered into a definitive agreement to acquire Marathon Petroleum’s St. Paul Park refinery in Minnesota, Mandan refinery in North Dakota, and related marketing business for approximately $4.2 billion plus net working capital. The transaction would increase CVR Energy’s crude-oil throughput capacity from approximately 207,000 to 384,000 barrels per day and is expected to close by the end of 2026, subject to customary conditions and regulatory clearance.
This is an explicit, forward-looking definitive acquisition agreement, not a market-price update or commentary. CVR Energy and Marathon/MPLX materials identify the assets, approximately $4.2 billion consideration, expected year-end 2026 closing, and regulatory conditions. The transaction would materially expand CVR Energy’s refining capacity and change the asset ownership and capital-allocation outlook for CVI, MPC, and MPLX. The importance score reflects the transformational scale, while the surprise score is moderated because CVR had previously discussed pursuing refining expansion and M&A. The November 3 date is explicit; the 11:28 UTC time is inferred from the first source timestamp rather than directly stated in the underlying release, so timestamp confidence is lower. Indirect competitors and infrastructure companies are excluded from approved stakeholders because their effects are inferential and not directly identified by the transaction sources.
CVR Energy agreed to acquire two Marathon refineries and a marketing business for approximately $4.2B plus net working capital.
The deal is expected to close by year-end 2026, subject to customary conditions and regulatory clearance.
Capacity rises from ~207K to ~384K barrels per day