Marathon Petroleum, MPLX to Sell Two Refineries, Midstream Assets to CVR Energy for $4.2 Billion

07:18 AM EST, 11/03/2026 (MT Newswires) -- Marathon Petroleum (MPC) and MPLX (MPLX) have agreed to sell their St. Paul Park, Minnesota, and Mandan, North Dakota, refineries and related midstream assets to CVR Energy (CVI) for $4.2 billion, plus inventory value, the companies said Tuesday. Marathon Petroleum will receive $3.45 billion for the refining assets, excluding inventory value, and MPLX receive $750 million for the related midstream assets, the companies said. CVR Energy expects the acquisition to nearly double its refining capacity and generate $70 million in annual run-rate synergies, it said in a separate statement. CVR Energy expects to fund the deal from a combination of $2.5 billion of committed secured debt financing, a $500 million equity commitment from its controlling shareholder, and $800 million equity investment from Trafigura US Holdings, and cash on hand, it said. The transaction is expected to close by the end of this year, the companies said.