CVR Energy agrees to acquire two Marathon refineries and marketing business

CVR Energy, Inc. (NYSE: CVI) has entered into a definitive agreement with subsidiaries of Marathon Petroleum Corporation (NYSE: MPC) to acquire Marathon's St. Paul Park, Minnesota and Mandan, North Dakota refineries along with its related marketing business. The total purchase price is approximately $4.2 billion, plus net working capital.

The Acquired Business generated approximately $1.2 billion of EBITDA for the twelve months ended September 30, 2026, adjusted to CVR Energy's accounting policies. CVR said the deal would lift its pro forma EBITDA for the nine months ended September 30, 2026 from about $900 million to about $2.0 billion, and pro forma EPS from $3.73 to $7.67, before roughly $70 million of estimated annual run-rate synergies.

CVR Energy CEO Dane Neumann said the refineries are well maintained and highly productive, and that the company expects them to keep generating substantial cash flows over at least the next twelve months.