Marathon and MPLX agree to sell two refineries and related midstream assets to CVR Energy for $4.2 billion
Marathon Petroleum Corp. and its midstream affiliate MPLX LP have entered into a definitive agreement to sell the St. Paul Park refinery in Minnesota and the Mandan refinery in North Dakota, together with associated pipeline, storage and distribution assets, to Texas‑based CVR Energy. The total purchase price is $4.2 billion, of which Marathon will receive about $3.45 billion for the refining assets and MPLX will receive about $750 million for the midstream assets. The transaction is expected to close by the end of 2026, subject to regulatory approval.
Why it matters
The company says the proceeds will be redirected toward Gulf Coast investments and MPLX projects in the Permian and Marcellus regions, which could affect Marathon’s future earnings profile. The sale also expands CVR Energy’s refining capacity by roughly 177,000 barrels per day, potentially altering its cash‑flow outlook.
Key facts
- 1The agreement was announced on November 3, 2026. lw.com
- 2The total purchase price is $4.2 billion, including inventory and customary adjustments. lw.com
- 3Marathon will receive approximately $3.45 billion for the refining assets, excluding inventory. lw.com
- 4MPLX will receive approximately $750 million for the associated midstream assets. lw.com
- 5The St. Paul Park refinery processes up to 105,000 barrels of crude per day and employs about 375 workers. minneapolimedia.town.news
- 6The Mandan refinery processes approximately 72,000 barrels of crude per day. minneapolimedia.town.news
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.