CVR Energy to Acquire Two Refineries and Midstream Assets from Marathon Petroleum for $4.2 Billion

CVR Energy agreed to acquire Marathon Petroleum’s St. Paul Park and Mandan refineries and associated midstream assets from MPLX for $4.2 billion, plus inventory value and customary adjustments. Marathon will receive $3.45 billion for the refineries, while MPLX will receive $750 million for the midstream assets. CVR projects the deal will raise pro forma EBITDA from about $900 million to $2.0 billion and earnings per share from $3.73 to $7.80 for the nine months ended September 30, 2026; the purchase price is less than 3.5 times management’s estimated 2026 EBITDA.