Carl Icahn’s CVR Energy Strikes $4 Billion Deal for Two Marathon Refineries
CVR Energy Inc. is buying oil refineries in Mandan, North Dakota, and St. Paul Park, Minnesota, from Marathon Petroleum in a deal valued at $4.2 billion. The acquisition includes Marathon's related marketing business. CVR Energy CEO Dane Neumann stated the move allows the company to strategically grow and diversify its operations. The deal comes as the industry faces global fuel supply disruptions and record refining margins. MPLX LP will also divest related midstream assets as part of the broader divestment strategy by Marathon Petroleum.
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- ✓ CVR Energy is purchasing refineries in St. Paul Park and Mandan, N.D., for $4.2 billion.
- ✓ The deal includes Marathon's related marketing business.
- ✓ Marathon Petroleum Corp is divesting the Minnesota and North Dakota refineries.
- ✓ MPLX LP is divesting related midstream assets.
What changed
The deal value is now confirmed at $4.2 billion with specific refinery locations identified in St. Paul Park and Mandan.
Live updates
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CVR Energy Acquires Two Marathon Refineries for $4.2 Billion
CVR Energy Inc. is buying oil refineries in Mandan, North Dakota, and St. Paul Park, Minnesota, from Marathon Petroleum in a deal valued at $4.2 billion. The acquisition includes Marathon's related marketing business. CVR Energy CEO Dane Neumann stated the move allows the company to strategically grow and diversify its operations. The deal comes as the industry faces global fuel supply disruptions and record refining margins. MPLX LP will also divest related midstream assets as part of the broader divestment strategy by Marathon Petroleum.
Why it matters
Carl Icahn controls CVR Energy, which is headquartered in Sugarland, Texas. This expansion increases CVR's footprint in the U.S. refining sector. The transaction shifts ownership of key regional assets during a period of volatile global energy markets.
What is confirmed
- CVR Energy is purchasing refineries in St. Paul Park and Mandan, N.D., for $4.2 billion.
- The deal includes Marathon's related marketing business.
- Marathon Petroleum Corp is divesting the Minnesota and North Dakota refineries.
- MPLX LP is divesting related midstream assets.
- Dane Neumann serves as the president and CEO of CVR Energy.
- Carl Icahn controls CVR Energy.
What to watch next
- Official closing date of the transaction
- Regulatory approval filings for the asset transfers
- Financial impact reports on CVR Energy's debt or capital structure
confidence 100%Sources used for this update (11)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- seekingalpha.com — Patient Capital Management Q3 2026 Commentary
- www.marketscreener.com — Global Stocks Fall on Higher Oil Prices, AI Pullback | MarketScreener
- www.zerohedge.com — Futures Rise, Oil Slides As Iran's Supreme Leader Talks Peace And Shrugs Off Ras Tanura Attack
- WSJ — Exclusive | Carl Icahn’s CVR Energy Near Over $4 Billion Deal for Marathon Refineries
- Crude Oil Prices Today | OilPrice.com — CVR Energy Nears $4 Billion Refinery Deal With Marathon
- Reuters — CVR Energy nears more than $4 billion deal for Marathon's refineries, WSJ reports
- Yahoo Finance — Marathon Petroleum Corp to Divest Minnesota and North Dakota Refineries & MPLX LP to Divest Related Midstream Assets
- Axios — CVR Energy buying two U.S. refineries for $4.2 billion
- finance.yahoo.com — St. Paul Park refinery sold as part of $4.2B deal
- oilprice.com — CVR Energy Nears $4 Billion Refinery Deal With Marathon | OilPrice.com
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