CVR Energy to Acquire Two Marathon Petroleum Refineries and Marketing Business for $4.2 Billion

CVR Energy, the refiner controlled by billionaire Carl Icahn, agreed on November 3 to buy Marathon Petroleum's St. Paul Park refinery in Minnesota and its Mandan refinery in North Dakota, along with Marathon's related marketing business, for approximately $4.2 billion plus net working capital. The deal nearly doubles CVR's refining capacity and significantly expands its geographic footprint. The acquired business generated roughly $1.2 billion in EBITDA for the trailing twelve months ended September 30, 2026, and on a pro forma basis would have lifted CVR's nine-month EBITDA from approximately $900 million to $2.0 billion.

Trading house Trafigura is set to play a central role in the transaction, serving as the exclusive supplier of crude oil and feedstocks to both refineries. Trafigura's combined investment in connection with the deal is expected to top $1 billion, and it will also take delivery of a significant share of the refineries' output, positioning the firm to expand its trading footprint across the Upper Midwest and Northern Plains.

Marathon separately reported strong third-quarter 2026 results on the same day, posting net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, compared with $1.4 billion, or $4.51 per diluted share, in the third quarter of 2025. Adjusted net income came in at $7.5 billion. The results beat quarterly estimates, with analysts pointing to elevated refining margins tied to reduced global fuel-making capacity. CVR's own third-quarter net income rose to $563 million from $401 million a year earlier, with adjusted EBITDA of $582 million.