AcquisitionsNov 3, 2026, 08:31 AM
CVR Energy to Acquire Marathon Petroleum Refineries for $5B
AI Summary
CVR Energy, Inc. announced its definitive agreement to acquire Marathon Petroleum Corporation's refineries in Saint Paul Park, Minnesota, and Mandan, North Dakota, along with related marketing businesses. This filing includes combined financial statements for the acquired businesses for the years ended December 31, 2025 and 2024, and unaudited condensed combined financial statements for the nine months ended September 30, 2026 and 2025. Unaudited pro forma condensed combined financial information is also provided to illustrate the effects of the acquisition and related financing transactions. The acquisition is subject to closing conditions, including regulatory approvals.
Key Highlights
- CVR Energy to acquire Marathon Petroleum's Saint Paul Park, MN and Mandan, ND refineries and related marketing business.
- Combined financial statements for Marathon's Mandan and St. Paul Park refining business show net income of $289M in 2025, down from a loss of $27M in 2024.
- Unaudited condensed combined statements show net income of $697M for the nine months ended Sep 30, 2026, compared to $267M for the same period in 2025.
- Pro forma condensed combined balance sheet as of Sep 30, 2026, reflects the acquisition and related financing transactions.
- CVR Energy expects to fund the acquisition with $4.2B base purchase price plus $0.8B for working capital adjustments.
Price Impact
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