CVR Energy Near $4 Billion Deal to Buy Marathon Refineries
· Business · Bloomberg, Reuters
CVR Energy, the oil refiner controlled by billionaire investor Carl Icahn, is close to acquiring refineries from Marathon Petroleum for more than $4 billion, according to the Wall Street Journal. The deal would expand Icahn's downstream footprint by adding Marathon's assets to CVR's existing operations in Kansas and Oklahoma. Marathon has been reshaping its portfolio, and a sale of select refineries aligns with its strategy to focus on higher-return logistics and marketing segments. The Journal's report did not name which specific Marathon refineries are included or disclose a timeline for closing. CVR and Marathon have not publicly confirmed the discussions, and financial terms beyond the headline price remain undisclosed.
Why it matters
The acquisition would give Icahn greater control over U.S. Midwest refining capacity and could influence regional fuel supply and pricing dynamics. For Marathon, the sale would accelerate its shift toward lower-capital, higher-margin logistics and retail businesses.
Read the original report — Bloomberg
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