Marathon Petroleum to sell Minnesota and North Dakota refineries to CVR Energy

Marathon Petroleum Corp. (MPC) and its midstream partner, MPLX LP, have entered a definitive agreement to sell their refining operations in St. Paul Park, Minnesota, and Mandan, North Dakota, to CVR Energy, Inc. The transaction, valued at $4.2 billion plus inventory, is divided into $3.45 billion for the refining assets and $750 million for related midstream infrastructure.

The divested refineries represent a significant portion of regional capacity, with St. Paul Park processing 105,000 barrels per calendar day (bpcd) and Mandan processing 72,000 bpcd. Following the divestiture, Marathon Petroleum will retain a national refining system with a total capacity of approximately 2.8 million bpcd.

Maryann Mannen, CEO of MPC and MPLX, described the move as a strategic effort to optimize the company's portfolio. She stated the proceeds will be reinvested into operations along the U.S. Gulf Coast and used to support MPLX's expansion in the Permian and Marcellus shale basins. The deal is slated to close by the end of 2026, pending regulatory approval.