WASHINGTON (dpa-AFX) - Refiner Marathon Petroleum Corp. (MPC) and midstream operator MPLX LP (MPLX) announced on Tuesday that they have agreed to sell two refineries and related midstream assets in Minnesota and North Dakota to CVR Energy Inc. (CVI) for $4.2 billion, plus inventory value and subject to purchase price adjustments.
Under the agreement, Marathon Petroleum will receive $3.45 billion for the refining assets, excluding inventory value, while MPLX will receive $750 million for the related midstream assets.
The transaction includes the St. Paul Park refinery in Minnesota, which has crude oil processing capacity of 105,000 barrels per calendar day, and the Mandan refinery in North Dakota, which has capacity of 72,000 barrels per calendar day.
MPLX said the divested midstream assets include an interest in a crude oil pipeline, storage capacity and three terminals supporting the refineries.
Marathon Petroleum said it intends to re-invest the proceeds primarily in the U.S. Gulf Coast, while MPLX plans to support growth in the Permian and Marcellus basins.
The transaction is expected to close by the end of 2026, subject to customary closing conditions, including anti-trust clearance.
Goldman Sachs advised Marathon Petroleum on financial matters, Moelis & Company advised on strategic matters and Jones Day acted as legal counsel. RBC Capital Markets served as financial adviser to the conflicts committee of MPLX, while Latham & Watkins was its legal adviser.
Shares of Marathon Petroleum up 0.24% to $431.50 in premarket trading after ending Monday's session down 3.22%.
MPLX shares were up at $59.31 after the bell, after ending the regular session down 2.03%.
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