CVR Energy to Buy Marathon’s St. Paul Park, Mandan Refineries

The Tip Desk · November 3, 2026 · 1 min read

The refiner framed the acquisition of two plants plus marketing and logistics as a transformative step, with a close targeted by year-end.

CVR Energy, Inc. (CVI) agreed to buy Marathon Petroleum Corporation’s St. Paul Park and Mandan refineries and the related marketing business in a transaction the company called a transformative deal.

The deal is expected to close by the end of the year. CVR Energy said it is acquiring the two plants together with associated marketing and logistics assets.

“We are incredibly excited about our announcements this morning of a definitive agreement to acquire two high quality refineries from Marathon Petroleum, along with the associated marketing and logistics assets,” said Dane Neumann, CVR Energy’s President and Chief Executive Officer.

Neumann expressed excitement about acquiring the refineries and associated assets.

The company did not disclose a purchase price, an exchange ratio, or a premium in the announcement. The only timing it gave was the year-end close target.

CVR Energy has previously described a focus on accretive growth and on using market conditions to support that effort. In July, Neumann said the company remained “laser focused on pursuing accretive growth and believe current market conditions could support these efforts, as well as opportunities to reduce leverage and add value for our shareholders.”

The announcement did not state how the two refineries would be combined with CVR Energy’s existing system, nor did it quantify expected capacity, utilization, or contribution to earnings. It identified the assets as two high-quality refineries plus the associated marketing and logistics network, and it set the close by the end of the year.

Marathon Petroleum Corporation is the seller of the St. Paul Park and Mandan refineries and the related marketing business. CVR Energy is the buyer under the agreement.