CVR Energy Announces Transformative Transaction to Acquire 2 Refineries and Marketing Platform From Marathon Petroleum
Business Wire•03/11/2026•06:28 ET
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Key Highlights
- ➤CVR Energy (CVI) to acquire Marathon’s two refineries and marketing business for $4.2 billion
- ➤Pro forma EBITDA rises to approximately $2.0 billion from $900 million for nine months
- ➤Pro forma EPS increases to $7.67 from $3.73, representing over 105% accretion
- ➤Acquisition nearly doubles crude throughput capacity to approximately 384,000 barrels per day
- ➤CVR expects approximately $70 million in annual run-rate SG&A and operational synergies
Expert Statements
Dane Neumann, President and Chief Executive Officer of CVR Energy
“We are thrilled to deliver on our plan to strategically grow and diversify our business. We are acquiring 2 well-maintained, highly productive refineries from Marathon that have generated more than $1.1 billion of EBITDA for the first nine months of 2026. In light of current favorable market conditions, we expect the Acquired Business to continue to generate substantial cash flows over at least the next twelve months.”
Dane Neumann, President and Chief Executive Officer of CVR Energy
“Marathon has been an excellent steward of these high-quality assets, and we look forward to welcoming the hardworking employees at these facilities into the CVR Energy family. Looking ahead, with a larger and stronger asset portfolio, we believe CVR Energy is well-positioned to deliver more durable cash flow through the cycle, provide meaningful commercial and operational synergies and significant per share accretion, strengthening CVR Energy’s position while serving as a platform for future growth.”
CVR Energy Announces Transformative Transaction to Acquire 2 Refineries and Marketing Platform From Marathon Petroleum
* Transformative increase to its asset portfolio, nearly doubling refining capacity
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