Marathon Petroleum Corp to Divest Minnesota and North Dakota Refineries & MPLX LP to Divest Related Midstream Assets
Key Highlights
- ➤Total purchase price $4.2 billion plus inventory value for two refineries and related midstream assets
- ➤MPC receives $3.45 billion for St. Paul Park and Mandan refining assets
- ➤MPLX receives $750 million for related midstream assets at a 9x 2027 EBITDA multiple
- ➤MPC and MPLX expect transaction closing at end of 2026, pending customary conditions
- ➤MPC intends to reinvest proceeds primarily in Gulf Coast, Permian, and Marcellus growth
Expert Statements
Maryann Mannen, chairman, president, and chief executive officer of MPC and MPLX
“Ensuring the long-term competitive position of our portfolio is a strategic commitment”
Maryann Mannen, chairman, president, and chief executive officer of MPC and MPLX
“This divestiture of quality assets in Minnesota and North Dakota advances our strategic priorities of maximizing value creation and meeting our return thresholds. We intend to reinvest this capital primarily in the Gulf Coast and to support MPLX's growth in the Permian and Marcellus basins.”
Marathon Petroleum Corp to Divest Minnesota and North Dakota Refineries & MPLX LP to Divest Related Midstream Assets PR Newswire
FINDLAY, Ohio, Nov. 3, 2026 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) and MPLX LP (NYSE: MPLX) today jointly announced they have entered into a definitive agreement to divest the St. Paul Park, Minnesota, and Mandan, North Dakota, refineries, inclusive of related midstream assets, to CVR Energy, Inc. (NYSE: CVI). Total purchase price is $4.2 billion, plus inventory value and subject to purchase price adjustments. MPC will receive $3.45 billion for the refining assets, excluding inventory value, and MPLX will receive $750 million for the related midstream assets.
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