CVR Energy Nears $4 Billion Marathon Petroleum Refinery Deal

CVR Energy is nearing a deal to acquire refineries from Marathon Petroleum for more than $4 billion. The transaction, which is expected to be announced Tuesday morning, remains pending the finalization of talks.

Controlled by investor Carl Icahn, who owns roughly 71% of the company, CVR Energy is currently the seventh-largest publicly traded refiner in the United States. The acquisition comes as the company seeks to expand its fuel-making capacity to capitalize on wide refining margins for gasoline, diesel, and jet fuel.

This move aligns with a broader industry trend where global conflicts in the Middle East and the Russia-Ukraine war have reduced worldwide refining capacity. Other major industry players, including ExxonMobil, Chevron, and Valero, have similarly invested in increasing production capabilities to leverage these market conditions.