Marathon Petroleum Beats Profit Estimates and Sells Two Refineries

Marathon Petroleum Corporation reported third-quarter adjusted earnings of $26.93 per share, surpassing the $24.47 predicted by Wall Street analysts. The profit surge was driven by increased refining margins following oil flow disruptions in the Strait of Hormuz and attacks on energy infrastructure across Russia and the Middle East.

In a concurrent strategic move, the company entered a $4.2 billion agreement to sell the St. Paul Park refinery in Minnesota and the Mandan refinery in North Dakota to CVR Energy. Under the terms of the deal, Marathon Petroleum will receive $3.45 billion, while its midstream subsidiary, MPLX, will receive $750 million.

To facilitate the acquisition, commodities trader Trafigura will invest $800 million in CVR Energy for a minority stake. Trafigura will also serve as the exclusive crude supplier and trading intermediary for the two refineries. The transaction is expected to close by the end of 2026.