Marathon Oil Corp. will sell a Minnesota oil refinery and SuperAmerica stores throughout the state to an investment firm for $900 million.
Marathon announced the sale on Wednesday, which will transfer ownership of most of Marathon's Minnesota assets to ACON Investments and TPG Capital.
The sale includes a refinery in St. Paul Park that processes 74,000 barrels of oil per day and 160 SuperAmerica convenience stores. Marathon is also selling six SuperAmerica stores in Wisconsin.
Marathon said in a press release that the decision to sell its Minnesota assets had to do with "ongoing efforts to ensure the company's asset portfolio is strategically aligned with its business plans."
Gary R. Heminger, executive vice president of Marathon Oil Corp. and president of Marathon Petroleum Company, thanked the company's Minnesota employees.
"They are to be commended for their commitment to the community and their dedication to operating in a safe, environmentally responsible and efficient manner," he said in a written statement.
Marathon said it expects the sale to close by the end of the year.