Marathon selling Minnesota oil refinery in $4.2 billion deal
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Marathon Petroleum is selling its oil refinery in St. Paul Park, and another in North Dakota, in a deal valued at $4.2 billion.
The buyer is Texas-based CVR Energy. The two companies announced the sale on Tuesday.
“We are thrilled to deliver on our plan to strategically grow and diversify our business. We are acquiring two well-maintained, highly productive refineries from Marathon,” Dane Neumann, president and CEO of CVR Energy, said in a news release. “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.”
In addition to the refineries in St. Paul Park and Mandan, N.D., the deal also includes Marathon’s “integrated marketing channel supplying up to 590 branded locations across the Upper Midwest and Northern Great Plains regions.”
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If it clears regulatory hurdles, the sale is expected to close by the end of the year.
Marathon said it wants to focus its business elsewhere in the country: in Texas, on the Gulf Coast and in the eastern U.S.
The St. Paul Park refinery, located along the Mississippi River in the southeast Twin Cities suburb, dates back to 1939. It’s been owned by Marathon since 2018. Marathon also previously owned the facility before selling it in 2010.
The refinery employs about 375 people and has a refining capacity of 105,000 barrels of oil a day — producing gas, propane, asphalt and other petroleum products.
