CVR Energy Nears Deal to Acquire Marathon Petroleum Refineries
CVI has more than doubled off its 52-week low of $19.62.
Summary
Carl Icahn's CVR Energy is near a deal valued at over $4 billion to buy refineries from Marathon Petroleum, and the transaction could be announced as soon as Tuesday, according to people familiar with the matter cited by WSJ. The transaction would be a major strategic move for CVR, a small-cap refiner whose market value is roughly $5.6 billion, and would expand its refining footprint at a time when margins have been volatile. For Marathon, the sale would be a portfolio pruning of refining assets rather than a core-thesis change. Which specific refineries are involved was not disclosed, so the financial impact cannot yet be fully sized. This follows CVR's September 2026 investor presentation, which laid out 2026 capex of $215M-$240M and a near-breakeven Q2 2026 after last year's loss.
At the time of this announcement, CVI was trading at $55.92 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $19.62 to $63.51. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.