CVR Energy Nears $4 Billion Refinery Deal With Marathon

Marathon Petroleum is nearing a deal for the sale of several refineries to CVR Energy, with the sale expected to be worth $4 billion, the Wall Street Journal has reported, citing unnamed sources. The deal could be announced later today. The refining sector has become the star of the oil industry this year as the wars in the Persian Gulf and Russia-Ukraine have severely crippled global fuel supply, prompting refiners outside the war zones to boost their output.

The market situation has driven a surge in refining margins to all-time highs, making refineries an attractive takeover target for buyers with the money. S. Gulf Coast operators hit an all-time high of $72 per barrel in September, driven by the Middle East and Russia refinery disruption and the consequent fuel shortages.