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CVR Energy nears more than $4 billion deal for Marathon's refineries, WSJ reports

By Reuters News

Nov 3 (Reuters) - CVR Energy CVI.N, an oil refiner majority-owned by Carl Icahn, is nearing a deal worth more than $4 billion to buy refineries from Marathon Petroleum MPC.N, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.


Here are some details:

  • A potential deal would be a boost for CVR, as refiners are benefiting from higher refining margins on fuel supply disruptions due to wars in Iran and Ukraine, with buyers willing to pay more to lock in supplies

  • Prices for diesel, which is used for everything from manufacturing to agriculture, have hit record highs, creating pain for consumers and US President Donald Trump's Republican party, but a boon for refiners

  • CVR has a market capitalization of about $6 billion, and its shares are up about 120% so far this year

  • Marathon’s market value is around $125 billion, according to LSEG data, and shares have risen nearly 165% in 2026

  • The companies are set to announce the deal on Tuesday morning, assuming talks do not fall apart, the WSJ report said

  • Reuters could not verify the WSJ report. Neither company responded to Reuters requests for comment outside regular business hours

  • Last week, refiner Valero Energy VLO.N said its unit agreed to acquire an oil refinery in Houston previously owned by a subsidiary of LyondellBasell LYB.N for $320.5 million

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