5 hours ago - Economy

CVR Energy buying two U.S. refineries for $4.2 billion

Dan Primack

Illustration of an overturned barrel of oil forming a dollar sign shaped puddle — Illustration: Sarah Grillo/Axios. Stock: Getty Images

CVR Energy, controlled by Carl Icahn, agreed to buy two U.S. refineries and a related marketing business from Marathon Petroleum for $4.2 billion.

Why it matters: Refining margins are wide, due to supply and demand imbalances caused by the Russia/Ukraine war and conflicts in the Middle East.

Zoom in: The refineries are located in Minnesota and North Dakota, and the acquired businesses generated around $1.2 billion in EBITDA for the 12 months ending Sept. 30, 2026.

Go deeper, via WSJ: "Companies of all sizes have been on the hunt to acquire more refineries to build bigger fuel-making businesses, given the almost intractable constraints in global capacity."

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CVR Energy buying two U.S. refineries for $4.2 billion

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