CVR Energy nears $4 bln deal for Marathon refineries- WSJ

Marathon Petroleum is close to finalizing a $4 billion acquisition of several refineries from CVR Energy, according to a report by the Wall Street Journal. The deal, expected to be announced today, comes as the refining sector has seen a surge in demand due to global fuel shortages caused by the wars in the Persian Gulf and Russia-Ukraine.

With margins for U.S. Gulf Coast refiners reaching an all-time high of $72 per barrel in September, CVR Energy, the seventh-largest publicly traded refiner in the U.S. and a company 71% owned by Carl Icahn, is an attractive takeover target. The WSJ also noted that other major players like Valero, Exxon, and Chevron are also investing in their refining businesses and ramping up production.

The ongoing conflicts have highlighted the global shortage of refineries, with Europe struggling to secure sufficient imported fuels due to a significant reduction in the number of facilities over the past two decades.