Marathon Petroleum Buys Andeavor in $23 billion deal

Marathon Petroleum, one of the active players in Oklahoma’s STACK oil play announced this week it intends to buy rival Andeavor in a $23 billion deal.

The purchase will make the newly-formed company the largest U.S. refiner.  It’s a cash-and-stock deal that values Andeavor at nearly $152 per share.

The combined company will have the potential to process 3.1 million barrels a day and have a large network of retail stations, oil, natural gas and refined products pipelines.

Marathon Chief Executive Gary Heminger will run the combined company, with a senior role for Andeavor’s chief executive, Gregory Goff.

San Antonio, Texas-based Andeavor, formerly known as Tesoro, operates 10 refineries in the western United States with a refining capacity of about 1.2 million barrels per day, and ownership in a logistics business, according to Andeavor website.

%d bloggers like this: