Marathon Petroleum beat Wall Street estimates for third quarter profit on Tuesday, 3 November 2026, and the company also announced a deal to sell two refineries to CVR Energy for $4.2 billion. The Findlay, Ohio based refiner said strong refining utilization and elevated margins lifted profit, helped by fuel supply disruptions linked to the wars in Iran and Ukraine.
The deal covers the St. Paul Park refinery in Minnesota and the Mandan refinery in North Dakota. Marathon will receive $3.45 billion for the refining assets, excluding inventory, while its midstream subsidiary MPLX will receive $750 million for related infrastructure. The two refineries have a combined crude processing capacity of 177,000 barrels per day, with 105,000 at St. Paul Park and 72,000 at Mandan.
Marathon Petroleum profit beats estimates
The refiner earned $26.93 per share on an adjusted basis in the third quarter, topping analyst estimates of $24.47, according to LSEG. Its quarterly refining and marketing margin more than doubled to $45.70 per barrel. Crude capacity utilization was 100 percent, with throughput of 3.2 million barrels per day, compared with 95 percent utilization and 3 million barrels per day a year earlier.
The Iran war has disrupted oil flows through the Strait of Hormuz, while attacks on energy infrastructure across the Middle East and Russia have tightened fuel supplies, pushing up refined product prices relative to crude. Marathon Petroleum shares dipped about 0.5 percent in afternoon trading on Tuesday, even as profit beat estimates.
For the fourth quarter, Marathon Petroleum expects total refinery throughput of 3.08 million barrels per day. The company returned $3.3 billion to shareholders during the third quarter, raised its quarterly dividend by 10 percent, and increased its share buyback capacity to $8.1 billion with an additional $5 billion authorization.
Marathon Petroleum deal terms and closing
The sale is expected to close by the end of 2026, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. The $4.2 billion price is plus inventory value and subject to adjustments, the companies said in a joint release. The midstream assets in the deal include a pipeline interest, storage, and three terminals.
CVR Energy is controlled by Carl Icahn. CVR also announced a $750 million stock offering on 3 November, with $500 million from the company and $250 million from a selling stockholder affiliated with Icahn Enterprises, to help fund the acquisition. The sale of the midstream assets represents a nine times multiple on forecast 2027 earnings before interest, taxes, depreciation, and amortization, according to Marathon.
Commodities trader Trafigura signed strategic agreements with CVR to support the acquisition. Trafigura will subscribe for $800 million of new CVR shares, taking a minority stake at closing, and its trading arm will become the exclusive crude oil supplier to the two refineries after closing. Trafigura said its combined equity investment and intermediation support will exceed $1 billion.
Marathon Petroleum plans after the sale
Marathon Petroleum chief executive Maryann Mannen told investors on a call that the company plans to reinvest sale proceeds into opportunities primarily along the United States Gulf Coast. Marathon said that after the transaction it will continue to operate one of the largest refining systems in the country, with aggregate crude oil refining capacity of about 2.8 million barrels per day.
The deal reshapes both companies in plain terms. Marathon Petroleum sheds two smaller inland refineries and gains cash to put toward Gulf Coast work, dividends, and buybacks. CVR Energy gains 177,000 barrels per day of capacity, plus storage and terminals, and gains a crude supplier in Trafigura that is also putting $800 million of equity into the company.
What remains is the closing process. Regulatory clearance and other conditions must be met before the end of 2026 target date, and the final price will reflect inventory value and adjustments. Until closing, Marathon Petroleum keeps running the two refineries, and the fourth quarter throughput guide of 3.08 million barrels per day covers the wider system as it stands.