NEW YORK: Marathon Petroleum announced Monday that it will acquire Andeavor for $23.3 billion (Dh85.5 billion) to form the largest oil refining company in the United States by capacity. The transaction will vastly broaden Marathon’s geographic footprint in the world’s leading petroleum market by adding refineries in California, the Pacific Northwest and Rocky Mountain region. Marathon’s refining plants are focused in the Midwest and Gulf Coast. Oil refineries use heating and chemical processes to transform crude oil into gasoline and other petroleum products. The two companies will have a combined refining capacity of more than three million barrels a day, more than any other independent refiners and larger than the downstream divisions of integrated oil giants such as ExxonMobil and Royal Dutch Shell, which also pump oil out of the ground.
Marathon Petroleum $23.3b buy forms US refining giant
The transaction will vastly broaden Marathon’s geographic footprint in the world’s leading petroleum market