Marathon Petroleum Corp. closed on the acquisition of Andeavor to create the largest US refiner by capacity and one of the top five largest refiners globally. Along with Marathon’s six existing refineries in the US Gulf Coast and Midwest, the combined company would operate 16 US refineries with an overall throughput capacity of more than 3 million b/d.
Marathon Petroleum Corp. closed on the acquisition of Andeavor to create the largest US refiner by capacity and one of the top five largest refiners globally (OGJ Online, Apr. 30, 2018). Along with Marathon’s six existing refineries in the US Gulf Coast and Midwest, the combined company would operate 16 US refineries with an overall throughput capacity of more than 3 million b/d (OGJ Online, Sept. 24, 2018).
“This transformative transaction is a significant milestone in our company’s more than 130-year history,” said Marathon Petroleum Chairman and Chief Executive Officer Gary R. Heminger (OGJ Online, July 26, 2018).
With the deal’s close, the company will begin unlocking potential across the new platform, Heminger said, “including approximately $1 billion of tangible annual run-rate synergies we expect within the first 3 years.”
