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CVR Energy Nears $4bn Marathon Deal – WSJ Reports

Icahn-controlled CVR Energy is reportedly nearing a deal worth more than $4bn for refineries owned by Marathon Petroleum, according to the Wall Street Journal. Neither company has confirmed it, and both report results today.

CVR Energy (NYSE: CVI), the Texas refiner and fertiliser producer controlled by Icahn, is nearing a deal worth more than $4bn to buy refineries from Marathon Petroleum, the Wall Street Journal reported. An announcement is planned for this morning unless talks collapse.

The report landed after the US close, so yesterday’s trading does not reflect it. CVR shares ended yesterday at $55.92, down 4.20% from $58.37 at the previous close, and about 11% below their closing high of $63.12 on 13 October.

Neither company has confirmed the talks. The report could not be independently verified, and neither company responded to requests for comment outside normal hours. Which refineries are involved, how the deal would be structured and financed, and when it would close have not been reported.

The two companies are very different in size. CVR’s market value is roughly $6bn, against roughly $125bn for Marathon Petroleum (NYSE: MPC), the largest independent US refiner, based in Findlay, Ohio. Marathon shares closed yesterday at $430.39, down 3.22%.

Refining margins, the gap between crude costs and fuel prices, and diesel prices have been boosted by wars in Iran and Ukraine. Icahn reportedly owns about 71% of CVR.

Line chart of CVR Energy daily closing share price from August to early November 2026, peaking at $63.12 in mid-October and ending at $55.92
CVR Energy’s daily closing share price, 3 August to 2 November 2026.

CVR is due to publish third-quarter results before the US open today, with a conference call at 10am Eastern (3pm UK time), according to its press release. Marathon Petroleum also reports today, so any confirmation or denial could arrive alongside both sets of numbers.

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