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Report: Marathon Petroleum looking to divest 2 refineries


According to Market Intelligence, December 2022


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Report: Marathon Petroleum looking to divest 2 refineries

U.S. refiner Marathon Petroleum Corp. is considering the sale of two refineries in Alaska and Utah, Bloomberg reported Oct. 22, citing people familiar with the matter.

The sources told Bloomberg that the company is in talks with potential buyers for its 68,000-barrel-per-day Kenai oil refinery near Anchorage and its 58,500 bbl/d Salt Lake City refinery.

Marathon declined to comment on the matter and referred to a statement it released Oct. 18 that it was conducting a "comprehensive strategic review" which is ongoing and that no conclusions have been reached.

Activist investors, calling for the U.S. refiner to divide its business to unlock $39 billion in value, are currently in talks with Marathon's board members about CEO Gary Heminger's future and the company's strategy.