Marathon Petroleum, Andeavor Close $23B Merger

Marathon Petroleum Corp. announced Oct. 1 that it has closed its $23.3 billion merger with competing petroleum refiner Andeavor.

The deal fuses the second- and fifth-biggest oil refiners into the largest independent oil refiner in North America by capacity, surpassing Valero Energy. The parties said the combined company will also be a top five refiner globally.

The companies are also combining midstream and retail operations, which include Marathon’s Speedway brand and Andeavor’s 3,300 retail sites. Andeavor’s assets are focused in the Western U.S., while Marathon’s base of operations is east of the Mississippi.

Marathon’s CEO Gary R. Heminger called the ...