Marathon Petroleum Acquires Andeavor to Create Largest Refiner in the U.S.
On April 30, Marathon Petroleum announced plans to acquire integrated refiner Andeavor for $152.27 per share, based on an exchange ratio of 1.87 shares and Friday’s closing prices. The offer equates to a 24% premium to Andeavor’s prior closing price and a 15% premium to our $135 stand-alone Andeavor fair value estimate. Andeavor had been our best idea in the sector. The combined company would become the largest refiner in the U.S., with 16 refineries operating 3.0 mmbd of refining capacity, loca...Andeavor is an independent petroleum refining and marketing company. The company has three segments: Marketing, which sells gasoline and diesel fuel in the western and mid-continent U.S. through Retail, Branded, and Unbranded channels along with convenience store products; Refining, which buys and refines crude oil and other feedstocks into transportation fuels; and Logistics, which transports, stores and distributes crude oil, feedstocks and refined products through its terminals and pipelines or terminals and pipelines owned by Andeavor Logistics LP and third-parties in its market areas as well as through purchases and exchange arrangements with other refining and marketing companies.
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