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Marathon Petroleum Corporation

Petroleum Refining & MarketingFounded 1887
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Marathon Petroleum Acquisitions

3

Major Deals Covered

$28.6B

Disclosed Deal Value

What are Marathon Petroleum's biggest acquisitions?

Marathon Petroleum's largest disclosed acquisition here is Andeavor (formerly Tesoro Corporation) for $23.3B in 2018. This page covers 3 major deals from 2013 to 2018, each with its price where disclosed and the reason behind it.

Major deals covered
3
Largest deal
Andeavor (formerly Tesoro Corporation) ($23.3B)
First deal
2013
Most recent
2018
CompanyYearPricePurpose
Andeavor (formerly Tesoro Corporation)2018$23.3BThe acquisition of Andeavor was designed to create the largest independent refiner in the United States by combining Marathon Petroleum's strength east of the Mississippi with Andeavor's strong presence in the Western US and Mid-Continent. The transaction added 10 refineries, more than 3,300 retail stations under brands including ARCO, and Andeavor Logistics.
BP Texas City Refinery and Related Assets2013$2.4BMarathon Petroleum acquired BP's Texas City refinery and related assets to add significant Gulf Coast refining capacity and strengthen the company's position in one of the most important refining markets in the United States.
Hess Corporation Retail Operations2014$2.9BMPC's Speedway subsidiary acquired Hess Corporation's East Coast retail network of about 1,250 convenience stores to expand its retail footprint.
What companies has Marathon Petroleum bought?
Major acquisitions by Marathon Petroleum documented here include Andeavor (formerly Tesoro Corporation) (2018), Hess Corporation Retail Operations (2014) and BP Texas City Refinery and Related Assets (2013).
What is Marathon Petroleum's most recent acquisition?
The most recent Marathon Petroleum acquisition documented here is Andeavor (formerly Tesoro Corporation), in 2018, for $23.3B.

Andeavor (formerly Tesoro Corporation)

2018

$23.3B

Why

The acquisition of Andeavor was designed to create the largest independent refiner in the United States by combining Marathon Petroleum's strength east of the Mississippi with Andeavor's strong presence in the Western US and Mid-Continent. The transaction added 10 refineries, more than 3,300 retail stations under brands including ARCO, and Andeavor Logistics.

Impact

The acquisition created a coast-to-coast refining, marketing, and midstream platform with 16 refineries and more than 3.0 million barrels per day of capacity. The combined company became the No. 1 US refiner by capacity. The system later shrank to 13 refineries after closures and the Martinez renewable conversion. The transaction added the ARCO brand, a well-known retail franchise in the Western United States, and expanded the midstream footprint in the Permian Basin.

Outcome

The integration was largely successful, with $160 million of synergies realized in the first quarter post-close and expectations of up to $1.4 billion in gross run-rate synergies by the end of 2021. However, the debt load from the transaction required the 2020 Speedway sale to 7-Eleven for $21 billion to strengthen the balance sheet.

Source →

Hess Corporation Retail Operations

2014

$2.9B

Why

MPC's Speedway subsidiary acquired Hess Corporation's East Coast retail network of about 1,250 convenience stores to expand its retail footprint.

Impact

The acquisition added retail locations and wholesale supply contracts in the Northeast and Mid-Atlantic markets, strengthening Marathon Petroleum's branded marketing presence east of the Mississippi.

Outcome

The stores became part of Speedway, which MPC sold to 7-Eleven in 2021.

Source →

BP Texas City Refinery and Related Assets

2013

$2.4B

Why

Marathon Petroleum acquired BP's Texas City refinery and related assets to add significant Gulf Coast refining capacity and strengthen the company's position in one of the most important refining markets in the United States.

Impact

The acquisition expanded Marathon Petroleum's Gulf Coast refining footprint, adding complexity and scale that enabled the company to process a wider range of crude grades and capture margin from Gulf Coast product markets.

Outcome

The Texas City refinery became a core asset in Marathon Petroleum's Gulf Coast value chain, contributing to the company's status as the largest independent refiner in the United States.

Source →

Marathon Petroleum Corporation's Growth & Acquisition Strategy

MPC's strategy is to run its existing refineries harder and more efficiently rather than buy new ones: high-return yield projects such as those at El Paso and Robinson, crude sourcing optimization, and cost control. Growth capital is weighted toward MPLX's Permian and Marcellus natural gas and NGL infrastructure, which raises distributions to MPC. Remaining free cash flow goes to dividends and share repurchases. Renewable fuels are a smaller bet through Dickinson and the Martinez Renewables joint venture with Neste.

How Marathon Petroleum Corporation Makes Money

Marathon Petroleum makes money in three reported segments. Refining & Marketing, the largest, buys crude oil and other feedstocks, processes them in 13 refineries (about 3.0 million barrels per calendar day) and sells gasoline, distillates, asphalt and petrochemical feedstocks to wholesale buyers, branded Marathon and ARCO dealers, exporters and industrial customers; profits track the crack spread between crude and product prices. Midstream, conducted mainly through MPLX LP, earns largely fee-based income from pipelines, terminals, storage, gas gathering and processing, and NGL fractionation, and pays MPC a growing cash distribution. Renewable Diesel covers the Dickinson, North Dakota plant and the Martinez Renewables joint venture with Neste. MPC sold its Speedway convenience stores to 7-Eleven in May 2021, so it no longer runs a large company-owned retail chain but supplies branded independent stations.

Marathon Petroleum Acquisitions FAQ

What was Marathon Petroleum's landmark $23 billion acquisition of Andeavor in 2018?

In October 2018, MPC acquired rival refiner Andeavor (formerly Tesoro Corporation) for $23 billion in stock and cash, adding 10 refineries, extensive Western US logistics, the ARCO brand, and making MPC the largest independent petroleum refiner in the United States.

What was MPC's acquisition of BP's Texas City refinery in 2013?

In February 2013 MPC acquired BP's Texas City refinery and related assets, later combining it with its adjacent Texas City plant into the Galveston Bay refinery.

What was MPLX's $15.6 billion acquisition of MarkWest Energy Partners in 2015?

In December 2015, MPC's midstream partnership MPLX acquired MarkWest Energy Partners for $15.6 billion, creating one of the largest natural gas gathering and processing enterprises in North America, anchored in the prolific Marcellus and Utica shale plays.

What was the acquisition of Hess Corporation's retail gas station network in 2014?

In 2014 MPC's Speedway unit acquired Hess Corporation's East Coast retail network of about 1,250 locations for roughly $2.87 billion; Speedway was sold to 7-Eleven in 2021.

How did Marathon Petroleum acquire Western Refining assets through the Andeavor transaction?

Through its 2018 acquisition of Andeavor (which had acquired Western Refining in 2017 for $6.4 billion), MPC acquired major inland refineries in El Paso, Texas; Gallup, New Mexico; and St. Paul Park, Minnesota.

What was the joint venture transaction with Neste for the Martinez Renewable Fuels plant?

MPC and Neste formed Martinez Renewables, a 50/50 joint venture that converted MPC's Martinez, California refinery into a renewable diesel plant designed for about 730 million gallons per year.

What logistics and pipeline assets has MPLX acquired in the Permian Basin?

MPLX acquired equity interests in major Permian natural gas takeaway pipelines, including the Whistler Pipeline, BANGL NGL pipeline, and Matterhorn Express Pipeline, connecting Permian natural gas production to Gulf Coast export markets.

Does Marathon Petroleum pursue large-scale refining acquisitions today?

Under current leadership, MPC does not seek large corporate refining M&A, prioritizing high-return midstream debottlenecking, renewable fuels optimization, and substantial shareholder capital returns over asset expansion.

What companies has Marathon Petroleum acquired?

To become the absolute largest refiner in America, they executed a massive mega-merger. In 2018, Marathon acquired Andeavor (formerly known as Tesoro) for a staggering $23.3 billion. This massive deal was highly strategic: Marathon historically dominated the Midwest and Gulf Coast, while Andeavor absolutely dominated the West Coast (California). The merger created an unrivaled, coast-to-coast refining monopoly.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.