Marathon Rules Out Participating in Citgo Refinery Asset Auction
11.02.2023 By Tank Terminals - NEWS

November 2, 2023 [Reuters]- Marathon Petroleum (MPC.N) is not planning to participate in the current auction process for shares in a parent of oil refiner Citgo Petroleum, executives said Tuesday.

 

A U.S. court kicked off an auction last week of shares in a Citgo (PDVSAC.UL) parent company whose only asset is the Venezuela-owed refiner. Proceeds from any sale are expected to pay creditors with claims against the South American country and its state-run oil firm, PDVSA, for unpaid debts and asset expropriations.

Marathon Petroleum, the largest U.S. independent refiner by processing volumes, was among companies that had weighed a Citgo bid when it was last offered for sale in 2014. Industry analysts considered it a potential bidder this time.

“Refining M&A is one of the more challenging ways to create value,” said David Heppner, the company’s senior vice president of strategy and business development in response to a question about its interest on an earnings call with analysts. “You shouldn’t anticipate us participating in the current auction process for the Citgo assets.”

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More