UPDATE: Marathon To Buy Texas Refining Company For More Than $23 Billion

4/30/18 – 5:02 A.M.
UPDATE – 8:51 A.M.

Marathon Petroleum has announced a merger with a San Antonio based refining company. A release from Marathon says the deal announced this (Monday) morning means Marathon will buy all of Andeavor’s outstanding shares of stock for more than $23 billion. The board of directors for both companies unanimously approved the deal. Regulators must sign off on the merger before it can close.

Once the government approves the deal, the combined company headquarters will stay in Findlay. It will also maintain an office in San Antonio.

Marathon CEO Gary Heminger issued a statement saying, “This transaction combines two strong, complementary companies to create a leading U.S. refining, marketing, and midstream company.” He added the move builds, “a platform that is well-positioned for long-term growth and shareholder value creation.”

Andeavor CEO Greg Goff will join Marathon as an executive vice chairman.