CVR Energy is close to a deal worth more than $4 billion to acquire refineries from Marathon Petroleum, the Wall Street Journal reported Monday evening, citing people familiar with the matter.
The companies plan to announce the deal Tuesday morning if negotiations do not collapse, according to the WSJ report.
Carl Icahn controls CVR Energy and owns about 71% of its shares. His son, Brett Icahn, sits on the company's board, the report's source material notes.
CVR Energy ranks as the seventh-largest publicly traded refiner in the United States. Marathon, Valero Energy and Phillips 66 are each roughly 20 times larger, according to Investing.com.
The source says U.S. refineries posted strong sales this year as the Russia-Ukraine war and Middle East conflicts reduced a substantial portion of global fuel production capacity.