Marathon Petroleum’s refinery in Detroit

Marathon Petroleum (MPC) has completed the $23.3bn acquisition of all outstanding shares of integrated marketing, logistics and refining company Andeavor to create the largest independent US refiner by capacity.

As a result of the transaction, which was agreed in April and represents a total enterprise value of $35.6bn, Andeavor will no longer trade on the New York Stock Exchange.

The acquisition has resulted in the formation of an integrated energy company with an initial enterprise value of more than $90bn. MPC shareholders own 66% of the combined company, while Andeavor shareholders hold the remaining 34% stake.

MPC chairman and CEO Gary Heminger said: “This transformative transaction is a significant milestone in our company’s more than 130-year history. MPC is now the leading refining, midstream and marketing company in the US and is well-positioned for long-term growth and shareholder value creation.

“This transformative transaction is a significant milestone in our company’s more than 130-year history.”

“We are excited to begin unlocking the extraordinary potential across our new platform, including approximately $1bn of tangible annual run-rate synergies we expect within the first three years.”

The closure of the transaction comes after shareholders’ approval was received last week.

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The combined business will have a throughput capacity of more than three million barrels a day, as well as a significant network of pipelines, retail and marketing distribution assets.

With a strong footprint in the Permian and Bakken regions, the combined company enhances MPC’s midstream growth opportunities.

Prior to the business combination, MPC’s asset base included crude oil refining capacity of around 1.9 million barrels a day, 5,600 independently owned retail outlets, 2,740 convenience stores, as well as ownership interests in 10,800 miles of crude oil and light product pipelines.

The company also has ownership interests in gathering and processing facilities through its subsidiary.