CVR Energy Falls 11.50% a Day After Announcing Refinery Deal
The pick
CVR Energy (CVI) had the biggest jump in trading volume compared with its usual level on November 4, 2026. Volume was 14.8x its 30-day average, and the stock fell 11.50%.
What happened
On November 3, 2026, CVR Energy said it signed a definitive agreement to buy Marathon Petroleum's St. Paul Park, Minnesota and Mandan, North Dakota refineries, plus a related marketing business. The total purchase price is approximately $4.2 billion, plus net working capital. The company said the acquisition would increase its crude oil throughput capacity from approximately 207,000 to approximately 384,000 barrels per day. It said the company expects the transaction to close by the end of 2026. The deal is subject to customary closing conditions and regulatory clearance, including the Hart-Scott-Rodino waiting period.
CVR Energy said it plans to pay for the deal with $2.5 billion of committed secured debt financing, a $500 million equity commitment from its controlling shareholder, an $800 million equity investment from Trafigura US Holdings, Inc., and cash on hand. It also said its 5.750% Senior Notes due 2028 will be redeemed.
The same day, the company reported third quarter 2026 results. Net income attributable to CVR Energy stockholders was $570 million, or $5.67 per diluted share. Adjusted EBITDA was $582 million, compared with $180 million a year earlier. The company also said a $253 million liability was removed from its balance sheet after the EPA granted a full waiver for Wynnewood Refining Company, LLC for the 2025 compliance period.
CVR Energy also filed audited combined financial statements for the Mandan and Saint Paul Park refining business of Marathon Petroleum for 2025 and 2024.
The company's filings do not say why the stock moved on November 4.
Sources: [agreement announcement, SEC filing] [earnings release, SEC filing] [company announcement, SEC filing]
What news reports said
Seeking Alpha reported that CVR Energy priced a 10.5M-share offering at $47.55, a $500M stock offering, to help fund its Marathon refinery acquisition. [Seeking Alpha]
Yahoo Finance reported that the deal covers the two refineries and marketing operations. It also reported that the sale reduces Marathon's refining footprint in the northern U.S. [Yahoo Finance] [Yahoo Finance]
The numbers
Previous close: $48.60
Close: $43.01
Change: -11.50%
Volume: 13,430,895
30-day average volume: 908,445
Volume multiple: 14.8x
Behind the move: an earnings report
CVI's most unusual trading day in our data, which goes back to December 2016
Its sector (Energy, XLE) moved -4.74% that day
What to watch
CVR Energy's third quarter cash dividend of 10 cents per share will be paid on November 23, 2026, to stockholders of record as of November 16, 2026.
The company said it is seeking to close the Marathon transaction by the end of 2026.
Sources: [earnings release, SEC filing] [agreement announcement, SEC filing]
Pro: CVI has had 4 earlier days at 5x+ normal volume since 2016. Pro members see what it did over the next 5 and 20 trading days after each one. See Pro
More coverage
Marathon Petroleum Corp (MPC) Q3 2026 Earnings Call Highlights: Record 100% Refinery ... (Yahoo Finance)
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