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.
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."
Marathon Chief Executive Michael Hennigan added: "We are not interested in the auction process."
