Marathon Petroleum said Monday it plans to buy Andeavor for $23 billion, according to a company statement.
The deal is expected to make Marathon the largest refiner in the U.S. It is expected to have a throughput capacity of 3 million b/d.
The merger will create a firm with a nationwide refining portfolio. Andeavor has a strong presence in the West, with refineries in California, the Pacific Northwest and U.S. Mid-Continent. Marathon's refinery portfolio is concentrated in the East and South with plants along the Gulf Coast and in the Midwest.