U.S. refiner Marathon Petroleum Corp. is not interested in acquiring Europe’s Neste Corp., the CEO of the American company confirmed during a quarterly webcast with analysts. (Source: Shutterstock)
U.S. refiner Marathon Petroleum Corp. is not interested in acquiring Europe’s Neste Corp., the CEO of the American company confirmed during a quarterly webcast with analysts.
Maryann Mannen, the CEO of Findlay, Ohio-based Marathon, downplayed rumors circulating in the press that her company was interested in Neste, the world's leading producer of sustainable fuels and renewable feedstock solutions for various polymers and chemicals industry uses.
“That rumor is not factual, and we are not having any conversations about a buyout with Neste,” Mannen said Aug. 6 during Marathon’s second quarter 2024 webcast, responding to a question from an analyst.
Neste produces renewable products at its refineries in Finland, the Netherlands and Singapore. The company is also engaged in a joint venture with Marathon in Martinez, California, which entails converting the Martinez Refinery into a renewable fuels facility.
At full capacity, Marathon expects the Martinez Refinery to produce around 730 million gallons per year of renewable fuels—predominantly renewable diesel—from biobased feedstocks such as animal fat, soybean oil and corn oil.
Mannen said Marathon continues to look at opportunities but sees value in its portfolio.
“We are focused on our commercial performance and continuing to deliver the strongest EBIT per barrel. So right now, we see the opportunities within our own portfolio, and we'll continue to evaluate as we go forward over the long term how to deliver that value proposition. But we see our ability to grow organically,” Mannen said.
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