(Bloomberg) -- Marathon Petrolelum Corp. is weighing a sale of its Kenai refinery in Alaska as the U.S. largest independent crude processor seeks to further streamline operations.
The decision makes Kenai the third U.S. refinery for sale, after Marathon rival Phillips 66 put its Alliance Refinery in Belle Chasse, Louisiana up for sale after damage caused by Hurricane Ida and as LyondellBasell Industries NV seeks to sell its Houston refinery. The Kenai refinery is one of Marathon’s smallest, running about 68,000 barrels a day.
Marathon’s move was disclosed Tuesday in its third-quarter earnings statement. It comes even as U.S. refining margins are rebounding from lockdowns, with gasoline demand now at near pre-pandemic levels and stocks at the lowest since November 2017, easing pressure on refiners to slash costs. Marathon posted a $694 million profit in the quarter, reversing a $886 million loss a year earlier.
(Corrects refinery location in headline and first paragraph.)
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