Marathon Petroleum Corp. has struck an agreement to buy rival oil refiner Andeavor for $23.3 billion, creating the largest independent fuel maker in the U.S., according to Crain’s Cleveland Business.

Marathon, a Findlay, Ohio-based company, is focused on the Midwest and Gulf Coast, while Endeavor’s refineries and pipelines are in the western states. The companies are “among the biggest beneficiaries of the U.S. shale boom, with access to abundant supplies [of oil and natural gas] at a discount to global prices,” according to Bloomberg.

Marathon’s offer, payable in either cash or shares, values San Antonio-based Andeavor at about $152.27 a share.


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