Baker Botts Advises Trafigura on More Than $1 Billion Strategic Arrangement to Support US Refineries Acquisition by CVR Energy, Inc.
Release
HOUSTON, November 4, 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented Trafigura US Holdings, Inc. (“Trafigura”) in its recently announced strategic agreements with CVR Energy, Inc. (“CVR”) to support CVR’s intended acquisition of the Mandan refinery in North Dakota and the St. Paul Park refinery in Minnesota from subsidiaries and affiliates of Marathon Petroleum Corporation (“Marathon”).
Under the agreement, Trafigura will subscribe for $800 million of new CVR shares to acquire a minority stake at the closing of the acquisition. Following the successful closing of CVR’s acquisition, Trafigura Trading LLC will become the exclusive supplier of crude oil and intermediation counterparty to the acquired refineries and will enter into certain petroleum product offtake arrangements. Trafigura’s combined equity investment and intermediation support will exceed $1 billion.
Baker Botts Lawyers/Offices Involved:
Corporate: Travis Wofford (Partner, Houston); Joseph Halloum (Partner, Palo Alto); Carina Antweil (Partner, Houston); Geoffrey Newton (Partner, Dallas); Zachary Fedorko (Senior Associate, Dallas); Alan Chan (Associate, Houston)
Energy Projects and Transactions: Dan Mark (Partner, Houston); Kyle Doherty (Partner, Houston); Gabbi Feldman (Senior Associate, Houston); Christine Sharkey (Associate, Houston)
Environmental: Elizabeth Singleton (Special Counsel, Houston)
Tax: Stephen Marcus (Partner, Dallas)
Finance: Jonathan Goldstein (Partner, New York); Sanjay Thapar (Partner, New York)
Antitrust: Michael Bodosky (Special Counsel, Washington, D.C.)
Real Estate: Pearce Layrisson (Associate, Houston)
International Trade: Paul Luther (Partner, Washington, D.C.); Alexander Reinert (Associate, Washington, D.C.)
Under the agreement, Trafigura will subscribe for $800 million of new CVR shares to acquire a minority stake at the closing of the acquisition. Following the successful closing of CVR’s acquisition, Trafigura Trading LLC will become the exclusive supplier of crude oil and intermediation counterparty to the acquired refineries and will enter into certain petroleum product offtake arrangements. Trafigura’s combined equity investment and intermediation support will exceed $1 billion.
Baker Botts Lawyers/Offices Involved:
Corporate: Travis Wofford (Partner, Houston); Joseph Halloum (Partner, Palo Alto); Carina Antweil (Partner, Houston); Geoffrey Newton (Partner, Dallas); Zachary Fedorko (Senior Associate, Dallas); Alan Chan (Associate, Houston)
Energy Projects and Transactions: Dan Mark (Partner, Houston); Kyle Doherty (Partner, Houston); Gabbi Feldman (Senior Associate, Houston); Christine Sharkey (Associate, Houston)
Environmental: Elizabeth Singleton (Special Counsel, Houston)
Tax: Stephen Marcus (Partner, Dallas)
Finance: Jonathan Goldstein (Partner, New York); Sanjay Thapar (Partner, New York)
Antitrust: Michael Bodosky (Special Counsel, Washington, D.C.)
Real Estate: Pearce Layrisson (Associate, Houston)
International Trade: Paul Luther (Partner, Washington, D.C.); Alexander Reinert (Associate, Washington, D.C.)
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