MPC - Marathon Petroleum buys 49.9% stake in LF Bioenergy in $50M deal

2023-03-08 07:47:27 ET

Marathon Petroleum ( NYSE: MPC ) said Wednesday it acquired a 49.9% interest in U.S. renewable natural gas producer LF Bioenergy from Cresta Fund Management for $50M.

The agreement includes the potential for up to an additional $50M based on the achievement of predetermined earn-out targets.

Current projects are under various stages of development, with the first facility nearing completion and expected to be in service in this year's H1.

Marathon ( MPC ) is expected to fund its share of capital spending, building out LF Bioenergy's portfolio to produce over 6,500 MMBtu/day by the end of 2026 as specific project milestones are achieved.

In an analysis published recently on Seeking Alpha, Steven Cress lists Marathon Petroleum ( MPC ) as one of his " top five stocks to own in the S&P 500. "

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