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. "
For further details see:
Marathon Petroleum buys 49.9% stake in LF Bioenergy in $50M deal