Marathon Petroleum (MPC) and Phillips 66 (PSX) held merger discussions earlier this year, according to Semafor. The potential deal would have created an energy giant valued at approximately $180 billion.
A combined entity would have controlled roughly 25% of all U.S. refining capacity.
Negotiations concluded without an agreement and are not expected to resume soon. Regulatory antitrust scrutiny posed a significant obstacle due to the limited number of independent U.S. refiners.
Additional complexities included Phillips 66’s joint venture with Chevron and Marathon’s publicly traded subsidiary, MPLX.