Marathon Petroleum Acquires 49.9% Interest In LF Bioenergy

(RTTNews) - Marathon Petroleum Corp. (MPC) announced the acquisition of a 49.9% interest in LF Bioenergy, an emerging producer of renewable natural gas, from Cresta Fund Management for $50 million. LF Bioenergy has been focused on developing and growing a portfolio of dairy farm-based, low carbon intensity RNG projects. The deal includes the potential for up to an additional $50 million based on the achievement of predetermined earn-out targets.

Dave Heppner, MPC's senior vice president of Strategy and Business Development, said: "This platform will create the opportunity for further integration and advances MPC's goal to lower the carbon intensity of its operations and the products it offers."