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In energy: when prices move, things happen. After months of nothing, the recent, sudden rise in crude prices had made a mega-merger happen. On 30 April Marathon Petroleum agreed to acquire US independent Andeavor to create the largest US refiner by capacity and one of the top five globally. The deal has two critical points. First, combining Andeavor’s plays in the Permian and Bakken basins with its solid footprint in Marcellus Shale will make it a direct winner in shale growth. Second, its significant refining capabilities around the Gulf of Mexico give it direct access to Mexico’s newly liberalized gasoline and diesel markets.

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