12:18 PM EDT, 08/14/2026 (MT Newswires) -- Phillips 66 (PSX) and Marathon Petroleum ( MPC ) held merger discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported Friday, citing people familiar with the situation.

The talks eventually ended and are unlikely to be revived in the near term, the people told Semafor.

A combination would have created a refining giant accounting for roughly a quarter of US capacity but likely faced antitrust scrutiny and complications from Phillips 66 and Chevron's ( CVX ) chemicals joint venture and Marathon's ownership of MPLX ( MPLX ) , according to the report.

Phillips 66 and Marathon Petroleum ( MPC ) didn't immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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