BP Expects to Raise at Least $4.4 Billion From U.S. Refineries

BP Plc expects to fetch at least $4.4 billion from selling half of its crude refining capacity in the U.S. and some retail assets as it raises cash to pay for last year’s Gulf of Mexico oil spill.

BP, the largest oil and natural-gas producer in the U.S., today said it plans to sell refineries in Texas City, Texas, and Carson, California, to focus on plants that can process heavy crude and raise diesel output. The company is also selling retail assets in southern California, Arizona and Nevada.