Deals
BP Sells Texas Refinery to Marathon for $598 Million
This article is for subscribers only.
BP Plc agreed to sell its Texas City refinery, site of one of the deadliest U.S. industrial accidents in 20 years, to Marathon Petroleum Corp. for at least $598 million in cash, less than BP planned for the deal last year.
Marathon Petroleum may pay as much as $700 million more during the next six years depending on the plant’s profitability, the Findlay, Ohio-based refiner said in a statement today. With the $1.2 billion paid for inventories of oil and other products at the 451,000 barrel-a-day refinery, London-based BP may eventually collect a total $2.5 billion in the transaction.