One-Page Deal Sheet
BP Sells Refinery To Marathon Petroleum
Marathon Petroleum Corporation BP Plc
Announced Date
October 08,2012
Transaction Type
Asset
Location
Country
United States
State
Texas
Transaction Details: Subscribe to see
BP announced today it has reached an agreement to sell its Texas City, Texas refinery and a portion of its retail and logistics network in the Southeast U.S. to Marathon Petroleum Corporation for $2.5 billion (which includes $0.6bn of cash at closing, an estimated value of $1.2bn for hydrocarbon inventories and a $0.7bn six year earn-out arrangement based on future margins and refinery throughput).
Subject to regulatory and other approvals, Marathon Petroleum will purchase the 475,000 barrel per day refinery, associated natural gas liquids pipelines, and four marketing terminals in the…
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