Texas City Refinery's Sale Completed

"The teams running the Texas City refinery and related marketing assets have made remarkable progress in both safety and reliability, and they should feel very proud of these accomplishments," said Iain Conn, chief executive of BP's global refining and marketing business.

The sale by BP of its Texas City, Texas refinery and additional assets to Marathon Petroleum Corp. has been completed, the British energy company announced Feb. 1. As previously announced, the total value is $2.4 billion -- approximately $600 million in cash, $1.1 billion for the estimated value of hydrocarbon inventory, and an earn-out arrangement payable over six years of $700 million based on assumed future margins and refinery throughput.

Marathon is acquiring a complex and much-upgraded refinery since a major explosion occurred in 2005 -- a 475,000 barrels per day refinery with a cogeneration plant. "The completion of this divestment is a major milestone in the refocusing of our U.S. fuels portfolio," said Iain Conn, chief executive of BP's global refining and marketing business. "Together with the sale of our Carson, California refinery, which we also expect to close this year, the divestment of Texas City allows us to focus BP's U.S. fuels investments on our three northern refineries, which are crude feedstock-advantaged, and their associated marketing businesses. The teams running the Texas City refinery and related marketing assets have made remarkable progress in both safety and reliability, and they should feel very proud of these accomplishments. This is once again a valuable business with a firm future. As it moves to Marathon Petroleum, the refinery, and its employees have a strong platform from which to continue this journey and build on their many achievements."

Marathon Petroleum also bought natural gas liquids pipelines and four marketing terminals in the Southeast United States.

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