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.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • The Top 5 Safety and Technology Trends to Watch in 2019

    Get the latest on trends you can expect to hear more about in 2019, including continued growth of mobile safety applications, wearable technology, and smart PPE; autonomous vehicles; pending OSHA recordkeeping rulemaking; and increased adoption of international safety standard, ISO 45001.

  • Get the Ultimate Guide to OSHA Recordkeeping

    OSHA’s Form 300A posting deadline is February 1! Are you prepared? To help answer your key recordkeeping questions, IndustrySafe put together this guide with critical compliance information.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We’ve put together a guide on key safety training topics, requirements for certifications, and answers to common training questions.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Industry Safe

OH&S Digital Edition

  • OHS Magazine Digital Edition - January 2019

    January 2019

    Featuring:

    • PREVENTING ERRORS
      Production vs. Safety 
    • EMERGENCY SHOWERS & EYEWASH
      Meeting the Requirements for Emergency Equipment
    • CONSTRUCTION SAFETY
      The State of Contractor Safety
    • FOOT PROTECTION
      The Three Keys to Effective Chemical Management
    View This Issue