BP To Sell Refineries In Texas, Calif.

Law360, New York (February 1, 2011, 4:38 PM EST) -- BP PLC on Tuesday announced plans to sell two of its refineries, including the problem-plagued operation in Texas City, Texas, which would reduce the oil giant's refining capacity by 50 percent.

The company hopes to sell the Texas City and Carson, Calif. refineries and their associated integrated marketing businesses in Southern California, Arizona and Nevada by the end of 2012 in an effort to streamline its U.S. investments.

BP plans to focus on improving and upgrading the networks around its Whiting, Ind., and Cherry Point, Wash.,...
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