BP Sells Texas Refinery, But $598M Price Disappoints

Law360, New York (October 9, 2012, 4:46 PM EDT) -- BP PLC on Monday agreed to sell a Texas refinery and related assets to Marathon Petroleum Corp. for up to $2.5 billion, a boon to its $38 billion slim-down strategy but well below the price it predicted when it put the refinery up for sale 20 months ago.

Marathon Petroleum, the refining arm spun off of Marathon Oil Corp. last year, will pay $598 million for the Texas City refinery and $1.2 billion for its oil inventory. Marathon could pay an additional $700 million over the...
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