Pillsbury Steers Tesoro In $2.5B Purchase Of BP SoCal Units

Law360, New York (August 13, 2012, 5:03 PM EDT) -- Texas energy company Tesoro Corp. has agreed to acquire the Southern California refining and marketing operations of BP PLC, including the state's largest oil refinery, for roughly $2.5 billion, both companies said Monday.

Tesoro will acquire BP's Southern California operations for $1.18 billion, plus the value of BP's inventory when the deal closes. The expected value of the inventory is $1.3 billion, the San Antonio-based energy company said.

The deal is expected to close in mid-2013 and includes BP's refinery in Carson, Calif., a 266,000-barrel-a-day facility...
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