November 2012

Trends and Resources

HP Brief: Brief

Marathon Petroleum Corp. plans to purchase BP’s Texas City refinery and related assets Marathon Petroleum Corp. (MPC) has signed a definitive agreement to purchase BP’s 451,000-bpcd Texas Ci..

Thinnes, Billy, Hydrocarbon Processing Staff

Marathon Petroleum Corp. plans to purchase BP’s Texas City refinery and related assets Marathon Petroleum Corp. (MPC) has signed a definitive agreement to purchase BP’s 451,000-bpcd Texas City, Texas, refinery and associated natural gas liquids pipelines and four marketing terminals in the southeastern US. The base purchase price is $598 million, plus inventories estimated at $1.2 billion. The agreement also contains an earnout provision under which MPC could pay up to an additional $700 million over six years, subject to certain conditions. The acquisition is expected to be funded with cash on hand, and is anticipated to close early in 2013, subject to customary closing conditions

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