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BP reportedly in talks to sell Texas City refinery to Marathon Petroleum

Bizjournal --

BP Plc (NYSE: BP) has been discussing selling its Texas City refinery to Ohio-based Marathon Petroleum Corp. (NYSE: MPC), sources familiar with the matter told the Financial Times.

One source told the Financial Times that the two had been in talks for months, and another said the refinery could sell for up to $2.5 billion. However, it is unclear if the companies will reach a deal, the Financial Times reports.

After BP found a buyer for its Southern California refinery last month, analysts expected the company to step up its previously announced plans to sell the Texas City refinery by the end of the year.

In recent months, BP has sold off billions in “nonstrategic” assets — including Gulf of Mexico oil and gas assets to Plains Exploration & Production Co. (NYSE: PXP) for $5.55 bill

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Submitted Sep 19, 2012 By: mastermariner

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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Sep 23, 2012 7:06:38 AM Ignore honda0105 Report Abuse BP's bad corporate attitude is finally starting to come back and bite it in the rear.
Mark8601 All-Star Author Bakersfield Posts:929 Points:397,035 Joined:Dec 2011	Message Posted: Sep 19, 2012 4:17:17 PM Ignore Mark8601 Report Abuse Fun times for BP!
PDQBlues Champion Author San Diego Posts:7,209 Points:1,475,050 Joined:Jan 2009	Message Posted: Sep 19, 2012 2:25:17 PM Ignore PDQBlues Report Abuse It would seem that devastating the environment with a massive oil spill does have its financial problems. Bye bye, BP.
zwsn01 All-Star Author Alabama Posts:692 Points:464,195 Joined:Jan 2012	Message Posted: Sep 19, 2012 8:23:33 AM Ignore zwsn01 Report Abuse TC was the site that had the massive explosion a few years ago. Now, plant all over the country have to move everyone out of the blast zone. Thanks.
Sneakers55 Champion Author Houston Posts:51,848 Points:2,168,625 Joined:Nov 2005	Message Posted: Sep 19, 2012 7:39:49 AM Ignore Sneakers55 Report Abuse On Sep 18, 2012 11:35:52 PM, GasholeMI wrote: >If one company buys another refinery, there are still the same number >of refinerys. What we need is more refineries. Since the BP Texas City Refinery is adjacent to the Marathon Petroleum Texas City Refinery, they can tie them together and likely debottleneck one or more of them. And, as a combined refinery under Marathon command and control, they will run MUCH more safely than they did under BP.
gs7101 Champion Author San Antonio Posts:5,653 Points:395,795 Joined:Jun 2009	Message Posted: Sep 19, 2012 7:33:25 AM Ignore gs7101 Report Abuse Enough of BP already!
Martinman Champion Author Mississippi Posts:14,869 Points:2,119,580 Joined:Sep 2005	Message Posted: Sep 19, 2012 7:08:08 AM Ignore Martinman Report Abuse [Church Lady] Well... Maybe you Texans will get to enjoy a little bit of that Marathon/Speedway weekly 'price-spiking'. Well, isn't that special...! [/Church Lady] The British Petroleum Texas City refinery is one of the super-refineries, in that is it can refine up to 475,000 bpd (barrels per day), it is just west of Marathon's much smaller 76,000 bpd refinery in Texas City.
Rockinrobby Veteran Author Tallahassee Posts:444 Points:276,990 Joined:Mar 2011	Message Posted: Sep 19, 2012 6:15:02 AM Ignore Rockinrobby Report Abuse ok
ClarkSC Champion Author South Carolina Posts:3,214 Points:1,038,130 Joined:May 2010	Message Posted: Sep 19, 2012 6:13:42 AM Ignore ClarkSC Report Abuse Sell it.
Radar1992 Champion Author Florida Posts:1,460 Points:336,890 Joined:Dec 2011	Message Posted: Sep 19, 2012 6:08:35 AM Ignore Radar1992 Report Abuse Interesting News....
werich44 Champion Author California Posts:1,996 Points:495,695 Joined:Jun 2011	Message Posted: Sep 19, 2012 3:37:28 AM Ignore werich44 Report Abuse Good, get BP out of this country.
greywolves Champion Author Las Vegas Posts:8,804 Points:2,454,850 Joined:Dec 2004	Message Posted: Sep 19, 2012 3:21:25 AM Ignore greywolves Report Abuse bp is getting out of its non verticalized refining business. marathon is looking for refining and export capacity for canadien oilsands product coming down the soon to be expanding xl pipeline for export. the price has to be right though. marathon will have to invest over a billion in upgrades to handle canadien product. its product must be for export because u s demand will continue to drop and the current refinery is operating at only 80% of capacity
emcGas All-Star Author College Station Posts:992 Points:282,395 Joined:Apr 2011	Message Posted: Sep 19, 2012 12:19:44 AM Ignore emcGas Report Abuse ok
leraar2 Champion Author Massachusetts Posts:3,899 Points:814,405 Joined:Mar 2011	Message Posted: Sep 18, 2012 11:44:12 PM Ignore leraar2 Report Abuse BP strapped for cash?
CarefreeVT Champion Author Burlington Posts:1,901 Points:282,230 Joined:Aug 2012	Message Posted: Sep 18, 2012 11:43:44 PM Ignore CarefreeVT Report Abuse I'll buy it for a dollar...
outlaw329 Champion Author Austin Posts:7,734 Points:1,399,640 Joined:Aug 2008	Message Posted: Sep 18, 2012 11:43:08 PM Ignore outlaw329 Report Abuse Anyone but bp owning it will be good.
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: Sep 18, 2012 11:42:53 PM Ignore frostyWV Report Abuse more money for cleanups.
granitestater Champion Author New Hampshire Posts:8,980 Points:1,458,450 Joined:Oct 2008	Message Posted: Sep 18, 2012 11:42:35 PM Ignore granitestater Report Abuse "Speculation" is a bogus term. It's like betting on blackjack. You don't control the cards. Speculators only get what the refiners are willing to pay...
rawdog1313 Champion Author Lexington Posts:3,439 Points:1,670,505 Joined:May 2008	Message Posted: Sep 18, 2012 11:39:44 PM Ignore rawdog1313 Report Abuse Build even more Refineries and Regulate Oil Speculation for lower gas prices!
don10 Champion Author North Carolina Posts:1,674 Points:338,055 Joined:Jun 2012	Message Posted: Sep 18, 2012 11:38:36 PM Ignore don10 Report Abuse ok
jtfftj Champion Author New Hampshire Posts:2,214 Points:1,273,840 Joined:Sep 2005	Message Posted: Sep 18, 2012 11:38:16 PM Ignore jtfftj Report Abuse I agree. More domestic refineries processing domestic crude. I don't care who owns the refinery, just so it is operating here.
Rooster922 Champion Author Wilmington Posts:3,925 Points:682,795 Joined:Jan 2009	Message Posted: Sep 18, 2012 11:38:02 PM Ignore Rooster922 Report Abuse Good, make my day.
Rageagainsttm Champion Author Tampa Posts:8,422 Points:1,927,885 Joined:Jul 2007	Message Posted: Sep 18, 2012 11:37:27 PM Ignore Rageagainsttm Report Abuse nice
gabfiore Sophomore Author San Diego Posts:151 Points:90,225 Joined:Apr 2012	Message Posted: Sep 18, 2012 11:37:02 PM Ignore gabfiore Report Abuse BP has a long loooong road ahead of them for accountability, but if selling and keeping the interests here on U.S. soil is the outcome...then yes, keep the jobs, production, etc here at home!
GasholeMI Champion Author Lansing Posts:10,274 Points:1,745,015 Joined:Jul 2008	Message Posted: Sep 18, 2012 11:35:52 PM Ignore GasholeMI Report Abuse If one company buys another refinery, there are still the same number of refinerys. What we need is more refineries.
don10 Champion Author North Carolina Posts:1,674 Points:338,055 Joined:Jun 2012	Message Posted: Sep 18, 2012 11:35:11 PM Ignore don10 Report Abuse ok
Badmoon Champion Author Massachusetts Posts:8,443 Points:1,678,215 Joined:Oct 2008	Message Posted: Sep 18, 2012 11:34:05 PM Ignore Badmoon Report Abuse They have to pay their law suits and fines.
Kawibiker Champion Author Illinois Posts:1,221 Points:215,465 Joined:May 2012	Message Posted: Sep 18, 2012 11:31:49 PM Ignore Kawibiker Report Abuse Yes, they probably need to sell off, so they can pay for all the damage they did in the gulf and elsewhere.. fines etc..
craigsf38 Champion Author Rochester Posts:5,848 Points:1,536,980 Joined:Jun 2008	Message Posted: Sep 18, 2012 11:31:33 PM Ignore craigsf38 Report Abuse Good we don't want em here anyways. They can't manage anything anyways
emcGas All-Star Author College Station Posts:992 Points:282,395 Joined:Apr 2011	Message Posted: Sep 18, 2012 11:31:29 PM Ignore emcGas Report Abuse ok
jkpsr Champion Author New Jersey Posts:4,207 Points:1,127,915 Joined:Jun 2005	Message Posted: Sep 18, 2012 11:29:45 PM Ignore jkpsr Report Abuse BP needs to become in a more liquid posture to prepare for the coming law suits from the Gulf blowout.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,093,950 Joined:Mar 2004	Message Posted: Sep 18, 2012 11:28:37 PM Ignore miser709 Report Abuse So
jem069 Champion Author Detroit Posts:2,679 Points:714,780 Joined:Jan 2011	Message Posted: Sep 18, 2012 11:25:30 PM Ignore jem069 Report Abuse Ok
langolera Champion Author Akron Posts:1,901 Points:693,530 Joined:Sep 2005	Message Posted: Sep 18, 2012 11:25:28 PM Ignore langolera Report Abuse so what
EVBuddy Champion Author Nevada Posts:16,830 Points:3,058,320 Joined:Sep 2004	Message Posted: Sep 18, 2012 11:23:59 PM Ignore EVBuddy Report Abuse doesn't mean anything to me
JohnofGB Champion Author Flint Posts:5,561 Points:1,123,895 Joined:Feb 2010	Message Posted: Sep 18, 2012 11:23:56 PM Ignore JohnofGB Report Abuse Probably need the money to pay for all of the damage they have done in the Gulf.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Sep 18, 2012 11:23:42 PM Ignore tedjm1 Report Abuse non-strategic?????
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Sep 18, 2012 11:22:55 PM Ignore boatfloyd Report Abuse BP is trying to raise more cash for the oil spill.
Hi1 Champion Author Ontario Posts:4,995 Points:1,752,310 Joined:Jun 2007	Message Posted: Sep 18, 2012 11:21:37 PM Ignore Hi1 Report Abuse Okay.
10k Champion Author North Carolina Posts:21,485 Points:2,281,720 Joined:May 2006	Message Posted: Sep 18, 2012 11:21:33 PM Ignore 10k Report Abuse maybe they know what nobama is trying to do: create a depression, so they are selling the cows while the milk is still good.. bah ??.. [Edited by: 10k at 9/19/2012 12:22:31 AM EST]
doeslayersr Champion Author Illinois Posts:9,298 Points:898,730 Joined:Dec 2010	Message Posted: Sep 18, 2012 11:20:16 PM Ignore doeslayersr Report Abuse It is better the refineries in the USA, be owned by an American company such as Marathon.
viperND Champion Author South Bend Posts:3,452 Points:762,665 Joined:Apr 2011	Message Posted: Sep 18, 2012 11:20:11 PM Ignore viperND Report Abuse bah
tttmikeb All-Star Author St. Louis Posts:685 Points:212,230 Joined:Sep 2008	Message Posted: Sep 18, 2012 11:19:12 PM Ignore tttmikeb Report Abuse ok
millerin Champion Author Orlando Posts:2,332 Points:487,315 Joined:Jan 2012	Message Posted: Sep 18, 2012 11:19:11 PM Ignore millerin Report Abuse what?
obimerrill Champion Author Cincinnati Posts:1,580 Points:317,415 Joined:Jul 2012	Message Posted: Sep 18, 2012 11:16:52 PM Ignore obimerrill Report Abuse Clearing out their US assets...will they depart North America entirely because of the regulations and litigation?
jimgraham Champion Author Akron Posts:10,509 Points:2,007,380 Joined:Oct 2007	Message Posted: Sep 18, 2012 11:16:26 PM Ignore jimgraham Report Abuse They are facing a BIG bill for the Gulf debacle. And maybe another one in Norway. And they probably fear the market is going to crash soon, so they are selling while the market is still there.
Vette1967 Champion Author Albany Posts:6,107 Points:1,303,700 Joined:Jun 2009	Message Posted: Sep 18, 2012 11:16:22 PM Ignore Vette1967 Report Abuse Sounds more like a rich mans version of a garage sale.
Ltdc Champion Author Long Island Posts:7,350 Points:1,703,095 Joined:Jul 2007	Message Posted: Sep 18, 2012 11:14:21 PM Ignore Ltdc Report Abuse Selling assets to pay liability claims.
Blue_Cruzer Champion Author Lexington Posts:7,660 Points:1,697,285 Joined:Mar 2007	Message Posted: Sep 18, 2012 11:12:14 PM Ignore Blue_Cruzer Report Abuse What's BP's motive behind all this selling?
Bigwaynef Champion Author South Carolina Posts:11,674 Points:2,108,435 Joined:Dec 2006	Message Posted: Sep 18, 2012 11:11:05 PM Ignore Bigwaynef Report Abuse As long as the sales continue here...