BP in talks with Marathon about the sale of Texas City Refinery

September 20, 2012

BP PLC (NYSE: BP), the third-largest energy company, is in talks to sell its huge Texas City, Texas, refinery to Marathon Petroleum Corp. (NYSE: MPC) to help pay for the cost of the 2010 Deepwater Horizon oil spill, the Financial Times reported.

The refinery could sell for as much as $2.5 billion, an unnamed source told FT. The Texas City refinery processes 475,000 barrels per day and is the third largest in the U.S. BP produced around 920 million barrels of oil and gas in 2011.

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