Marathon Petroleum, BP Strike $2.5B Deal Over Texas City Refinery

October 11, 2012

Shares of Marathon Petroleum (MPC) climbed more than 7% to an all-time high of $59.74 on Monday after the petroleum refiner said it inked a deal to buy BP’s (BP) 451,000 barrel per day Texas City refinery.
 
The purchase will run Marathon up to $2.5 billion, including a base price of $598 million plus inventories estimated at $1.2 billion. The company may also be responsible for another $700 million over six years, subject to certain conditions.

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