November 2012, Vol. 239 No. 11

In The News

Marathon Buying BPs Texas City Refinery

Marathon Petroleum Corp. will buy BP’s Texas City refinery, one of the largest and most complex in the U.S., in a deal that could reach $2.5 billion. The refinery was the scene in 2005 of a fatal fire and explosion. Marathon will pay $598 million for the refinery itself and other nearby pipelines and fuel terminals. It will pay $1.2 billion for the plant’s inventory of oil and petroleum products and may have to pay another $700 million over six years if certain unspecified conditions are met. BP PLC been trying to sell refining and other assets to help cover costs associated with the 2010 Deepwater Horizon explosion and oil spill. Since 2010, BP has agreed to sell $

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