BP selling huge Texas refinery

Investor's Business Daily

In a move that offloads what has been a headache for BP (BP) but could be a boon to buyer Marathon Petroleum (MPC), Marathon agreed to pay up to $2.5 bil for BP's Texas City refinery. BP had been looking for a buyer to help raise money to pay fines associated with the Deepwater Horizon oil spill in '10. The refinery, one of the nation's biggest, has been plagued by safety problems in the past. With the purchase, Marathon would boost its capacity nearly 40%, analysts said. BP shares rose 0.3% to 42.26. Marathon shares rose 5.6% to 57.92.

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