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Marathon Petroleum Corp. Buys $1.8B in assets from BP

The deal could require an additional $700 million payment

Marathon Petroleum Corp. (NYSE: MPC) will acquire integrated refining and marketing assets in Texas and the southeast U.S. from London-based BP plc (NYSE: BP) for about $1.8 billion.

The deal could also require up to $700 million in additional payments over a six-year period.

Findlay, Ohio-based Marathon Petroleum will purchase BP’s Texas City refinery, three intrastate pipelines and other assets through the deal.

The buyer has a crude-oil capacity of $1.2 million barrels per day with its six refineries.

Jones Day partner Jeff Schlegel led the legal team that advised Marathon.

 

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