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.