Draggingtree Posted June 6, 2012 Share Posted June 6, 2012 Galveston Daily News: Rumor mill in high gear over BP buyers By T.J. Aulds The Daily News Published June 6, 2012 TEXAS CITY — It’s been more than a year since BP announced it was seeking to sell its Texas City refinery. But just who is interested in buying one of the largest refineries in the country? One day, the rumor is Brazilian oil giant Petrobras. Then the word from inside the fence is that one of the country’s major airlines is looking to get into the refining business to control fuel costs. After last week’s grand opening of the $10 billion expansion of the Motiva refinery in Port Arthur — now the nation’s largest — word was the partnership between Saudi Arabia Refining Inc. and Royal Dutch Shell that built the 600,000-barrel-per day refinery also was eyeing BP’s 475,000 barrel per day Texas City refinery. All BP refinery manager Keith Casey will confirm is that the refinery is still for sale. And he acknowledges that most of the rumors about potential buyers are coming from those who work for the company. “I know it’s feeding a lot of rumors,” Casey said. “It’s actually inside the fence that’s feeding a lot of anxiety for folks. It’s a weird place to be operating right now with a little bit of uncertainty.” Now Valero, which already operates a 225,000-barrel-per-day refinery in Texas City, is supposedly looking at the BP refinery as an addition to its portfolio. Valero officials would not speak directly about the rumors but acknowledge the San Antonio-based company is always looking to add to its portfolio. “With all of the refineries that are on the market both in the U.S. and Europe, we would consider expanding our portfolio of assets but, Read More http://galvestondailynews.com/story/320094 Link to comment Share on other sites More sharing options...
Draggingtree Posted August 13, 2012 Author Share Posted August 13, 2012 BP sells Carson plant; no word on Texas City sale By T.J. Aulds The Daily News Published August 13, 2012 TEXAS CITY — BP announced early Monday an agreement to sell its Carson, Calif., refinery to the Tesoro Corporation for $2.5 billion. The company is still in the process of finding a buyer for its Texas City facility. For more than a year, BP has worked to find buyers for its California and Texas City refineries. It was unclear if the Carson refinery sale means an announcement regarding Texas City would be coming soon. BP spokesman Scott Dean said the sale of the Texas City plant was "in advanced discussions" and the company was on the path to announce a sale by the end of the year. He did not offer a more specific timeline. In February 2011, BP announced plans to refocus its refining and marketing business on its northern U.S.refineries and to find buyers for Carson and the Texas City refinery. Word of the California refinery sale is likely to kick speculation and read more http://galvestondailynews.com/story/334046 Link to comment Share on other sites More sharing options...
Draggingtree Posted September 20, 2012 Author Share Posted September 20, 2012 Report: Marathon eyes BP's Texas City refinery By T.J. Aulds The Daily News Published September 20, 2012 TEXAS CITY — Marathon Petroleum, which already operates an 80,000-barrel-per-day refinery in Texas City, is reportedly the leading contender to purchase BP’s 400,000-barrel-per-day refinery across the street. London’s Financial Times reported in Wednesday’s editions that Marathon and BP have been in talks for months and that the asking price for the refinery is about $2.5 billion. BP announced last year it was seeking to sell the Texas City refinery, which is the company’s most complex, as well as most troubled, facility. Speculation as to who would be looking to purchase the BP refinery has been a hot topic. Previous reports indicated that Valero, Shell and Brazilian oil company Petrobras read more http://galvestondailynews.com/story/348786 Link to comment Share on other sites More sharing options...
Draggingtree Posted September 22, 2012 Author Share Posted September 22, 2012 SEC filing fuels BP rumor mill TEXAS CITY — The Financial Times reported that Marathon Petroleum has secured a $2 billion loan, fueling rumors Marathon would buy BP's Texas City refinery. http://galvestondailynews.com/story/349278 Link to comment Share on other sites More sharing options...
Draggingtree Posted October 8, 2012 Author Share Posted October 8, 2012 Daily News Photo BP announced an agreement with Marathon Petroleum to purchase BP's Texas City refinery, which is among the 10 largest in the country, and retail assets for $2.5 billion. Marathon to buy BP Texas City in $2.5B deal By T.J. Aulds The Daily NewsPublished October 8, 2012 TEXAS CITY — BP announced Monday morning an agreement with Marathon Petroleum to purchase BP's Texas City refinery and some retail assets for $2.5 billion. The sale includes the refinery, which is among the 10 largest in the country, an on-site cogeneration electrical plant and a portion of BP's retail network in the southeast portion of the country. Marathon's purchase means that the Ohio-based oil refining company will own two refineries in Texas City. The existing 80,000 barrel per day refinery and BP's 451,000 barrel per day refinery. Marathon spokeswoman Angelia Grace said the company plans to operate the two facilities separately, likely with two different management teams, as it figures out what "synergies" can be found to streamline operations and control costs. During a conference call Monday morning, Marathon officials estimated that some of those synergies will translate to about $440 million in savings for the company within the first quarter that Marathon takes control of the BP facility. "This world-scale refinery and related assets complement our current geographic footprint and align well with our strategic initiative of growing in existing and contiguous markets to enhance our portfolio,” Marathon Petroleum CEO Gary R. Heminger said in a prepared statement. “We have a long-standing commitment to safe and environmentally-conscious operations. http://galvestondailynews.com/story/353298 Link to comment Share on other sites More sharing options...
Draggingtree Posted October 10, 2012 Author Share Posted October 10, 2012 Marathon: BP is 'different' refinery than in '05 By T.J. Aulds The Daily News Published October 10, 2012 TEXAS CITY — With its agreement to purchase BP’s Texas City refinery, Marathon Petroleum is buying one of the most complex — and troubled — refineries in the country. It’s also one that in the last decade has had a poor safety and environmental record. That includes a 2005 explosion that killed 15 contract workers and injured about 200 other people. Since the blast, BP has paid about $84 million in federal fines related to the fatal accident, including a $13 million settlement in July with the Occupational Safety and Health Administration that resolved all but one claim stemming from the 2005 explosion. OSHA and BP are still working through a dispute over standards used for pressure relief valves. In November, BP agreed to pay the state of Texas $50 million for http://galvestondailynews.com/story/353646 Link to comment Share on other sites More sharing options...
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