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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 8 pages

Country: United States

Sector: Refining (Energy)
Marathon Petroleum to Acquire the Texas City Refinery from BP for $2.5 billion - Acquisition to Help MPC Increase its Refining Capacity and Strengthen its Retail Presence in the Southeastern US – Deal Analysis from GlobalData

Summary

Marathon Petroleum Corporation (MPC) has agreed to acquire the 451,000 barrels per day (bpd) Texas City refinery and a portion of its retail and logistics network in the southeastern US from BP p.l.c. (BP) for a purchase price of up to $2.5 billion. The price includes a base price of $598m, estimated hydrocarbon inventories worth $1.2 billion and a $700m six-year earn-out arrangement based on future margins and refinery throughput. MPC will fund the acquisition with its cash in hand. The acquisition will enable MPC to increase the size of its portfolio of refining assets and derive synergies across its existing Gulf Coast operations, optimize commercial and process improvements and expand its retail presence in the southeastern US. The acquisition is expected to be completed in early 2013, subject to customary closing conditions and regulatory approvals.

Scope

- Rationale behind Marathon Petroleum Corporation acquiring Texas City refinery from BP.
- Rationale behind BP divesting its stake in the Texas City refiney.
- Geography covered - the US

Reasons to buy

- To know about the gain of Marathon Petroleum Corporation (MPC) from the acquisition of Texas City refinery.
- Develop a sound understanding of increase in MPC's refining capacity and strengthening of its retail presence in the Southeastern US after the acquisition.
- To understand BP's business plan of divesting Texas Ctiy refinery and focusing in the refineries in the Northern tier of the US.
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