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Tesoro's (TSO +9.2%) $2.5B purchase of BP's California refinery looks cheap: at ~15% of its...

Tesoro's (TSO +9.2%) $2.5B purchase of BP's California refinery looks cheap: at ~15% of its replacement value vs. the industry norm of 25%-30% after factoring in plans to sell certain assets in the deal to its MLP (TLLP), a consultant tells Bloomberg. Analysts say refiners like TSO have more upside given the discount available to buyers of U.S. crude, which still trades well below Brent crude.
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