Marathon Petroleum (MPC) agrees to purchase BP's 451K bbl/day Texas City refinery, three...

|About: Marathon Petroleum Corp. (MPC)|By:, SA News Editor

Marathon Petroleum (MPC) agrees to purchase BP's 451K bbl/day Texas City refinery, three intrastate natural gas pipelines and other assets for $598M, plus inventories estimated at $1.2B; an earnout provision could mandate MPC pay up to $700M more over six years. MPC expects the transaction to be accretive to earnings in the first year of operation. MPC +1.7%, BP -0.3% premarket.