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BP Sells US Assets To Offset Losses From 2010 Gulf Spill

BP Filling Station Signage
Oli Scarff, Getty Images

BP Filling Station Signage
Oli Scarff, Getty Images

BP announced today an agreement to sell its refinery in Carson, California and Arco retail outlets in southern California, Arizona and Nevada to Tesoro Corp.

 

Tesoro will pay $2.5 billion for the refinery, pipelines, storage terminals and Arco retail outlets in southern California, Arizona and Nevada. The sale also includes the Arco brand rights for northern California, Oregon and Washington BP will lease them back from Tesoro.

BP is also selling two gas processing plants in Texas.

The London Based company has reportedly sold or agreed to sell assets worth $26.5 billion since 2010. The company intends to reach a total  $38 billion by the end of next year to help offset the costs of the Macondo well blowout
in the Gulf of Mexico that killed 11 people on April 20th, 2010.

 

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