The purchase elevates Marathon Petroleum to the number four spot among U.S. refiners. The Findlay, Ohio-based company launched last year, when Houston’s Marathon Oil spun off its downstream operations. Andrew Lipow is an industry consultant based in Houston.
“For Marathon, it’s a huge expansion of their refining capacity, especially concentrated throughout markets in the Southeast.”
The Texas City refinery has a troubled history. A 2005 fire and explosion at the plant killed fifteen workers and injured nearly 200 others.
“As far as the community of Texas City goes, they can be assured that Marathon is going to continue to operate that facility.”
BP has been trying to sell refining and other assets to help cover costs associated with the 2010 Deepwater Horizon explosion and oil spill. The sale marks BP’s withdrawal from refining along the Gulf Coast.