Marathon Petroleum purchases BP's Texas City refinery and related logistics and marketing assets

Client(s) Marathon Petroleum Corporation

Jones Day advised Marathon Petroleum Corporation (MPC) in its purchase of BP's Texas City refinery, three intrastate NGL pipelines originating at the refinery, an allocation of BP's Colonial Pipeline Company shipper history, four terminals, retail marketing contract assignments for approximately 1,200 branded sites and a 1,040 megawatt cogeneration (cogen) facility for a base purchase price of $598 million, plus inventories estimated at $1.2 billion and an earnout provision under which MPC could pay up to an additional $700 million over six years, subject to certain conditions.

In addition to Energy and M&A representation, Jones Day provided real estate, intellectual property, tax, antitrust, environmental, labor, and employee benefits advice regarding this transaction.