Stock Market & Financial Investment News

News Breaks February 1, 2013 11:48 EDT MPC, BP Marathon Petroleum announces purchase of BP's Texas City refinery Marathon Petroleum (MPC) announced that it has closed the transaction with BP (BP) to purchase several assets, including a 451,000 barrel per calendar day refinery located in Texas City, Texas. Additionally, the transaction includes a 1,040 megawatt cogeneration facility, four light product terminals located in the Southeast, retail marketing contract assignments for approximately 1,200 branded sites representing approximately 61,000 barrels per day of gasoline sales, three operating intrastate natural gas liquids pipelines originating at the refinery and a 50,000 bpd allocation of BP's Colonial Pipeline Company shipper history. The transaction was initially announced on Oct. 8, 2012. The base purchase price is approximately $598M, plus inventories valued at approximately $1.1B. The agreement also contains an earnout provision under which MPC could pay up to an additional $700M over six years, subject to certain conditions. The transaction is expected to be accretive to earnings in the first year of operation. News For MPC;BP From The Last 14 Days Check below for free stories on MPC;BP the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 23, 2013 07:47 EDT BP Restrictions may force BP to surrender KG basin block, Economic Times reports Subscribe for More Information May 22, 2013 09:43 EDT BP BP plans to increase production, investment in Iraq, DJ reports Subscribe for More Information 07:49 EDT BP BP fights "unjustified" Gulf oil spill payments, FT reports Subscribe for More Information May 20, 2013 08:08 EDT BP EU to review fracking concerns, Reuters reports Environmental concerns over the practice of hydraulic fracturing to get at shale gas will be on the EU's agenda this year, EU Energy Commissioner Guenther Oettinger told the German newspaper Die Welt, reports Reuters. Reference Link 05:40 EDT BP U.S. oil futures rally as many commodities decline, WSJ reports Subscribe for More Information May 17, 2013 16:21 EDT BP On The Fly: Closing Wrap Subscribe for More Information 13:09 EDT BP Tesoro receives FTC clearance for purchase of BP refining, marketing business Tesoro (TSO) announced that the Federal Trade Commission has cleared the company's planned acquisition of BP's (BP) fully integrated Southern California Refining and Marketing business and that Tesoro intends to close the acquisition during Q2. The clearance from the FTC came without any impacts to the assets or operations in the transaction as announced in August of last year. The purchase price of BP's assets is $1.075B, plus the market value of inventory, currently estimated at $1.3B. This amount includes a $100M purchase price reduction for the clearance with regulatory authorities. May 16, 2013 14:46 EDT BP Tesoro may take over BP California assets as soon as June 1, Reuters says Subscribe for More Information 14:32 EDT BP Tesoro may take ownership of BP Carson refinery, other assets as soon as June 1 Subscribe for More Information 07:37 EDT MPC Morgan Stanley to host a conference Refining Corporate Access Day is being held in New York on May 16. 07:11 EDT BP BP wants PM Cameron to discuss Gulf compensation with U.S., Reuters reports Subscribe for More Information 06:08 EDT BP On the Fly: Periodicals Wrap-Up Subscribe for More Information May 15, 2013 17:18 EDT MPC BP Capital gives quarterly update on stakes Subscribe for More Information 08:38 EDT BP WTI crude falls for a fith consecutive day, Bloomberg reports Subscribe for More Information 05:55 EDT BP EU inspects firms in oil investigation, WSJ reports EU antitrust authorities carried out unannounced inspections of energy giants BP (BP), Royal Dutch Shell (RDS.A) and Statoil (STO), escalating an investigation of alleged oil-price manipulation amid scrutiny of how prices are set in global financial markets, reports the Wall Street Journal. EU officials are investigating whether the three companies manipulated prices in the $2.5T physical-oil market by giving false data to an oil index publisher, the Platts unit of McGraw Hill Financial (MHFI). Platts's offices were also inspected.Reference Link May 14, 2013 11:08 EDT BP BP says involved in EC probe, cooperating with investigation, Bloomberg reports Subscribe for More Information 07:23 EDT MPC Oppenheimer to host a summit Subscribe for More Information 07:10 EDT BP IEA says North American oil will dominate world supply growth, WSJ reports Subscribe for More Information Sign up for a free trial to see the rest of the stories you've been missing.