Marathon Petroleum Corp struck a deal to purchase BP Plc's Texas City refinery and related infrastructure for up to $2.5 billion, a purchase that will make Marathon the fourth-largest U.S. refiner and give it a bigger potential slice of the market for refined product exports.Marathon said on Monday it had agreed to buy the 451,000-barrels-per-day refinery, the fifth-largest in the country, as well as the plant's inventory, three intrastate natural gas liquids pipelines, four terminals and other assets.The news sent shares in Marathon to a record high of $60.04 on the New York Stock Exchange. Since the stock began trading in June 2011, it has risen nearly 50 percent.The base purchase price is $598 million, plus inventories estimated at $1.2 billion, Marathon said.
Marathon Petroleum Corporation (MPC) is a petroleum product refiners, transporters and marketers in the United States. Shares of MPC traded higher by 5.28% or $2.895/share to $57.76. In the past year, the shares have traded as low as $30.24 and as high as $56.92. On average, 3021180 shares of MPC exchange hands on a given day and today's volume is recorded at 6136345.
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