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BP to Sell Refinery to Tesoro for $2.5 Billion

LONDON Oil giant BP PLC (BP, BP.LN) on Monday said it has reached agreement to sell its Carson, Calif., refinery and related logistics and marketing assets to Tesoro Corp. for $2.5 billion in cash. The deal will allow BP to focus operations and investments exclusively on its three northern U.S. refineries, which are crude feedstock advantaged, and their large and important marketing businesses. Under the agreement, which is subject to regulatory and other approvals, Tesoro will acquire the 266,000 barrel-a-day refinery near Los Angeles as well as the associated logistics network of pipelines and storage terminals and the ARCO-branded retail marketing network in Southern California, Arizona and Nevada. The sale also includes BP's interests in associated cogeneration and coke calcining operations. The closing is expected to happen before mid-2013. The deal brings the total value of the divestments that BP has agreed since the beginning of 2010 to $26.5 billion. This is part of its previously announced program to divest $38 billion of assets by the end of 2013. Write to Mark Shapland at mark.shapland@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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