BP commits to U.S. after Texas sale

10 09, 2012 by UPI

BP remains committed to the U.S. oil and natural gas sector despite the divestment of a Texas refinery, an executive said.

BP announced it sold its Texas City, Texas, refinery and some of its retail network in the southeastern United States to Marathon Petroleum Corp. for $2.5 billion.

Iain Conn, chief executive of BP's refining sector, said the divestment gives BP the opportunity to focus on its three other U.S. refineries.

"BP remains committed to supplying U.S. customers with the fuels, lubricants and petrochemicals they depend on while at the same time delivering long-term growth and profits to our shareholders and we are pleased to be delivering on the strategy we announced last year," he said.

The refinery in Texas City has the capacity to process 475,000 barrels of oil per day, making it one of the largest in the country.

An explosion at the facility in 2005 left 15 workers dead and 170 others injured. BP was accused of a string of criminal violations for neglecting environmental laws at the facility.

Marathon President Gary Heminger said BP has made significant investments in safety at the facility since the explosion.

"We will leverage those investments in the refinery with our continuing focus on safe and reliable operations," he said.