This topic contains 2 replies, has 3 voices, and was last updated by Anonymous 9 years, 4 months ago.
August 14, 2012 at 10:14 am #1829
BP has agreed to sell its 266,000 bpd Carson refinery in California and related logistics and marketing assets in the region to Tesoro for $2.5 billion in cash. The amount includes the estimated value of hydrocarbon inventories and subject to post-closing adjustments.
May 20, 2013 at 1:19 pm #4476
Tesoro Corp. won federal and state clearance for its purchase of BP’s Carson refinery, Arco stations and other assets for $2.4 billion, an acquisition that would further concentrate the state’s fuel-making capacity into only two players — Tesoro and Chevron Corp.
The twin actions Friday were immediately blasted by consumer advocates as a disaster for California consumers, who already pay some of the nation’s highest gasoline and diesel prices.
Tesoro and Chevron would control more than half of the refining business in California, which the activist groups contend would allow the two companies to influence what customers pay at the pump.
That criticism came despite conditions laid down by California Atty. Gen. Kamala D. Harris that sought to preserve the Arco brand’s standing reputation as the low-price leader in the state’s gasoline market.
By Ronald D. White and Bettina Boxall, Los Angeles Times
May 17, 2013, 6:30 p.m.
May 22, 2013 at 12:21 pm #4474
The Tesoro purchase of BP Carson plant @ $2.5B – of course of that amount only ~$175MM is for Refinery, Coker, Calciner & Cogen assets which nets to ~15% of its replacement value. Rest $2.5B goes towards inventory (~$1.3B for Crude & Products) and Pipeline/Storage Assets plus Arco/ Brand Retail Distribution for CA/AZ/NV to Tesoro Logistics at extremely cheap value for remaining $1.01 B.
They are also going integrate the existing Tesoro Wilimington 97MBD plant to make Mega refinery 370MBD that they will then crunch down as they optimize and shutdown units to handle AB 32 GHG regulations. Tesoro will likely make short term shift towards more Shale Crude to replace some BP’s ANS & Iraq crudes at Carson. This will also impact the Carson Calcined coke quality.
They wont have 3 plants as they claim in article if they integrate their Wilmington refinery – it will only be 2, but the total capacity will rise 533MBD which puts it ~tie with Chevron at 575MBD .
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