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Share Price Information for BP (BP.)

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Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
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Marathon suit attempt to renegotiate Texas City purchase terms -BP

Tue, 11th Oct 2016 18:51

Oct 11 (Reuters) - BP Plc on Tuesday said it wouldvigorously defend itself against a federal civil suit byMarathon Petroleum Corp alleging that it had failed todeliver a Texas oil refinery and three products terminals in thecondition promised under a $2.4-billion sales agreement signedin 2012.

"This suit is nothing more than an attempt by Marathon torenegotiate the terms of the Texas City refinery purchase ofalmost four years ago," Geoff Morrell, BP's senior vicepresident of U.S. communications and external affairs, said inan emailed statement.

Marathon took over the 459,000 barrel-per-day (bpd) refineryin Texas City, Texas, and terminals when the transaction closedon Feb. 1, 2013, and began finding problems that breached thesale agreement, according to the lawsuit filed on Monday.

When sold in 2013, the Texas City refinery fulfilled theterms of the sale agreement and met all commitments BP had madeto federal regulators, Morrell said, adding BP tried to resolveMarathon's complaints through mediation.

"It is disappointing that immediately following the firstmediation session, Marathon chose to go to court."

Marathon also alleged BP planned to carry out an overhaul ofan aromatics recovery unit prior to the sale being complete, butdid not do so after signing the sale agreement, according to thelawsuit.

However, BP said it spent billions of dollars in the yearsbefore the sale to upgrade the Texas City refinery.

"Marathon insisted on and received a discounted sales priceso it could make some additional capital investments," Morrellsaid. "Marathon conducted extensive due diligence and was givenvirtually unrestricted access to documents and equipment at therefinery."

The BP Texas City refinery was the site of a March 23, 2005,explosion that killed 15 workers and injured 180 others. BP wasfined $84.6 million by the U.S. Occupational Safety and HealthAdministration between 2005 and 2012 for safety rules violationsfound at the refinery in investigations following the blast.

BP pleaded guilty to a federal environmental law violationand paid $50 million to the U.S. Justice Department in 2009. BPalso paid more than $2 billion to settle lawsuits stemming fromthe 2005 explosion.

Monday's lawsuit was filed in the U.S. District Court forSouthern Texas in Galveston, Texas by Marathon subsidiaryMarathon Petroleum Co LLC against BP subsidiaries BP ProductsNorth America Inc and BP Pipelines (North America) Inc. (Reporting by Erwin Seba in Houston and Vijaykumar Vedala inBengaluru)

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LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

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TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

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LONDON MARKET OPEN: BP jumps after unveiling share buyback

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BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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BP appoints Kate Thomson as its permanent finance chief

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TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

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LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

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LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

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New UK oil and gas exploration licences approved in the North Sea

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LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

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UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
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GSK PLCFull Year Results
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NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
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JTC PLCTrading Statement
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TClarke PLCTrading Statement
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YouGov PLCTrading Statement
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Home REIT PLCTrading Statement
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Trident Royalties PLCTrading Statement
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Tuesday 6 February 
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BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
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