BP To Sell U.S. Refineries

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BP, Europe's second-largest oil company, said it plans to sell two U.S. refineries, halving its U.S. exposure to that business as the company attempts to raise more cash through asset sales and focus more processing heavy crude oil. The company has been selling assets to pay for expenses related to the 2010 Gulf of Mexico oil spill.

BP (BP) said it will sell its Carson, California and Texas City, Texas refineries along with other downstream assets in Arizona, Nevada and southern California by the end of next year, according to Bloomberg News.

The Carson refinery has daily capacity up to 265,000 barrels. The Texas City refinery is BP's largest in the U.S. and can process up to 475,000 barrels per day. That refinery was home to a 2005 explosion that killed 15 workers and injured more than 170 others in an accident that is widely pointed to as an early indication of BP's less-than-stellar safety record.

Press reports did not mention potential buyers for the refineries. BP, the largest oil and natural gas producer in the U.S., will still own refineries in Indiana and Washington and a 50% stake in a refinery in Ohio.