Posted in: Gas Prices,
by Patrick DeHaan on Feb 7, 2011 08:17 AM
Last week in a call with analysts, BP CEO Bob Dudley said 2011 will be "a year of consolidation for BP", saying the new year will be a time for the company "to get back on its feet." As part of this consolidation, BP plans to sell ARCO and several refineries.
Many motorists west of the Rockies have known ARCO for quality fuel and their cash only approach, which the discount chain is proud of. According to GasBuddy numbers, ARCO has over 1,300 branded stations in five states- California, Oregon, Nevada, Arizona, and Washington.
While BP plans to sell ARCO branded stations and stores, they will retain rights in Northern California, Oregon, and Washington. According to news reports, BP will lease back the rights to stations in the NoCal and Northwest markets.
Could this mean the end to the cash-only discounted goodness motorists have come to love? It could be, depending on what potential suitors want to do. BP hopes to have a buyer close on an agreement by 2012.
In addition, BP plans to find buyers for its massive Texas City refinery, where a blast in 2005 killed several contractors. The facility is currently the third largest in the United States. Also on the chopping block is BP's Carson City facility. BP plans to focus on its Whiting, Indiana, Toledo, Ohio, and Cherry Point, Washington refineries.