BP to sell Texas City and Carson refineries

BP has announced that it is to sell its Texas City and Carson refineries in the US.

The company said it will divest the assets as going concerns and, subject to regulatory and other approvals, expects to complete its sale by the end of 2012.

It also said it will pay a dividend of $0.07 (£0.04) per share for the fourth quarter of 2010.

BP’s underlying replacement cost profit for the fourth quarter of 2010 was $4.4bn before non-operating items and fair value accounting effects.

For the full year, the reported result was a loss of $4.9bn, including a total pre-tax charge related to the Gulf of Mexico oil spill of $40.9bn.