Deal description: bp has reached an agreement to sell its 50% interest in the bp-Husky Toledo Refinery in Ohio to Calgary-based Cenovus Energy Inc., its joint venture partner in the facility.

Under the terms of the deal, Cenovus will pay $300 million for bp’s stake in the refinery, plus the value of inventory, and take over operations when the transaction closes, which is expected to occur later in 2022. bp and Cenovus will also enter into a multi-year product supply agreement.

The bp-operated refinery, which can process up to 160,000 barrels of crude oil per day, has been an important part of the region’s economy for more than 100 years, supporting jobs and safely supplying gasoline, diesel and other essential fuels and products.

Baker Botts is representing bp.

The company’s press release may be found here.

Baker Botts Lawyers/Offices involved:

Global Projects: Dan Mark (Partner, Houston), Kyle Doherty (Senior Associate, Houston), Gabbi Feldman (Associate, Houston), Ryan Chastain (Associate, Houston)

Energy Regulatory: Emil Barth (Partner, Washington, D.C.)

Litigation: Meghan McElvy (Partner, Houston)

Real Estate: Chris Wilson (Partner, Houston), Emily Quiros (Associate, Houston)

Tax: Michael Bresson (Partner, Houston), Jared Meier (Senior Associate, Houston)

Intellectual Property: Paul Morico (Partner, Houston)

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