UPDATE: Tesoro Up 9%, Hits 52-Week High on Plans to Buy BP's Southern California Refineries


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Tesoro Corp. ( TSO ) shares are up 9.7% at $38.94 and touched a 52-week high of $39.23 following a company announcement that it would buy BP's Southern California refining and marketing business.

The sale price is $1.18 billion plus the value of inventory at the time of closing; inventory is currently valued at $1.3 billion.

Bloomberg News called it a "below average" price for the facilities, and said it gives Tesoro control of 23% of all refinery capacity in California, which has air-pollution regulations that are more stringent than most states.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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