Cenovus Energy is buying the remaining 50% stake in the bp-Husky Toledo Refinery in Ohio from the British energy giant.
Cenvous will make a cash payment of $300 million (£248m) to bp and take over operations when the deal closes, which is expected later this year.
The two companies will also enter into a multi-year product supply agreement.
The bp-operated refinery can process up to 16,000 barrels of crude oil per year and has been supplying gas, diesel and other essential fuels and products.
The latest announcement follows the sale of bp’s interest in the Sunrise oil sands project in Alberta, Canada, to Cenovus and the acquisition of the latter company’s interest in the Bay du Nord project offshore Newfoundland and Labrador.
Dave Lawler, Chairman and President, bp America, said: “We are proud of the business we have built in Toledo, which has provided thousands of good-paying jobs and made significant contributions to Ohio’s economy and America’s energy security for decades.
“As our partner in Ohio, Cenovus is ideally placed to take this important business into the future.”