PBF Energy

From Wikipedia, the free encyclopedia
PBF Energy Inc.
TypePublic company
IndustryPetroleum industry
Founded2008
Headquarters
Parsippany, New Jersey
,
U.S.
Key people
Thomas J. Nimbley, CEO; Matthew C. Lucey, Vice President, Finance
Number of employees
3,442 (2019)
Websitepbfenergy.com

PBF Energy Inc. is a petroleum refiner and supplier of unbranded transportation fuels, heating oils, lubricants, petrochemical feedstocks, and other petroleum products. Headquartered in Parsippany, New Jersey, the company's refineries include facilities in Chalmette, Louisiana, Toledo, Ohio, Port of Paulsboro in Gibbstown, New Jersey, the Delaware City Refinery in Delaware City, the former ExxonMobil refinery in Torrance, California, and the former Shell refinery in Martinez, California. PBF produces a range of products including gasoline, ultra-low-sulfur diesel (ULSD), heating oil, jet fuel, lubricants, petrochemicals and asphalt.[1][2][3]

History & acquisitions[]

PBF was formed in 2008 as a joint venture by Petroplus Holdings and the private equity companies Blackstone Group and First Reserve, each committing $667 million in equity.[4] In September 2010 Petroplus announced plans to sell its 32.62 percent stake to its partners for $91 million as PBF acquired the Paulsboro refinery from Valero Energy.[5][6] PBF then acquired the Toledo refinery from Sunoco in December 2010 for approximately $400 million.[7] PBF went public in December 2012 with a $533 million initial public offering.[8]

In 2015 PBF acquired the 189,000 BPD Chalmette, Louisiana refinery from ExxonMobil and its partner, the state-owned Petroleos de Venezuela, for $322 million, in a deal that included interests in chemical facilities, pipelines and other assets at the site located just ten minutes from downtown New Orleans.[9]

In July 2016, PBF acquired the 155,000 BPD ExxonMobil refinery in Torrance, California for $537.5M. The acquisition included ownership interests in several crude gathering and transportation pipelines, product pipelines, products terminals and crude and products storage facilities, and increased PBF's total throughput capacity to approximately 900,000 barrels per day, making it the fourth largest independent refiner in North America.[10]

PBF's refineries in Paulsboro (NJ) and Delaware City (DE) have been cited by environmentalists for processing crude oil from the Amazon River Basin in South America. In 2015, the Delaware City and Paulsboro refineries were processing more than 3,300 and 2,666 barrels per day of crude originating in the Amazon, respectively.[11] The company had 3,165 employees as of 2017 with annual revenue of $21,787 million.[12]

2019 June 11 PBF agrees to purchase Shell Martinez refinery.

References[]

  1. ^ "PBF Energy". The New York Times. Retrieved 2013-08-21.
  2. ^ "PBF Energy". Hot Stock Marker. Retrieved 2013-08-21.
  3. ^ "PBF Energy (PBF)".
  4. ^ "Petroplus Announces Formation of Growth Vehicle for U.S. Refinery Acquisitions". First Reserve. 27 February 2008. Archived from the original on 8 August 2014.
  5. ^ Dealbook (27 September 2010). "Petroplus to Exit PBF Energy Venture". The New York Times.
  6. ^ "PBF to Acquire Valero Energy Refinery in Paulsboro, N.J." Noria News Wires. 27 September 2010. Archived from the original on 25 November 2010. Retrieved 30 July 2014.
  7. ^ Buhayar, Noah (2 December 2010). "PBF Energy Agrees to Buy Sunoco's Toledo Refinery". Bloomberg.
  8. ^ "PBF Energy Prices Initial Public Offering". First Reserve. 13 December 2012. Archived from the original on 1 July 2015. Retrieved 30 July 2014.
  9. ^ "N.J. Energy Company to buy Oil Refinery for $322M". Associated Press. 19 June 2015.
  10. ^ "PBF Energy Completes Acquisition of the Torrance Refinery and Related Logistics Assets". 1 July 2016. Retrieved 2017-02-10.
  11. ^ From Well to Wheel: The Social, Environmental, and Climate Costs of Amazon Crude (PDF). Amazon Watch. 2016. p. 7. Retrieved April 9, 2018.
  12. ^ "PBF Energy". Fortune. Retrieved 2018-11-18.

External links[]


Stub icon

This article about a natural gas or petroleum-related company is a stub. You can help Wikipedia by .

  • v
  • t
Retrieved from ""