PBF Energy Announces Arrival of First Unit Train at Completed East Coast
Rail Facility and Additional Investment in New Rail Infrastructure
PARSIPPANY, N.J. -- February 4, 2013
PBF Energy Inc. (NYSE: PBF) announced today the completion of the second crude
oil unloading facility at its subsidiary’s Delaware City Refinery. The
construction of the 70,000 barrel per day (bpd) rail facility was announced in
mid-2012 and was completed on schedule and on budget. The first unit train of
Bakken crude oil is expected to discharge this week with seventeen more unit
trains scheduled to arrive in the next two weeks. With the completion of this
project, the Delaware City rail facilities are now capable of discharging
110,000 bpd of crude oil directly at the refinery – 40,000 bpd of heavy crude
oil and 70,000 bpd of light crude oil.
Tom Nimbley, PBF Energy’s Chief Executive Officer, said, “The completion of
this premier rail facility puts our East Coast refining system at a
competitive advantage compared to its Atlantic Basin peers. PBF is now able to
deliver significant quantities of cost-advantaged North American crude oils
directly to Delaware City at very competitive pricing.”
PBF Energy also announced that it has increased its previous guidance on the
quantity of Canadian heavy crude that it can process at its Delaware City
refinery. Based on the success the company has had running the Canadian heavy
crudes to date, PBF Energy plans to increase the discharge capacity of the
heavy crude rail unloading facility to 80,000 bpd. Mr. Nimbley further stated,
“We believe that Canadian heavy barrels will be the most economic barrels on
the market and we intend to take the necessary steps to maximize our exposure
to this advantaged crude.”
The new rail project should add an additional 40,000 bpd of heavy crude
unloading capability to the existing 40,000 bpd rail facility. The project is
anticipated to cost approximately $50 million and to be completed in the
fourth quarter of 2013. The project is expected to be approved at the
company’s February Board meeting.
PBF Energy further announced that it has entered into agreements for an
additional 2,000 coiled and insulated rail cars capable of handling heavy
crude oil and 500 general purpose cars. The 2,000 coiled and insulated cars
are expected to be delivered beginning in 2014 through the first quarter of
2015 and the 500 general purpose cars will be delivered in 2013. This will
bring PBF Energy’s total number of owned or leased coiled and insulated cars
to 3,600 and allow the company to move the previously mentioned 80,000 bpd of
Canadian heavy crude in its own rail cars.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North
America, operating, through its subsidiaries, oil refineries and related
facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio.
Our mission is to operate our facilities in a safe, reliable and
environmentally sensitive manner, provide employees with a safe and rewarding
workplace, become a positive influence in the communities where we do
business, and provide superior returns to our investors.
Statements in this press release relating to future plans, results,
performance, expectations, achievements and the like are considered
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve known
and unknown risks, uncertainties and other factors, many of which may be
beyond the company’s (PBF Energy Inc. and subsidiaries) control, that may
cause actual results to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking statements.
Factors and uncertainties that may cause actual results to differ include but
are not limited to the risks disclosed in the company’s filings with the U.S.
Securities and Exchange Commission. All forward-looking statements speak only
as of the date hereof. The company undertakes no obligation to revise or
update any forward-looking statements except as may be required by applicable
PBF Energy Inc.
Colin Murray, 973-455-7578
Michael C. Karlovich, 973-455-8994
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