PBF Energy Announces Supply Agreement with Continental Resources for Bakken
PARSIPPANY, N.J. -- April 10, 2013
PBF Energy Inc. (NYSE: PBF) announced today the signing of an agreement with
Continental Resources Inc. (NYSE: CLR) to supply PBF with Bakken crude oil,
which will be delivered by rail to PBF’s double-loop track at its refinery in
Delaware City, DE.
Commenting on the transaction, Don Lucey, PBF’s Chief Commercial Officer,
said, “We are pleased to be working directly with Continental Resources, a
leader in domestic crude oil production and a major producer and supplier in
the Bakken play. We look forward to growing our relationship with them.”
Continental Resources is the largest producer and leaseholder in the Bakken,
with significant supply arrangements with refiners on the West Coast, the Gulf
Coast, and now the East Coast. Continental Resources President and Chief
Operating Officer, Rick Bott, added, “This unique transaction illustrates the
emerging shift in the light sweet crude market. In addition to diversifying
Continental’s customer base and streamlining our value chain, it allows us to
deliver unblended premium Bakken crude to the East Coast – a market that has
historically been driven by imports of foreign oil.”
PBF’s Chief Executive Officer, Tom Nimbley, said, “PBF has made significant
investments in acquiring rail cars and developing our East Coast rail delivery
infrastructure to increase our access to North American crude oil, which
positions PBF to benefit from these cost-advantaged crudes. Delaware City’s
heavy and light crude rail discharge facilities allow us to work directly with
producers in Canada and the Mid-continent, like Continental Resources, and
provide us with a competitive advantage versus northeast refiners that rely on
third parties to deliver North American crude oil.”
PBF also announced that the company opened a new office in Oklahoma City. This
office, along with PBF’s Calgary, Alberta office, will focus on sourcing North
American crude oils and feedstocks for the company’s refineries.
PBF: Forward-Looking Statements
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
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.
Colin Murray, 973-455-7578
Michael C. Karlovich, 973-455-8994
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