Deals
Refining Magnate O’Malley’s PBF Soars on Exxon-PDVSA Deal
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PBF Energy Inc. surged a record 14 percent after agreeing to buy a Louisiana crude refinery jointly owned by Exxon Mobil Corp. and Venezuela’s state-controlled oil company.
The transaction, valued at $322 million, will increase PBF’s refining capacity by more than one-third and marks the Parsippany, New Jersey-based company’s first foray into the Gulf Coast, the biggest U.S. crude-processing region. It “represents a significant step in the strategic growth of PBF,” Chief Executive Officer Thomas Nimbley said in a statement on Thursday.