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PBF Energy completes acquisition of Exxon’s Torrance refinery
HOUSTON, July 1, 2016 (PCW) -– PBF Energy on Friday announced it had completed its acquisition of ExxonMobil’s 155,000 b/d Torrance refinery in California.
With the acquisition, PBF ihas ncreased its total throughput capacity to about 900,000 b/d, making it the fourth largest independent refiner in North America.
The purchase price was $537.5 million, plus working capital. PBF has been waiting for operations to stabilize at Torrance after an explosion at the plant in February 2015, which reduced the plant’s output to less than 20%. This contributed to rising gasoline prices in souther California as Torrance has accounted for 10% of California’s refined capacity and 20% of the refined capacity in southern California. -- Samantha Hartke