PBF Energy Inc. announced that its subsidiary is buying ExxonMobil’s 155,000 barrel-per-day Torrance refinery, and related logistics assets worth about US$537.5 million. With the acquisition, PBF will increase its total throughput capacity to approximately 900,000 barrels per day.
The Torrance refinery, located on 750 acres in Torrance, California, is a high-conversion 155,000 barrel per day, delayed-coking refinery with a Nelson Complexity Index of 14.9.
“The Torrance Refinery acquisition is another significant step in the continued growth of PBF Energy and PBF Logistics. Coupled with the previously announced Chalmette acquisition, we will have increased our refining capacity by over 60% and added meaningful Gulf and West Coast assets to our refining system. We are excited to be adding a refinery with Torrance’s complexity and we look forward to entering the West Coast market. Upon completion of these two pending transactions, we will have operations spanning four PADDs and have diversified and increased our commercial footprint and flexibility,” said Tom Nimbley, PBF’s Chief Executive Officer.
“We are committed to the safe and environmentally responsible operations of the facility and look forward to welcoming Torrance’s well-trained and professional workforce to the PBF family.” He continued.
In addition to refining assets, the transaction includes a number of high-quality logistics assets including a sophisticated network of crude and products pipelines, product distribution terminals and refinery crude and product storage facilities.
The most significant of the logistics assets is a 171-mile crude gathering and transportation system which delivers San Joaquin Valley crude oil directly from the field to the refinery. Additionally, included in the transaction are several pipelines which provide access to sources of crude oil including the Ports of Long Beach and Los Angeles, as well as clean product outlets with a direct pipeline supplying jet fuel to the Los Angeles airport. The refinery also has crude and product storage facilities with approximately 8.6 million barrels of shell capacity.