Saturday, February 28, 2015

Oil refiner PBF Energy seeks IPO

The North Jersey company that has acquired three refineries from Valero and Sunoco in the last 17 months is looking to go public.

Oil refiner PBF Energy seeks IPO

The Parsippany, N.J. company that restarted the Delaware City oil refinery earlier this year wants to become a public company.

PBF Energy Inc. has filed documents with the Securities and Exchange Commission for a possible initial public offering. That registration statement does not list how many shares PBF is looking to sell or their price range.

The privately held PBF's primary financial backers have been the private-equity firms Blackstone Group and First Reserve Corp. since its formation in March 2008.

PBF bought the Delaware City refinery idled by Valero Energy for $220 million in June 2010. It bought Valero's Paulsboro, N.J., refinery for $357.7 million in December 2010. Finally, it acquired Sunoco Inc.'s Toledo, Ohio, refinery for $400 million in March 2011.

According to its registration statement, PBF reported net income of $120.8 million on revenues of $5.44 billion for the six months ended June 30.

PBF had about 1,400 employees as of June 30, including 437 in Paulsboro and 886 in Delaware City.

Mike Armstrong Inquirer Columnist
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Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

Mike Armstrong Inquirer Columnist
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