Ownership of another Philadelphia-area refinery is about to change.
NuStar Energy L.P. said it would sell 50 percent of its asphalt operations, which include refineries in Paulsboro, N.J., and Savannah, Ga., to a joint venture in a transaction expected to be completed by Sept. 30.
Lindsay Goldberg L.L.C., a New York private-equity firm with $10 billion under management, will pay $175 million for a 50 percent interest in the joint venture, with San Antonio-based NuStar holding the other 50 percent stake. The two refineries have a combined refining capacity of 104,000 barrels per day.
Is Delta Air Lines closer to buying ConocoPhillips' idle oil refinery in Trainer?
That's what CNBC is reporting here.
CNBC Kate Kelly cited an unidentified source as saying the Delta board has "signed off" on the acquisition of the refinery on the Delaware River in Delaware County in a deal worth $100 million to $125 million.
Somebody opened the deal window.
Philadelphia-area companies are buyers, sellers and prey in separate transactions announced Tuesday.
First up, Penn Virginia Resource Partners L.P. said it will buy pipelines that serve Marcellus shale natural gas producers in northeastern Pennsylvania from Chief E&D Holdings L.P. for $1 billion. Radnor-based Penn Virginia plans to finance the deal through a combination of equity and debt.
Sunoco Inc. will complete its spinoff of its metallurgical coke manufacturing business by issuing a special stock dividend to shareholders.
The company said Thursday that its board of directors approved a stock dividend of the 56.66 million shares of SunCoke Energy Inc. that it still owns after SunCoke's initial public offering in July. Sunoco had retained an 80.94 percent controlling stake in the producer of coke, which is used in the steel industry.
Sunoco shareholders would receive 0.53 of a share of SunCoke common stock for each share of Sunoco common stock held as of Jan. 5. The distribution of the SunCoke shares would occur on Jan. 17.
Layoffs at ConocoPhillips' Trainer refinery, which is in the process of being shut down, will occur during the last two weeks of January 2012.
That's according to a filing with the Pennsylvania Department of Labor & Industry.
In all, 409 workers will lose their jobs when ConocoPhillips permanently closes the Delaware County refinery it has owned since 2002. That refinery can process up to 185,000 barrels of crude oil per day, but it is one of several that the oil company has targeted for closure.
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.
Exelon Corp. found a friendly business audience to talk to about its plans to renew the license for its Limerick nuclear power plant.
Bill Maguire, site vice president for the Limerick Generating Station, reviewed Exelon’s operations at the plant, which can generate 2,345 megawatts of electricity, at a meeting of the TriCounty Area Chamber of Commerce at Spring Hollow Golf Course in nearby Spring City on Thursday morning.
The company expects to submit its license-renewal application to the Nuclear Regulatory Commission before the end of June, Maguire said. Currently, Limerick’s Unit 1 is licensed through 2024 and Unit 2 through 2029. The federal agency typically takes about 30 months to complete the renewal process, which includes public hearings.
The U.S. Department of Energy has come up with a clever rhetorical way to muster support for solar energy.
Dubbed the SunShot Initiative, its program has the goal of cutting the cost of solar energy by about 75 percent before 2020. The name recalls the “moon shot” speech of President John F. Kennedy in 1962.
Affordable solar energy is the “moon shot of our generation,” said Arun Majumdar, the agency’s acting undersecretary for energy, at a solar-power conference at the Hyatt Regency Philadelphia on Tuesday.