PBF Energy reports lower income

Refiner positioned to become of the largest in the downstream sector.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Feb. 11, 2016 at 8:01 AM
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PARSIPPANY, N.J., Feb. 11 (UPI) -- U.S. refiner PBF Energy said it was sharing the pain of its upstream counterparts with a reported fourth quarter income about 20 percent lower year-on-year.

PBF Energy, which has headquarters in New Jersey, reported fourth quarter income of $167.7 million, down from the $208.6 million reported in fourth quarter 2014.

Data from the U.S. Energy Information Administration show refiners processed on average 15.5 million barrels per day for the week ending Feb. 5, which was about 105,000 lower than the previous week. Refineries were operating at about 86 percent of their full capacity last week.

Total throughput for PBF for the fourth quarter averaged 629,000 bpd, a level stimulated by the addition of the Chalmette refinery to its portfolio in November. The company acquired the Chalmette refinery, with a 189,000 bpd capacity, from Exxon Mobil. The company also agreed to take on the Torrance refinery in California from Exxon for $535.7 million.

With the market on the downturn, PBF CEO Tom Nimbley said the refiner was positioned to take advantage of the most economic barrels on the market with its broad portfolio.

Once all transactions are complete, the company said it will be one of the largest refining companies in North America.

"2015 was a transformational year for PBF," Nimbley said in a statement. "Looking ahead, our focus remains on delivering safe and strong operational performance and on fully integrating and optimizing our newest assets."

PBF Energy Inc. said the winter storm that hit the eastern U.S. in late January caused power outages at its refinery in Delaware City, Del., skewing the U.S. national average for a gallon of gasoline moderately higher.

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