PBF Energy Announces Closing of Terminal Assets Sale

Rhea-AI Summary

PBF Energy (NYSE:PBF) has successfully completed the sale of two refined product terminal facilities for $175 million in cash. The transaction, which closed on September 30, 2025, involves terminals located in Philadelphia, PA and Knoxville, TN, comprising 38 storage tanks with approximately 1.9 million barrels of storage capacity and associated truck racks.

The sale, initially agreed upon on April 30, 2025, represents a strategic move to monetize non-core assets and enhance the company's liquidity position. The transaction was facilitated by Barclays, who served as the exclusive financial advisor to PBF Energy.

Positive

• Sale of non-core assets generated $175 million in cash proceeds
• Transaction enhances company's liquidity position
• Strategic divestment allows focus on core operations

Negative

• Reduction in storage capacity and terminal infrastructure
• Loss of potential revenue streams from divested terminals

Insights

Financial Analyst

PBF Energy sold non-core terminal assets for $175M, boosting liquidity while strategically streamlining its asset portfolio.

PBF Energy has successfully monetized non-core assets by closing the $175 million cash sale of two refined product terminal facilities in Philadelphia and Knoxville. This transaction, initially agreed upon in April, includes substantial infrastructure: 38 storage tanks with approximately 1.9 million barrels of storage capacity plus associated truck racks.

The divestiture represents a targeted approach to capital allocation. By selling these terminal facilities, PBF strengthens its liquidity position while maintaining focus on core refining operations. The company's CFO specifically highlighted that management continues to "review their portfolio for opportunities to maximize value for investors," suggesting this move aligns with broader strategic capital management initiatives.

For context, this transaction follows operational challenges at PBF's Martinez refinery, which experienced a fire in February 2025. While the terminal assets sale isn't directly related to the Martinez situation mentioned in the forward-looking statements section, it does provide additional financial flexibility during a period when the company is managing recovery operations at that facility.

This strategic divestiture demonstrates management's commitment to optimizing their asset portfolio and enhancing shareholder value through disciplined capital allocation. The transaction represents a clean exit from non-essential infrastructure while maintaining significant cash proceeds that can be deployed toward core operations or strengthening the balance sheet.

PARSIPPANY, N.J., Sept. 30, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today announced the closing of the sale of terminal assets previously agreed on April 30, 2025, and announced on May 1, 2025. PBF Energy, through a subsidiary of PBF Logistics LP, has sold two refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175 million in cash. The combined assets include 38 storage tanks with approximately 1.9 million barrels of storage capacity, and associated truck racks. The transaction closed on September 30, 2025.

Karen Davis, PBF Energy's CFO, said, "We are pleased to have monetized these non-core assets and, in conjunction, increased liquidity for PBF. As stewards of the company's capital, we continuously review our portfolio for opportunities to maximize value for investors."

Barclays served as the exclusive financial advisor to PBF.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, expectations, and intentions with respect to the full and partial restart of the Martinez refinery following the February 1, 2025 fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's Refining Business Improvement Initiatives as well as the Company's future earnings and operations overall, including those of our 50- 50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to procure necessary permits and equipment and materials required to rebuild the Martinez refinery; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing of thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations and other events that could negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:

Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578

Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994

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SOURCE PBF Energy Inc.

FAQ

What assets did PBF Energy sell in September 2025?

PBF Energy sold two refined product terminal facilities located in Philadelphia, PA and Knoxville, TN, comprising 38 storage tanks with approximately 1.9 million barrels of storage capacity and associated truck racks.

How much did PBF Energy receive for the terminal assets sale?

PBF Energy received $175 million in cash for the sale of the terminal assets.

When was the terminal assets sale agreement initially made?

The terminal assets sale was initially agreed upon on April 30, 2025 and announced on May 1, 2025, with the transaction closing on September 30, 2025.

Who served as the financial advisor for PBF Energy's terminal sale?

Barclays served as the exclusive financial advisor to PBF Energy for the terminal assets sale.

What is the purpose of PBF Energy's terminal assets sale?

The sale was conducted to monetize non-core assets and increase liquidity for PBF Energy, as part of the company's strategy to maximize value for investors.