PBF Energy Reports 2012 Fourth Quarter And Full Year Results, Announces Board Approval For Rail Expansion Project, Declares Fourth Quarter 2012 Dividend Of $0.30 Per Share And Provides Other Updates
The company’s 70,000 barrel per day double-loop track at Delaware City is fully operational. Initial discharge rates indicate that this facility is capable of operating above its nameplate capacity of 70,000 barrels per day.
The Board of Directors approved the recently announced expansion project to double the company’s heavy crude unloading capability to 80,000 barrels per day by the fourth quarter of this year. Upon completion, PBF Energy will be able to deliver more than 150,000 barrels per day of crude-by-rail directly into the Delaware City refinery.
“We believe that increasing PBF’s crude-by-rail capacity will allow us to reduce our feedstock costs by displacing waterborne crude oils with cheaper North American crudes as we strive to provide our entire refining system the most economic and cost-advantaged crude slate,” continued Mr. Nimbley. “In addition, our Board of Directors authorized the company to continue its activities into establishing a MLP, including the formation of subsidiaries to hold PBF’s MLP-qualifying assets.”
On January 31, 2013, PBF Energy announced that its Toledo refinery had an operational upset which resulted in the temporary shutdown of the refinery’s FCC unit and reduced run rates at the refinery’s other processing units. The refinery resumed running at planned rates on February 18, 2013.PBF Energy Inc. Declares Fourth Quarter 2012 Dividend The company announced today that it will pay a fourth quarter 2012 dividend of $0.30 per Class A Common Share, and PBF Energy Company LLC Series A Unit, on March 15, 2013 to holders of record as of March 5, 2013. “In our IPO prospectus we announced our intention to pay a $0.20 per share dividend following the first quarter of 2013. Yesterday, a quarter ahead of schedule, our Board of Directors approved a fourth quarter 2012 dividend of $0.30 per share, 50 percent greater than previously indicated. Returning excess cash to stockholders is a priority for PBF Energy. Our Board of Directors may consider potential increases in the dividend in future quarters based on the financial performance of the company,” concluded Mr. Nimbley.
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