PBF Energy Reports Second Quarter 2013 Results, Declares Dividend Of $0.30 Per Share And Announces Confidential Submission Of A Registration Statement For An IPO Of Its Subsidiary, PBF Logistics LP
Tom O’Malley, PBF’s Executive Chairman, commented further on Renewable Identification Numbers (“RINs”), “We expect to spend over $200 million on RINs in 2013 based on current market conditions. This is one of the company’s largest single cost categories other than crude oil purchases. It exceeds the salaries and wages we pay to operate all three of our refineries.” Mr. O’Malley continued, “These costs will ultimately be borne by the consumer. We believe this is an expensive, non-productive tax on the American people and that the Renewable Fuels Program administered by the EPA should be adjusted so that the public does not have to absorb the costs of the program.”
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.30 per share of Class A common stock on August 21, 2013 to holders of record as of August 12, 2013.
Master Limited Partnership UpdatePBF Energy Inc. announced today that its indirect subsidiary, PBF Logistics LP, has confidentially submitted a registration statement to the Securities and Exchange Commission (“SEC”) for a possible initial public offering of its limited partnership units. PBF Logistics LP, a Master Limited Partnership (“MLP”), will be comprised of certain logistics assets to be contributed to it by subsidiaries of PBF Energy Inc. PBF Energy Inc. will indirectly own the general partner of the proposed MLP, PBF Logistics GP LLC, as well as all of the incentive distribution rights. The number of limited partnership interests to be offered and the price range for the offering have not been determined. The proposed offering is expected to commence after the SEC completes its review process, and is subject to market and other conditions. Important Information This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
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