ExxonMobil to Sell Torrance Refinery to PBF Energy
September 30 2015 - 4:17PM
Business Wire
- Agreement includes Vernon and Atwood
product terminals, associated pipelines and other logistics
- Decision results from ongoing
assessment of ExxonMobil strategic priorities
- ExxonMobil remains committed to
refining as part of integrated business strategy
ExxonMobil has reached an agreement with PBF Energy, Inc. for
the sale and purchase of its refinery in Torrance, California, a
lubricants distribution center at Vernon, products terminals at
Vernon and Atwood, and associated California pipelines and other
logistics assets, including facilities at the Southwest
terminal.
“The sale results from a strategic assessment of the site and
how it fits with our refining portfolio,” said Jerry Wascom,
president of ExxonMobil Refining & Supply Company.
“ExxonMobil regularly adjusts its portfolio through investment,
restructuring or divestment consistent with overall global and
regional business strategies. We remain committed to a large,
global refining portfolio as part of our integrated business
strategy. We will continue to make significant investments across
the globe to strengthen our facilities which are often advantaged
by scale and integration with chemicals and lubricant
manufacturing.”
Approximately 700 employees and 700 contractors work at the
refinery and associated facilities. Employees are expected to be
offered positions with PBF and existing third-party supply
agreements, obligations, terms and conditions remain unchanged.
Subject to repairs to the refinery’s electrostatic precipitator
and regulatory approval, change-in-control is anticipated to take
place by mid-2016.
ExxonMobil is retaining a presence in California through ongoing
production of oil and natural gas and sales of fuels and lubricant
products. Exxon- and Mobil-branded retail sites in the state are
unaffected by the agreement.
PBF recently contracted to purchase the Chalmette refinery in
Louisiana through a separate, independent bidding process, in
which ExxonMobil holds 50 percent interest.
Cautionary Note: Statements of future events or conditions in
this release are forward-looking statements. Actual future results,
including future business plans and closing of the sale and
purchase agreement, may differ depending on political and
regulatory events, including granting of regulatory approvals for
closing of the agreement; satisfaction of other conditions
specified in the agreement; the outcome of commercial negotiations;
and other factors discussed under the heading “Factors Affecting
Future Results” on the Investors page of our website at
exxonmobil.com and in Item 1A of ExxonMobil’s most recent Annual
Report on Form 10-K.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources and is one of the world’s largest integrated
refiners, marketers of petroleum products and chemical
manufacturers. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
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