Shares of New Jersey-based PBF Energy have risen about 20 percent over the past five days as the Texas Gulf Coast takes a beating from four-feet of rainfall from Hurricane Harvey.
The owner of the Delaware City Refining Co. has five refineries in the U.S., with none in the refining center near the Texas Gulf Coast.
The storm shut down the nation’s largest refinery in Port Arthur, near the Louisiana –Texas border. The refinery is owned by Saudi Refining.
PBF has a refinery near New Orleans that has not yet been affected by Harvey.
While PBF has grown into one of the nation’s largest independent refineries, its total production is only modestly higher than the total output of the Port Arthur refinery.
PBF has been affected by narrowing spread between crude oil prices and refined products.
Improved results for refineries are forecast for later in the year.
PBF affiliate, PBF Logistics recently saw Mexico’s Carlos Slim, one of the world’s richest men, buy a small stake in the company. PBF Energy owns less than half of PBF Logistics, which consists of pipelines, storage tanks, and other assets.