Delaware City Refinery owner PBF Energy has filed an amended preliminary prospectus for a stock offering.
- Refinery fie photoVermin Inc / Foter
The filing was made with the Securities and Exchange commission at the middle of last month and shows the company was profitable in 2011. A possible stock offering was reported in late 2011, but did not materialize.
PBF reported nearly $15 billion in revenue in 2011 and $240 million in net income for the same year.
The company does have registered debt securities, but is not publicly traded.
PBF is headquartered in northern New Jersey, but is incorporated in Delaware. Plans call for the company’s stock to be listed on the New York Stock Exchange.
Its first venture came with the purchase of the money-losing Delaware City refinery in 2010 for $220 million. Previous owner Valero had closed the refinery and was making plants to raze the site.
The refinery reopened last summer, thanks in part to a $45 million financial package from the State of Delaware and a total investment that ran $400 million, according to the prospectus.
PBF has gone on to purchase refineries in Paulsboro, N.J. And Toledo, Ohio. The prospectus indicates the refiner hopes to make further acquisitions, citing changes in the industry that are putting refineries on the block.
PBF earlier announced it is making preparations for a $1 billion investment of the Delaware City Refinery.
The company did caution that market conditions can change and refining is a difficult process with potential pitfalls.
In recent weeks, the price of crude oil has dropped, due to concerns about the economy in Greece and other areas of Europe.
In the market area of the Delaware City refinery, Sunoco has sharply reduced operations at its Marcus Hook refinery and indicated it will shutter its Philadelphia refinery if a buyer can’t be found.
A ConocoPhillips refinery in Trainer, Pa. Is being sold to Delta Airlines, which will manufacture jet fuel at the site in Delaware County, Pa.
Blackstone Group, and First Reserve, both investment companies, own PBF and would receive proceeds from the stock offering.
Click on the Securities and Exchange Commission filing below for further information. – Doug Rainey.
http://www.sec.gov/Archives/edgar/data/1534504/000119312512230100/d248076ds1a.htm
