PBF Energy's Refinery Purchase in California Tied to Improved Utilization, Reliability, Says CEO

SUGAR LAND--October 2, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--PBF Energy Incorporated (NYSE:PBF) (Parsippany, New Jersey) expects a refinery in Torrance, California, to earn $360 million per year following its purchase from Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas), provided the facility's reliability improves, company executives said Thursday. PBF leaders explained in a conference call why they think it is a good idea to buy a problem-prone refinery, which has been idled since February due to an explosion. Industrial Info is tracking two projects at the refinery, with a combined investment value of $75 million.

Within this article: Details of PBF Energy's plan to buy a refinery in Torrance, California from Exxon Mobil.