PBF Energy

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A U.S. independent petroleum refining and logistics company.

Last updated August 27, 2026

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Overview

PBF Energy Inc. is a U.S. independent petroleum refining and logistics company headquartered in Parsippany, New Jersey. The company produces and sells transportation fuels, heating oils, jet fuel, lubricants, petrochemical feedstocks, asphalt and other refined petroleum products. Its principal business is the ownership and operation of large, complex refineries supported by pipelines, terminals, storage facilities and other logistics assets. PBF was formed in 2008 as a joint venture involving Petroplus Holdings and the private-equity firms Blackstone and First Reserve. The initials PBF refer to those three founding participants. Rather than being built around a legacy national fuel-station brand, PBF developed as an independent refining platform, acquiring existing industrial assets from larger oil companies and other refiners. Its early expansion included the Paulsboro refinery in New Jersey and the Toledo refinery in Ohio, followed by the Chalmette refinery in Louisiana, the Torrance refinery in California and the Martinez refinery in California. The company became publicly traded in December 2012 through an initial public offering. Its acquisition program subsequently expanded both its geographic footprint and its exposure to regional fuel markets. The refineries process crude oil into gasoline, ultra-low-sulfur diesel, heating oil, jet fuel, lubricants, petrochemical intermediates and asphalt. Their locations give PBF access to important refining and distribution regions, including the U.S. Gulf Coast, the Midwest, the Delaware Valley and California. In February 2020, PBF completed its purchase of Shell's Martinez, California refinery. The transaction added a major West Coast refining and logistics complex and brought PBF's system to six domestic refineries. The company has described the combined network as having approximately one million barrels per day of processing throughput, although actual production varies with maintenance, market conditions, crude availability and operating constraints. The facilities are relatively complex by industry standards, allowing them to process a broad range of crude oils and produce higher-value refined products. PBF's business is closely tied to refining margins, crude-oil differentials, transportation costs, regional fuel demand and environmental regulation. The company therefore operates in a cyclical and capital-intensive industry. Its performance can change substantially with changes in benchmark crack spreads, refinery utilization, energy prices and unexpected outages. In addition to refining, PBF has developed logistics activities involving crude and product pipelines, terminals, storage and related infrastructure. On November 30, 2022, PBF Energy acquired the publicly held common units representing limited-partner interests in PBF Logistics. That transaction further aligned the logistics assets with the refining business. PBF remains an independent refiner rather than an integrated oil major, and its corporate identity is primarily associated with operating refinery systems and supplying wholesale and commercial petroleum markets rather than selling consumer products directly under a broad retail brand.

History

PBF Energy was established in 2008 as a refining joint venture formed by Petroplus Holdings and the private-equity firms Blackstone and First Reserve. Each founding participant committed approximately $667 million in equity. The venture was designed to acquire and operate refining assets rather than build a vertically integrated oil business from exploration through retail distribution. Its name derives from the initials of Petroplus, Blackstone and First Reserve. The company began assembling its refinery portfolio during a period when distressed and non-core refining assets were available from larger energy companies. In 2010, Petroplus announced plans to sell its 32.62 percent interest in PBF to its partners for approximately $91 million. During the same expansion phase, PBF acquired the Paulsboro refinery from Valero Energy. In December 2010, it purchased the Toledo refinery from Sunoco for approximately $400 million. These transactions established the company's initial operating base in the Delaware Valley and Midwest. PBF entered the public markets in December 2012 through an initial public offering that raised approximately $533 million. Becoming a public company provided a broader capital base for additional refinery purchases and made PBF one of the more prominent independent refiners in North America. Its strategy centered on buying complex refineries with access to crude supply, regional fuel demand and transportation infrastructure. In 2015, PBF acquired the 189,000-barrel-per-day Chalmette refinery in Louisiana from ExxonMobil and its partner Petróleos de Venezuela. The transaction also included interests in chemical facilities, pipelines and other assets located around the Chalmette complex near New Orleans. The acquisition expanded PBF into the Gulf Coast and added access to a major refining and logistics corridor. In July 2016, PBF purchased ExxonMobil's 155,000-barrel-per-day Torrance refinery in California for approximately $537.5 million. The deal included interests in crude-gathering and transportation pipelines, product pipelines, terminals, storage facilities and related infrastructure. Torrance materially expanded PBF's West Coast presence and increased the company's stated system throughput to approximately 900,000 barrels per day at that stage, making PBF one of the largest independent refiners in North America. In June 2019, PBF agreed to purchase Shell's Martinez refinery in California. The transaction closed on February 1, 2020. Martinez added another large West Coast facility and helped bring PBF's refinery network to six domestic sites: Chalmette in Louisiana, Toledo in Ohio, Paulsboro in New Jersey, Delaware City in Delaware, Torrance in California and Martinez in California. By October 2023, the six-refinery system was described as having approximately one million barrels per day of combined processing throughput and a weighted-average Nelson Complexity Index of 13.2. PBF's development has also involved logistics integration. The company's refinery system is supported by crude and product pipelines, terminals, storage and related transportation assets. On November 30, 2022, PBF acquired the common units representing limited-partner interests in PBF Logistics, bringing the publicly held logistics interests into PBF Energy's ownership structure. The company has faced the ordinary commercial and regulatory pressures of petroleum refining, including volatile margins, feedstock costs, refinery maintenance, emissions controls and changing fuel standards. Environmental organizations have also criticized crude sourcing associated with the Delaware City and Paulsboro refineries, citing the processing of crude originating in the Amazon River Basin. PBF's present identity remains that of a large independent refiner whose value proposition is based on scale, geographic diversification, refinery complexity and logistics access rather than a consumer-facing retail fuel brand.

2023
Six-refinery network documented
[1]PBF Energyen.wikipedia.org
The company is described as operating six domestic refineries with approximately one million barrels per day of combined throughput capacity.
2022
PBF Logistics interests acquired
[1]PBF Energyen.wikipedia.org
PBF Energy acquires the common units representing limited-partner interests in PBF Logistics.
2020
Martinez refinery acquisition closes
[1]PBF Energyen.wikipedia.org
PBF completes its purchase of Shell's Martinez refinery in California.
2016
Torrance refinery acquired
[1]PBF Energyen.wikipedia.org
PBF purchases ExxonMobil's Torrance refinery and related West Coast logistics assets.
2015
Chalmette refinery acquired
[1]PBF Energyen.wikipedia.org
PBF acquires the Chalmette refinery and associated chemical, pipeline and other assets in Louisiana.
2012
Initial public offering
[1]PBF Energyen.wikipedia.org
PBF Energy becomes publicly traded through an initial public offering.
2010
Initial refinery acquisitions
[1]PBF Energyen.wikipedia.org
PBF acquires the Paulsboro refinery from Valero and agrees to acquire the Toledo refinery from Sunoco during its first major expansion phase.
2008
PBF Energy is formed
[1]PBF Energyen.wikipedia.org
Petroplus Holdings, Blackstone and First Reserve establish PBF as a refining joint venture.

Products and positioning

Large independent North American petroleum refiner and logistics operator.

Transportation fuel
Gasoline
PBF's refineries produce gasoline for regional wholesale and commercial markets. Output varies by refinery configuration, crude slate, seasonal specifications and local fuel requirements. Gasoline is one of the company's principal transportation-fuel products.
Transportation fuel
Ultra-low-sulfur diesel
Ultra-low-sulfur diesel is produced across PBF's refining system for use in road transportation and other markets requiring low-sulfur distillate. Its production depends on refinery configuration and applicable regional standards.
Aviation fuel
Jet fuel
PBF produces jet fuel as part of its middle-distillate output. Refinery location and logistics infrastructure allow the company to supply aviation-fuel markets in regions served by its facilities.
Distillate fuel
Heating oil
Heating oil is among the distillate products manufactured and marketed by PBF. It is particularly relevant to markets in the northeastern United States and is influenced by seasonal demand and regional product specifications.
Industrial petroleum products
Lubricants and petrochemical feedstocks
PBF refineries produce lubricant-related streams and petrochemical feedstocks used by industrial and chemical customers. These products broaden the company's output beyond transportation fuels and can provide outlets for refinery streams under different market conditions.
Construction material
Asphalt
Asphalt is another refined product in PBF's portfolio. It is supplied for paving and related infrastructure uses, with production and availability determined by individual refinery configurations and regional demand.

Controversies

2015
Criticism over Amazon Basin crude sourcing
Environmental organizations criticized the Delaware City and Paulsboro refineries for processing crude originating in the Amazon River Basin. The criticism focused on sourcing and the environmental implications associated with crude production and transport.
Source

2022
Acquisition of PBF Logistics limited-partner interestsM&A
Background
PBF sought to align its logistics assets and ownership structure more closely with the parent refining company.
Action taken
PBF Energy acquired the common units representing limited-partner interests in PBF Logistics.
Aftermath
The transaction consolidated ownership of the logistics interests within PBF Energy.
Source
2019
Agreement to purchase the Martinez refineryM&A
Background
PBF sought to expand its California refining and logistics presence.
Action taken
PBF agreed to purchase Shell's Martinez refinery in California.
Aftermath
The transaction closed in February 2020 and completed PBF's six-refinery domestic network.
Source
2016
Acquisition of the Torrance refineryM&A
Background
PBF continued to expand through purchases of established refineries and related logistics infrastructure.
Action taken
PBF acquired ExxonMobil's Torrance refinery and associated pipeline, terminal, storage and transportation interests.
Aftermath
The deal strengthened PBF's West Coast presence and increased stated system throughput to approximately 900,000 barrels per day at that time.
Purchase price. $537.5 million (July 2016 transaction)
Source
2015
Acquisition of the Chalmette refineryM&A
Background
PBF was expanding its independent refining platform and sought additional Gulf Coast capacity and associated infrastructure.
Action taken
PBF acquired the Chalmette refinery in Louisiana from ExxonMobil and Petróleos de Venezuela, together with interests in related chemical and logistics assets.
Aftermath
The transaction added a major Gulf Coast refinery and diversified PBF's geographic operating base.
Source

Recent events

2022
PBF Energy completes acquisition of PBF Logistics limited-partner interests[1]PBF Energyen.wikipedia.org
M&A
PBF Energy acquired the common units representing the publicly held limited-partner interests in PBF Logistics, consolidating the logistics structure with the refining business.
2020
PBF Energy completes Martinez refinery acquisition[1]PBF Energyen.wikipedia.org
M&A
PBF finalized its purchase of Shell's Martinez, California refinery, adding a major West Coast refining complex and related logistics assets.
2015
Environmental criticism of crude sourcing at Delaware City and Paulsboro[1]PBF Energyen.wikipedia.org
Other
Environmental groups criticized the company's Delaware City and Paulsboro refineries over their processing of crude originating in the Amazon River Basin.

Sources9 sources

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