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Stock Market & Financial Investment News

News Breaks
February 4, 2013
08:04 EDTPBFPBF Energy announces investment in new rail infrastructure
PBF Energy announced the completion of the second crude oil unloading facility at its subsidiary’s Delaware City Refinery. The construction of the 70,000 barrel per day rail facility was announced in mid-2012 and was completed on schedule and on budget. The first unit train of Bakken crude oil is expected to discharge this week with seventeen more unit trains scheduled to arrive in the next two weeks. With the completion of this project, the Delaware City rail facilities are now capable of discharging 110,000 bpd of crude oil directly at the refinery – 40,000 bpd of heavy crude oil and 70,000 bpd of light crude oil. PBF Energy also announced that it has increased its previous guidance on the quantity of Canadian heavy crude that it can process at its Delaware City refinery. Based on the success the company has had running the Canadian heavy crudes to date, PBF Energy plans to increase the discharge capacity of the heavy crude rail unloading facility to 80,000 bpd. The new rail project should add an additional 40,000 bpd of heavy crude unloading capability to the existing 40,000 bpd rail facility. The project is anticipated to cost approximately $50M and to be completed in the fourth quarter of 2013.
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August 19, 2014
17:34 EDTPBFPBF Energy announces $200M share repurchase program
PBF Energy announced that its board of directors has authorized the repurchase of up to $200M of PBF Class A common stock. This repurchase authorization expires on September 30, 2016. “Returning capital to our shareholders is fundamental to creating value and enhancing shareholder returns,” said PBF Energy CEO Tom Nimbley. “Today’s announcement reaffirms this ongoing commitment to our shareholders.”

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