PBF Energy Announces Supply Agreement with Continental Resources for Bakken Crude Oil
PARSIPPANY, N.J.--(BUSINESS WIRE)-- PBF Energy Inc. (NYS: PBF) announced today the signing of an agreement with Continental Resources Inc. (NYS: CLR) to supply PBF with Bakken crude oil, which will be delivered by rail to PBF's double-loop track at its refinery in Delaware City, DE.
Commenting on the transaction, Don Lucey, PBF's Chief Commercial Officer, said, "We are pleased to be working directly with Continental Resources, a leader in domestic crude oil production and a major producer and supplier in the Bakken play. We look forward to growing our relationship with them."
Continental Resources is the largest producer and leaseholder in the Bakken, with significant supply arrangements with refiners on the West Coast, the Gulf Coast, and now the East Coast. Continental Resources President and Chief Operating Officer, Rick Bott, added, "This unique transaction illustrates the emerging shift in the light sweet crude market. In addition to diversifying Continental's customer base and streamlining our value chain, it allows us to deliver unblended premium Bakken crude to the East Coast - a market that has historically been driven by imports of foreign oil."
PBF's Chief Executive Officer, Tom Nimbley, said, "PBF has made significant investments in acquiring rail cars and developing our East Coast rail delivery infrastructure to increase our access to North American crude oil, which positions PBF to benefit from these cost-advantaged crudes. Delaware City's heavy and light crude rail discharge facilities allow us to work directly with producers in Canada and the Mid-continent, like Continental Resources, and provide us with a competitive advantage versus northeast refiners that rely on third parties to deliver North American crude oil."
PBF also announced that the company opened a new office in Oklahoma City. This office, along with PBF's Calgary, Alberta office, will focus on sourcing North American crude oils and feedstocks for the company's refineries.
PBF: Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the company's (PBF Energy Inc. and subsidiaries) control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYS: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally sensitive manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
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