PBF Energy Falls 3% After Chairman Warns of Rising Cost of Complying With Renewable Fuel Standard

By MidnightTrader.com Staff,

Shutterstock photo

PBF Energy ( PBF ) shares are down more than 3% after the company's executive chairman Thomas O'Malley warned of the rising costs of complying with the Renewable Fuels Standard through the purchase of renewable identification numbers on each gallon of renewable fuel produced.

O'Malley gave the warning in an April 12 article published by Platts, the company said in a Business Wire release. PBF Energy had expected to spend approximately $120 million on RINs in 2013 and that amount may increase by $30 to $40 million.

The shares are down $1at $30.20, within a 52-week range of around $26.00 - $42.50.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: PBF

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com