Shares of PBF Energy Inc. (
) are up 0.7% to $33.54 in mid-day trading. The company has
completed the second crude oil unloading facility at its
subsidiary's Delaware City Refinery.
The construction of the 70,000 barrel per day (bpd) rail
facility was completed on schedule and on budget. The first unit
train of Bakken crude oil is expected to discharge this week with
17 more unit trains scheduled to arrive in the next two weeks.
PBF Energy also 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 plans to increase the discharge
capacity of the heavy crude rail unloading facility to 80,000
The company also announced that it has entered into agreements
for an additional 2,000 coiled and insulated rail cars capable of
handling heavy crude oil and 500 general purpose cars. The 2,000
coiled and insulated cars are expected to be delivered beginning in
2014 through the first quarter of 2015 and the 500 general purpose
cars will be delivered in 2013.
PBF trades within a 52-week range of $25.88 - $34.13.
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