PBF Energy Issues Subsidiary Update, Guidance for Delaware City Refinery, New Agreement; Shares Up 1% Near High


Shares of PBF Energy Inc. ( PBF ) 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 bpd.

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.

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

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This article appears in: Investing , Commodities

Referenced Stocks: PBF

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