Toledo Refinery

On Friday (December 14, 2012) PBF Energy stock closed up at $27 two days after its initial IPO listing at $26. The company purchased 3 refineries with 0.5 MMb/d capacity during the past two years. PBF’s Midwest refinery has since profited handsomely from access to cheap US and Canadian crudes. PBF is also leading the way with a novel outsourcing approach to its supply and marketing arrangements. Today we complete our two part analysis of PBF’s refineries.