CVS Group profit drops 7.4% as revenue rises on Australia expansion, asset sale
NEW YORK - PBF Energy Inc. (NYSE:PBF), currently valued at $3.5 billion in market capitalization, has completed the sale of two refined product terminal facilities for $175 million in cash, the company announced Tuesday.
The transaction, which closed on Tuesday, involves terminal assets located in Philadelphia, Pennsylvania and Knoxville, Tennessee. The facilities include 38 storage tanks with approximately 1.9 million barrels of storage capacity and associated truck racks.
The sale was previously agreed upon on April 30, 2025, and initially announced on May 1, 2025. The assets were sold through a subsidiary of PBF Logistics LP.
"We are pleased to have monetized these non-core assets and, in conjunction, increased liquidity for PBF," said Karen Davis, PBF Energy’s CFO, in a press release statement. The sale comes as InvestingPro data shows the company carries a total debt of $3.2 billion and faces significant cash burn challenges.
Barclays served as the exclusive financial advisor to PBF for the transaction.
PBF Energy operates oil refineries and related facilities across five states: California, Delaware, Louisiana, New Jersey, and Ohio. The company describes itself as one of the largest independent refiners in North America.
The company is also engaged in sustainable fuels production through a 50% partnership in St. Bernard Renewables joint venture.
The sale represents part of the company’s ongoing portfolio review, according to the statement released by the refiner.
In other recent news, PBF Energy reported a narrower-than-expected loss for the second quarter of 2025, with earnings per share at -$1.03, surpassing the forecasted -$1.11. The company’s revenue also exceeded expectations, reaching $7.48 billion against a $6.98 billion forecast. UBS has maintained its Buy rating on PBF Energy, setting a price target of $37.00, despite lowering its third-quarter earnings estimates due to downtime at the Torrance and Martinez facilities. The investment bank adjusted its Q3 2025 earnings per share estimate to -$0.57 from -$0.09, citing increased operating expenses.
Additionally, UBS raised its price target from $28.00 to $37.00, influenced by a decline in Russian refined product exports amid Ukrainian drone attacks. In leadership changes, PBF Energy announced that Joseph Marino will take over as Chief Financial Officer effective October 1, 2025, as Karen B. Davis retires from the role. Davis will rejoin the company’s Board of Directors, where she previously served from January 2020 through December 2022. These developments highlight the company’s ongoing adjustments and strategic decisions in response to market conditions and internal changes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.