M&A Deal Summary

PBF Energy Acquires Royal Dutch Shell - Martinez Refinery

On June 11, 2019, PBF Energy acquired oil/gas exploration company Royal Dutch Shell - Martinez Refinery from Shell for 1.0B USD

Acquisition Highlights
  • This is PBF Energy’s 1st transaction in the Oil/Gas Exploration sector.
  • This is PBF Energy’s largest (disclosed) transaction.
  • This is PBF Energy’s 2nd transaction in the United States.
  • This is PBF Energy’s 1st transaction in California.

M&A Deal Summary
Date 2019-06-11
Target Royal Dutch Shell - Martinez Refinery
Sector Oil/Gas Exploration
Buyer(s) PBF Energy
Sellers(s) Shell
Deal Type Divestiture
Deal Value 1.0B USD

Target

Royal Dutch Shell - Martinez Refinery

California, United States
Royal Dutch Shell plc - Martinez Refinery is a high-conversion refinery capable of capturing heavy/sour differentials. Martinez Refinery produces a high percentage of an on-spec clean product including premium gasoline, diesel, and jet fuel. Martinez has a refining capacity of 157,000 barrels per day and a Nelson Complexity Index of 16.1.

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Buyer(S) 1

Buyer

PBF Energy

Parsippany, New Jersey, United States
Category Company
Founded 2008
Sector Oil/Gas Exploration
Revenue 19.8B USD (2014)
DESCRIPTION

PBF Energy, Inc. is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio.

DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 2 of 2
State (California) 1 of 1
Country (United States) 2 of 3
Year (2019) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-11 Torrance Valley Pipeline Co

Parsippany, New Jersey, United States

Torrance Valley Pipeline Co LLC is an owns a 189-mile San Joaquin Valley Pipeline system with a throughput capacity of approximately 110,000 barrels per day. The system is comprised of the M55, M1 and M70 pipelines which are the primary crude gathering and transportation lines that supply PBF Energy's Torrance refinery. The assets also include 11 pipeline stations with approximately one million barrels of combined storage capacity and truck unloading capability at two of the stations.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-30 PBF Energy - Five Operating Hydrogen Plants

Parsippany, New Jersey, United States

PBF Energy, Inc.'s Five Operating Hydrogen Plants comprises five hydrogen steam methane reformer (SMR) hydrogen production plants and the long-term supply of hydrogen.

Sell $530M

Seller(S) 1

SELLER

Shell

London, United Kingdom
Category Company
Founded 1907
Sector Oil/Gas Exploration
Employees103,000
Revenue 316.6B USD (2023)
DESCRIPTION

Shell is an Anglo–Dutch multinational oil and gas company. Shell was founded in 1907 and is based in London, the United Kingdom.

DEAL STATS #
Overall 14 of 19
Sector (Oil/Gas Exploration) 9 of 13
Type (Divestiture) 14 of 19
State (California) 1 of 2
Country (United States) 2 of 5
Year (2019) 2 of 2
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-11 Royal Dutch Shell - Caesar Tonga Oil Field

Mexico

Royal Dutch Shell plc - Caesar Tonga Oil Field produces approximately a total gross of 71,000 barrels of oil equivalent per day. The Group will be joining three multinational energy companies who already own stakes in the field.

Sell $965M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-04 Royal Dutch Shell - U.S. Appalachia Assets

New York, United States

Royal Dutch Shell plc - U.S. Appalachia Assets are located in the predominately rural northern and western portions of Pennsylvania, where drilling and producing of dry gas from the Marcellus and Utica forms.

Sell $541M
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