PBF Energy Inc.’s subsidiary completed the acquisition of the Martinez refinery and related logistics assets from Equilon Enterprises LLC dba Shell Oil Products US. The purchase price for the assets was $960 million plus the value of hydrocarbon inventory. In conjunction with the transaction, PBF has entered into market-based, crude oil supply and product offtake agreements with Shell. PBF financed the transaction with a combination of cash and borrowings under its existing revolving credit facility.

In addition to refining assets, the transaction includes a number of high-quality on-site logistics assets, including a deepwater marine facility, product distribution terminals, and refinery crude and product storage facilities with approximately 8.8 million barrels of shell capacity.

For more information, visit www.pbfenergy.com or www.shell.us.