PBF East Coast Refining Reconfiguration and Optimization Plan

October 29, 2020

Today, PBF Energy announced an operational reconfiguration of its East Coast refining system comprised of its Delaware City and Paulsboro refineries. Depending on market conditions, future throughput capacity is expected to be approximately 260,000 barrels per day. As part of the reconfiguration, the Paulsboro refinery will be idling the following units: the smaller of two crude units, coker, fluid catalytic cracker and several smaller units. We expect to operate certain Delaware City and remaining Paulsboro units at higher utilization and efficiency. Annual operating and capital expenditures savings are expected to be approximately $100.0 million and $50.0 million, respectively, relative to average historic levels.

The reconfigured East Coast refining system retains significant crude optionality and is expected to have increased flexibility to respond to changing market conditions. We anticipate realizing a one-time benefit in reduced working capital as a result of overall lower throughput and inventory levels. We also expect to incur non-recurring expenses as a result of workforce reductions.

The reconfiguration is expected to be complete by year-end 2020.

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