PBF Energy Inc. (NYSE: PBF) announced on October 2 2025 that the sale of two refined product terminal facilities had closed, finalizing a transaction that was first announced on May 1 2025. The closing was completed on September 30 2025, and the company confirmed the transaction in a press release issued today.
The sale involved terminal assets located in Philadelphia, Pennsylvania, and Knoxville, Tennessee, comprising 38 storage tanks with approximately 1.9 million barrels of storage capacity and associated truck racks. PBF received $175 million in cash for the assets, a figure that matches the amount disclosed in the original announcement.
By divesting these non‑core terminals, PBF is able to strengthen its balance sheet, increase liquidity, and free capital for core refining operations and potential future investments. The transaction aligns with the company’s broader strategy to streamline its asset portfolio and focus on high‑margin refining activities.
The announcement confirms that the transaction has been fully executed and that the proceeds are now available to the company. PBF’s management reiterated its commitment to maintaining a strong financial position while pursuing operational efficiencies through its Refining Business Improvement program.
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