Today, we announced that we have reached an agreement with PBF Energy, Inc. for the sale and purchase of the refinery in Torrance, California, a lubricants distribution center at Vernon, products terminals at Vernon and Atwood, and associated California pipelines and other logistics assets, including facilities at the Southwest terminal. The transaction does not affect ExxonMobil’s other operations in California or North America.
This decision results from the company’s regular evaluation of our global portfolio of businesses and their opportunities for growth, restructuring, or divestment depending on the fit with strategic business objectives.
We remain committed to refining as part of our integrated business strategy and will continue to invest in advantaged sites, which are generally larger, more efficient and integrated with chemical and lubricant manufacturing.
Subject to repairs to the refinery’s electrostatic precipitator and regulatory approval, change-in-control is anticipated to take place by mid-2016. We expect all employees to be offered positions with PBF prior to change-in-control.
Our priorities remain the same as always. Let’s maintain our focus on safe, reliable operations and ensuring that Nobody Gets Hurt.