Billings, juliet, annandale
10 replies (most recent on top)
Irving doesn't have actual things attached to it.
Billings isn’t worth much, but we would sell it for cheap. It’s not material to the portfolio in terms of earnings, but it has a lot of risk (HF Alky unit, crude pipelines across pristine rivers, etc.).
Joliet makes a lot of $$ (though it depends a lot on the transfer price of the Canadian crude) because it gets to run cheap Canadian crude into a boutique fuels market in Chicago. Limited competition from outside the region, and crude that has to pay to get itself to the gulf coast of Joliet doesn’t take it.
If PBF can make $$ on Torrance and Chalmette, then there should be a lot of $$ to be made buying Joliet. But Joliet actually is material to F&L earnings and throws off cash to the corporation, so we would want a high price to sell it.
Any non strategic asset is toast: Trecate, Fos, Sriracha, Billings all for sale to a willing buyer.
Exactly - for the reasons stated below, Billings and Joliet going nowhere.
ExxonMobil is next.
GOM upstream assets, XTO Shale Gas, EG and Nigeria
I think Equatorial Guinea or Nigeria will be the next to go.
Got to be Annandale last high cost location in New Jersey, more people leaving this week, it’s over ! Management lies…if your RE beware…..
Billings and Joliet have been on the market for 15+ years. No oil company or venture capital company wants to pay our minimum sales price for the two land locked refineries.
Second that^: Fawley, Billings then Joliet.. tho Billings and Joliet may be a package deal
Fawley 1st, then billings or Joliet 2nd.