Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced that it has formally closed on the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC (PBF), a subsidiary of PBF Energy, Inc., in exchange for $1.2 billion which includes the refinery and inventory. The deal also includes crude oil supply and product offtake agreements, and other adjustments.

Shell is very proud of the relationship we have built and maintained with the city and people of Martinez over the many years we’ve operated side-by-side with the Martinez community making several notable achievements on safety, reliability, performance, and community involvement.

As we turn over ownership of the Martinez Refinery to PBF, we offer our many thanks to the City and community of Martinez for all they have done to support and partner with Shell and our employees over the last 100 years.

Notes:

- The transaction covered the sale of Shell’s Martinez Refinery and adjacent truck rack and terminal in California. Shell’s associated branded fuel businesses, Aviation terminal, and Catalysts business in the area were not part of this transaction.
- All regulatory requirements were met prior to the closing of this divestment.
- As part of the sale, Shell and PBF entered into crude supply and product offtake agreements to continue to supply Shell branded businesses ensuring that Shell customers will continue to have access to quality Shell branded fuels.
- Local employees providing dedicated support to Shell’s Martinez Refinery were all offered employment with PBF.
- PBF Energy and Shell have agreed to jointly move forward with reviewing the feasibility of building a proposed renewable diesel project which would repurpose existing idled equipment at the Martinez refinery to create a renewable fuels production facility. The detailed feasibility review and planning for this project is expected to continue after deal closing.
- The team at Martinez has done an excellent job over the many years Shell has been a part of the Martinez community making several notable achievements on safety, reliability, performance, and community involvement.
- Shell will maintain a significant presence in California with continued investments in its Upstream and New Energies business.
- This divestment aligns with Shell’s strategy to reshape refining efforts towards a smaller, smarter refining portfolio focused on further integration with Shell Trading hubs, Chemicals, and Marketing.
- By 2025 we expect to have interests in a smaller, core set of refineries. A key advantage of these core sites will come from further integration with Shell trading hubs, and from producing more chemicals and other products resilient in a lower-carbon future, such as bitumen and base oils. Our focus is value rather than volume. We will invest in our core refineries to enable them to deliver resilient returns.

About Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About PBF Energy Inc.

PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy Inc. also currently indirectly owns the general partner and approximately 48% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).