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AMERICAS OIL: PBF Martinez Damage Assessment May Take Week or More to Begin: BBG

AMERICAS OIL
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PBF Martinez Damage Assessment May Take Week or More to Begin: BBG

  • PBF Energy CEO Matt Lucey said during a 4Q earnings call Thursday they are still unable to fully access the fire-damaged area at the 156k b/d Martinez refinery near San Francisco to initiate an investigation.
  • Lucey said it remains cordoned off, and the entire refinery is shut down.
  • “We are still early in the recovery process. We expected, quite frankly, to have access to it already, but we don’t. But over the next week or so, I think we’ll have a much better view”: Lucey.
  • PBF’s 160k b/d Torrance refinery in the Los Angeles area “is producing products which are desperately needed in California” and will maximize production as market needs warrant: Lucey.
  • PBF didn’t estimate how long Martinez operations would be curtailed except to say the schedule for a planned 60-day turnaround on the FCC and ancillary units in the area of the fire will be impacted.
  • PBF may need 45 days or longer to determine the full extent of the damage from the fire, which broke out in an area where gasoline is made, according to people familiar with operations Wednesday. The hydrotreater, the FCC and an alkylation unit were being prepped for a turnaround set to start Feb. 3.
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PBF Martinez Damage Assessment May Take Week or More to Begin: BBG

  • PBF Energy CEO Matt Lucey said during a 4Q earnings call Thursday they are still unable to fully access the fire-damaged area at the 156k b/d Martinez refinery near San Francisco to initiate an investigation.
  • Lucey said it remains cordoned off, and the entire refinery is shut down.
  • “We are still early in the recovery process. We expected, quite frankly, to have access to it already, but we don’t. But over the next week or so, I think we’ll have a much better view”: Lucey.
  • PBF’s 160k b/d Torrance refinery in the Los Angeles area “is producing products which are desperately needed in California” and will maximize production as market needs warrant: Lucey.
  • PBF didn’t estimate how long Martinez operations would be curtailed except to say the schedule for a planned 60-day turnaround on the FCC and ancillary units in the area of the fire will be impacted.
  • PBF may need 45 days or longer to determine the full extent of the damage from the fire, which broke out in an area where gasoline is made, according to people familiar with operations Wednesday. The hydrotreater, the FCC and an alkylation unit were being prepped for a turnaround set to start Feb. 3.