Business Context and Reporting Period
This Form 8-K Current Report is filed by PBF Energy Inc. and its subsidiary, PBF Holding Company LLC, for the reporting period of June 27, 2014. The filing addresses a specific corporate event regarding the termination of a material definitive agreement.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the termination of a contractual agreement rather than financial performance metrics.
Material Changes
On June 27, 2014, PBF Holding Company LLC notified Morgan Stanley Capital Group Inc. (MSCG) of its intent to terminate the Amended and Restated Crude Oil Acquisition Agreement, dated March 1, 2012. Key details include:
- Effective Date: The termination is effective as of July 31, 2014.
- Scope: The agreement governed the acquisition of substantially all crude oil for the Company's Toledo refinery from MSCG via interstate pipeline locations.
- Financial Impact: No early termination penalties will be incurred by the Company as a result of this action.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or a discussion of general risks and contingencies beyond the specific event of the agreement termination. The document does not identify any unusual items other than the termination itself.
Investor Verification Checklist
- Verify the operational impact of terminating the crude oil supply agreement on the Toledo refinery's feedstock sourcing.
- Confirm the terms of any new crude oil supply arrangements intended to replace the MSCG agreement after July 31, 2014.
- Review subsequent filings to ensure no undisclosed costs or penalties related to the transition of supply contracts arise.