PHILADELPHIA--(BUSINESS WIRE)--This past week, Philadelphia Energy Solutions (PES) announced the commencement of a structured process to solicit the level of interest held by the large number of parties that have expressed a desire to potentially acquire PES and/or all or a portion of its assets. PES has retained PJT Partners (PJT) as its investment banker to assist with this process.
In addition to the potential sales transaction, PES is also evaluating a number of strategic alternatives to maximize value for its stakeholders, including the rebuild of its infrastructure damaged in the June 21st incident and restarting the refining complex.
It has recently come to PES’s attention that certain third parties have made public statements concerning their interest in PES’s sale process. At this time, it is far too early in the strategic process for PES or others to be making any public statements regarding the future direction of PES and the refinery complex. For clarity, PES is running a broad and competitive process; at this time, no agreements or parties have been selected as potential acquirers/partners. All value maximizing options will be carefully reviewed and considered by PES and its advisors through the process.
PES is not currently planning to make further public statements relative to its strategic process.
Inquiries regarding PES, its assets and the ongoing process should be directed to John Singh, Peter Laurinaitis, Harold Kim, and Scott Meyerson by calling (212) 364-7800 or emailing PES_Inquiries@pjtpartners.com.
About PES: Headquartered in Philadelphia, PES owns the largest oil-refining complex on the eastern seaboard, with nameplate capacity of 335,000 barrels per day. PES owns a portfolio of industrial assets that includes two refineries, logistics terminals, storage facilities as well as other property and supporting infrastructure. The PES refinery complex is strategically positioned approximately 2.5 miles from downtown Philadelphia. The 1,300-acre industrial site hosting the refinery complex benefits from extensive existing industrial infrastructure, including built-out pipelines, storage facilities and access to rail, truck and vessel transport.