Parsippany-based PBF Energy, one of the largest independent refiners in North America, announced earlier this month that its board has authorized the repurchase of up to $500 million of PBF Class A common stock.
These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be affected through Rule 10b5-1 plans, the company said.
The timing and number of shares repurchased will depend on a variety of factors, including price, capital availability, legal requirements and economic and market conditions.
PBF officials said the company is not obligated to purchase any shares under the repurchase program — and that the repurchases may be suspended or discontinued at any time without prior notice.
PBF Energy, through its subsidiaries, operates oil refineries and related facilities in New Jersey and Delaware, as well as California, Louisiana and Ohio.
