Jefferson Allen has been elected to the board of PBF Energy Co., which is backed by the Blackstone Group and First Reserve Corp. Allen will serve as chairman of PBF’s audit committee.
PBF Energy Company LLC (“PBF”) announces the election of Jefferson Allen to its Board of Directors. Mr. Allen will also serve as Chairman of the Audit Committee.
Mr. Allen has over 20 years experience as a financial expert in the refining industry. During 2005, until its merger with Valero Energy Corporation, Mr. Allen served as the Chief Executive Officer of Premcor Inc. In addition, from 2002 until 2005 Mr. Allen served on Premcor’s Board of Directors and from 2002 until 2004 was Chairman of its Audit Committee. Prior to his service with Premcor, from 1990 Mr. Allen was the Chief Financial Officer and a Director and from 1995 President of Tosco Corporation until its merger with Phillips Petroleum Corporation in 2001. His previous energy industry experience was in the international exploration and production business for 14 years.
Thomas D. O’Malley, PBF’s Chairman, said “We are very pleased to have Mr. Allen join PBF’s Board and to lead the Audit Committee. He brings a wealth of experience and financial expertise which will be of great value as we continue to grow the Company.”
PBF’s principal owners are The Blackstone Group and First Reserve Corporation.
About PBF Holding:
PBF owns and operates oil refineries and related facilities in North America. Our mission is to identify attractive acquisition opportunities in the petroleum refining industry and execute acquisitions that provide superior returns to our investors, provide employees with a safe and rewarding workplace, and become a positive influence in the communities where we do business. Further information is available at www.pbfenergy.com
Blackstone is one of the world’s leading investment and advisory firms and is an experienced and active investor in the energy and natural resources sector. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
About First Reserve Corporation:
First Reserve is the world’s leading private equity firm in the energy industry, making both private equity and infrastructure investments throughout the energy value chain. For more than 25 years, it has invested solely in the global energy industry, and has developed an unparalleled franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. The firm is currently investing its most recent fund, which closed in 2009 at approximately $9 billion. First Reserve invests strategically across a wide range of energy industry sectors, developing a portfolio that is diversified across the energy value chain, backing talented management teams and building value by building companies. Further information is available at www.firstreserve.com.