Boston, MA 05/05/2014 (wallstreetpr) – PBF Energy Inc (NYSE:PBF) wants to see growth. The company has already made internal improvements to curb costs and expenses while shoring up the balance sheet for possible acquisition opportunities. Perhaps in a show of the big confidence in the company’s growth prospects, Chairman Tom O’Malley said he ought to be fired in case the company fails to see growth.
The company expects to benefit from the favorable costs of crude oil due especially to the production glut in North America that has helped refineries to replace expensive imports.
The strong sentiments from the executive came on the back of a solid Q1 performance whereby the company’s profits tripled the figure realized a year earlier. PBF Energy Inc (NYSE:PBF) reported net income of $140.7 million in Q12014. For all of 2013, the company had net income of $143.9 million and $492.5 million in net income for all of fiscal 2012. Therefore, the latest net income not only maintained the earnings growth consistency but also showed a great start to a year that could significantly dwarf performance in the past two or so years.
Growth as the business
As Mr. O’Malley voiced optimism over growth prospects for PBF Energy Inc (NYSE:PBF), he also said that the company was keen on having a bigger presence in California. He observed that big presence in California would help the company to benefit from the booming fuel exports to Latin America. Furthermore, the company expects to benefit from the glut the North American crude oil glut that can be transported cheaply by rail, therefore, supporting big refinery revenue in California.
But even as PBF Energy Inc (NYSE:PBF) shows optimism in expanding refinery operations in California, its peer Valero Energy Corporation (NYSE:VLO) said operations in California were among its weakest assets financially.
Acquisition
PBF Energy Inc (NYSE:PBF) looks to grow by any means possible. Boasting a solid balance sheet, the company is on the lookout for acquisition opportunities that match its growth objective.
