PBF Energy Closes $44.8 Million Air Products Hydrogen Purchase
The independent refiner took ownership of West Coast hydrogen plants that will run under Torrance Refining after a transition with Air Products.
PBF Energy Company LLC (PBF) closed an asset purchase of Air Products West Coast Hydrogen LLC for a cash payment of $44.8 million at closing, completing the deal on September 9, 2026.
The transaction was an asset purchase rather than a stock deal. PBF LLC became the owner of the hydrogen plants.
Following a transition period with Air Products, the plants will be operated by Torrance Refining Company LLC.
The close of the Air Products Asset Purchase made PBF the owner of the hydrogen plants and set up the handoff to Torrance Refining.
The $44.8 million cash consideration was paid at closing.
No premium, exchange ratio, or financing terms were disclosed in the release.
The plants sit on the West Coast, matching the target’s name, and will move from Air Products ownership to PBF ownership and then to Torrance Refining operations after the transition.
The company did not provide production volumes, capacity, or a timeline for the transition period.
The close on September 9, 2026, preceded the September 14, 2026, anchor filing date.