Big West has retained Deutsche Bank Securities Inc. as its financial advisor to assist in this process. The review of strategic alternatives may result in the sale of all or part of the refinery.
Due to the confidentiality of the process, the companies anticipate no further announcements regarding their review of strategic alternatives until such time as [image-nocss] the process is concluded.
Big West acquired the Bakersfield Refinery from Shell in March 2005 and has subsequently invested significant capital in the refinery. The refinery comprises a 70,000 barrels-per-day refinery and supporting operations network situated on a 942-acre site in Bakersfield. It produces a full slate of petroleum products, including low-sulfur CARBOB gasoline, CARB diesel and gas oil. In addition, the refinery has received all significant permits to construct a hydrocracker unit designed to further enhance the refinery's profitability by converting the refinery's lower-value gas oils to lighter, higher-margin diesel and gasoline products.
Based in Ogden, Utah, Flying J Inc. had 2007 sales exceeding $16 billion. This fully integrated oil company employs approximately 14,700 people in the United States and Canada through its interstate operations, transportation, refining and supply, exploration and production, as well as its financial services and communications, divisions. It operates more than 240 retail locations, including travel plazas, convenience stores, restaurants, motels and truck service centers in 41 states and six Canadian provinces. In addition to the usual truckstop services such as food, diesel and gasoline and showers, the company offers banking, bulk fuel programs, communications (WiFi) fuel cost analysis insurance and truck fleet sales. It also explores for, refines and transports petroleum products.
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