Court Approves RINs Relief for Philadelphia Energy Solutions

PHILADELPHIA–(BUSINESS WIRE)–Philadelphia Energy Solutions (“PES”) today issued the following
statement regarding the outcome of today’s court hearing confirming the
settlement reached with the United States Department of Justice on
behalf of the Environmental Protection Agency.

“We are pleased with the Court’s decision today to approve the agreement
to alleviate a portion of PES’s RINs burden from 2017, and appreciate
the EPA’s and Department of Justice’s continued support for the
settlement. This is another important milestone in our quest to
strengthen our financial foundation and ensure that PES can successfully
emerge from the restructuring process. We are grateful for our many
advocates, including the City of Philadelphia, the Commonwealth of
Pennsylvania, elected officials at all levels of government, the United
Steelworkers and Building Trades, our valued employees, community,
customers and suppliers for their unwavering support. During the comment
period, the DOJ received over 1,300 comments, an overwhelming number of
which supported the settlement. While this settlement is only a partial
and temporary reprieve, we are hopeful that action will be taken by
policymakers to address the flaws in the Renewable Fuel Standard
program’s RIN compliance mechanism that adversely impacts independent
refineries across the country.”

About Philadelphia Energy Solutions Refining &
Marketing LLC

Philadelphia Energy Solutions (PESRM) owns and operates the Point Breeze
and Girard Point oil refineries located on an integrated, 1,300 acre
refining complex in Philadelphia. The 335,000 barrels per day of
combined capacity makes PESRM the largest refining complex on the
Eastern Seaboard.

Source: Philadelphia Energy Solutions

Contacts

PES Holdings
Cherice Corley, 215-339-7061
[email protected]
or
Abernathy
MacGregor
Kate Murray, 212-371-5999
[email protected]
or
Sydney
Isaacs, 713-999-5104
[email protected]