Under the terms of the agreement, PBF Energy will acquire 189,000 barrel per day Chalmette Refinery and chemical production facilities located near New Orleans, Louisiana, US.
ExxonMobil Refining & Supply president Jerry Wascom said: "We regularly adjust our portfolio of assets through investment, restructuring, or divestment consistent with our overall global and regional business strategies."
The sale also covers 100% stake in each of MOEM Pipeline and CAM Connection Pipeline as well as 80% interest in each of Collins Pipeline Company and T&M Terminal Company.
Additional sale assets include a marine terminal, a clean products truck rack and a crude and product storage facility, with approximately 7.5 million barrels of shell capacity.
PBF expects the deal to increase its total throughput capacity to more than 725,000 barrels per day.
The Chalmette Refinery is a dual-train coking refinery with a Nelson Complexity of 12.7, and is able to process both light and heavy crude oil.
PBF Energy CEO Tom Nimbley said: "Upon completion, we will have increased our refining capacity by 35% and added meaningful Gulf Coast assets to our businesses.
"We will have operations in the Gulf Coast, Mid-Continent and East Coast and have diversified and increased our commercial footprint and flexibility."
Subject to customary closing conditions and regulatory approvals, the transaction is planned to be completed by the end of this year.
