PBF Energy 2012 Annual Report Download - page 155
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PAULSBORO REFINING BUSINESS
NOTES TO FINANCIAL STATEMENTS—(Continued)
Asset Retirement Obligations
The table below reflects the changes in asset retirement obligations of the Business (in thousands):
Period from
January 1
through
December 16,
2010
Balance as of beginning of period .................................................... $11,807
Settlements .................................................................. (440)
Balance as of end of period ......................................................... $11,367
7 - COMMITMENTS AND CONTINGENCIES
Leases
The Business had long-term operating lease commitments for office facilities and office equipment. In most
cases, the Business expects that in the normal course of business, its leases will be renewed or replaced by other
leases.
The Business leased an oxygen facility under an agreement accounted for as a capital lease. The lease expires in
May 2015.
As of December 16, 2010, future minimum rentals for leases having initial or remaining noncancelable lease
terms in excess of one year were as follows (in thousands):
Operating
Leases
Capital
Lease
2011 ....................................................................... $ 1,574 $ 34
2012 ....................................................................... 1,587 34
2013 ....................................................................... 1,610 34
2014 ....................................................................... 1,634 34
2015 ....................................................................... 1,657 14
Remainder .................................................................. 1,965 —
Total minimum rental payments ............................................. $10,027 150
Less interest expense .......................................................... (16)
Capital lease obligation .................................................... $134
Rental expense for all operating leases was $12.0 million for the period ended December 16, 2010.
Litigation Matters
MTBE Litigation
As of June 23, 2011, Valero and several of its subsidiaries are named in numerous cases involving claims related
to MTBE contamination in groundwater based on the manufacture, marketing and supply of gasoline containing
MTBE. With respect to the historic operations at the Paulsboro Refinery, ten of these cases may involve
F-63