Philadelphia Energy Solutions Inc. on Thursday postponed its initial stock offering due to "unfavorable market conditions." PES, which operates the refinery complex in South Philadelphia, had expected to raise about $250 million in the offering.
"Because of market conditions, pressure on energy investors and their funds, we have decided to postpone our proposed offering at this time," said Philip L. Rinaldi, the company's chief executive. PES is a joint venture of the Carlyle Group and Sunoco.
"We will return to the capital markets when the environment has improved," Rinaldi said in a statement. "In the meantime, we have a strong and liquid balance sheet and are moving forward with our growth plans." The 335,000-barrel-per-day complex is the largest on the East Coast.