PBF Energy, the New Jersey-based company that recently bought Shell's refinery in Martinez, plans to sell two hydrogen plants at the facility for hundreds of millions of dollars.
The sale comes as PBF and other oil companies scramble to cut costs and raise revenue as shelter-at-home orders imposed around the United States have drastically reduced travel and slashed demand for gasoline and other fuels.
"All companies will be looking for ways to survive this 'demand side' shock," said David Hackett, president of Stillwater Associates, a firm that specialized in analyzing the transportation fuels market.
"Some will shut their refineries down while others will be operating at minimum levels through this crisis," Hackett said in an email.
Plummeting demand has driven the average cost of a gallon of gas in California below $3 for first time in close to three years, according to AAA. Nationwide, the average price for a gallon of regular gasoline is $1.93, AAA says, with Wisconsin reporting the lowest prices — just $1.44.