In 2012, while Glenn Youngkin was at The Carlyle Group, the company acquired majority ownership stake of Philadelphia Energy Solutions, the largest oil refining complex on the Eastern seaboard. A few years after acquiring majority ownership, the energy company began contracting with North Yard Logistics. Despite having no offices or employees, North Yard Logistics was paid almost $300 million between 2015 and 2017. Of this $300 million, the Carlyle-led investors received $151 million. Carlyle-led investors continually loaded Philadelphia Energy Solutions up with hundreds of millions of loans, all while receiving payouts totaling close to $600 million and avoiding paying almost $4 billion in state taxes. Glenn Youngkin’s mis-management and greed caused Philadelphia Energy Solutions to collapse. In an effort to avoid the consequences of his failed leadership, the company filed for bankruptcy.
In 2019, just one year after the bankruptcy plan was approved there was a massive explosion at the PES refinery due to a corroded pipe. According to the Philadelphia Inquirer, “The city dodged several potential catastrophes during the blast that released 5,000 pounds of a deadly chemical and launched pieces of shrapnel as large as a truck hurtling across the refinery complex.” Under the watchful eyes of a diligent, well-qualified leader, this pipe would have been repaired and the explosive crisis could have been averted.
“Glenn Youngkin’s career has been about making a dollar at any and all costs. The case of Philadelphia Energy solutions is just one of many examples,” Vanessa Clinton, Press Secretary of Progress Virginia said. “There’s no reason to believe Youngkin won’t do the same thing if he is elected Governor. Republicans like Glenn Youngkin, Winsome Sears, and Jason Miyares put profits over people and cannot be trusted to carefully manage the available resources Virginia has worked so hard to maintain. The only people who will flourish under the leadership of Glenn Youngkin are greedy CEOs that bend the rules to line their own pockets. The honest, hard working people of Virginia deserve a governor who will put them first.”
- In 2012, under Glenn Youngkin’s leadership The Carlyle Group acquired ⅔ ownership stake of Philadelphia Energy Solutions (PES).
- In 2015 PES started contracting with an operating partner it had spun off, also owned by Carlyle – North Yard Logistics LP. North Yard Logistics had no offices, and no employees, and despite making few or no deliveries, was paid $30 million per quarter, or $298 million between 2015 and 2017. Carlyle-led group of investors received $151 million.
- Carlyle-led investors continually loaded PES up with hundreds of millions in loans against its assets, while receiving huge payouts totaling $594 million.
- At the time PES filed for bankruptcy, the State of Pennsylvania alleged PES had avoided paying $3.8 billion in state taxes, and in the bankruptcy plan the state fought to preserve the ability to collect unpaid taxes.
- In 2019, just one year after the bankruptcy plan was approved there was a massive explosion at the PES refinery due to a corroded pipe. This would have been avoided had there been qualified leadership at the top interested in leading the company rather than loading it up with debt and selling it for parts.