We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
PBF Energy Inc | NYSE:PBF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.40 | -2.81% | 48.47 | 50.81 | 48.28 | 50.16 | 1,653,701 | 01:00:00 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit No. | Description | ||||
Press release announcing fourth quarter results, dated February 15, 2024. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
Date: | February 15, 2024 | PBF Energy Inc. | ||||||||||||
(Registrant) | ||||||||||||||
By: | /s/ Karen B. Davis | |||||||||||||
Name: | Karen B. Davis | |||||||||||||
Title: | Senior Vice President, Chief Financial | |||||||||||||
Officer |
Date: | February 15, 2024 | PBF Holding Company LLC | ||||||||||||
(Registrant) | ||||||||||||||
By: | /s/ Karen B. Davis | |||||||||||||
Name: | Karen B. Davis | |||||||||||||
Title: | Senior Vice President, Chief Financial | |||||||||||||
Officer |
Expected throughput ranges (barrels per day) | ||||||||
First Quarter 2024 | ||||||||
Low | High | |||||||
East Coast | 270,000 | 290,000 | ||||||
Mid-continent | 100,000 | 110,000 | ||||||
Gulf Coast | 170,000 | 180,000 | ||||||
West Coast | 290,000 | 310,000 | ||||||
Total | 830,000 | 890,000 |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except share and per share data) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 9,138.7 | $ | 10,846.3 | $ | 38,324.8 | $ | 46,830.3 | ||||||||||||||||||||||||||||||
Cost and expenses: | ||||||||||||||||||||||||||||||||||||||
Cost of products and other | 8,247.7 | 9,045.1 | 32,671.3 | 39,049.1 | ||||||||||||||||||||||||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 671.2 | 695.0 | 2,694.9 | 2,599.0 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 135.8 | 137.1 | 560.0 | 503.6 | ||||||||||||||||||||||||||||||||||
Cost of sales | 9,054.7 | 9,877.2 | 35,926.2 | 42,151.7 | ||||||||||||||||||||||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 105.4 | 93.8 | 362.5 | 468.7 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 3.5 | 1.7 | 11.5 | 7.5 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration, net | (78.2) | (82.6) | (45.8) | 48.3 | ||||||||||||||||||||||||||||||||||
Equity loss in investee | 59.9 | — | 45.3 | — | ||||||||||||||||||||||||||||||||||
Loss (gain) on formation of SBR equity method investment | 40.6 | — | (925.1) | — | ||||||||||||||||||||||||||||||||||
Loss (gain) on sale of assets | — | 0.6 | (1.3) | 0.9 | ||||||||||||||||||||||||||||||||||
Total cost and expenses | 9,185.9 | 9,890.7 | 35,373.3 | 42,677.1 | ||||||||||||||||||||||||||||||||||
Income (loss) from operations | (47.2) | 955.6 | 2,951.5 | 4,153.2 | ||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | (8.6) | (29.4) | (63.8) | (246.0) | ||||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement liability | 2.0 | (2.1) | 2.0 | (290.3) | ||||||||||||||||||||||||||||||||||
Change in fair value of catalyst obligations | — | (1.7) | 1.1 | (2.0) | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (5.7) | (66.1) | ||||||||||||||||||||||||||||||||||
Other non-service components of net periodic benefit cost | 0.2 | 2.2 | 0.7 | 8.8 | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (53.6) | 924.6 | 2,885.8 | 3,557.6 | ||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (5.2) | 268.5 | 723.8 | 584.8 | ||||||||||||||||||||||||||||||||||
Net income (loss) | (48.4) | 656.1 | 2,162.0 | 2,972.8 | ||||||||||||||||||||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 18.3 | 21.5 | 96.0 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to PBF Energy Inc. stockholders | $ | (48.4) | $ | 637.8 | $ | 2,140.5 | $ | 2,876.8 | ||||||||||||||||||||||||||||||
Net income (loss) available to Class A common stock per share: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.40) | $ | 5.04 | $ | 17.13 | $ | 23.47 | ||||||||||||||||||||||||||||||
Diluted | $ | (0.40) | $ | 4.86 | $ | 16.52 | $ | 22.84 | ||||||||||||||||||||||||||||||
Weighted-average shares outstanding-basic | 120,999,329 | 126,450,787 | 124,953,858 | 122,598,076 | ||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding-diluted | 121,866,353 | 132,099,338 | 130,509,448 | 126,860,106 | ||||||||||||||||||||||||||||||||||
Dividends per common share | $ | 0.25 | $ | 0.20 | $ | 0.85 | $ | 0.20 | ||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1): | ||||||||||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) | $ | (48.7) | $ | 642.6 | $ | 2,155.7 | $ | 2,897.5 | ||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share | $ | (0.40) | $ | 4.86 | $ | 16.52 | $ | 22.84 | ||||||||||||||||||||||||||||||
Adjusted fully-converted shares outstanding - diluted (Note 6) | 121,866,353 | 132,099,338 | 130,509,448 | 126,860,106 | ||||||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (Note 7) | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except share and per share data) | ||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1) | Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to PBF Energy Inc. stockholders | $ | (48.4) | $ | 637.8 | $ | 2,140.5 | $ | 2,876.8 | ||||||||||||||||||||||||||||||||||||
Less: Income allocated to participating securities | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Income (loss) available to PBF Energy Inc. stockholders - basic | (48.4) | 637.8 | 2,140.5 | 2,876.8 | ||||||||||||||||||||||||||||||||||||||||
Add: Net income (loss) attributable to noncontrolling interest (Note 2) | (0.5) | 6.5 | 20.5 | 27.9 | ||||||||||||||||||||||||||||||||||||||||
Less: Income tax benefit (expense) (Note 3) | 0.2 | (1.7) | (5.3) | (7.2) | ||||||||||||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) | $ | (48.7) | $ | 642.6 | $ | 2,155.7 | $ | 2,897.5 | ||||||||||||||||||||||||||||||||||||
Special Items (Note 4): | ||||||||||||||||||||||||||||||||||||||||||||
Add: LCM inventory adjustment - SBR | 38.7 | — | 38.7 | — | ||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of contingent consideration, net | (78.2) | (82.6) | (45.8) | 48.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Gain on land sales | — | — | (1.7) | — | ||||||||||||||||||||||||||||||||||||||||
Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement | — | — | 19.2 | 66.1 | ||||||||||||||||||||||||||||||||||||||||
Add: Change in Tax Receivable Agreement liability | (2.0) | 2.1 | (2.0) | 290.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Loss (gain) on formation of SBR equity method investment | 40.6 | — | (925.1) | — | ||||||||||||||||||||||||||||||||||||||||
Add: Net tax benefit on remeasurement of deferred tax assets | — | — | — | (233.8) | ||||||||||||||||||||||||||||||||||||||||
Less: Recomputed income tax on special items (Note 3) | 0.2 | 20.8 | 238.3 | (104.9) | ||||||||||||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) excluding special items | $ | (49.4) | $ | 582.9 | $ | 1,477.3 | $ | 2,963.5 | ||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding of PBF Energy Inc. | 120,999,329 | 126,450,787 | 124,953,858 | 122,598,076 | ||||||||||||||||||||||||||||||||||||||||
Conversion of PBF LLC Series A Units (Note 5) | 867,024 | 910,457 | 899,519 | 917,991 | ||||||||||||||||||||||||||||||||||||||||
Common stock equivalents (Note 6) | — | 4,738,094 | 4,656,071 | 3,344,039 | ||||||||||||||||||||||||||||||||||||||||
Fully-converted shares outstanding - diluted | 121,866,353 | 132,099,338 | 130,509,448 | 126,860,106 | ||||||||||||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) | $ | (0.40) | $ | 4.86 | $ | 16.52 | $ | 22.84 | ||||||||||||||||||||||||||||||||||||
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) | $ | (0.41) | $ | 4.41 | $ | 11.32 | $ | 23.36 | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | $ | (47.2) | $ | 955.6 | $ | 2,951.5 | $ | 4,153.2 | ||||||||||||||||||||||||||||||||||||
Special Items (Note 4): | ||||||||||||||||||||||||||||||||||||||||||||
Add: LCM inventory adjustment - SBR | 38.7 | — | 38.7 | — | ||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of contingent consideration, net | (78.2) | (82.6) | (45.8) | 48.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Gain on land sales | — | — | (1.7) | — | ||||||||||||||||||||||||||||||||||||||||
Add: Loss (gain) on formation of SBR equity method investment | 40.6 | — | (925.1) | — | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations excluding special items | $ | (46.1) | $ | 873.0 | $ | 2,017.6 | $ | 4,201.5 | ||||||||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | ||||||||||||||||||||||||||||||||||||||||||||
EBITDA RECONCILIATIONS (Note 7) | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (48.4) | $ | 656.1 | $ | 2,162.0 | $ | 2,972.8 | ||||||||||||||||||||||||||||||||||||
Add: Depreciation and amortization expense | 139.3 | 138.8 | 571.5 | 511.1 | ||||||||||||||||||||||||||||||||||||||||
Add: Interest expense, net | 8.6 | 29.4 | 63.8 | 246.0 | ||||||||||||||||||||||||||||||||||||||||
Add: Income tax (benefit) expense | (5.2) | 268.5 | 723.8 | 584.8 | ||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 94.3 | $ | 1,092.8 | $ | 3,521.1 | $ | 4,314.7 | ||||||||||||||||||||||||||||||||||||
Special Items (Note 4): | ||||||||||||||||||||||||||||||||||||||||||||
Add: LCM inventory adjustment - SBR | 38.7 | — | 38.7 | — | ||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of contingent consideration, net | (78.2) | (82.6) | (45.8) | 48.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Gain on land sales | — | — | (1.7) | — | ||||||||||||||||||||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | 5.7 | 66.1 | ||||||||||||||||||||||||||||||||||||||||
Add: Change in Tax Receivable Agreement liability | (2.0) | 2.1 | (2.0) | 290.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Loss (gain) on formation of SBR equity method investment | 40.6 | — | (925.1) | — | ||||||||||||||||||||||||||||||||||||||||
EBITDA excluding special items | $ | 93.4 | $ | 1,012.3 | $ | 2,590.9 | $ | 4,719.4 | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 94.3 | $ | 1,092.8 | $ | 3,521.1 | $ | 4,314.7 | ||||||||||||||||||||||||||||||||||||
Add: Stock-based compensation | 23.8 | 29.4 | 51.5 | 54.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of catalyst obligations | — | 1.7 | (1.1) | 2.0 | ||||||||||||||||||||||||||||||||||||||||
Add: LCM inventory adjustment - SBR (Note 4) | 38.7 | — | 38.7 | — | ||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of contingent consideration, net (Note 4) | (78.2) | (82.6) | (45.8) | 48.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Gain on land sales (Note 4) | — | — | (1.7) | — | ||||||||||||||||||||||||||||||||||||||||
Add: Loss on extinguishment of debt (Note 4) | — | — | 5.7 | 66.1 | ||||||||||||||||||||||||||||||||||||||||
Add: Change in Tax Receivable Agreement liability (Note 4) | (2.0) | 2.1 | (2.0) | 290.3 | ||||||||||||||||||||||||||||||||||||||||
Add: Loss (gain) on formation of SBR equity method investment (Note 4) | 40.6 | — | (925.1) | — | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 117.2 | $ | 1,043.4 | $ | 2,641.3 | $ | 4,775.7 | ||||||||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | |||||||||||||||||||||||
EARNINGS RELEASE TABLES | |||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET DATA | |||||||||||||||||||||||
(Unaudited, in millions) | |||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,783.5 | $ | 2,203.6 | |||||||||||||||||||
Inventories | 3,183.1 | 2,763.6 | |||||||||||||||||||||
Total assets | 14,387.8 | 13,549.1 | |||||||||||||||||||||
Total debt | 1,245.9 | 1,959.1 | |||||||||||||||||||||
Total equity | 6,631.3 | 5,056.0 | |||||||||||||||||||||
Total equity excluding special items (Note 4, 13) | $ | 5,557.4 | $ | 4,660.5 | |||||||||||||||||||
Total debt to capitalization ratio (Note 13) | 16 | % | 28 | % | |||||||||||||||||||
Total debt to capitalization ratio, excluding special items (Note 13) | 18 | % | 30 | % | |||||||||||||||||||
Net debt to capitalization ratio* (Note 13) | (9) | % | (5) | % | |||||||||||||||||||
Net debt to capitalization ratio, excluding special items* (Note 13) | (11) | % | (6) | % | |||||||||||||||||||
* Negative ratio exists at December 31, 2023 and December 31, 2022 as cash is in excess of debt. | |||||||||||||||||||||||
SUMMARIZED STATEMENT OF CASH FLOW DATA | |||||||||||||||||||||||
(Unaudited, in millions) | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Cash flows provided by operations | $ | 1,338.5 | $ | 4,772.0 | |||||||||||||||||||
Cash flows used in investing activities | (338.6) | (1,010.9) | |||||||||||||||||||||
Cash flows used in financing activities | (1,420.0) | (2,899.0) | |||||||||||||||||||||
Net change in cash and cash equivalents | (420.1) | 862.1 | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 2,203.6 | 1,341.5 | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,783.5 | $ | 2,203.6 | |||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | |||||||||||||||||||||||||||||
CONSOLIDATING FINANCIAL INFORMATION (Note 8) | |||||||||||||||||||||||||||||
(Unaudited, in millions) | |||||||||||||||||||||||||||||
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Revenues | $ | 9,129.3 | $ | 96.8 | $ | — | $ | (87.4) | $ | 9,138.7 | |||||||||||||||||||
Depreciation and amortization expense | 126.8 | 9.0 | 3.5 | — | 139.3 | ||||||||||||||||||||||||
Income (loss) from operations (1) | 26.6 | 54.9 | (128.7) | — | (47.2) | ||||||||||||||||||||||||
Interest expense, net | (3.9) | (0.6) | 13.1 | — | 8.6 | ||||||||||||||||||||||||
Capital expenditures (2) | 227.9 | 3.4 | 2.0 | — | 233.3 | ||||||||||||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Revenues | $ | 10,836.1 | $ | 96.9 | $ | — | $ | (86.7) | $ | 10,846.3 | |||||||||||||||||||
Depreciation and amortization expense | 128.0 | 9.1 | 1.7 | — | 138.8 | ||||||||||||||||||||||||
Income (loss) from operations | 914.0 | 43.3 | (1.7) | — | 955.6 | ||||||||||||||||||||||||
Interest expense, net | (0.9) | 9.5 | 20.8 | — | 29.4 | ||||||||||||||||||||||||
Capital expenditures | 322.0 | 3.3 | 1.9 | — | 327.2 | ||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Revenues | $ | 38,288.5 | $ | 384.1 | $ | — | $ | (347.8) | $ | 38,324.8 | |||||||||||||||||||
Depreciation and amortization expense | 523.9 | 36.1 | 11.5 | — | 571.5 | ||||||||||||||||||||||||
Income (loss) from operations (1) | 2,183.6 | 206.1 | 561.8 | — | 2,951.5 | ||||||||||||||||||||||||
Interest expense, net | (4.8) | 2.3 | 66.3 | — | 63.8 | ||||||||||||||||||||||||
Capital expenditures (2) | 1,152.9 | 11.9 | 8.8 | — | 1,173.6 | ||||||||||||||||||||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Revenues | $ | 46,780.6 | $ | 369.3 | $ | — | $ | (319.6) | $ | 46,830.3 | |||||||||||||||||||
Depreciation and amortization expense | 466.9 | 36.7 | 7.5 | — | 511.1 | ||||||||||||||||||||||||
Income (loss) from operations | 4,466.4 | 183.7 | (496.9) | — | 4,153.2 | ||||||||||||||||||||||||
Interest expense, net | 10.9 | 39.5 | 195.6 | — | 246.0 | ||||||||||||||||||||||||
Capital expenditures | 994.9 | 7.9 | 8.1 | — | 1,010.9 | ||||||||||||||||||||||||
Balance at December 31, 2023 | |||||||||||||||||||||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Total Assets (3) | $ | 12,590.6 | $ | 816.8 | $ | 1,024.1 | $ | (43.7) | $ | 14,387.8 |
Balance at December 31, 2022 | |||||||||||||||||||||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Total Assets | $ | 12,587.9 | $ | 863.1 | $ | 136.3 | $ | (38.2) | $ | 13,549.1 | |||||||||||||||||||
(1) Income from operations within Corporate for the three months and year ended December 31, 2023 includes a loss of $40.6 million and a gain of $925.1 million, respectively, associated with the formation of the SBR equity method investment. | |||||||||||||||||||||||||||||
(2) For the three months ended and year ended December 31, 2023, the Company’s refining segment includes $12.4 million and $312.7 million, respectively, of capital expenditures related to the construction of the biorefinery co-located with the Chalmette refinery in Louisiana (the “Renewable Diesel Facility”). For the three months and year ended December 31, 2022, the Company’s refining segment included $141.2 million and $336.2 million, respectively, of capital expenditures related to the construction of the Renewable Diesel Facility. | |||||||||||||||||||||||||||||
(3) Corporate assets include our Equity method investment in SBR of $881.0 million. | |||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||||||||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
Market Indicators (dollars per barrel) (Note 9) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Dated Brent crude oil | $ | 84.24 | $ | 88.93 | $ | 82.64 | $ | 101.27 | ||||||||||||||||||||||||||||||
West Texas Intermediate (WTI) crude oil | $ | 78.60 | $ | 82.82 | $ | 77.67 | $ | 94.58 | ||||||||||||||||||||||||||||||
Light Louisiana Sweet (LLS) crude oil | $ | 81.13 | $ | 85.47 | $ | 80.14 | $ | 96.81 | ||||||||||||||||||||||||||||||
Alaska North Slope (ANS) crude oil | $ | 84.23 | $ | 87.89 | $ | 82.36 | $ | 98.76 | ||||||||||||||||||||||||||||||
Crack Spreads: | ||||||||||||||||||||||||||||||||||||||
Dated Brent (NYH) 2-1-1 | $ | 22.98 | $ | 46.68 | $ | 29.67 | $ | 40.26 | ||||||||||||||||||||||||||||||
WTI (Chicago) 4-3-1 | $ | 11.83 | $ | 28.32 | $ | 23.71 | $ | 31.56 | ||||||||||||||||||||||||||||||
LLS (Gulf Coast) 2-1-1 | $ | 19.82 | $ | 36.90 | $ | 29.13 | $ | 37.56 | ||||||||||||||||||||||||||||||
ANS (West Coast-LA) 4-3-1 | $ | 25.13 | $ | 33.11 | $ | 36.88 | $ | 41.64 | ||||||||||||||||||||||||||||||
ANS (West Coast-SF) 3-2-1 | $ | 25.96 | $ | 33.85 | $ | 36.89 | $ | 41.89 | ||||||||||||||||||||||||||||||
Crude Oil Differentials: | ||||||||||||||||||||||||||||||||||||||
Dated Brent (foreign) less WTI | $ | 5.64 | $ | 6.11 | $ | 4.97 | $ | 6.68 | ||||||||||||||||||||||||||||||
Dated Brent less Maya (heavy, sour) | $ | 12.11 | $ | 17.42 | $ | 13.71 | $ | 13.95 | ||||||||||||||||||||||||||||||
Dated Brent less WTS (sour) | $ | 5.79 | $ | 7.26 | $ | 4.99 | $ | 6.98 | ||||||||||||||||||||||||||||||
Dated Brent less ASCI (sour) | $ | 6.11 | $ | 10.06 | $ | 5.73 | $ | 9.68 | ||||||||||||||||||||||||||||||
WTI less WCS (heavy, sour) | $ | 23.54 | $ | 29.30 | $ | 18.32 | $ | 21.30 | ||||||||||||||||||||||||||||||
WTI less Bakken (light, sweet) | $ | 1.48 | $ | (3.94) | $ | (1.28) | $ | (4.05) | ||||||||||||||||||||||||||||||
WTI less Syncrude (light, sweet) | $ | 4.78 | $ | (1.38) | $ | (0.91) | $ | (3.04) | ||||||||||||||||||||||||||||||
WTI less LLS (light, sweet) | $ | (2.53) | $ | (2.65) | $ | (2.48) | $ | (2.22) | ||||||||||||||||||||||||||||||
WTI less ANS (light, sweet) | $ | (5.63) | $ | (5.07) | $ | (4.70) | $ | (4.17) | ||||||||||||||||||||||||||||||
Effective RIN basket price | $ | 4.78 | $ | 8.54 | $ | 7.02 | $ | 7.66 | ||||||||||||||||||||||||||||||
Natural gas (dollars per MMBTU) | $ | 2.92 | $ | 6.09 | $ | 2.66 | $ | 6.54 | ||||||||||||||||||||||||||||||
Key Operating Information | ||||||||||||||||||||||||||||||||||||||
Production (barrels per day ("bpd") in thousands) | 884.9 | 947.5 | 918.3 | 937.1 | ||||||||||||||||||||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 878.2 | 939.0 | 909.4 | 925.1 | ||||||||||||||||||||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 80.8 | 86.4 | 329.0 | 337.7 | ||||||||||||||||||||||||||||||||||
Consolidated gross margin per barrel of throughput | $ | 1.04 | $ | 11.22 | $ | 7.29 | $ | 13.85 | ||||||||||||||||||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 9.88 | $ | 19.78 | $ | 16.07 | $ | 22.00 | ||||||||||||||||||||||||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ | 7.98 | $ | 7.71 | $ | 7.85 | $ | 7.39 | ||||||||||||||||||||||||||||||
Crude and feedstocks (% of total throughput) (Note 12) | ||||||||||||||||||||||||||||||||||||||
Heavy | 25 | % | 30 | % | 27 | % | 32 | % | ||||||||||||||||||||||||||||||
Medium | 39 | % | 38 | % | 35 | % | 36 | % | ||||||||||||||||||||||||||||||
Light | 18 | % | 18 | % | 20 | % | 18 | % | ||||||||||||||||||||||||||||||
Other feedstocks and blends | 18 | % | 14 | % | 18 | % | 14 | % | ||||||||||||||||||||||||||||||
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Yield (% of total throughput) | ||||||||||||||||||||||||||||||||||||||
Gasoline and gasoline blendstocks | 46 | % | 47 | % | 47 | % | 47 | % | ||||||||||||||||||||||||||||||
Distillate and distillate blendstocks | 34 | % | 35 | % | 34 | % | 35 | % | ||||||||||||||||||||||||||||||
Lubes | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Chemicals | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Other | 19 | % | 17 | % | 18 | % | 17 | % | ||||||||||||||||||||||||||||||
Total yield | 101 | % | 101 | % | 101 | % | 101 | % | ||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro) | ||||||||||||||||||||||||||||||||||||||
Production (bpd in thousands) | 325.7 | 323.6 | 324.0 | 298.7 | ||||||||||||||||||||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 329.2 | 326.1 | 327.6 | 300.3 | ||||||||||||||||||||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 30.3 | 30.0 | 116.7 | 109.6 | ||||||||||||||||||||||||||||||||||
Gross margin per barrel of throughput | $ | 4.63 | $ | 17.58 | $ | 6.73 | $ | 14.69 | ||||||||||||||||||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 11.29 | $ | 25.02 | $ | 13.82 | $ | 22.20 | ||||||||||||||||||||||||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ | 5.35 | $ | 6.21 | $ | 5.69 | $ | 6.19 | ||||||||||||||||||||||||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||||||||||||||||||||||||||||
Heavy | 22 | % | 16 | % | 16 | % | 22 | % | ||||||||||||||||||||||||||||||
Medium | 42 | % | 57 | % | 42 | % | 50 | % | ||||||||||||||||||||||||||||||
Light | 12 | % | 8 | % | 17 | % | 8 | % | ||||||||||||||||||||||||||||||
Other feedstocks and blends | 24 | % | 19 | % | 25 | % | 20 | % | ||||||||||||||||||||||||||||||
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Yield (% of total throughput): | ||||||||||||||||||||||||||||||||||||||
Gasoline and gasoline blendstocks | 40 | % | 39 | % | 39 | % | 39 | % | ||||||||||||||||||||||||||||||
Distillates and distillate blendstocks | 35 | % | 36 | % | 35 | % | 37 | % | ||||||||||||||||||||||||||||||
Lubes | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||||||||||||
Chemicals | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Other | 21 | % | 21 | % | 22 | % | 20 | % | ||||||||||||||||||||||||||||||
Total yield | 99 | % | 99 | % | 99 | % | 99 | % | ||||||||||||||||||||||||||||||
Supplemental Operating Information - Mid-Continent (Toledo) | ||||||||||||||||||||||||||||||||||||||
Production (bpd in thousands) | 143.0 | 137.9 | 138.6 | 151.0 | ||||||||||||||||||||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 140.4 | 136.0 | 136.4 | 148.5 | ||||||||||||||||||||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 13.0 | 12.5 | 49.8 | 54.2 | ||||||||||||||||||||||||||||||||||
Gross margin per barrel of throughput | $ | (1.08) | $ | 10.82 | $ | 3.82 | $ | 12.93 | ||||||||||||||||||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 6.94 | $ | 19.53 | $ | 12.47 | $ | 20.93 | ||||||||||||||||||||||||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ | 6.48 | $ | 6.97 | $ | 7.01 | $ | 6.40 | ||||||||||||||||||||||||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||||||||||||||||||||||||||||
Medium | 42 | % | 38 | % | 39 | % | 36 | % | ||||||||||||||||||||||||||||||
Light | 54 | % | 58 | % | 59 | % | 61 | % | ||||||||||||||||||||||||||||||
Other feedstocks and blends | 4 | % | 4 | % | 2 | % | 3 | % | ||||||||||||||||||||||||||||||
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Yield (% of total throughput): | ||||||||||||||||||||||||||||||||||||||
Gasoline and gasoline blendstocks | 52 | % | 50 | % | 50 | % | 51 | % | ||||||||||||||||||||||||||||||
Distillate and distillate blendstocks | 40 | % | 36 | % | 37 | % | 36 | % | ||||||||||||||||||||||||||||||
Chemicals | 4 | % | 3 | % | 4 | % | 5 | % | ||||||||||||||||||||||||||||||
Other | 6 | % | 12 | % | 11 | % | 10 | % | ||||||||||||||||||||||||||||||
Total yield | 102 | % | 101 | % | 102 | % | 102 | % | ||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Supplemental Operating Information - Gulf Coast (Chalmette) | ||||||||||||||||||||||||||||||||||||||
Production (bpd in thousands) | 175.8 | 168.5 | 175.9 | 183.2 | ||||||||||||||||||||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 174.0 | 167.6 | 174.2 | 180.7 | ||||||||||||||||||||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 15.9 | 15.4 | 63.5 | 65.9 | ||||||||||||||||||||||||||||||||||
Gross margin per barrel of throughput | $ | 4.72 | $ | 7.17 | $ | 8.95 | $ | 11.39 | ||||||||||||||||||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 10.89 | $ | 14.22 | $ | 15.36 | $ | 18.16 | ||||||||||||||||||||||||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ | 5.31 | $ | 5.78 | $ | 5.52 | $ | 5.71 | ||||||||||||||||||||||||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||||||||||||||||||||||||||||
Heavy | 9 | % | 14 | % | 15 | % | 14 | % | ||||||||||||||||||||||||||||||
Medium | 46 | % | 31 | % | 39 | % | 40 | % | ||||||||||||||||||||||||||||||
Light | 21 | % | 35 | % | 26 | % | 29 | % | ||||||||||||||||||||||||||||||
Other feedstocks and blends | 24 | % | 20 | % | 20 | % | 17 | % | ||||||||||||||||||||||||||||||
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Yield (% of total throughput): | ||||||||||||||||||||||||||||||||||||||
Gasoline and gasoline blendstocks | 50 | % | 47 | % | 47 | % | 44 | % | ||||||||||||||||||||||||||||||
Distillate and distillate blendstocks | 32 | % | 34 | % | 34 | % | 36 | % | ||||||||||||||||||||||||||||||
Chemicals | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Other | 18 | % | 19 | % | 19 | % | 20 | % | ||||||||||||||||||||||||||||||
Total yield | 101 | % | 101 | % | 101 | % | 101 | % | ||||||||||||||||||||||||||||||
Supplemental Operating Information - West Coast (Torrance and Martinez) | ||||||||||||||||||||||||||||||||||||||
Production (bpd in thousands) | 240.4 | 317.5 | 279.8 | 304.2 | ||||||||||||||||||||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 234.6 | 309.3 | 271.2 | 295.6 | ||||||||||||||||||||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 21.6 | 28.5 | 99.0 | 108.0 | ||||||||||||||||||||||||||||||||||
Gross margin per barrel of throughput | $ | (8.12) | $ | 4.96 | $ | 6.45 | $ | 13.02 | ||||||||||||||||||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 8.93 | $ | 17.38 | $ | 20.99 | $ | 24.67 | ||||||||||||||||||||||||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ | 14.56 | $ | 10.67 | $ | 12.30 | $ | 10.14 | ||||||||||||||||||||||||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||||||||||||||||||||||||||||
Heavy | 55 | % | 67 | % | 60 | % | 68 | % | ||||||||||||||||||||||||||||||
Medium | 29 | % | 21 | % | 22 | % | 19 | % | ||||||||||||||||||||||||||||||
Light | 1 | % | — | % | 1 | % | — | % | ||||||||||||||||||||||||||||||
Other feedstocks and blends | 15 | % | 12 | % | 17 | % | 13 | % | ||||||||||||||||||||||||||||||
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Yield (% of total throughput): | ||||||||||||||||||||||||||||||||||||||
Gasoline and gasoline blendstocks | 47 | % | 54 | % | 56 | % | 56 | % | ||||||||||||||||||||||||||||||
Distillate and distillate blendstocks | 31 | % | 35 | % | 30 | % | 32 | % | ||||||||||||||||||||||||||||||
Other | 24 | % | 14 | % | 17 | % | 15 | % | ||||||||||||||||||||||||||||||
Total yield | 102 | % | 103 | % | 103 | % | 103 | % | ||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | |||||||||||||||||||||||||||||||||||||||||
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except per barrel amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS | $ | per barrel of throughput | $ | per barrel of throughput | |||||||||||||||||||||||||||||||||||||
Calculation of consolidated gross margin: | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 9,138.7 | $ | 113.14 | $ | 10,846.3 | $ | 125.55 | |||||||||||||||||||||||||||||||||
Less: Cost of sales | 9,054.7 | 112.10 | 9,877.2 | 114.33 | |||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 84.0 | $ | 1.04 | $ | 969.1 | $ | 11.22 | |||||||||||||||||||||||||||||||||
Reconciliation of consolidated gross margin to gross refining margin: | |||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 84.0 | $ | 1.04 | $ | 969.1 | $ | 11.22 | |||||||||||||||||||||||||||||||||
Add: PBFX operating expense | 30.5 | 0.38 | 33.5 | 0.38 | |||||||||||||||||||||||||||||||||||||
Add: PBFX depreciation expense | 9.0 | 0.11 | 9.1 | 0.11 | |||||||||||||||||||||||||||||||||||||
Less: Revenues of PBFX | (96.8) | (1.20) | (96.9) | (1.12) | |||||||||||||||||||||||||||||||||||||
Add: Refinery operating expense | 645.1 | 7.98 | 666.1 | 7.71 | |||||||||||||||||||||||||||||||||||||
Add: Refinery depreciation expense | 126.8 | 1.57 | 128.0 | 1.48 | |||||||||||||||||||||||||||||||||||||
Gross refining margin | $ | 798.6 | $ | 9.88 | $ | 1,708.9 | $ | 19.78 | |||||||||||||||||||||||||||||||||
Gross refining margin excluding special items | $ | 798.6 | $ | 9.88 | $ | 1,708.9 | $ | 19.78 | |||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS | $ | per barrel of throughput | $ | per barrel of throughput | |||||||||||||||||||||||||||||||||||||
Calculation of consolidated gross margin: | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 38,324.8 | $ | 116.48 | $ | 46,830.3 | $ | 138.69 | |||||||||||||||||||||||||||||||||
Less: Cost of sales | 35,926.2 | 109.19 | 42,151.7 | 124.84 | |||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 2,398.6 | $ | 7.29 | $ | 4,678.6 | $ | 13.85 | |||||||||||||||||||||||||||||||||
Reconciliation of consolidated gross margin to gross refining margin: | |||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 2,398.6 | $ | 7.29 | $ | 4,678.6 | $ | 13.85 | |||||||||||||||||||||||||||||||||
Add: PBFX operating expense | 131.9 | 0.40 | 121.4 | 0.36 | |||||||||||||||||||||||||||||||||||||
Add: PBFX depreciation expense | 36.1 | 0.11 | 36.7 | 0.11 | |||||||||||||||||||||||||||||||||||||
Less: Revenues of PBFX | (384.1) | (1.17) | (369.3) | (1.09) | |||||||||||||||||||||||||||||||||||||
Add: Refinery operating expense | 2,581.3 | 7.85 | 2,495.6 | 7.39 | |||||||||||||||||||||||||||||||||||||
Add: Refinery depreciation expense | 523.9 | 1.59 | 466.9 | 1.38 | |||||||||||||||||||||||||||||||||||||
Gross refining margin | $ | 5,287.7 | $ | 16.07 | $ | 7,429.9 | $ | 22.00 | |||||||||||||||||||||||||||||||||
Gross refining margin excluding special items | $ | 5,287.7 | $ | 16.07 | $ | 7,429.9 | $ | 22.00 | |||||||||||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||||||||||||||||||||
FOOTNOTES TO EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||||||||||||||||||||
(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitates an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc., as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock. | ||||||||||||||||||||||||||||||||||||||||||||
(3) Represents an adjustment to reflect PBF Energy’s annualized statutory corporate tax rate of approximately 26.0% and 25.9% for the 2023 and 2022 periods, respectively, applied to net income attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2. | ||||||||||||||||||||||||||||||||||||||||||||
(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items and gross refining margin excluding special items. Special items for the periods presented relate to our share of the SBR LCM inventory reserve, net changes in fair value of contingent consideration, loss on extinguishment of debt and costs associated with the early termination of the Inventory Intermediation Agreement, changes in the Tax Receivable Agreement liability, gain on land sale, changes in our gain on the formation of the SBR equity method investment, and a net tax benefit on remeasurement of deferred tax assets, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 13. Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. | ||||||||||||||||||||||||||||||||||||||||||||
Special Items: Lower of cost or market ("LCM") Adjustment is a GAAP requirement related to inventory valuation that mandates inventory to be stated at the lower of cost or market. SBR LCM inventory adjustment - For 2023, an LCM write down of $77.4 million is included in SBR’s results of operations. Our Equity loss in investee includes our 50% share of this adjustment. This LCM write-down decreased PBF Energy's income from operations and net income by $38.7 million and $28.6 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration, net - During the three months and year ended December 31, 2023, we recorded net changes in fair value of contingent consideration related to the earn-out liability associated with the acquisition of the Martinez refinery (the "Martinez Contingent Consideration"). These changes in estimate increased income from operations by $78.2 million and $45.8 million ($57.9 million and $33.9 million, net of tax) for the three months and year ended December 31, 2023, respectively. During the three months and year ended December 31, 2022, we recorded net changes in fair value of the Martinez Contingent Consideration, offset by the recognition of contingent assets associated with this acquisition. These changes in estimate increased income from operations by $82.6 million ($61.2 million, net of tax) for the three months ended December 31, 2022 and decreased income from operations by $48.3 million ($35.8 million, net of tax) for the year ended December 31, 2022. | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt and termination of Inventory Intermediation Agreement - During the year ended December 31, 2023, we recorded a pre-tax loss on extinguishment of debt related to the redemption of our 7.25% senior unsecured notes due 2025 (the "2025 Senior Notes") and the amendment and restatement of the Revolving Credit Facility, which decreased income before income taxes and net income by $5.7 million and $4.2 million, respectively. During the year ended December 31, 2022, we recorded a net pre-tax loss on the extinguishment of debt related to the redemption of our 9.25% senior secured notes due 2025 (the "2025 Senior Secured Notes"), partially offset by the gain recognized on the repurchase of a portion of each of the 6.00% senior unsecured notes due 2028 (the "2028 Senior Notes") and the 2025 Senior Notes. These nonrecurring charges decreased income before income taxes and net income by $66.1 million and $49.0 million, respectively. During the year ended December 31, 2023, in conjunction with the early termination of the Third Inventory Intermediation Agreement, we incurred certain one-time exit costs, which decreased income before income taxes and net income by $13.5 million and $10.0 million, respectively. These costs are included within Interest expense, net, in our Consolidated Statement of Operations. | ||||||||||||||||||||||||||||||||||||||||||||
Gain on land sales - During the year ended December 31, 2023, we recorded a gain on the sale of a separate parcel of real property acquired as part of the Torrance refinery, but not part of the refinery itself, which increased income from operations and net income by $1.7 million and $1.3 million, respectively. There were no such gains in all other periods presented. | ||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on formation of SBR equity method investment - During the three months ended December 31, 2023, we recorded a decrease to the gain associated with the formation of the SBR equity method investment, which decreased income from operations and net income by $40.6 million and $30.0 million, respectively. During the year ended December 31, 2023, we recorded a net gain resulting from the difference between the carrying value and the fair value of the assets associated with the business contributed to SBR, which increased income from operations and net income by $925.1 million and $684.6 million, respectively. There was no such gains in any other periods presented. | ||||||||||||||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement liability - During the three months and year ended December 31, 2023, we recorded a change in the Tax Receivable Agreement liability that increased income before income taxes and net income by $2.0 million and $1.5 million, respectively. During the three months and year ended December 31, 2022, we recorded a change in the Tax Receivable Agreement liability that decreased income before income taxes by $2.1 million and $290.3 million ($1.6 million and $215.1 million, net of tax), respectively. The changes in the Tax Receivable Agreement liability reflect charges or benefits attributable to changes in PBF Energy’s obligation under the Tax Receivable Agreement, inclusive of factors out of our control such as changes in tax rates, as well as periodic adjustments to our liability based, in part, on an updated estimate of the amounts that we expect to pay, using assumptions consistent with those used in our concurrent estimate of the deferred tax asset valuation allowance. | ||||||||||||||||||||||||||||||||||||||||||||
Net Tax Benefit on Remeasurement of Deferred Tax Assets - The deferred tax valuation allowance was reduced to zero as of December 31, 2022, therefore, there was no impact to our financial statements related to the remeasurement of deferred tax assets as of December 31, 2023. During the year ended December 31, 2022, we recorded a decrease to our deferred tax valuation allowance of $308.5 million (reducing our deferred tax valuation allowance to zero), of which $233.8 million related to a tax benefit with respect to the remeasurement of deferred tax assets and the balance related to our net changes in the Tax Receivable Agreement liability. The deferred tax valuation allowance is recorded in accordance with ASC 740, Income Taxes. There were no such benefits or expenses in all other periods presented. | ||||||||||||||||||||||||||||||||||||||||||||
Recomputed Income Tax on Special Items - The income tax impact on special items, other than the net tax benefit special item discussed above, was calculated using the tax rates shown in footnote 3 above. | ||||||||||||||||||||||||||||||||||||||||||||
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2 above. | ||||||||||||||||||||||||||||||||||||||||||||
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three months and years ended December 31, 2023 and 2022, respectively. Common stock equivalents exclude the effects of performance share Units and options and warrants to purchase 5,526,057 and 18,431 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months and year ended December 31, 2023, respectively. Common stock equivalents exclude the effects of performance share Units and options and warrants to purchase 22,000 and 3,877,035 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months and year ended December 31, 2022, respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. | ||||||||||||||||||||||||||||||||||||||||||||
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with, GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, change in the fair value of catalyst obligations, changes in the Tax Receivable Agreement liability due to factors out of our control such as changes in tax rates, net change in the fair value of contingent consideration, gain on land sale, loss on extinguishment of debt, changes in the gain on the formation of the SBR equity method investment and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. | ||||||||||||||||||||||||||||||||||||||||||||
(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of December 31, 2023, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements. PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments. | ||||||||||||||||||||||||||||||||||||||||||||
(9) As reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on information as reported by Argus. | ||||||||||||||||||||||||||||||||||||||||||||
(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refinery operating expenses, depreciation and amortization and gross margin of PBFX. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as the industry benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. | ||||||||||||||||||||||||||||||||||||||||||||
(11) Represents refinery operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput. | ||||||||||||||||||||||||||||||||||||||||||||
(12) We define heavy crude oil as crude oil with American Petroleum Institute (API) gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees. |
(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity. | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Total debt | $ | 1,245.9 | $ | 1,959.1 | ||||||||||||||||
Total equity | 6,631.3 | 5,056.0 | ||||||||||||||||||
Total capitalization | $ | 7,877.2 | $ | 7,015.1 | ||||||||||||||||
Total debt | $ | 1,245.9 | $ | 1,959.1 | ||||||||||||||||
Total equity excluding special items | 5,557.4 | 4,660.5 | ||||||||||||||||||
Total capitalization excluding special items | $ | 6,803.3 | $ | 6,619.6 | ||||||||||||||||
Total equity | $ | 6,631.3 | $ | 5,056.0 | ||||||||||||||||
Special Items (Note 4) | ||||||||||||||||||||
Add: LCM inventory adjustment - SBR | 38.7 | — | ||||||||||||||||||
Add: Net changes in fair value of contingent consideration | (58.8) | (13.0) | ||||||||||||||||||
Add: Gain on land sales | (89.5) | (87.8) | ||||||||||||||||||
Add: Gain on formation of SBR equity method investment | (925.1) | — | ||||||||||||||||||
Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement | 53.1 | 33.9 | ||||||||||||||||||
Add: Change in Tax Receivable Agreement liability | (327.3) | (325.3) | ||||||||||||||||||
Add: Cumulative historical equity adjustments (a) | (130.2) | (130.2) | ||||||||||||||||||
Less: Recomputed income tax on special items | 365.2 | 126.9 | ||||||||||||||||||
Net impact of special items to equity | (1,073.9) | (395.5) | ||||||||||||||||||
Total equity excluding special items | $ | 5,557.4 | $ | 4,660.5 | ||||||||||||||||
Total debt | $ | 1,245.9 | $ | 1,959.1 | ||||||||||||||||
Less: Cash and cash equivalents | 1,783.5 | 2,203.6 | ||||||||||||||||||
Net debt | $ | (537.6) | $ | (244.5) | ||||||||||||||||
Total debt to capitalization ratio | 16 | % | 28 | % | ||||||||||||||||
Total debt to capitalization ratio, excluding special items | 18 | % | 30 | % | ||||||||||||||||
Net debt to capitalization ratio* | (9) | % | (5) | % | ||||||||||||||||
Net debt to capitalization ratio, excluding special items* | (11) | % | (6) | % | ||||||||||||||||
* Negative ratio exists at December 31, 2023 and December 31, 2022 as cash is in excess of debt. | ||||||||||||||||||||
(a) Refer to the Company's 2022 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2023. |
1 Year PBF Energy Chart |
1 Month PBF Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions