- Second quarter loss from operations of $74.6 million (excluding special items, second
quarter loss from operations of $72.5
million)
- Announces quarterly dividend of $0.25 per share
- Second quarter 2024 share repurchases of approximately 2.0
million shares for approximately $100
million
PARSIPPANY, N.J., Aug. 1, 2024
/PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second
quarter 2024 loss from operations of $74.6
million as compared to income from operations of
$1,389.2 million for the second
quarter of 2023. Excluding special items, second quarter 2024 loss
from operations was $72.5 million as
compared to income from operations of $403.7
million for the second quarter of 2023.
The company reported second quarter 2024 net loss of
$66.0 million and net loss
attributable to PBF Energy Inc. of $65.2
million or $(0.56) per share.
This compares to net income of $1,030.4
million and net income attributable to PBF Energy Inc. of
$1,020.4 million or $7.88 per share for the second quarter 2023.
Non-cash special items included in the second quarter 2024 results,
which decreased net income by a net, after-tax charge of
$1.6 million, or $0.02 per share, consisted of our share of the
St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM")
inventory adjustment. Adjusted fully-converted net loss for the
second quarter 2024, excluding special items, was $64.2 million, or $(0.54) per share on a fully-exchanged,
fully-diluted basis, as described below, compared to adjusted
fully-converted net income of $298.3
million or $2.29 per share,
for the second quarter 2023.
Matt Lucey, PBF Energy's
President and CEO, said, "PBF delivered results below our
expectations for the second quarter. Market conditions broke from
typical seasonal patterns, with product cracks higher early in the
quarter and declining as the quarter progressed. We conducted
extensive maintenance in our East, Mid-continent and West Coast
Regions during the first two months of the quarter. Market
conditions coupled with maintenance activity, especially the
early-quarter timing, impacted capture rates and reduced realized
margins. Despite the disappointing earnings, we were able to
maintain our strong cash position through the quarter by reducing
the elevated working capital position generated by the work
completed earlier in the year."
Mr. Lucey continued, "Looking ahead, we have completed the
majority of our planned maintenance for the year and our last
turnaround will commence in the fall at Chalmette. All of our
assets are running well today,and should remain available for the
third quarter. Safe, reliable operations of all our assets remain
our primary focus. Building on that foundation, we continue to
prioritize capital allocation towards the opportunities that
promote the greatest long-term shareholder value. We continue to
support our $0.25 per share dividend
and a share repurchase program which can be sustained through
various markets. In the second quarter we bought $100 million of shares and will continue to be
active going forward."
PBF Energy Inc. Declares Dividend
The company
announced today that it will pay a quarterly dividend of
$0.25 per share of Class A common
stock on August 29, 2024, to holders
of record at the close of business on August
15, 2024.
PBF Strategic Update and Outlook
PBF remains committed
to the safety and reliability of our operations. We strive to
maintain the quality of our balance sheet and preserve the ability
of our operations to continue supporting our long-term strategic
goal of increasing the value of our company. At quarter-end, we had
approximately $1.4 billion of cash
and approximately $1.3 billion of
total debt. We continue to demonstrate our commitment to fiscal
discipline, long-term value and sustainable shareholder
returns.
As always, the safety and reliability of our core operations are
paramount. We continue investing in all our assets and expect
full-year 2024 refining capital expenditures to be in the
$850 million range. We completed
significant planned maintenance in the East Coast, Mid-Continent
and West Coast regions during the second quarter. Our Gulf Coast
facility is expected to conduct planned maintenance early in the
fourth quarter.
Timing of planned maintenance and throughput ranges provided
reflect current expectations and are subject to change based on
market conditions and other factors. Current third quarter
throughput expectations are included in the table below.
|
Expected throughput
ranges (barrels per day)
|
|
Third Quarter
2024
|
|
Low
|
High
|
|
East Coast
|
285,000
|
305,000
|
|
Mid-continent
|
145,000
|
155,000
|
|
Gulf Coast
|
165,000
|
175,000
|
|
West Coast
|
290,000
|
310,000
|
|
Total
|
885,000
|
945,000
|
Guidance provided constitutes forward-looking information and is
based on current PBF Energy operating plans, company
assumptions, and company configuration. Year-to-date actual
throughput and quarterly guidance should be used to adjust
full-year expectations. All figures and timelines are subject to
change based on a variety of factors, including market and
macroeconomic factors, as well as company strategic decision-making
and overall company performance.
St. Bernard Renewables
SBR averaged approximately
16,500 barrels per day of renewable diesel production in the second
quarter. During the third quarter, SBR operations will reflect a
catalyst change beginning in late July and scheduled for completion
in late August. Renewable diesel production for the third quarter
is expected to average approximately 12,500 barrels per day.
Adjusted Fully-Converted Results
Adjusted
fully-converted results assume the exchange of all PBF Energy
Company LLC Series A Units and dilutive securities into shares of
PBF Energy Inc. Class A common stock on a one-for-one basis,
resulting in the elimination of the noncontrolling interest and a
corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the
discussion during the management conference call, may include
references to Non-GAAP (Generally Accepted Accounting Principles)
measures including Adjusted Fully-Converted Net Income (Loss),
Adjusted Fully-Converted Net Income (Loss) excluding special items,
Adjusted Fully-Converted Net Income (Loss) per fully-exchanged,
fully-diluted share, Income (Loss) from operations excluding
special items, gross refining margin, gross refining margin
excluding special items, gross refining margin per barrel of
throughput, EBITDA (Earnings before Interest, Income Taxes,
Depreciation and Amortization), EBITDA excluding special items,
Adjusted EBITDA, net debt, net debt to capitalization ratio and net
debt to capitalization ratio excluding special items. PBF believes
that Non-GAAP financial measures provide useful information about
its operating performance and financial results. However, these
measures have important limitations as analytical tools and should
not be viewed in isolation or considered as alternatives for, or
superior to, comparable GAAP financial measures. PBF's Non-GAAP
financial measures may also differ from similarly named measures
used by other companies.
See the accompanying tables and footnotes in this release for
additional information on the Non-GAAP measures used in this
release and reconciliations to the most directly comparable GAAP
measures.
Conference Call Information
PBF Energy's senior
management will host a conference call and webcast regarding
quarterly results and other business matters on Thursday,
August 1, 2024, at 8:30 a.m. ET.
The call is being webcast and can be accessed at PBF Energy's
website, http://www.pbfenergy.com. The call can also be accessed by
dialing (800) 579-2543 or (785) 424-1789; Conference ID: PBF2Q24.
The audio replay will be available approximately two hours after
the end of the call and will be available through the company's
website.
Forward-Looking Statements
Statements in this press
release relating to future plans, results, performance,
expectations, achievements and the like are considered
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include the Company's expectations with respect to its
plans, objectives, expectations and intentions with respect to
future earnings and operations, including those of our 50-50 equity
method investment in SBR. These forward-looking statements involve
known and unknown risks, uncertainties and other factors, many of
which may be beyond the Company's control, that may cause actual
results to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking
statements. Factors and uncertainties that may cause actual results
to differ include but are not limited to the risks disclosed in the
Company's filings with the SEC, our ability to operate safely,
reliably, sustainably and in an environmentally responsible manner;
our ability to successfully diversify our operations; our ability
to make acquisitions or investments, including in renewable diesel
production, and to realize the benefits from such acquisitions or
investments; our ability to successfully manage the operations of
our 50-50 equity method investment in SBR; our expectations with
respect to our capital spending and turnaround projects; risks
associated with our obligation to buy Renewable Identification
Numbers and related market risks related to the price volatility
thereof; the possibility that we might reduce or not pay further
dividends in the future; certain developments in the global oil
markets and their impact on the global macroeconomic conditions;
risks relating to the securities markets generally; the impact of
changes in inflation, interest rates and capital costs; and the
impact of market conditions, unanticipated developments, regulatory
approvals, changes in laws and other events that negatively impact
the Company. All forward-looking statements speak only as of the
date hereof. The Company undertakes no obligation to revise or
update any forward-looking statements except as may be required by
applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is
one of the largest independent refiners in North America, operating, through its
subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New
Jersey and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
PBF Energy is also a 50% partner in the St. Bernard Renewables
joint venture focused on the production of next generation
sustainable fuels.
Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(Unaudited, in millions, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues
|
$
8,736.1
|
|
$
9,157.6
|
|
$ 17,381.7
|
|
$ 18,452.6
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
Cost of products and
other
|
7,962.4
|
|
7,908.0
|
|
15,560.3
|
|
15,703.3
|
|
Operating expenses
(excluding depreciation and amortization
expense as reflected below)
|
612.6
|
|
597.0
|
|
1,300.7
|
|
1,378.4
|
|
Depreciation and
amortization expense
|
154.8
|
|
142.2
|
|
296.2
|
|
284.1
|
|
Cost of
sales
|
8,729.8
|
|
8,647.2
|
|
17,157.2
|
|
17,365.8
|
|
General and
administrative expenses (excluding depreciation
and amortization expense as reflected below)
|
65.0
|
|
104.2
|
|
128.2
|
|
164.2
|
|
Depreciation and
amortization expense
|
3.3
|
|
2.3
|
|
6.5
|
|
4.2
|
|
Change in fair value of
contingent consideration, net
|
—
|
|
(16.6)
|
|
(3.3)
|
|
(32.9)
|
|
Equity loss in
investee
|
12.4
|
|
—
|
|
13.2
|
|
—
|
|
(Gain) loss on
formation of SBR equity method investment
|
—
|
|
(968.9)
|
|
8.7
|
|
(968.9)
|
|
Loss (gain) on sale of
assets
|
0.2
|
|
0.2
|
|
0.7
|
|
(1.4)
|
|
Total cost and expenses
|
8,810.7
|
|
7,768.4
|
|
17,311.2
|
|
16,531.0
|
|
Income (loss) from operations
|
(74.6)
|
|
1,389.2
|
|
70.5
|
|
1,921.6
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense (net
of interest income of $14.3 million, $14.0
million, $32.1 million and $31.2 million, respectively)
|
(17.3)
|
|
(13.8)
|
|
(27.8)
|
|
(32.5)
|
|
Change in fair value of
catalyst obligations
|
—
|
|
0.5
|
|
—
|
|
1.2
|
|
Other non-service
components of net periodic benefit cost
|
0.6
|
|
0.1
|
|
1.2
|
|
0.4
|
|
Other
expense
|
|
—
|
|
2.3
|
|
—
|
|
—
|
|
Income (loss) before income
taxes
|
(91.3)
|
|
1,378.3
|
|
43.9
|
|
1,890.7
|
|
Income tax (benefit) expense
|
(25.3)
|
|
347.9
|
|
2.4
|
|
474.4
|
|
Net income (loss)
|
(66.0)
|
|
1,030.4
|
|
41.5
|
|
1,416.3
|
|
Less: net income (loss)
attributable to noncontrolling interest
|
(0.8)
|
|
10.0
|
|
0.1
|
|
13.8
|
|
Net income (loss) attributable to PBF Energy Inc.
stockholders
|
$
(65.2)
|
|
$
1,020.4
|
|
$
41.4
|
|
$
1,402.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to Class A common stock
per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.56)
|
|
$
8.14
|
|
$
0.35
|
|
$
11.04
|
|
|
Diluted
|
$
(0.56)
|
|
$
7.88
|
|
$
0.33
|
|
$
10.67
|
|
|
Weighted-average shares
outstanding-basic
|
117,043,158
|
|
125,288,452
|
|
118,965,510
|
|
127,028,449
|
|
|
Weighted-average shares
outstanding-diluted
|
117,905,938
|
|
130,446,002
|
|
124,195,155
|
|
132,428,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
$
0.25
|
|
$
0.20
|
|
$
0.50
|
|
$
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
(65.8)
|
|
$
1,027.7
|
|
$
41.5
|
|
$
1,412.4
|
|
|
Adjusted
fully-converted net income (loss) per fully
exchanged, fully diluted share
|
$
(0.56)
|
|
$
7.88
|
|
$
0.33
|
|
$
10.67
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
117,905,938
|
|
130,446,002
|
|
124,195,155
|
|
132,428,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S.
GAAP
|
|
(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
|
|
Six Months Ended
|
|
June 30,
|
|
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income (loss) attributable to PBF Energy Inc.
stockholders
|
|
$
(65.2)
|
|
$
1,020.4
|
|
$
41.4
|
|
$
1,402.5
|
|
Less: Income allocated
to participating securities
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Income (loss) available to PBF Energy Inc.
stockholders -
basic
|
|
(65.2)
|
|
1,020.4
|
|
41.4
|
|
1,402.5
|
|
Add: Net income (loss)
attributable to noncontrolling interest
(Note 2)
|
|
(0.8)
|
|
9.9
|
|
0.1
|
|
13.4
|
|
Less: Income tax
benefit (expense) (Note 3)
|
|
0.2
|
|
(2.6)
|
|
—
|
|
(3.5)
|
|
Adjusted fully-converted net income
(loss)
|
|
$
(65.8)
|
|
$
1,027.7
|
|
$
41.5
|
|
$
1,412.4
|
|
Special items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment - SBR
|
|
2.1
|
|
—
|
|
(4.5)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(16.6)
|
|
(3.3)
|
|
(32.9)
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Add: (Gain) loss on
formation of SBR equity method
investment
|
|
—
|
|
(968.9)
|
|
8.7
|
|
(968.9)
|
|
Less: Recomputed income
tax on special items (Note 3)
|
|
(0.5)
|
|
256.1
|
|
(0.2)
|
|
260.9
|
|
Adjusted fully-converted net income (loss)
excluding
special items
|
|
$
(64.2)
|
|
$
298.3
|
|
$
42.2
|
|
$
669.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding of PBF Energy
Inc
|
|
117,043,158
|
|
125,288,452
|
|
118,965,510
|
|
127,028,449
|
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
862,780
|
|
910,457
|
|
862,780
|
|
910,457
|
|
Common stock
equivalents (Note 6)
|
|
—
|
|
4,247,093
|
|
4,366,865
|
|
4,489,701
|
|
Fully-converted shares outstanding -
diluted
|
|
117,905,938
|
|
130,446,002
|
|
124,195,155
|
|
132,428,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted fully-converted net income (loss) per
fully
exchanged, fully diluted shares outstanding (Note
6)
|
|
$
(0.56)
|
|
$
7.88
|
|
$
0.33
|
|
$
10.67
|
|
|
Adjusted fully-converted net income (loss)
excluding
special items per fully exchanged, fully diluted shares
outstanding (Note 4, 6)
|
|
$
(0.54)
|
|
$
2.29
|
|
$
0.34
|
|
$
5.06
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO
INCOME (LOSS) FROM
OPERATIONS EXCLUDING SPECIAL ITEMS
|
|
June 30,
|
|
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Income (loss) from operations
|
|
$
(74.6)
|
|
$
1,389.2
|
|
$
70.5
|
|
$
1,921.6
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment -SBR
|
|
2.1
|
|
—
|
|
(4.5)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(16.6)
|
|
(3.3)
|
|
(32.9)
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Add: (Gain) loss on
formation of SBR equity method investment
|
|
—
|
|
(968.9)
|
|
8.7
|
|
(968.9)
|
|
Income (loss) from operations excluding special
items
|
|
$
(72.5)
|
|
$
403.7
|
|
$
71.4
|
|
$
918.1
|
|
|
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
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
AND EBITDA EXCLUDING SPECIAL ITEMS
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
(66.0)
|
|
$
1,030.4
|
|
$
41.5
|
|
$
1,416.3
|
|
Add: Depreciation and
amortization expense
|
|
158.1
|
|
144.5
|
|
302.7
|
|
288.3
|
|
Add: Interest expense,
net
|
|
17.3
|
|
13.8
|
|
27.8
|
|
32.5
|
|
Add: Income tax
expense (benefit)
|
|
(25.3)
|
|
347.9
|
|
2.4
|
|
474.4
|
|
EBITDA
|
|
|
$
84.1
|
|
$
1,536.6
|
|
$
374.4
|
|
$
2,211.5
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment -SBR
|
|
2.1
|
|
—
|
|
(4.5)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(16.6)
|
|
(3.3)
|
|
(32.9)
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Add: (Gain) loss on
formation of SBR equity method investment
|
|
—
|
|
(968.9)
|
|
8.7
|
|
(968.9)
|
|
EBITDA excluding special items
|
|
$
86.2
|
|
$
551.1
|
|
$
375.3
|
|
$
1,208.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
RECONCILIATION OF EBITDA TO ADJUSTED
EBITDA
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
84.1
|
|
$
1,536.6
|
|
$
374.4
|
|
$
2,211.5
|
|
Add: Stock-based
compensation
|
|
8.6
|
|
9.7
|
|
21.0
|
|
18.9
|
|
Add: Change in fair
value of catalyst obligations
|
|
—
|
|
(0.5)
|
|
—
|
|
(1.2)
|
|
Add: LCM inventory
adjustment -SBR (Note 4)
|
|
2.1
|
|
—
|
|
(4.5)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net (Note 4)
|
|
—
|
|
(16.6)
|
|
(3.3)
|
|
(32.9)
|
|
Add: Gain on land
sales (Note 4)
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Add: (Gain) loss on
formation of SBR equity method investment (Note 4)
|
|
—
|
|
(968.9)
|
|
8.7
|
|
(968.9)
|
|
Adjusted EBITDA
|
|
|
$
94.8
|
|
$
560.3
|
|
$
396.3
|
|
$
1,225.7
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA
|
|
(Unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
2024
|
|
2023
|
|
Balance Sheet Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,367.2
|
|
$
1,783.5
|
|
Inventories
|
2,864.2
|
|
3,183.1
|
|
Total
assets
|
14,076.1
|
|
14,387.8
|
|
Total debt
|
1,251.5
|
|
1,245.9
|
|
Total
equity
|
6,406.4
|
|
6,631.3
|
|
Total equity excluding
special items (Note 4, 13)
|
$
5,333.2
|
|
$
5,557.4
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
16 %
|
|
16 %
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
19 %
|
|
18 %
|
|
Net debt to
capitalization ratio* (Note 13)
|
(2) %
|
|
(9) %
|
|
Net debt to
capitalization ratio, excluding special items* (Note 13)
|
(2) %
|
|
(11) %
|
|
|
|
|
|
|
|
|
|
* Negative ratio
exists as of June 30, 2024 and December 31, 2023 as cash is in
excess of debt
|
|
|
|
|
|
|
SUMMARIZED STATEMENT OF CASH FLOW
DATA
|
|
(Unaudited, in millions)
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
Cash flows provided by
operating activities
|
$
441.1
|
|
$
505.7
|
|
Cash flows used in
investing activities
|
(617.6)
|
|
(314.7)
|
|
Cash flows used in
financing activities
|
(239.8)
|
|
(877.7)
|
|
Net change in cash and
cash equivalents
|
(416.3)
|
|
(686.7)
|
|
Cash and cash
equivalents, beginning of period
|
1,783.5
|
|
2,203.6
|
|
Cash and cash
equivalents, end of period
|
$
1,367.2
|
|
$
1,516.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30,
2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 8,726.6
|
|
$
98.5
|
|
$
—
|
|
$
(89.0)
|
|
$
8,736.1
|
|
Depreciation and amortization
expense
|
145.7
|
|
9.1
|
|
3.3
|
|
—
|
|
158.1
|
|
Income (loss) from operations
|
(46.9)
|
|
51.0
|
|
(78.7)
|
|
—
|
|
(74.6)
|
|
Interest (income) expense, net
|
(2.7)
|
|
(0.4)
|
|
20.4
|
|
—
|
|
17.3
|
|
Capital expenditures
|
330.3
|
|
0.6
|
|
2.5
|
|
—
|
|
333.4
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 9,148.4
|
|
$
94.0
|
|
$
—
|
|
$
(84.8)
|
|
$
9,157.6
|
|
Depreciation and amortization
expense
|
133.0
|
|
9.2
|
|
2.3
|
|
—
|
|
144.5
|
|
Income from operations
(1)
|
455.6
|
|
51.9
|
|
881.7
|
|
—
|
|
1,389.2
|
|
Interest (income) expense, net
|
(6.9)
|
|
0.1
|
|
20.6
|
|
—
|
|
13.8
|
|
Capital expenditures
(2)
|
362.1
|
|
2.4
|
|
2.5
|
|
—
|
|
367.0
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 17,363.0
|
|
$
194.6
|
|
$
—
|
|
$
(175.9)
|
|
$
17,381.7
|
|
Depreciation and amortization
expense
|
278.0
|
|
18.2
|
|
6.5
|
|
—
|
|
302.7
|
|
Income (loss) from operations
(1)
|
123.7
|
|
96.1
|
|
(149.3)
|
|
—
|
|
70.5
|
|
Interest (income) expense, net
|
(6.8)
|
|
(1.0)
|
|
35.6
|
|
—
|
|
27.8
|
|
Capital expenditures
(2)
|
613.4
|
|
1.7
|
|
3.0
|
|
—
|
|
618.1
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 18,433.9
|
|
$
192.5
|
|
$
—
|
|
$
(173.8)
|
|
$
18,452.6
|
|
Depreciation and amortization
expense
|
265.9
|
|
18.2
|
|
4.2
|
|
—
|
|
288.3
|
|
Income from operations
(1)
|
981.3
|
|
101.6
|
|
838.7
|
|
—
|
|
1,921.6
|
|
Interest (income) expense, net
|
(11.0)
|
|
3.8
|
|
39.7
|
|
—
|
|
32.5
|
|
Capital expenditures
(2)
|
741.3
|
|
5.1
|
|
3.7
|
|
—
|
|
750.1
|
|
|
Balance at June 30, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Total Assets (3)
|
$ 12,295.2
|
|
$
789.3
|
|
$ 1,030.4
|
|
$
(38.8)
|
|
$
14,076.1
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
(1) Income (loss)
from operations within Corporate for the six months ended
June 30, 2024 includes an $8.7 million reduction
of the gain associated with the formation of the SBR equity method
investment. Income from operations within Corporate for
both the three and six months ended June 30, 2023 includes the
$968.9 million gain on formation of the SBR equity method
investment.
|
|
(2) For the six
months ended June 30, 2024, the Company's refining segment
included $5.6 million of capital expenditures
related to the Renewable Diesel Facility. For the three and six
months ended June 30, 2023, the Company's refining segment
included 107.4 million and $265.3 million, respectively,
of capital expenditures related to the Renewable Diesel
Facility.
|
|
(3) As of
June 30, 2024 and December 31, 2023, Corporate assets
include the Company's Equity method investment in SBR of
$867.3 million and $881.0 million, respectively.
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
MARKET INDICATORS AND KEY OPERATING
INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
Market Indicators (dollars per barrel) (Note
9)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Dated Brent crude
oil
|
$ 85.02
|
|
$ 78.21
|
|
$ 84.09
|
|
$ 79.65
|
|
West Texas Intermediate
(WTI) crude oil
|
$ 80.82
|
|
$ 73.56
|
|
$ 78.95
|
|
$ 74.76
|
|
Light Louisiana Sweet
(LLS) crude oil
|
$ 83.65
|
|
$ 75.62
|
|
$ 81.72
|
|
$ 77.26
|
|
Alaska North Slope
(ANS) crude oil
|
$ 86.42
|
|
$ 78.26
|
|
$ 83.91
|
|
$ 78.64
|
|
Crack
Spreads:
|
|
|
|
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$ 21.46
|
|
$ 28.66
|
|
$ 21.26
|
|
$ 30.09
|
|
WTI (Chicago)
4-3-1
|
$ 19.48
|
|
$ 27.82
|
|
$ 18.33
|
|
$ 28.44
|
|
LLS (Gulf Coast)
2-1-1
|
$ 18.48
|
|
$ 26.41
|
|
$ 21.42
|
|
$ 30.26
|
|
ANS (West Coast-LA)
4-3-1
|
$ 27.44
|
|
$ 33.73
|
|
$ 28.21
|
|
$ 36.08
|
|
ANS (West Coast-SF)
3-2-1
|
$ 29.92
|
|
$ 33.56
|
|
$ 28.94
|
|
$ 36.36
|
|
Crude Oil
Differentials:
|
|
|
|
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$
4.21
|
|
$
4.65
|
|
$
5.15
|
|
$
4.89
|
|
Dated Brent less Maya
(heavy, sour)
|
$ 12.14
|
|
$ 14.70
|
|
$ 12.53
|
|
$ 16.58
|
|
Dated Brent less WTS
(sour)
|
$
4.10
|
|
$
4.76
|
|
$
4.93
|
|
$
5.18
|
|
Dated Brent less ASCI
(sour)
|
$
3.88
|
|
$
5.17
|
|
$
5.08
|
|
$
6.28
|
|
WTI less WCS (heavy,
sour)
|
$ 13.60
|
|
$ 13.49
|
|
$ 15.58
|
|
$ 16.42
|
|
WTI less Bakken (light,
sweet)
|
$
0.86
|
|
$
(1.74)
|
|
$
1.77
|
|
$
(2.32)
|
|
WTI less Syncrude
(light, sweet)
|
$
(1.45)
|
|
$
(2.88)
|
|
$
1.17
|
|
$
(2.99)
|
|
WTI less LLS (light,
sweet)
|
$
(2.84)
|
|
$
(2.05)
|
|
$
(2.77)
|
|
$
(2.50)
|
|
WTI less ANS (light,
sweet)
|
$
(5.60)
|
|
$
(4.70)
|
|
$
(4.97)
|
|
$
(3.87)
|
|
Effective RIN basket
price
|
$
3.38
|
|
$
7.68
|
|
$
3.53
|
|
$
7.93
|
|
Natural gas (dollars
per MMBTU)
|
$
2.32
|
|
$
2.33
|
|
$
2.21
|
|
$
2.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating Information
|
|
|
|
|
|
|
|
|
Production (barrels per
day ("bpd") in thousands)
|
926.7
|
|
945.7
|
|
918.0
|
|
902.3
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
921.3
|
|
935.8
|
|
909.5
|
|
893.7
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
83.8
|
|
85.2
|
|
165.5
|
|
161.8
|
|
Consolidated gross
margin per barrel of throughput
|
$ 0.08
|
|
$
6.00
|
|
$ 1.36
|
|
$
6.72
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 8.12
|
|
$ 13.62
|
|
$ 9.91
|
|
$ 15.86
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 6.94
|
|
$
6.71
|
|
$ 7.47
|
|
$
8.16
|
|
Crude and feedstocks (% of total throughput) (Note
12)
|
|
|
|
|
|
|
|
|
Heavy
|
34 %
|
|
27 %
|
|
29 %
|
|
27 %
|
|
Medium
|
34 %
|
|
35 %
|
|
39 %
|
|
34 %
|
|
Light
|
18 %
|
|
21 %
|
|
17 %
|
|
21 %
|
|
Other feedstocks and
blends
|
14 %
|
|
17 %
|
|
15 %
|
|
18 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total throughput)
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
46 %
|
|
48 %
|
|
47 %
|
|
48 %
|
|
Distillates and
distillate blendstocks
|
33 %
|
|
33 %
|
|
33 %
|
|
33 %
|
|
Lubes
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
20 %
|
|
18 %
|
|
19 %
|
|
18 %
|
|
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
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental Operating Information - East Coast
Refining
System (Delaware City and Paulsboro)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
313.7
|
|
300.2
|
|
311.1
|
|
312.3
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
319.7
|
|
304.1
|
|
316.2
|
|
315.2
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
29.0
|
|
27.7
|
|
57.5
|
|
57.1
|
|
Gross margin per barrel
of throughput
|
$ (3.85)
|
|
$ 1.56
|
|
$ (1.93)
|
|
$
5.59
|
|
Gross refining margin,
excluding special items, per barrel of
throughput (Note 4, Note 10)
|
$ 2.52
|
|
$ 8.09
|
|
$ 5.09
|
|
$ 13.28
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 4.95
|
|
$ 4.96
|
|
$ 5.64
|
|
$
6.27
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
27 %
|
|
6 %
|
|
23 %
|
|
12 %
|
|
Medium
|
39 %
|
|
46 %
|
|
41 %
|
|
45 %
|
|
Light
|
16 %
|
|
21 %
|
|
17 %
|
|
19 %
|
|
Other feedstocks and
blends
|
18 %
|
|
27 %
|
|
19 %
|
|
24 %
|
|
Total
throughput
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
32 %
|
|
37 %
|
|
33 %
|
|
38 %
|
|
Distillates and
distillate blendstocks
|
34 %
|
|
33 %
|
|
34 %
|
|
35 %
|
|
Lubes
|
2 %
|
|
2 %
|
|
2 %
|
|
2 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
29 %
|
|
26 %
|
|
28 %
|
|
23 %
|
|
Total yield
|
|
98 %
|
|
99 %
|
|
98 %
|
|
99 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - Mid-Continent
(Toledo)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
141.6
|
|
162.0
|
|
128.0
|
|
127.9
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
139.8
|
|
158.5
|
|
126.1
|
|
126.0
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
12.8
|
|
14.4
|
|
23.0
|
|
22.8
|
|
Gross margin per barrel
of throughput
|
$ 1.67
|
|
$
6.80
|
|
$
4.83
|
|
$
2.68
|
|
Gross refining margin,
excluding special items, per barrel of
throughput (Note 4, Note 10)
|
$ 9.50
|
|
$ 14.30
|
|
$ 13.36
|
|
$ 12.53
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 5.82
|
|
$
6.13
|
|
$
6.54
|
|
$
8.00
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Medium
|
41 %
|
|
37 %
|
|
41 %
|
|
39 %
|
|
Light
|
56 %
|
|
62 %
|
|
56 %
|
|
60 %
|
|
Other feedstocks and
blends
|
3 %
|
|
1 %
|
|
3 %
|
|
1 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
53 %
|
|
52 %
|
|
55 %
|
|
48 %
|
|
Distillates and
distillate blendstocks
|
36 %
|
|
35 %
|
|
36 %
|
|
35 %
|
|
Chemicals
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
Other
|
8 %
|
|
11 %
|
|
7 %
|
|
15 %
|
|
Total yield
|
|
101 %
|
|
102 %
|
|
102 %
|
|
102 %
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
SUPPLEMENTAL OPERATING
INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental Operating Information - Gulf Coast
(Chalmette)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
164.8
|
|
170.7
|
|
169.1
|
|
170.3
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
165.1
|
|
169.3
|
|
168.0
|
|
169.2
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
14.9
|
|
15.4
|
|
30.5
|
|
30.6
|
|
Gross margin per barrel
of throughput
|
$ 2.32
|
|
$
5.96
|
|
$
4.18
|
|
$
9.17
|
|
Gross refining margin,
excluding special items, per barrel of
throughput (Note 4, Note 10)
|
$ 8.66
|
|
$ 12.54
|
|
$ 10.54
|
|
$ 16.23
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 5.42
|
|
$
5.68
|
|
$
5.48
|
|
$
6.05
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
16 %
|
|
17 %
|
|
12 %
|
|
17 %
|
|
Medium
|
47 %
|
|
41 %
|
|
53 %
|
|
36 %
|
|
Light
|
19 %
|
|
21 %
|
|
16 %
|
|
29 %
|
|
Other feedstocks and
blends
|
18 %
|
|
21 %
|
|
19 %
|
|
18 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
41 %
|
|
47 %
|
|
44 %
|
|
45 %
|
|
Distillates and
distillate blendstocks
|
35 %
|
|
33 %
|
|
35 %
|
|
35 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
23 %
|
|
20 %
|
|
21 %
|
|
20 %
|
|
|
Total yield
|
100 %
|
|
101 %
|
|
101 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - West Coast
(Torrance
and Martinez)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
306.6
|
|
312.8
|
|
309.8
|
|
291.8
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
296.7
|
|
303.9
|
|
299.2
|
|
283.3
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
27.1
|
|
27.7
|
|
54.5
|
|
51.3
|
|
Gross margin per barrel
of throughput
|
$
0.34
|
|
$
8.05
|
|
$
(0.05)
|
|
$
6.22
|
|
Gross refining margin,
excluding special items, per barrel of
throughput (Note 4, Note 10)
|
$ 13.21
|
|
$ 19.41
|
|
$ 13.18
|
|
$ 20.01
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 10.46
|
|
$
9.34
|
|
$ 10.92
|
|
$ 11.60
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
68 %
|
|
66 %
|
|
58 %
|
|
63 %
|
|
Medium
|
18 %
|
|
20 %
|
|
28 %
|
|
19 %
|
|
Light
|
— %
|
|
1 %
|
|
— %
|
|
1 %
|
|
Other feedstocks and
blends
|
14 %
|
|
13 %
|
|
14 %
|
|
17 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
59 %
|
|
58 %
|
|
60 %
|
|
59 %
|
|
Distillates and
distillate blendstocks
|
28 %
|
|
31 %
|
|
29 %
|
|
30 %
|
|
Other
|
16 %
|
|
14 %
|
|
15 %
|
|
14 %
|
|
Total yield
|
|
103 %
|
|
103 %
|
|
104 %
|
|
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 June 30,
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
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
|
$
8,736.1
|
|
$
104.21
|
|
$ 9,157.6
|
|
$
107.54
|
|
Less: Cost of
sales
|
8,729.8
|
|
104.13
|
|
8,647.2
|
|
101.54
|
|
Consolidated gross margin
|
$
6.3
|
|
$
0.08
|
|
$
510.4
|
|
$
6.00
|
|
Reconciliation of consolidated gross margin to gross
refining
margin:
|
|
|
|
|
|
|
|
|
Consolidated gross margin
|
$
6.3
|
|
$
0.08
|
|
$
510.4
|
|
$
6.00
|
|
Add: Logistics
operating expense
|
35.1
|
|
0.41
|
|
30.2
|
|
0.34
|
|
Add: Logistics
depreciation expense
|
9.1
|
|
0.11
|
|
9.2
|
|
0.11
|
|
Less: Logistics gross
margin
|
(97.1)
|
|
(1.16)
|
|
(94.0)
|
|
(1.10)
|
|
Add: Refining operating
expense
|
581.9
|
|
6.94
|
|
571.4
|
|
6.71
|
|
Add: Refining
depreciation expense
|
145.8
|
|
1.74
|
|
133.0
|
|
1.56
|
|
Gross refining margin
|
$
681.1
|
|
$
8.12
|
|
$ 1,160.2
|
|
$
13.62
|
|
Gross refining margin excluding special
items
|
$
681.1
|
|
$
8.12
|
|
$ 1,160.2
|
|
$
13.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
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
|
$
17,381.7
|
|
$ 105.02
|
|
$
18,452.6
|
|
$ 114.07
|
|
Less: Cost of
sales
|
17,157.2
|
|
103.66
|
|
17,365.8
|
|
107.35
|
|
Consolidated gross margin
|
$
224.5
|
|
$
1.36
|
|
$ 1,086.8
|
|
$
6.72
|
|
Reconciliation of consolidated gross margin to gross
refining
margin:
|
|
|
|
|
|
|
|
|
Consolidated gross margin
|
$
224.5
|
|
$
1.36
|
|
$ 1,086.8
|
|
$
6.72
|
|
Add: Logistics
operating expense
|
72.8
|
|
0.44
|
|
67.2
|
|
0.42
|
|
Add: Logistics
depreciation expense
|
18.2
|
|
0.11
|
|
18.2
|
|
0.11
|
|
Less: Logistics gross
margin
|
(190.8)
|
|
(1.15)
|
|
(192.5)
|
|
(1.19)
|
|
Add: Refining operating
expense
|
1,236.6
|
|
7.47
|
|
1,320.4
|
|
8.16
|
|
Add: Refining
depreciation expense
|
278.1
|
|
1.68
|
|
265.9
|
|
1.64
|
|
Gross refining margin
|
$ 1,639.4
|
|
$
9.91
|
|
$ 2,566.0
|
|
$
15.86
|
|
Gross refining margin excluding special
items
|
$ 1,639.4
|
|
$
9.91
|
|
$ 2,566.0
|
|
$
15.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 estimated annualized statutory
corporate tax rate of
approximately 26.0% for both the 2024 and 2023 periods, applied to
net income (loss) 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, gain on land sales, and (gain) loss on the
formation of the SBR equity method investment, 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:
|
|
|
SBR LCM inventory adjustment - The LCM
adjustment is a GAAP requirement related to inventory valuation
that
mandates inventory to be stated at the lower of cost or market.
During the three and six months ended June 30,
2024, SBR recorded adjustments to value its inventory to the LCM
which decreased its income from operations
by $4.1 million and increased its income from operations by
$9.1 million, respectively. Our Equity loss in
investee includes our 50% share of these adjustments. During the
three and six months ended June 30, 2024,
these LCM adjustments decreased our income from operations by $2.1
million and increased our income from
operations by $4.5 million, respectively ($1.6 million and $3.3
million, respectively, net of tax). There were no
such adjustments in any other periods presented
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration,
net - During the six months ended June 30, 2024, we
recorded a
net change in fair value of the Martinez Contingent Consideration
which increased income from operations by
$3.3 million, or $2.4 million, net of tax. During the three and six
months ended June 30, 2023, we recorded a
change in fair value of the Martinez Contingent Consideration,
which increased income from operations by
$16.6 million and $32.9 million, respectively
($12.3 million and $24.3 million, respectively, net of
tax). There
was no such change in the three months ended June 30,
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on formation of SBR equity method
investment - During the six months ended June 30,
2024, we
recorded a reduction of our gain associated with the formation of
the SBR equity method investment, which
decreased income from operations and net income by $8.7 million and
$6.4 million, respectively. During the
three and six months ended June 30, 2023, we recorded a gain
resulting from the difference between the carrying
value and the fair value of the assets associated with the
contributed SBR business, which increased income from
operations and net income by $968.9 million and $717.0 million,
respectively. There was no such (gain) loss
during the three months ended June 30, 2024
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Gain on land sales - During the six months
ended June 30, 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 any other periods presented
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Recomputed income tax on special items -
The income tax impact on these special items is calculated using
the
tax rate shown in (3) above
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(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
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(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
and six months ended June 30, 2024 and 2023,
respectively. Common stock equivalents exclude the effects of
performance share units and options and warrants
to purchase 5,306,955 shares of PBF Energy Class A common stock and
PBF LLC Series A units because they
are anti-dilutive for the three months ended June 30, 2024
(zero shares for the six months ended June 30, 2024).
Common stock equivalents exclude the effects of performance share
units and options and warrants to purchase
1,057,673 and 1,130,197 shares of PBF Energy Class A common stock
and PBF LLC Series A units because they
are anti-dilutive for the three and six months ended June 30,
2023, respectively. For periods showing a net loss,
all common stock equivalents and unvested restricted stock are
considered anti-dilutive
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(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, our
share of the SBR LCM inventory adjustment, net
change in the fair value of contingent consideration, gain on land
sales, (gain) loss 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
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(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
June 30, 2024, 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
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(9) Our market
indicators table summarizes certain market indicators relating to
our operating results as reported
by Platts, a division of The McGraw-Hill Companies. Effective RIN
basket price is recalculated based on
information as reported by Argus
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(10)
Gross refining margin and gross refining margin per barrel of
throughput are Non-GAAP measures because
they exclude refining operating expenses, depreciation and
amortization and gross margin of the Logistics
segment. 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
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(11) Represents
refining operating expenses, including corporate-owned logistics
assets, excluding depreciation
and amortization, divided by total crude oil and feedstocks
throughput
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(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
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(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
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June 30,
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December 31,
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2024
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2023
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(in
millions)
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Total debt
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$
1,251.5
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$
1,245.9
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Total equity
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6,406.4
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6,631.3
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Total
capitalization
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$
7,657.9
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$
7,877.2
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Total debt
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$
1,251.5
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$
1,245.9
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Total equity excluding
special items
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5,333.2
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5,557.4
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Total capitalization
excluding special items
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$
6,584.7
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$
6,803.3
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Total equity
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$
6,406.4
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$
6,631.3
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Special Items
(Note 4)
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Add: LCM inventory
adjustment - SBR
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34.2
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38.7
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Add: Change in fair
value of contingent consideration, net
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(62.1)
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(58.8)
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Add: Gain on land
sales
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(89.5)
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(89.5)
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Add: Gain on formation
of SBR equity method investment
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(916.4)
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(925.1)
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Add: Cumulative
historical equity adjustments (a)
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(404.4)
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(404.4)
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Less: Recomputed
income tax on special items
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365.0
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365.2
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Net impact of
special items
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(1,073.2)
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(1,073.9)
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Total equity excluding
special items
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$
5,333.2
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$
5,557.4
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Total debt
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$
1,251.5
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$
1,245.9
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Less: Cash and cash equivalents
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1,367.2
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1,783.5
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Net Debt
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$
(115.7)
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$
(537.6)
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Total debt to
capitalization ratio
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16 %
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16 %
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Total debt to
capitalization ratio, excluding special items
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19 %
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18 %
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Net debt to
capitalization ratio*
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(2) %
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(9) %
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Net debt to
capitalization ratio, excluding special items*
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(2) %
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(11) %
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*Negative ratio
exists as of June 30, 2024 and December 31, 2023 as cash is in
excess of debt
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(a) Refer to the
Company's 2023 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 2024
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SOURCE PBF Energy Inc.