PARSIPPANY, N.J., Oct. 29, 2020 /PRNewswire/ -- PBF Energy
Inc. (NYSE:PBF) today reported a third quarter 2020 loss from
operations of $342.7 million as
compared to income from operations of $151.9
million for the third quarter of 2019. Excluding special
items, third quarter 2020 loss from operations was $374.2 million as compared to income from
operations of $165.8 million for the
third quarter of 2019. PBF Energy's financial results reflect the
consolidation of PBF Logistics LP (NYSE: PBFX), a master limited
partnership of which PBF indirectly owns the general partner and
approximately 48% of the limited partner interests as of
quarter-end.
The company reported third quarter 2020 net loss of $397.8 million and net loss attributable to PBF
Energy Inc. of $417.2 million or
$(3.49) per share. This compares to
net income of $86.3 million, and net
income attributable to PBF Energy Inc. of $69.5 million or $0.57 per share for the third quarter 2019.
Non-cash special items included in the third quarter 2020 results,
which decreased net income by a net, after-tax charge of
$73.2 million, or $0.62 per share, consisted of a net tax expense
on remeasurement of deferred tax assets and an impairment expense
related to the PBFX write-down of certain PBFX long-lived assets,
offset by a lower-of-cost-or-market ("LCM") inventory adjustment,
change in fair value of the contingent consideration associated
with the earn-out provisions related to both the Martinez
acquisition and PBFX CPI acquisition, and a benefit related to the
change in our Tax Receivable Agreement liability. Adjusted
fully-converted net loss for the third quarter 2020, excluding
special items, was $346.6 million, or
$(2.87) per share on a
fully-exchanged, fully-diluted basis, as described below, compared
to adjusted fully-converted net income of $80.1 million or $0.66 per share, for the third quarter 2019.
Tom Nimbley, PBF Energy's
Chairman and CEO, said, "Today we announced the reconfiguration of
our Delaware City and Paulsboro
refineries. With this reconfiguration, we will operate the most
profitable components of our East Coast refining system at lower
cost. This is another step in our broader strategic process aimed
at increasing the competitive position of our entire refining
portfolio."
Mr. Nimbley continued, "PBF's third quarter financial results
reflect the challenging market conditions brought on by the global
pandemic and government measures taken to mitigate its spread. We
exited the third quarter with approximately $1.3 billion in cash and other sources of
liquidity that we believe will support our business through the
current crisis. We expect demand to remain depressed until there is
a widely available medical solution for the COVID-19 virus that
will allow everyone to return to their normal routines." Mr.
Nimbley concluded, "Until that time, we will focus on the safety
and health of our employees and the reliability of our operations.
We are committed to executing our cost reduction initiatives and to
continuing the strategic review of our entire portfolio."
East Coast Refining Reconfiguration and Optimization
Plan
Today, PBF Energy announced an operational reconfiguration of
its East Coast refining system comprised of its Delaware City and
Paulsboro refineries. Depending on
market conditions, future throughput capacity is expected to be
approximately 260,000 barrels per day. As part of the
reconfiguration, the Paulsboro
refinery will be idling the following units: the smaller of two
crude units, coker, fluid catalytic cracker and several smaller
units. We expect to operate certain Delaware City and remaining
Paulsboro units at higher
utilization and efficiency. Annual operating and capital
expenditures savings are expected to be approximately $100.0 million and $50.0
million, respectively, relative to average historic
levels.
The reconfigured East Coast refining system retains significant
crude optionality and is expected to have increased flexibility to
respond to changing market conditions. We anticipate realizing a
one-time benefit in reduced working capital as a result of overall
lower throughput and inventory levels. We also expect to incur
non-recurring expenses as a result of workforce reductions.
The reconfiguration is expected to be complete by year-end
2020.
Liquidity and Financial Position
In response to the pandemic, we have taken several steps to
protect our balance sheet and increase the financial liquidity of
the company. As of September 30,
2020, our liquidity was approximately $1.9 billion based on approximately $1.3 billion of cash and current availability
under our asset-based lending facility. In addition, PBF
Logistics LP liquidity included $27.9
million in cash and approximately $282.1 million of availability under its
revolving credit facility.
Strategic Update and Outlook
Employee and operational safety continue to be an ongoing
priority in our pandemic response. We have implemented a number of
safety protocols and social distancing requirements, issued
personal protective equipment to all employees and enhanced
facility cleaning, with these efforts focused on protecting our
dedicated front line employees who have remained on the job
throughout the current crisis, as well as returning employees as
they come back to the office. As a result of our efforts, our
operating facilities have remained fully-staffed by our essential
workforce throughout the pandemic, and we continue supplying our
critical products to our valued customers.
We are executing our East Coast reconfiguration plans and
actively reviewing the balance of our refining portfolio for
additional efficiency opportunities. We continue to target and
execute the expense reduction measures announced in March 2020. Through the end of the third quarter,
we exceeded our full-year goal of $140
million in total operating expense reductions by achieving
over $225 million in reductions,
including energy. While some of these savings are a result of
reduced operational tempo, the majority are deliberate operating
and other expense reductions.
Our refining capital spending program is expected to meet our
revised guidance of approximately $360
million for 2020, with the bulk of the spending having
occurred in the first and second quarters.
We operated our refineries at reduced rates during the third
quarter and, based on current market conditions, we plan on
continuing to operate our refineries at lower utilization until
such time that sustained product demand justifies higher
production. We expect near-term throughput to be in the 700,000 to
800,000 barrel per day range for our refining system.
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, Adjusted Fully-Converted Net Income
excluding special items, Adjusted Fully-Converted Net Income per
fully-exchanged, fully-diluted share, Income 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 and
Adjusted EBITDA. 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, October 29, 2020, 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) 894-5910 or (785) 424-1737,
conference ID: PBFQ320. The audio replay will be available two
hours after the end of the call through November 12, 2020, by dialing (800) 688-7339 or
(402) 220-1347.
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 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, as well as the risks disclosed in PBF Logistics LP's
SEC filings and any impact PBF Logistics LP may have on the
company's credit rating, cost of funds, employees, customer and
vendors; risk relating to the securities markets generally; risks
associated with the East Coast refining reconfiguration and the
recent acquisition of the Martinez refinery, and related logistics
assets; the duration and severity of the COVID-19 pandemic and
certain developments in the global oil markets and their impact on
the global macroeconomic conditions; and the impact of adverse
market conditions affecting the company, 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 Inc. also currently indirectly owns the general
partner and approximately 48% of the limited partnership interest
of PBF Logistics LP (NYSE: PBFX).
|
EARNINGS RELEASE
TABLES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited, in
millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues
|
|
$
|
3,667.5
|
|
|
$
|
6,430.5
|
|
|
$
|
11,460.8
|
|
|
$
|
18,206.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of products and
other
|
|
3,378.6
|
|
|
5,700.2
|
|
|
11,095.0
|
|
|
15,865.2
|
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
|
471.9
|
|
|
436.5
|
|
|
1,445.7
|
|
|
1,348.7
|
|
|
Depreciation and
amortization expense
|
|
130.3
|
|
|
107.7
|
|
|
369.3
|
|
|
314.9
|
|
Cost of
sales
|
|
3,980.8
|
|
|
6,244.4
|
|
|
12,910.0
|
|
|
17,528.8
|
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as reflected below)
|
|
46.6
|
|
|
64.7
|
|
|
187.0
|
|
|
175.9
|
|
|
Depreciation and
amortization expense
|
|
2.7
|
|
|
2.1
|
|
|
8.4
|
|
|
7.8
|
|
|
Change in fair value
of contingent consideration
|
|
(28.6)
|
|
|
—
|
|
|
(93.5)
|
|
|
—
|
|
|
Impairment
expense
|
|
7.0
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
|
Loss (gain) on sale
of assets
|
|
1.7
|
|
|
(32.6)
|
|
|
(469.4)
|
|
|
(31.8)
|
|
Total cost and
expenses
|
|
4,010.2
|
|
|
6,278.6
|
|
|
12,549.5
|
|
|
17,680.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
(342.7)
|
|
|
151.9
|
|
|
(1,088.7)
|
|
|
526.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(70.4)
|
|
|
(39.7)
|
|
|
(185.1)
|
|
|
(121.3)
|
|
|
Change in Tax
Receivable Agreement liability
|
|
252.2
|
|
|
—
|
|
|
240.6
|
|
|
—
|
|
|
Change in fair value
of catalyst obligations
|
|
(2.4)
|
|
|
(3.8)
|
|
|
4.2
|
|
|
(6.4)
|
|
|
Debt extinguishment
costs
|
|
—
|
|
|
—
|
|
|
(22.2)
|
|
|
—
|
|
|
Other non-service
components of net periodic benefit (cost)
|
|
|
1.1
|
|
|
(0.1)
|
|
|
3.2
|
|
|
(0.2)
|
|
Income (loss)
before income taxes
|
|
(162.2)
|
|
|
108.3
|
|
|
(1,048.0)
|
|
|
398.1
|
|
Income tax expense
(benefit)
|
|
235.6
|
|
|
22.0
|
|
|
(0.7)
|
|
|
92.0
|
|
Net income
(loss)
|
|
(397.8)
|
|
|
86.3
|
|
|
(1,047.3)
|
|
|
306.1
|
|
|
Less: net income
attributable to noncontrolling interests
|
|
19.4
|
|
|
16.8
|
|
|
46.7
|
|
|
39.7
|
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
|
(417.2)
|
|
|
$
|
69.5
|
|
|
$
|
(1,094.0)
|
|
|
$
|
266.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to Class A common stock per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(3.49)
|
|
|
$
|
0.58
|
|
|
$
|
(9.15)
|
|
|
$
|
2.22
|
|
|
|
Diluted
|
|
$
|
(3.49)
|
|
|
$
|
0.57
|
|
|
$
|
(9.15)
|
|
|
$
|
2.20
|
|
|
|
Weighted-average
shares outstanding-basic
|
|
119,684,030
|
|
|
119,921,346
|
|
|
119,561,387
|
|
|
119,897,504
|
|
|
|
Weighted-average
shares outstanding-diluted
|
|
119,684,030
|
|
|
121,589,179
|
|
|
120,628,236
|
|
|
121,871,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
common share
|
|
$
|
—
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$
|
(419.8)
|
|
|
$
|
69.9
|
|
|
$
|
(1,104.1)
|
|
|
$
|
268.7
|
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted share
|
|
$
|
(3.49)
|
|
|
$
|
0.57
|
|
|
$
|
(9.15)
|
|
|
$
|
2.20
|
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
|
120,659,163
|
|
|
121,589,179
|
|
|
120,628,237
|
|
|
121,871,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
|
(417.2)
|
|
|
$
|
69.5
|
|
|
$
|
(1,094.0)
|
|
|
$
|
266.4
|
|
|
Less:
|
Income allocated to
participating securities
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
|
0.4
|
|
Income (loss)
available to PBF Energy Inc. stockholders - basic
|
|
(417.2)
|
|
|
69.3
|
|
|
(1,094.1)
|
|
|
266.0
|
|
|
Add:
|
Net income
(loss) attributable to noncontrolling interest (Note
2)
|
|
(3.5)
|
|
|
0.9
|
|
|
(13.6)
|
|
|
3.6
|
|
|
Less:
|
Income tax benefit
(expense) (Note 3)
|
|
0.9
|
|
|
(0.3)
|
|
|
3.6
|
|
|
(0.9)
|
|
Adjusted
fully-converted net income (loss)
|
|
$
|
(419.8)
|
|
|
$
|
69.9
|
|
|
$
|
(1,104.1)
|
|
|
$
|
268.7
|
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add:
|
Non-cash LCM
inventory adjustment
|
|
(9.9)
|
|
|
47.0
|
|
|
691.5
|
|
|
(277.0)
|
|
|
Add:
|
Change in Tax
Receivable Agreement liability
|
|
(252.2)
|
|
|
—
|
|
|
(240.6)
|
|
|
—
|
|
|
Add:
|
Debt extinguishment
costs
|
|
—
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
|
Add:
|
Change in fair value
of contingent consideration
|
|
(28.6)
|
|
|
—
|
|
|
(93.5)
|
|
|
—
|
|
|
Add:
|
Gain on sale of
hydrogen plants
|
|
—
|
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
|
Add:
|
Severance
costs
|
|
—
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
Add:
|
Impairment
expense
|
|
7.0
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
|
Add:
|
Gain on Torrance land
sale
|
|
—
|
|
|
(33.1)
|
|
|
—
|
|
|
(33.1)
|
|
|
Add:
|
Net tax expense on
remeasurement of deferred tax assets
|
|
282.3
|
|
|
—
|
|
|
282.3
|
|
|
—
|
|
|
Less:
|
Recomputed income
taxes on special items (Note 3)
|
|
74.6
|
|
|
(3.7)
|
|
|
18.8
|
|
|
82.0
|
|
Adjusted
fully-converted net income (loss) excluding special
items
|
|
$
|
(346.6)
|
|
|
$
|
80.1
|
|
|
$
|
(874.6)
|
|
|
$
|
40.6
|
|
|
|
|
Weighted-average
shares outstanding of PBF Energy Inc.
|
|
119,684,030
|
|
|
119,921,346
|
|
|
119,561,388
|
|
|
119,897,504
|
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
975,133
|
|
|
1,206,325
|
|
|
1,066,849
|
|
|
1,206,325
|
|
Common stock
equivalents (Note 6)
|
|
—
|
|
|
461,508
|
|
|
—
|
|
|
768,035
|
|
Fully-converted
shares outstanding - diluted
|
|
120,659,163
|
|
|
121,589,179
|
|
|
120,628,237
|
|
|
121,871,864
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted shares outstanding (Note 6)
|
|
$
|
(3.49)
|
|
|
$
|
0.57
|
|
|
$
|
(9.15)
|
|
|
$
|
2.20
|
|
|
Adjusted
fully-converted net income (loss) excluding special items per fully
exchanged, fully diluted shares outstanding (Note 4,
6)
|
|
$
|
(2.87)
|
|
|
$
|
0.66
|
|
|
$
|
(7.25)
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
RECONCILIATION OF
INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS
EXCLUDING SPECIAL ITEMS
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Income (loss) from
operations
|
|
$
|
(342.7)
|
|
|
$
|
151.9
|
|
|
$
|
(1,088.7)
|
|
|
$
|
526.0
|
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add:
|
Non-cash LCM
inventory adjustment
|
|
(9.9)
|
|
|
47.0
|
|
|
691.5
|
|
|
(277.0)
|
|
|
Add:
|
Change in fair value
of contingent consideration
|
|
(28.6)
|
|
|
—
|
|
|
(93.5)
|
|
|
—
|
|
|
Add:
|
Gain on sale of
hydrogen plants
|
|
—
|
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
|
Add:
|
Severance
costs
|
|
—
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
Add:
|
Impairment
expense
|
|
7.0
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
|
Add:
|
Gain on Torrance land
sale
|
|
—
|
|
|
(33.1)
|
|
|
—
|
|
|
(33.1)
|
|
Income (loss) from
operations excluding special items
|
|
$
|
(374.2)
|
|
|
$
|
165.8
|
|
|
$
|
(941.9)
|
|
|
$
|
215.9
|
|
|
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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL
ITEMS
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(397.8)
|
|
|
$
|
86.3
|
|
|
$
|
(1,047.3)
|
|
|
$
|
306.1
|
|
Add: Depreciation and
amortization expense
|
|
133.0
|
|
|
109.8
|
|
|
377.7
|
|
|
322.7
|
|
Add: Interest expense,
net
|
|
70.4
|
|
|
39.7
|
|
|
185.1
|
|
|
121.3
|
|
Add: Income tax
expense (benefit)
|
|
235.6
|
|
|
22.0
|
|
|
(0.7)
|
|
|
92.0
|
|
EBITDA
|
|
|
$
|
41.2
|
|
|
$
|
257.8
|
|
|
$
|
(485.2)
|
|
|
$
|
842.1
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
(9.9)
|
|
|
47.0
|
|
|
691.5
|
|
|
(277.0)
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
(252.2)
|
|
|
—
|
|
|
(240.6)
|
|
|
—
|
|
Add: Debt
extinguishment costs
|
|
—
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
Add: Change in fair
value of contingent consideration
|
|
(28.6)
|
|
|
—
|
|
|
(93.5)
|
|
|
—
|
|
Add: Gain on sale of
hydrogen plants
|
|
—
|
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
Add: Severance
costs
|
|
—
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
Add: Impairment
expense
|
|
7.0
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
Add: Gain on Torrance
land sale
|
|
—
|
|
|
(33.1)
|
|
|
—
|
|
|
(33.1)
|
|
EBITDA excluding
special items
|
|
$
|
(242.5)
|
|
|
$
|
271.7
|
|
|
$
|
(556.8)
|
|
|
$
|
532.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
RECONCILIATION OF
EBITDA TO ADJUSTED EBITDA
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
41.2
|
|
|
$
|
257.8
|
|
|
$
|
(485.2)
|
|
|
$
|
842.1
|
|
Add: Stock-based
compensation
|
|
10.4
|
|
|
8.4
|
|
|
29.1
|
|
|
28.4
|
|
Add: Change in fair
value of catalyst obligations
|
|
2.4
|
|
|
3.8
|
|
|
(4.2)
|
|
|
6.4
|
|
Add: Change in fair
value of contingent consideration (Note 4)
|
|
(28.6)
|
|
|
—
|
|
|
(93.5)
|
|
|
—
|
|
Add: Non-cash LCM
inventory adjustment (Note 4)
|
|
(9.9)
|
|
|
47.0
|
|
|
691.5
|
|
|
(277.0)
|
|
Add: Gain on sale of
hydrogen plants (Note 4)
|
|
—
|
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
Add: Change in Tax
Receivable Agreement liability (Note 4)
|
|
(252.2)
|
|
|
—
|
|
|
(240.6)
|
|
|
—
|
|
Add: Impairment
expense (Note 4)
|
|
7.0
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
Add: Debt
extinguishment costs (Note 4)
|
|
—
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
Add: Severance costs
(Note 4)
|
|
—
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
Adjusted
EBITDA
|
|
|
$
|
(229.7)
|
|
|
$
|
317.0
|
|
|
$
|
(531.9)
|
|
|
$
|
599.9
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC.
AND SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2020
|
|
2019
|
Balance Sheet
Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,282.6
|
|
|
$
|
814.9
|
|
|
Inventories
|
1,485.6
|
|
|
2,122.2
|
|
|
Total
assets
|
10,191.3
|
|
|
9,132.4
|
|
|
Total debt
|
4,411.1
|
|
|
2,064.9
|
|
|
|
|
|
|
|
Total
equity
|
2,490.8
|
|
|
3,585.5
|
|
|
Total equity excluding
special items (Note 4, 13)
|
$
|
2,810.6
|
|
|
$
|
3,675.8
|
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
64
|
%
|
|
37
|
%
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
61
|
%
|
|
36
|
%
|
|
Net debt to
capitalization ratio (Note 13)
|
56
|
%
|
|
26
|
%
|
|
Net debt to
capitalization ratio, excluding special items (Note 13)
|
53
|
%
|
|
25
|
%
|
|
|
|
|
|
SUMMARIZED
STATEMENT OF CASH FLOW DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2020
|
|
2019
|
Cash flows (used in)
provided by operating activities
|
$
|
(792.6)
|
|
|
$
|
432.2
|
|
Cash flows used in
investing activities
|
(990.3)
|
|
|
(593.5)
|
|
Cash flows provided
by financing activities
|
2,250.6
|
|
|
100.3
|
|
Net increase
(decrease) in cash and cash equivalents
|
467.7
|
|
|
(61.0)
|
|
Cash and cash
equivalents, beginning of period
|
814.9
|
|
|
597.3
|
|
Cash and cash
equivalents, end of period
|
$
|
1,282.6
|
|
|
$
|
536.3
|
|
|
|
|
|
|
|
|
|
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
September 30, 2020
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
3,649.2
|
|
|
$
|
89.0
|
|
|
$
|
—
|
|
|
$
|
(70.7)
|
|
|
$
|
3,667.5
|
|
Depreciation and
amortization expense
|
115.9
|
|
|
14.4
|
|
|
2.7
|
|
|
—
|
|
|
133.0
|
|
Income (loss) from
operations
|
(367.0)
|
|
|
55.6
|
|
|
(31.3)
|
|
|
—
|
|
|
(342.7)
|
|
Interest expense,
net
|
(0.8)
|
|
|
11.5
|
|
|
59.7
|
|
|
—
|
|
|
70.4
|
|
Capital
expenditures
|
53.0
|
|
|
1.7
|
|
|
2.0
|
|
|
—
|
|
|
56.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2019
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
6,422.1
|
|
|
$
|
86.4
|
|
|
$
|
—
|
|
|
$
|
(78.0)
|
|
|
$
|
6,430.5
|
|
Depreciation and
amortization expense
|
98.7
|
|
|
9.0
|
|
|
2.1
|
|
|
—
|
|
|
109.8
|
|
Income (loss) from
operations
|
169.8
|
|
|
44.4
|
|
|
(62.3)
|
|
|
—
|
|
|
151.9
|
|
Interest expense,
net
|
(0.7)
|
|
|
13.4
|
|
|
27.0
|
|
|
—
|
|
|
39.7
|
|
Capital
expenditures
|
117.2
|
|
|
8.0
|
|
|
2.7
|
|
|
—
|
|
|
127.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
11,408.3
|
|
|
$
|
271.2
|
|
|
$
|
—
|
|
|
$
|
(218.7)
|
|
|
$
|
11,460.8
|
|
Depreciation and
amortization expense
|
332.4
|
|
|
36.9
|
|
|
8.4
|
|
|
—
|
|
|
377.7
|
|
Income (loss) from
operations
|
(1,138.8)
|
|
|
153.4
|
|
|
(103.3)
|
|
|
—
|
|
|
(1,088.7)
|
|
Interest expense,
net
|
0.7
|
|
|
37.0
|
|
|
147.4
|
|
|
—
|
|
|
185.1
|
|
Capital
expenditures (Note 14)
|
1,500.9
|
|
|
9.6
|
|
|
9.2
|
|
|
—
|
|
|
1,519.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2019
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
18,182.7
|
|
|
$
|
248.0
|
|
|
$
|
—
|
|
|
$
|
(224.0)
|
|
|
$
|
18,206.7
|
|
Depreciation and
amortization expense
|
288.3
|
|
|
26.6
|
|
|
7.8
|
|
|
—
|
|
|
322.7
|
|
Income (loss) from
operations (Note 15, 16)
|
583.0
|
|
|
116.4
|
|
|
(165.5)
|
|
|
(7.9)
|
|
|
526.0
|
|
Interest expense,
net
|
0.7
|
|
|
38.0
|
|
|
82.6
|
|
|
—
|
|
|
121.3
|
|
Capital
expenditures
|
600.2
|
|
|
23.2
|
|
|
6.4
|
|
|
—
|
|
|
629.8
|
|
|
Balance at
September 30, 2020
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total
Assets
|
$
|
9,250.1
|
|
|
$
|
941.8
|
|
|
$
|
55.3
|
|
|
$
|
(55.9)
|
|
|
$
|
10,191.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2019
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total
Assets
|
$
|
8,154.8
|
|
|
$
|
973.0
|
|
|
$
|
52.7
|
|
|
$
|
(48.1)
|
|
|
$
|
9,132.4
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PBF ENERGY INC.
AND SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
MARKET INDICATORS
AND KEY OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
Market Indicators
(dollars per barrel) (Note 9)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Dated Brent crude
oil
|
$
|
43.05
|
|
|
$
|
61.86
|
|
|
$
|
40.74
|
|
|
$
|
64.71
|
|
West Texas
Intermediate (WTI) crude oil
|
$
|
40.91
|
|
|
$
|
56.40
|
|
|
$
|
38.12
|
|
|
$
|
57.08
|
|
Light Louisiana Sweet
(LLS) crude oil
|
$
|
42.46
|
|
|
$
|
60.60
|
|
|
$
|
40.13
|
|
|
$
|
63.35
|
|
Alaska North Slope
(ANS) crude oil
|
$
|
42.75
|
|
|
$
|
62.98
|
|
|
$
|
41.32
|
|
|
$
|
65.23
|
|
Crack
Spreads:
|
|
|
|
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$
|
8.30
|
|
|
$
|
14.72
|
|
|
$
|
9.30
|
|
|
$
|
12.73
|
|
|
WTI (Chicago)
4-3-1
|
$
|
7.08
|
|
|
$
|
16.51
|
|
|
$
|
6.56
|
|
|
$
|
16.69
|
|
|
LLS (Gulf Coast)
2-1-1
|
$
|
6.53
|
|
|
$
|
14.32
|
|
|
$
|
7.79
|
|
|
$
|
12.32
|
|
|
ANS (West Coast-LA)
4-3-1
|
$
|
11.70
|
|
|
$
|
18.81
|
|
|
$
|
11.41
|
|
|
$
|
18.49
|
|
|
ANS (West Coast-SF)
3-2-1
|
$
|
10.88
|
|
|
$
|
18.38
|
|
|
$
|
9.77
|
|
|
$
|
17.20
|
|
Crude Oil
Differentials:
|
|
|
|
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$
|
2.14
|
|
|
$
|
5.46
|
|
|
$
|
2.62
|
|
|
$
|
7.63
|
|
|
Dated Brent less Maya
(heavy, sour)
|
$
|
3.88
|
|
|
$
|
6.36
|
|
|
$
|
5.95
|
|
|
$
|
5.58
|
|
|
Dated Brent less WTS
(sour)
|
$
|
2.09
|
|
|
$
|
6.01
|
|
|
$
|
2.72
|
|
|
$
|
8.76
|
|
|
Dated Brent less ASCI
(sour)
|
$
|
1.38
|
|
|
$
|
2.98
|
|
|
$
|
1.99
|
|
|
$
|
3.11
|
|
|
WTI less WCS (heavy,
sour)
|
$
|
9.29
|
|
|
$
|
12.79
|
|
|
$
|
10.58
|
|
|
$
|
11.78
|
|
|
WTI less Bakken
(light, sweet)
|
$
|
1.23
|
|
|
$
|
0.74
|
|
|
$
|
2.57
|
|
|
$
|
0.53
|
|
|
WTI less Syncrude
(light, sweet)
|
$
|
1.94
|
|
|
$
|
(0.89)
|
|
|
$
|
1.58
|
|
|
$
|
(0.30)
|
|
|
WTI less LLS (light,
sweet)
|
$
|
(1.55)
|
|
|
$
|
(4.20)
|
|
|
$
|
(2.01)
|
|
|
$
|
(6.27)
|
|
|
WTI less ANS (light,
sweet)
|
$
|
(1.84)
|
|
|
$
|
(6.58)
|
|
|
$
|
(3.20)
|
|
|
$
|
(8.15)
|
|
Natural gas (dollars
per MMBTU)
|
$
|
2.12
|
|
|
$
|
2.33
|
|
|
$
|
1.92
|
|
|
$
|
2.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating
Information
|
|
|
|
|
|
|
|
Production (barrels
per day ("bpd") in thousands)
|
716.7
|
|
|
863.0
|
|
|
750.2
|
|
|
817.9
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
706.1
|
|
|
850.9
|
|
|
744.6
|
|
|
816.4
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
65.0
|
|
|
78.3
|
|
|
204.0
|
|
|
222.9
|
|
Consolidated gross
margin per barrel of throughput
|
$
|
(4.82)
|
|
|
$
|
2.38
|
|
|
$
|
(7.10)
|
|
|
$
|
3.04
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
2.98
|
|
|
$
|
8.87
|
|
|
$
|
3.92
|
|
|
$
|
8.21
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
6.96
|
|
|
$
|
5.26
|
|
|
$
|
6.78
|
|
|
$
|
5.72
|
|
Crude and
feedstocks (% of total throughput) (Note 12)
|
|
|
|
|
|
|
|
|
Heavy
|
43
|
%
|
|
32
|
%
|
|
43
|
%
|
|
31
|
%
|
|
Medium
|
25
|
%
|
|
30
|
%
|
|
26
|
%
|
|
30
|
%
|
|
Light
|
18
|
%
|
|
25
|
%
|
|
17
|
%
|
|
25
|
%
|
|
Other feedstocks and
blends
|
14
|
%
|
|
13
|
%
|
|
14
|
%
|
|
14
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput)
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
54
|
%
|
|
50
|
%
|
|
50
|
%
|
|
48
|
%
|
|
Distillates and
distillate blendstocks
|
28
|
%
|
|
33
|
%
|
|
31
|
%
|
|
32
|
%
|
|
Lubes
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
Chemicals
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
Other
|
18
|
%
|
|
15
|
%
|
|
18
|
%
|
|
17
|
%
|
|
|
Total
yield
|
102
|
%
|
|
101
|
%
|
|
101
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC.
AND SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
SUPPLEMENTAL
OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Supplemental
Operating Information - East Coast (Delaware City and
Paulsboro)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
250.8
|
|
|
354.7
|
|
|
273.3
|
|
|
323.7
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
251.4
|
|
|
357.2
|
|
|
274.3
|
|
|
329.5
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
23.1
|
|
|
32.9
|
|
|
75.1
|
|
|
90.0
|
|
Gross margin per
barrel of throughput
|
$
|
(4.11)
|
|
|
$
|
(0.25)
|
|
|
$
|
(5.79)
|
|
|
$
|
(0.91)
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
2.41
|
|
|
$
|
7.32
|
|
|
$
|
4.53
|
|
|
$
|
5.08
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
4.99
|
|
|
$
|
4.20
|
|
|
$
|
5.29
|
|
|
$
|
5.09
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
27
|
%
|
|
21
|
%
|
|
26
|
%
|
|
21
|
%
|
|
Medium
|
33
|
%
|
|
41
|
%
|
|
33
|
%
|
|
44
|
%
|
|
Light
|
15
|
%
|
|
22
|
%
|
|
20
|
%
|
|
16
|
%
|
|
Other feedstocks and
blends
|
25
|
%
|
|
16
|
%
|
|
21
|
%
|
|
19
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
49
|
%
|
|
45
|
%
|
|
45
|
%
|
|
44
|
%
|
|
Distillates and
distillate blendstocks
|
30
|
%
|
|
36
|
%
|
|
34
|
%
|
|
32
|
%
|
|
Lubes
|
1
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
Chemicals
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
|
Other
|
18
|
%
|
|
15
|
%
|
|
17
|
%
|
|
19
|
%
|
|
|
Total
yield
|
100
|
%
|
|
99
|
%
|
|
100
|
%
|
|
98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - Mid-Continent (Toledo)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
110.5
|
|
|
153.6
|
|
|
93.0
|
|
|
156.6
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
108.4
|
|
|
151.1
|
|
|
91.9
|
|
|
154.1
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
10.0
|
|
|
13.9
|
|
|
25.2
|
|
|
42.1
|
|
Gross margin per
barrel of throughput
|
$
|
(6.40)
|
|
|
$
|
4.39
|
|
|
$
|
(14.74)
|
|
|
$
|
8.32
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
1.87
|
|
|
$
|
12.24
|
|
|
$
|
(0.17)
|
|
|
$
|
13.18
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
5.87
|
|
|
$
|
4.98
|
|
|
$
|
7.04
|
|
|
$
|
5.10
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Medium
|
36
|
%
|
|
32
|
%
|
|
38
|
%
|
|
30
|
%
|
|
Light
|
62
|
%
|
|
67
|
%
|
|
60
|
%
|
|
69
|
%
|
|
Other feedstocks and
blends
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
58
|
%
|
|
52
|
%
|
|
52
|
%
|
|
51
|
%
|
|
Distillates and
distillate blendstocks
|
31
|
%
|
|
34
|
%
|
|
29
|
%
|
|
36
|
%
|
|
Chemicals
|
4
|
%
|
|
6
|
%
|
|
3
|
%
|
|
6
|
%
|
|
Other
|
9
|
%
|
|
10
|
%
|
|
17
|
%
|
|
9
|
%
|
|
|
Total
yield
|
102
|
%
|
|
102
|
%
|
|
101
|
%
|
|
102
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC.
AND SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
SUPPLEMENTAL
OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Supplemental
Operating Information - Gulf Coast (Chalmette)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
128.8
|
|
|
182.9
|
|
|
147.0
|
|
|
182.4
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
125.6
|
|
|
178.0
|
|
|
144.0
|
|
|
181.4
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
11.6
|
|
|
16.4
|
|
|
39.5
|
|
|
49.5
|
|
Gross margin per
barrel of throughput
|
$
|
(4.51)
|
|
|
$
|
0.69
|
|
|
$
|
(4.54)
|
|
|
$
|
0.98
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
2.48
|
|
|
$
|
8.30
|
|
|
$
|
5.19
|
|
|
$
|
5.82
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
5.71
|
|
|
$
|
4.81
|
|
|
$
|
5.18
|
|
|
$
|
4.89
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
41
|
%
|
|
37
|
%
|
|
41
|
%
|
|
34
|
%
|
|
Medium
|
35
|
%
|
|
25
|
%
|
|
35
|
%
|
|
22
|
%
|
|
Light
|
16
|
%
|
|
18
|
%
|
|
13
|
%
|
|
27
|
%
|
|
Other feedstocks and
blends
|
8
|
%
|
|
20
|
%
|
|
11
|
%
|
|
17
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
39
|
%
|
|
47
|
%
|
|
42
|
%
|
|
45
|
%
|
|
Distillates and
distillate blendstocks
|
33
|
%
|
|
33
|
%
|
|
33
|
%
|
|
33
|
%
|
|
Chemicals
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
2
|
%
|
|
Other
|
29
|
%
|
|
22
|
%
|
|
25
|
%
|
|
21
|
%
|
|
|
Total
yield
|
103
|
%
|
|
103
|
%
|
|
102
|
%
|
|
101
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - West Coast (Torrance and
Martinez)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
226.6
|
|
|
171.8
|
|
|
236.9
|
|
|
155.2
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
220.7
|
|
|
164.6
|
|
|
234.4
|
|
|
151.4
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
20.3
|
|
|
15.1
|
|
|
64.2
|
|
|
41.3
|
|
Gross margin per
barrel of throughput
|
$
|
(7.59)
|
|
|
$
|
4.82
|
|
|
$
|
(9.70)
|
|
|
$
|
5.48
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
4.43
|
|
|
$
|
9.77
|
|
|
$
|
4.02
|
|
|
$
|
12.83
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
10.47
|
|
|
$
|
8.30
|
|
|
$
|
9.42
|
|
|
$
|
8.71
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
84
|
%
|
|
81
|
%
|
|
82
|
%
|
|
81
|
%
|
|
Medium
|
5
|
%
|
|
7
|
%
|
|
7
|
%
|
|
7
|
%
|
|
Other feedstocks and
blends
|
11
|
%
|
|
12
|
%
|
|
11
|
%
|
|
12
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
66
|
%
|
|
61
|
%
|
|
60
|
%
|
|
59
|
%
|
|
Distillates and
distillate blendstocks
|
22
|
%
|
|
26
|
%
|
|
26
|
%
|
|
26
|
%
|
|
Other
|
15
|
%
|
|
17
|
%
|
|
15
|
%
|
|
18
|
%
|
|
|
Total
yield
|
103
|
%
|
|
104
|
%
|
|
101
|
%
|
|
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
|
|
|
|
|
|
|
|
September 30,
2020
|
|
September 30,
2019
|
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
|
$
|
3,667.5
|
|
|
$
|
56.46
|
|
|
$
|
6,430.5
|
|
|
$
|
82.15
|
|
Less: Cost of
sales
|
3,980.8
|
|
|
61.28
|
|
|
6,244.4
|
|
|
79.77
|
|
Consolidated gross
margin
|
$
|
(313.3)
|
|
|
$
|
(4.82)
|
|
|
$
|
186.1
|
|
|
$
|
2.38
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
|
(313.3)
|
|
|
$
|
(4.82)
|
|
|
$
|
186.1
|
|
|
$
|
2.38
|
|
|
Add: PBFX operating
expense
|
22.7
|
|
|
0.35
|
|
|
28.4
|
|
|
0.36
|
|
|
Add: PBFX
depreciation expense
|
14.4
|
|
|
0.22
|
|
|
9.0
|
|
|
0.11
|
|
|
Less: Revenues of
PBFX
|
(89.0)
|
|
|
(1.37)
|
|
|
(86.4)
|
|
|
(1.10)
|
|
|
Add: Refinery
operating expense
|
452.4
|
|
|
6.96
|
|
|
411.8
|
|
|
5.26
|
|
|
Add: Refinery
depreciation expense
|
115.9
|
|
|
1.79
|
|
|
98.7
|
|
|
1.26
|
|
Gross refining
margin
|
$
|
203.1
|
|
|
$
|
3.13
|
|
|
$
|
647.6
|
|
|
$
|
8.27
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
(9.9)
|
|
|
(0.15)
|
|
|
47.0
|
|
|
0.60
|
|
Gross refining
margin excluding special items
|
$
|
193.2
|
|
|
$
|
2.98
|
|
|
$
|
694.6
|
|
|
$
|
8.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September 30,
2020
|
|
September 30,
2019
|
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
|
$
|
11,460.8
|
|
|
$
|
56.18
|
|
|
$
|
18,206.7
|
|
|
$
|
81.69
|
|
Less: Cost of
sales
|
12,910.0
|
|
|
63.28
|
|
|
17,528.8
|
|
|
78.65
|
|
Consolidated gross
margin
|
$
|
(1,449.2)
|
|
|
$
|
(7.10)
|
|
|
$
|
677.9
|
|
|
$
|
3.04
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
|
(1,449.2)
|
|
|
$
|
(7.10)
|
|
|
$
|
677.9
|
|
|
$
|
3.04
|
|
|
Add: PBFX operating
expense
|
75.5
|
|
|
0.37
|
|
|
86.9
|
|
|
0.39
|
|
|
Add: PBFX
depreciation expense
|
36.9
|
|
|
0.18
|
|
|
26.6
|
|
|
0.12
|
|
|
Less: Revenues of
PBFX
|
(271.2)
|
|
|
(1.33)
|
|
|
(248.0)
|
|
|
(1.11)
|
|
|
Add: Refinery
operating expense
|
1,383.6
|
|
|
6.78
|
|
|
1,274.9
|
|
|
5.72
|
|
|
Add: Refinery
depreciation expense
|
332.4
|
|
|
1.63
|
|
|
288.3
|
|
|
1.29
|
|
Gross refining
margin
|
$
|
108.0
|
|
|
$
|
0.53
|
|
|
$
|
2,106.6
|
|
|
$
|
9.45
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
691.5
|
|
|
3.39
|
|
|
(277.0)
|
|
|
(1.24)
|
|
Gross refining
margin excluding special items
|
$
|
799.5
|
|
|
$
|
3.92
|
|
|
$
|
1,829.6
|
|
|
$
|
8.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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's Class A
common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Represents an
adjustment to reflect PBF Energy's estimated annualized statutory
corporate tax rate of approximately 26.3% and 26.5% for the 2020
and 2019 periods, respectively, 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
three and nine months ended September 30, 2020 and 2019 relate to
LCM inventory adjustments, changes in the Tax Receivable Agreement
liability, debt extinguishment costs, change in fair value of
contingent consideration, gain on sale of hydrogen plants,
severance costs related to reductions in workforce, impairment
expense, net tax expense on remeasurement of deferred tax assets
and gain on sale of assets related to the Torrance land sale, 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:
LCM inventory
adjustment - LCM is a GAAP requirement related to
inventory valuation that mandates inventory to be stated at the
lower of cost or market. Our inventories are stated at the lower of
cost or market. Cost is determined using last-in, first-out
("LIFO") inventory valuation methodology, in which the most
recently incurred costs are charged to cost of sales and
inventories are valued at base layer acquisition costs. Market is
determined based on an assessment of the current estimated
replacement cost and net realizable selling price of the inventory.
In periods where the market price of our inventory declines
substantially, cost values of inventory may exceed market values.
In such instances, we record an adjustment to write down the value
of inventory to market value in accordance with GAAP. In subsequent
periods, the value of inventory is reassessed and an LCM inventory
adjustment is recorded to reflect the net change in the LCM
inventory reserve between the prior period and the current
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
includes the LCM inventory reserve as of each date presented (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
January 1,
|
|
|
|
$
|
401.6
|
|
|
$
|
651.8
|
|
June 30,
|
|
|
|
1,103.0
|
|
|
327.8
|
|
September
30,
|
|
|
|
1,093.1
|
|
|
374.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
includes the corresponding impact of changes in the LCM inventory
reserve on income (loss) from operations and net income (loss) for
the periods presented (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net LCM inventory
adjustment benefit (charge) in income (loss) from
operations
|
$
|
9.9
|
|
|
$
|
(47.0)
|
|
|
$
|
(691.5)
|
|
|
$
|
277.0
|
|
Net LCM inventory
adjustment benefit (charge) in net income (loss)
|
7.3
|
|
|
(34.6)
|
|
|
(509.6)
|
|
|
203.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
Extinguishment Costs - During the nine months ended
September 30, 2020, we recorded pre-tax debt extinguishment
costs of $22.2 million related to the redemption of the 2023
Senior Notes. These nonrecurring charges decreased net income by
$16.4 million for the nine months ended September 30, 2020.
There were no such costs in any of the other periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Tax
Receivable Agreement liability - During the three months ended
September 30, 2020, we recorded a change in the Tax Receivable
Agreement liability that increased income before income taxes and
net income by $252.2 million and $185.9 million, respectively.
During the nine months ended September 30, 2020, we recorded a
change in the Tax Receivable Agreement liability that increased
income before income taxes and net income by $240.6 million and
$177.3 million, respectively. The changes in the Tax Receivable
Agreement liability reflect charges or benefits attributable to
changes in our obligation under the Tax Receivable Agreement due to
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. There was no change in the
Tax Receivable Agreement liability for the three or nine months
ended September 30, 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Fair
Value of Contingent Consideration - During the three months
ended September 30, 2020, we recorded a change in fair value
of the contingent considerations related to the Martinez Contingent
Consideration and the PBFX Contingent Consideration which increased
income from operations and net income by $28.6 million and $21.1
million, respectively. During the nine months ended
September 30, 2020, we recorded a change in fair value of the
contingent considerations primarily related to the Martinez
Contingent Consideration which increased income from operations and
net income by $93.5 million and $68.9 million, respectively. There
were no such changes in fair value of contingent consideration
during the three and nine months ended September 30,
2019.
|
|
Gain on sale of
Hydrogen Plants - During the nine months ended
September 30, 2020, we recorded a gain on the sale of five
hydrogen plants. The gain increased income from operations and net
income by $471.1 million and $347.2 million,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
expense - During the three and nine months ended
September 30, 2020, we recorded an impairment charge which
decreased income from operations and net income by $7.0 million and
$5.2 million, respectively, resulting from the write-down of
certain PBFX long-lived assets. There were no such charges during
the three and nine months ended September 30, 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale of
Torrance land - During the three and nine months ended
September 30, 2019, we recorded a gain on the sale of a parcel
of real property acquired as part of the Torrance refinery, but not
part of the refinery itself. The gain increased income from
operations and net income by $33.1 million and
$24.3 million, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance Costs
- During the nine months ended September 30, 2020, we
recorded a severance charge related to reductions in our workforce
that decreased income from operations and net income by $12.9
million and $9.5 million, respectively. There were no such costs in
any of the other periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net tax expense on
remeasurement of deferred tax assets - During the three and
nine months ended September 30, 2020, we recorded a deferred
tax valuation allowance of $348.6 million in accordance with
ASC 740, Income Taxes. This amount includes tax expense of
approximately $66.3 million related to our net change in the
Tax Receivable Agreement liability or a net tax expense of $282.3
million related primarily to the remeasurement of deferred tax
assets. There was no such expense in the three or nine months
ended September 30, 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and nine months ended
September 30, 2020 and 2019, respectively. Common stock
equivalents exclude the effects of performance share units and
options and warrants to purchase 12,358,105 and 12,152,756 shares
of PBF Energy Class A common stock and PBF LLC Series A Units
because they are anti-dilutive for the three and nine months ended
September 30, 2020, respectively. Common stock equivalents
exclude the effects of performance share units and options and
warrants to purchase 7,739,275 and 6,003,867 shares of PBF Energy
Class A common stock and PBF LLC Series A Units because they are
anti-dilutive for the three and nine months ended
September 30, 2019, respectively. For periods showing a net
loss, all common stock equivalents and unvested restricted stock
are considered anti-dilutive.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) EBITDA (Earnings
before Interest, Income Taxes, Depreciation and Amortization) 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, the non-cash change in the fair
value of catalyst obligations, gain on sale of hydrogen plants, the
write down of inventory to the LCM, changes in the liability for
Tax Receivable Agreement due to factors out of our control, such as
changes in tax rates, debt extinguishment costs related to
refinancing activities, 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 September 30, 2020, 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"), a growth-oriented master limited
partnership 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.
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2020
|
|
2019
|
|
|
(in
millions)
|
Total debt
|
$
|
4,411.1
|
|
|
$
|
2,064.9
|
|
Total
equity
|
2,490.8
|
|
|
3,585.5
|
|
Total
capitalization
|
$
|
6,901.9
|
|
|
$
|
5,650.4
|
|
|
|
|
|
Total debt
|
$
|
4,411.1
|
|
|
$
|
2,064.9
|
|
Total equity
excluding special items
|
2,810.6
|
|
|
3,675.8
|
|
Total capitalization
excluding special items
|
$
|
7,221.7
|
|
|
$
|
5,740.7
|
|
|
|
|
|
Total
equity
|
$
|
2,490.8
|
|
|
$
|
3,585.5
|
|
Special Items
(Note 4)
|
|
|
|
Add: Non-cash LCM inventory adjustment
|
1,093.1
|
|
|
401.6
|
|
Add: Gain on Torrance land sale
|
(76.9)
|
|
|
(76.9)
|
|
Add: Change in Tax Receivable Agreement liability
|
(531.0)
|
|
|
(290.4)
|
|
Add: Debt extinguishment costs
|
47.7
|
|
|
25.5
|
|
Add: Early railcar return expense
|
52.3
|
|
|
52.3
|
|
Add: Change in fair value of contingent consideration
|
(93.5)
|
|
|
—
|
|
Add: Gain on sale of hydrogen plants
|
(471.1)
|
|
|
—
|
|
Add: Severance costs
|
12.9
|
|
|
—
|
|
Add: Impairment expense
|
7.0
|
|
|
—
|
|
Less: Recomputed income taxes on special items
|
(23.2)
|
|
|
(42.0)
|
|
Add: Net tax expense on remeasurement of deferred tax
assets
|
282.3
|
|
|
—
|
|
Add: Net tax expense on TCJA related special items
|
20.2
|
|
|
20.2
|
|
Net impact of
special items to equity
|
319.8
|
|
|
90.3
|
|
Total equity
excluding special items
|
$
|
2,810.6
|
|
|
$
|
3,675.8
|
|
|
|
|
|
|
|
|
Total debt
|
$
|
4,411.1
|
|
|
$
|
2,064.9
|
|
Less: Cash and cash equivalents
|
1,282.6
|
|
|
814.9
|
|
Net Debt
|
|
|
|
$
|
3,128.5
|
|
|
$
|
1,250.0
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio
|
64
|
%
|
|
37
|
%
|
Total debt to
capitalization ratio, excluding special items
|
61
|
%
|
|
36
|
%
|
Net debt to
capitalization ratio
|
56
|
%
|
|
26
|
%
|
Net debt to
capitalization ratio, excluding special items
|
53
|
%
|
|
25
|
%
|
|
(14) The Refining
segment includes capital expenditures of $1,176.2 million for the
acquisition of the Martinez refinery in the first quarter of
2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15) On April 24,
2019, PBFX entered into a contribution agreement with PBF LLC (the
"TVPC Contribution Agreement"), pursuant to which PBF LLC
contributed to PBFX all of the issued and outstanding limited
liability company interests of TVP Holding Company LLC ("TVP
Holding") for total consideration of $200.0 million (the "TVPC
Acquisition"). Prior to the TVPC Acquisition, TVP Holding owned a
50% equity interest in Torrance Valley Pipeline Company LLC
("TVPC"). Subsequent to the closing of the TVPC Acquisition on May
31, 2019, PBFX owns 100% of the equity interest in TVPC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16) Prior to the
TVPC Contribution Agreement, the Logistics segment included 100% of
the income from operations of TVPC, as TVPC was consolidated by
PBFX. PBFX recorded net income attributable to noncontrolling
interest for the 50% equity interest in TVPC held by PBF Holding.
PBF Holding (included in the Refining segment) recorded equity
income in investee related to its 50% noncontrolling ownership
interest in TVPC. For purposes of our Condensed Consolidated
Financial Statements, PBF Holding's equity income in investee and
PBFX's net income attributable to noncontrolling interests
eliminated in consolidation.
|
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SOURCE PBF Energy Inc.