PARSIPPANY, N.J., July 29,
2021 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported
second quarter 2021 income from operations of $147.5 million as compared to income from
operations of $620.8 million for the
second quarter of 2020. Excluding special items, second quarter
2021 loss from operations was $120.5
million as compared to a loss from operations of
$433.7 million for the second quarter
of 2020. PBF Energy's financial results reflect the consolidation
of PBF Logistics LP (NYSE: PBFX), a master limited partnership of
which PBF Energy indirectly owns the general partner and
approximately 48% of the limited partner interests as of
quarter-end.
The company reported second quarter 2021 net income of
$69.9 million and net income
attributable to PBF Energy Inc. of $47.9
million or $0.39 per share.
This compares to net income of $413.0
million, and net income attributable to PBF Energy Inc. of
$389.1 million or $3.23 per share for the second quarter 2020.
Non-cash special items included in the second quarter 2021 results,
which increased net income by a net, after-tax benefit of
$200.8 million, or $1.65 per share, consisted of a
lower-of-cost-or-market ("LCM") inventory benefit, change in fair
value of the contingent consideration associated with earn-out
provisions primarily related to the Martinez Acquisition and a net
tax benefit on remeasurement of deferred tax assets. Adjusted
fully-converted net loss for the second quarter 2021, excluding
special items, was $152.6 million, or
$(1.26) per share on a
fully-exchanged, fully-diluted basis, as described below, compared
to adjusted fully-converted net loss of $384.8 million or $(3.19) per share, for the second quarter
2020.
Tom Nimbley, PBF Energy's
Chairman and CEO, said, "PBF's second quarter results reflect the
improving demand environment. We operated our refineries at rates
which were the highest since the onset of the pandemic." Mr.
Nimbley continued, "Demand continued its gradual improvement but is
still not at pre-pandemic levels. We expect, as demand
incrementally improves, that we could see additional crude supply
enter the market which could directionally shift current headwinds
to tailwinds in the commodities market. As we anticipate this
potential positive momentum shift, the independent refining sector
continues to face headwinds as a result of escalating compliance
costs under the RFS program. The Environmental Protection Agency
needs to address the program because the RIN-bank will be fully
depleted by early 2022 at current rates."
Mr. Nimbley concluded, "Despite these recent challenges, we are
confident that we have the operations, team and resources to
overcome the current hurdles. We exited the second quarter with
ample liquidity, including approximately $1.4 billion in cash, that we believe will
support our business as market conditions improve."
Liquidity and Financial Position
As of June 30, 2021, our operational liquidity was more
than $2.6 billion based on
approximately $1.4 billion of cash
and borrowing availability under our asset-based lending facility.
In addition, PBF Logistics LP liquidity included $32.4 million in cash and approximately
$336.0 million of availability under
its revolving credit facility.
Strategic Update and Outlook
In addition to focusing
on the safety and reliability of our core refining operations, we
continue to progress our previously announced renewable fuels
production facility project intended to be co-located at the
Chalmette refinery. This project is expected to use certain idled
assets, including an idle hydrocracker, along with a
newly-constructed pre-treatment unit to establish a 20,000 barrel
per day renewable diesel production facility. We believe that with
the utilization of currently idled assets, and its strategic
location on the Mississippi River, our project will have a shorter
time to market and reduced construction costs compared to similar
greenfield projects. We are currently in advanced discussions with
potential partners and expect to provide further updates in the
coming months.
Consistent with our previous guidance, our overall market
outlook for the second half of 2021 remains constructive, with
continued gradual improvement in demand, and our full-year capital
expenditures are expected to be approximately $400 to $450
million. Should market conditions change from our current
expectations, we expect that we will review our capital
requirements and adjust as needed.
We increased rates at our refineries in the second quarter in
response to greater demand for our products and, in the third
quarter, we expect to remain responsive to market conditions. For
the third quarter, we expect total throughput regionally as
follows: East Coast to average 250,000 to 270,000 barrels per day
("bpd"); Mid-Continent to average 150,000 to 160,000 bpd; Gulf
Coast to average 165,000 to 175,000 bpd; and West Coast to average
280,000 to 300,000 bpd. The throughputs are reflective of planned
work expected to take place in the third quarter at our Torrance
and Delaware City facilities.
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 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,
July 29, 2021, 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 (877) 869-3847 or (201) 689-8261. 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 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 acquisition of the Martinez
refinery, and related logistics assets; risks associated with our
obligation to buy Renewable Identification Numbers and related
market risks related to the price volatility thereof; our ability
to make, and realize the benefits from, acquisitions or
investments, including in renewable diesel productions; the effect
of the COVID-19 pandemic and related governmental and consumer
responses; our expectations regarding capital spending and the
impact of market conditions on demand for the balance of 2021; 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
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues
|
|
$
|
6,897.9
|
|
|
$
|
2,515.8
|
|
|
$
|
11,822.7
|
|
|
$
|
7,793.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of products and
other
|
|
6,100.7
|
|
|
1,753.1
|
|
|
10,291.7
|
|
|
7,716.4
|
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
|
483.8
|
|
|
442.1
|
|
|
965.1
|
|
|
973.8
|
|
|
Depreciation and
amortization expense
|
|
111.6
|
|
|
122.3
|
|
|
225.7
|
|
|
239.0
|
|
Cost of
sales
|
|
6,696.1
|
|
|
2,317.5
|
|
|
11,482.5
|
|
|
8,929.2
|
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as reflected below)
|
|
55.0
|
|
|
57.9
|
|
|
102.8
|
|
|
140.4
|
|
|
Depreciation and
amortization expense
|
|
3.3
|
|
|
2.8
|
|
|
6.7
|
|
|
5.7
|
|
|
Change in fair value
of contingent consideration
|
|
(4.0)
|
|
|
(12.1)
|
|
|
26.1
|
|
|
(64.9)
|
|
|
Gain on sale of
assets
|
|
—
|
|
|
(471.1)
|
|
|
(0.6)
|
|
|
(471.1)
|
|
Total cost and
expenses
|
|
6,750.4
|
|
|
1,895.0
|
|
|
11,617.5
|
|
|
8,539.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
147.5
|
|
|
620.8
|
|
|
205.2
|
|
|
(746.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(80.8)
|
|
|
(65.5)
|
|
|
(161.1)
|
|
|
(114.7)
|
|
|
Change in Tax
Receivable Agreement liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.6)
|
|
|
Change in fair value
of catalyst obligations
|
|
5.8
|
|
|
(5.1)
|
|
|
(4.2)
|
|
|
6.6
|
|
|
Debt extinguishment
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22.2)
|
|
|
Other non-service
components of net periodic benefit cost
|
|
|
1.9
|
|
|
1.1
|
|
|
3.9
|
|
|
2.1
|
|
Income (loss)
before income taxes
|
|
74.4
|
|
|
551.3
|
|
|
43.8
|
|
|
(885.8)
|
|
Income tax expense
(benefit)
|
|
4.5
|
|
|
138.3
|
|
|
(3.9)
|
|
|
(236.3)
|
|
Net income
(loss)
|
|
69.9
|
|
|
413.0
|
|
|
47.7
|
|
|
(649.5)
|
|
|
Less: net income
attributable to noncontrolling interests
|
|
22.0
|
|
|
23.9
|
|
|
41.1
|
|
|
27.3
|
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
|
47.9
|
|
|
$
|
389.1
|
|
|
$
|
6.6
|
|
|
$
|
(676.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to Class A common stock per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.40
|
|
|
$
|
3.24
|
|
|
$
|
0.05
|
|
|
$
|
(5.66)
|
|
|
Diluted
|
|
$
|
0.39
|
|
|
$
|
3.23
|
|
|
$
|
0.05
|
|
|
$
|
(5.67)
|
|
|
Weighted-average
shares outstanding-basic
|
|
120,230,133
|
|
|
120,010,882
|
|
|
120,211,219
|
|
|
119,499,392
|
|
|
Weighted-average
shares outstanding-diluted
|
|
121,916,175
|
|
|
121,428,900
|
|
|
121,687,236
|
|
|
120,612,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) and adjusted fully-converted net
income (loss) per fully exchanged, fully diluted shares outstanding
(Note 1):
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss)
|
|
$
|
48.2
|
|
|
$
|
392.4
|
|
|
$
|
6.6
|
|
|
$
|
(684.3)
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted share
|
|
$
|
0.39
|
|
|
$
|
3.23
|
|
|
$
|
0.05
|
|
|
$
|
(5.67)
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
|
121,916,175
|
|
|
121,428,900
|
|
|
121,687,236
|
|
|
120,612,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
|
47.9
|
|
|
$
|
389.1
|
|
|
$
|
6.6
|
|
|
$
|
(676.8)
|
|
|
Less:
|
Income allocated to
participating securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Income (loss)
available to PBF Energy Inc. stockholders - basic
|
|
47.9
|
|
|
389.1
|
|
|
6.6
|
|
|
(676.9)
|
|
|
Add:
|
Net income (loss)
attributable to noncontrolling interest (Note 2)
|
|
0.4
|
|
|
4.5
|
|
|
—
|
|
|
(10.1)
|
|
|
Less:
|
Income tax (expense)
benefit (Note 3)
|
|
(0.1)
|
|
|
(1.2)
|
|
|
—
|
|
|
2.7
|
|
Adjusted
fully-converted net income (loss)
|
|
$
|
48.2
|
|
|
$
|
392.4
|
|
|
$
|
6.6
|
|
|
$
|
(684.3)
|
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add:
|
Non-cash LCM
inventory adjustment
|
|
(264.0)
|
|
|
(584.2)
|
|
|
(669.6)
|
|
|
701.4
|
|
|
Add:
|
Change in fair value
of contingent consideration
|
|
(4.0)
|
|
|
(12.1)
|
|
|
26.1
|
|
|
(64.9)
|
|
|
Add:
|
Gain on sale of
hydrogen plants
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
|
(471.1)
|
|
|
Add:
|
Severance
costs
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
12.9
|
|
|
Add:
|
Debt extinguishment
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22.2
|
|
|
Add:
|
Change in Tax
Receivable Agreement liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.6
|
|
|
Add:
|
Net tax benefit on
remeasurement of deferred tax assets
|
|
(4.1)
|
|
|
—
|
|
|
(2.4)
|
|
|
—
|
|
|
Less:
|
Recomputed income tax
on special items (Note 3)
|
|
71.3
|
|
|
277.3
|
|
|
171.2
|
|
|
(55.8)
|
|
Adjusted
fully-converted net income (loss) excluding special
items
|
|
$
|
(152.6)
|
|
|
$
|
(384.8)
|
|
|
$
|
(468.1)
|
|
|
$
|
(528.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding of PBF Energy Inc.
|
|
120,230,133
|
|
|
120,010,882
|
|
|
120,211,219
|
|
|
119,499,392
|
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
994,138
|
|
|
1,017,620
|
|
|
986,834
|
|
|
1,113,209
|
|
Common stock
equivalents (Note 6)
|
|
691,904
|
|
|
400,398
|
|
|
489,183
|
|
|
—
|
|
Fully-converted
shares outstanding - diluted
|
|
121,916,175
|
|
|
121,428,900
|
|
|
121,687,236
|
|
|
120,612,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted shares outstanding (Note 6)
|
|
$
|
0.39
|
|
|
$
|
3.23
|
|
|
$
|
0.05
|
|
|
$
|
(5.67)
|
|
|
Adjusted
fully-converted net income (loss) excluding special items per fully
exchanged, fully diluted shares outstanding (Note 4,
6)
|
|
$
|
(1.26)
|
|
|
$
|
(3.19)
|
|
|
$
|
(3.87)
|
|
|
$
|
(4.38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
RECONCILIATION OF
INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS
EXCLUDING SPECIAL ITEMS
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Income (loss) from
operations
|
|
$
|
147.5
|
|
|
$
|
620.8
|
|
|
$
|
205.2
|
|
|
$
|
(746.0)
|
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add:
|
Non-cash LCM
inventory adjustment
|
|
(264.0)
|
|
|
(584.2)
|
|
|
(669.6)
|
|
|
701.4
|
|
|
Add:
|
Change in fair value
of contingent consideration
|
|
(4.0)
|
|
|
(12.1)
|
|
|
26.1
|
|
|
(64.9)
|
|
|
Add:
|
Gain on sale of
hydrogen plants
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
|
(471.1)
|
|
|
Add:
|
Severance
costs
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
12.9
|
|
Income (loss) from
operations excluding special items
|
|
$
|
(120.5)
|
|
|
$
|
(433.7)
|
|
|
$
|
(438.3)
|
|
|
$
|
(567.7)
|
|
|
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
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
69.9
|
|
|
$
|
413.0
|
|
|
$
|
47.7
|
|
|
$
|
(649.5)
|
|
Add: Depreciation and
amortization expense
|
|
114.9
|
|
|
125.1
|
|
|
232.4
|
|
|
244.7
|
|
Add: Interest expense,
net
|
|
80.8
|
|
|
65.5
|
|
|
161.1
|
|
|
114.7
|
|
Add: Income tax
expense (benefit)
|
|
4.5
|
|
|
138.3
|
|
|
(3.9)
|
|
|
(236.3)
|
|
EBITDA
|
|
|
$
|
270.1
|
|
|
$
|
741.9
|
|
|
$
|
437.3
|
|
|
$
|
(526.4)
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
(264.0)
|
|
|
(584.2)
|
|
|
(669.6)
|
|
|
701.4
|
|
Add: Change in fair
value of contingent consideration
|
|
(4.0)
|
|
|
(12.1)
|
|
|
26.1
|
|
|
(64.9)
|
|
Add: Gain on sale of
hydrogen plants
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
|
(471.1)
|
|
Add: Severance
costs
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
12.9
|
|
Add: Debt
extinguishment costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22.2
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.6
|
|
EBITDA excluding
special items
|
|
$
|
2.1
|
|
|
$
|
(312.6)
|
|
|
$
|
(206.2)
|
|
|
$
|
(314.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
RECONCILIATION OF
EBITDA TO ADJUSTED EBITDA
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
270.1
|
|
|
$
|
741.9
|
|
|
$
|
437.3
|
|
|
$
|
(526.4)
|
|
Add: Stock-based
compensation
|
|
10.4
|
|
|
9.1
|
|
|
17.8
|
|
|
18.7
|
|
Add: Change in fair
value of catalyst obligations
|
|
(5.8)
|
|
|
5.1
|
|
|
4.2
|
|
|
(6.6)
|
|
Add: Non-cash LCM
inventory adjustment (Note 4)
|
|
(264.0)
|
|
|
(584.2)
|
|
|
(669.6)
|
|
|
701.4
|
|
Add: Change in fair
value of contingent consideration (Note 4)
|
|
(4.0)
|
|
|
(12.1)
|
|
|
26.1
|
|
|
(64.9)
|
|
Add: Gain on sale of
hydrogen plants (Note 4)
|
|
—
|
|
|
(471.1)
|
|
|
—
|
|
|
(471.1)
|
|
Add: Severance costs
(Note 4)
|
|
—
|
|
|
12.9
|
|
|
—
|
|
|
12.9
|
|
Add: Debt
extinguishment costs (Note 4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22.2
|
|
Add: Change in Tax
Receivable Agreement liability (Note 4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.6
|
|
Adjusted
EBITDA
|
|
|
$
|
6.7
|
|
|
$
|
(298.4)
|
|
|
$
|
(184.2)
|
|
|
$
|
(302.2)
|
|
|
|
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,
|
|
|
|
|
|
2021
|
|
2020
|
Balance Sheet
Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,479.7
|
|
|
$
|
1,609.5
|
|
|
Inventories
|
2,636.2
|
|
|
1,686.2
|
|
|
Total
assets
|
11,654.2
|
|
|
10,499.8
|
|
|
Total debt
|
4,628.1
|
|
|
4,661.0
|
|
|
|
|
|
|
|
Total
equity
|
2,246.9
|
|
|
2,202.3
|
|
|
Total equity excluding
special items (Note 4, 13)
|
$
|
1,845.8
|
|
|
$
|
2,275.9
|
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
67
|
%
|
|
68
|
%
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
71
|
%
|
|
67
|
%
|
|
Net debt to
capitalization ratio (Note 13)
|
58
|
%
|
|
58
|
%
|
|
Net debt to
capitalization ratio, excluding special items (Note 13)
|
63
|
%
|
|
57
|
%
|
|
|
|
|
|
SUMMARIZED
STATEMENT OF CASH FLOW DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2021
|
|
2020
|
Cash flows provided
by (used in) operating activities
|
$
|
64.7
|
|
|
$
|
(628.8)
|
|
Cash flows used in
investing activities
|
(139.6)
|
|
|
(933.6)
|
|
Cash flows (used in)
provided by financing activities
|
(54.9)
|
|
|
1,972.7
|
|
Net change in cash and
cash equivalents
|
(129.8)
|
|
|
410.3
|
|
Cash and cash
equivalents, beginning of period
|
1,609.5
|
|
|
814.9
|
|
Cash and cash
equivalents, end of period
|
$
|
1,479.7
|
|
|
$
|
1,225.2
|
|
|
|
|
|
|
|
|
|
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, 2021
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
6,883.2
|
|
|
$
|
89.8
|
|
|
$
|
—
|
|
|
$
|
(75.1)
|
|
|
$
|
6,897.9
|
|
Depreciation and
amortization expense
|
102.3
|
|
|
9.3
|
|
|
3.3
|
|
|
—
|
|
|
114.9
|
|
Income (loss) from
operations
|
146.8
|
|
|
47.8
|
|
|
(47.1)
|
|
|
—
|
|
|
147.5
|
|
Interest expense,
net
|
1.7
|
|
|
10.7
|
|
|
68.4
|
|
|
—
|
|
|
80.8
|
|
Capital
expenditures
|
75.2
|
|
|
2.2
|
|
|
1.7
|
|
|
—
|
|
|
79.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2020
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
2,499.1
|
|
|
$
|
89.2
|
|
|
$
|
—
|
|
|
$
|
(72.5)
|
|
|
$
|
2,515.8
|
|
Depreciation and
amortization expense
|
111.1
|
|
|
11.2
|
|
|
2.8
|
|
|
—
|
|
|
125.1
|
|
Income (loss) from
operations
|
614.6
|
|
|
50.1
|
|
|
(43.9)
|
|
|
—
|
|
|
620.8
|
|
Interest expense,
net
|
0.7
|
|
|
12.7
|
|
|
52.1
|
|
|
—
|
|
|
65.5
|
|
Capital
expenditures
|
143.8
|
|
|
1.8
|
|
|
2.2
|
|
|
—
|
|
|
147.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2021
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
11,796.4
|
|
|
$
|
177.3
|
|
|
$
|
—
|
|
|
$
|
(151.0)
|
|
|
$
|
11,822.7
|
|
Depreciation and
amortization expense
|
207.0
|
|
|
18.7
|
|
|
6.7
|
|
|
—
|
|
|
232.4
|
|
Income (loss) from
operations
|
232.7
|
|
|
95.7
|
|
|
(123.2)
|
|
|
—
|
|
|
205.2
|
|
Interest expense,
net
|
3.5
|
|
|
21.4
|
|
|
136.2
|
|
|
—
|
|
|
161.1
|
|
Capital
expenditures
|
133.3
|
|
|
3.5
|
|
|
2.8
|
|
|
—
|
|
|
139.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2020
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
|
7,759.1
|
|
|
$
|
182.2
|
|
|
$
|
—
|
|
|
$
|
(148.0)
|
|
|
$
|
7,793.3
|
|
Depreciation and
amortization expense
|
216.5
|
|
|
22.5
|
|
|
5.7
|
|
|
—
|
|
|
244.7
|
|
Income (loss) from
operations
|
(771.8)
|
|
|
97.8
|
|
|
(72.0)
|
|
|
—
|
|
|
(746.0)
|
|
Interest expense,
net
|
1.5
|
|
|
25.5
|
|
|
87.7
|
|
|
—
|
|
|
114.7
|
|
Capital
expenditures (Note 14)
|
1,447.9
|
|
|
7.9
|
|
|
7.2
|
|
|
—
|
|
|
1,463.0
|
|
|
Balance at June
30, 2021
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total
Assets
|
$
|
10,741.4
|
|
|
$
|
918.7
|
|
|
$
|
54.4
|
|
|
$
|
(60.3)
|
|
|
$
|
11,654.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2020
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total
Assets
|
$
|
9,565.0
|
|
|
$
|
933.6
|
|
|
$
|
54.4
|
|
|
$
|
(53.2)
|
|
|
$
|
10,499.8
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Dated Brent crude
oil
|
$
|
68.87
|
|
|
$
|
29.57
|
|
|
$
|
65.08
|
|
|
$
|
39.55
|
|
West Texas
Intermediate (WTI) crude oil
|
$
|
66.19
|
|
|
$
|
27.96
|
|
|
$
|
62.22
|
|
|
$
|
36.69
|
|
Light Louisiana Sweet
(LLS) crude oil
|
$
|
68.05
|
|
|
$
|
30.19
|
|
|
$
|
64.22
|
|
|
$
|
38.93
|
|
Alaska North Slope
(ANS) crude oil
|
$
|
68.58
|
|
|
$
|
30.28
|
|
|
$
|
64.89
|
|
|
$
|
40.59
|
|
Crack
Spreads:
|
|
|
|
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$
|
17.40
|
|
|
$
|
9.66
|
|
|
$
|
14.77
|
|
|
$
|
9.81
|
|
|
WTI (Chicago)
4-3-1
|
$
|
18.84
|
|
|
$
|
5.25
|
|
|
$
|
15.26
|
|
|
$
|
6.30
|
|
|
LLS (Gulf Coast)
2-1-1
|
$
|
15.87
|
|
|
$
|
6.49
|
|
|
$
|
13.99
|
|
|
$
|
8.44
|
|
|
ANS (West Coast-LA)
4-3-1
|
$
|
21.28
|
|
|
$
|
9.18
|
|
|
$
|
18.56
|
|
|
$
|
11.26
|
|
|
ANS (West Coast-SF)
3-2-1
|
$
|
21.21
|
|
|
$
|
8.76
|
|
|
$
|
17.13
|
|
|
$
|
9.20
|
|
Crude Oil
Differentials:
|
|
|
|
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$
|
2.68
|
|
|
$
|
1.61
|
|
|
$
|
2.86
|
|
|
$
|
2.86
|
|
|
Dated Brent less Maya
(heavy, sour)
|
$
|
4.72
|
|
|
$
|
5.34
|
|
|
$
|
5.25
|
|
|
$
|
7.01
|
|
|
Dated Brent less WTS
(sour)
|
$
|
2.41
|
|
|
$
|
1.42
|
|
|
$
|
2.34
|
|
|
$
|
3.04
|
|
|
Dated Brent less ASCI
(sour)
|
$
|
3.13
|
|
|
$
|
0.35
|
|
|
$
|
2.95
|
|
|
$
|
2.30
|
|
|
WTI less WCS (heavy,
sour)
|
$
|
13.09
|
|
|
$
|
5.77
|
|
|
$
|
12.61
|
|
|
$
|
11.21
|
|
|
WTI less Bakken
(light, sweet)
|
$
|
0.23
|
|
|
$
|
3.03
|
|
|
$
|
0.35
|
|
|
$
|
3.25
|
|
|
WTI less Syncrude
(light, sweet)
|
$
|
1.24
|
|
|
$
|
1.22
|
|
|
$
|
1.17
|
|
|
$
|
1.37
|
|
|
WTI less LLS (light,
sweet)
|
$
|
(1.86)
|
|
|
$
|
(2.23)
|
|
|
$
|
(2.00)
|
|
|
$
|
(2.24)
|
|
|
WTI less ANS (light,
sweet)
|
$
|
(2.39)
|
|
|
$
|
(2.32)
|
|
|
$
|
(2.67)
|
|
|
$
|
(3.90)
|
|
Natural gas (dollars
per MMBTU)
|
$
|
2.98
|
|
|
$
|
1.75
|
|
|
$
|
2.85
|
|
|
$
|
1.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating
Information
|
|
|
|
|
|
|
|
Production (barrels
per day ("bpd") in thousands)
|
894.5
|
|
|
676.0
|
|
|
824.6
|
|
|
770.1
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
874.2
|
|
|
675.1
|
|
|
810.4
|
|
|
764.0
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
79.6
|
|
|
61.4
|
|
|
146.7
|
|
|
139.0
|
|
Consolidated gross
margin per barrel of throughput
|
$
|
2.53
|
|
|
$
|
3.23
|
|
|
$
|
2.31
|
|
|
$
|
(8.17)
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
5.62
|
|
|
$
|
1.54
|
|
|
$
|
4.72
|
|
|
$
|
4.36
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
5.81
|
|
|
$
|
6.90
|
|
|
$
|
6.29
|
|
|
$
|
6.70
|
|
Crude and
feedstocks (% of total throughput) (Note 12)
|
|
|
|
|
|
|
|
|
Heavy
|
36
|
%
|
|
44
|
%
|
|
36
|
%
|
|
44
|
%
|
|
Medium
|
25
|
%
|
|
31
|
%
|
|
28
|
%
|
|
26
|
%
|
|
Light
|
23
|
%
|
|
13
|
%
|
|
21
|
%
|
|
17
|
%
|
|
Other feedstocks and
blends
|
16
|
%
|
|
12
|
%
|
|
15
|
%
|
|
13
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput)
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
54
|
%
|
|
46
|
%
|
|
54
|
%
|
|
48
|
%
|
|
Distillates and
distillate blendstocks
|
29
|
%
|
|
32
|
%
|
|
30
|
%
|
|
32
|
%
|
|
Lubes
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
Chemicals
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
|
Other
|
16
|
%
|
|
20
|
%
|
|
15
|
%
|
|
19
|
%
|
|
|
Total
yield
|
102
|
%
|
|
100
|
%
|
|
102
|
%
|
|
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,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Supplemental
Operating Information - East Coast Refining System (Delaware City
and Paulsboro)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
251.1
|
|
|
241.5
|
|
|
245.9
|
|
|
284.7
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
250.0
|
|
|
242.3
|
|
|
246.4
|
|
|
285.8
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
22.8
|
|
|
22.0
|
|
|
44.7
|
|
|
52.0
|
|
Gross margin per
barrel of throughput
|
$
|
9.80
|
|
|
$
|
3.08
|
|
|
$
|
4.65
|
|
|
$
|
(6.53)
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
4.19
|
|
|
$
|
3.51
|
|
|
$
|
3.35
|
|
|
$
|
5.48
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
5.09
|
|
|
$
|
5.02
|
|
|
$
|
5.49
|
|
|
$
|
5.42
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
26
|
%
|
|
23
|
%
|
|
26
|
%
|
|
25
|
%
|
|
Medium
|
32
|
%
|
|
41
|
%
|
|
36
|
%
|
|
33
|
%
|
|
Light
|
22
|
%
|
|
15
|
%
|
|
16
|
%
|
|
22
|
%
|
|
Other feedstocks and
blends
|
20
|
%
|
|
21
|
%
|
|
22
|
%
|
|
20
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
44
|
%
|
|
40
|
%
|
|
44
|
%
|
|
43
|
%
|
|
Distillates and
distillate blendstocks
|
33
|
%
|
|
36
|
%
|
|
33
|
%
|
|
36
|
%
|
|
Lubes
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
Chemicals
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
Other
|
19
|
%
|
|
20
|
%
|
|
19
|
%
|
|
17
|
%
|
|
|
Total
yield
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - Mid-Continent (Toledo)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
153.4
|
|
|
77.6
|
|
|
136.6
|
|
|
84.2
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
150.4
|
|
|
76.9
|
|
|
133.9
|
|
|
83.5
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
13.7
|
|
|
7.0
|
|
|
24.2
|
|
|
15.2
|
|
Gross margin per
barrel of throughput
|
$
|
14.21
|
|
|
$
|
7.95
|
|
|
$
|
11.45
|
|
|
$
|
(20.22)
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
7.26
|
|
|
$
|
(4.63)
|
|
|
$
|
6.35
|
|
|
$
|
(1.51)
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
4.66
|
|
|
$
|
7.14
|
|
|
$
|
5.16
|
|
|
$
|
7.81
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Medium
|
32
|
%
|
|
42
|
%
|
|
37
|
%
|
|
40
|
%
|
|
Light
|
66
|
%
|
|
56
|
%
|
|
61
|
%
|
|
58
|
%
|
|
Other feedstocks and
blends
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
55
|
%
|
|
49
|
%
|
|
57
|
%
|
|
47
|
%
|
|
Distillates and
distillate blendstocks
|
31
|
%
|
|
26
|
%
|
|
31
|
%
|
|
28
|
%
|
|
Chemicals
|
5
|
%
|
|
4
|
%
|
|
5
|
%
|
|
3
|
%
|
|
Other
|
11
|
%
|
|
22
|
%
|
|
9
|
%
|
|
23
|
%
|
|
|
Total
yield
|
102
|
%
|
|
101
|
%
|
|
102
|
%
|
|
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,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Supplemental
Operating Information - Gulf Coast (Chalmette)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
178.8
|
|
|
134.4
|
|
|
169.1
|
|
|
156.6
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
174.6
|
|
|
132.3
|
|
|
164.4
|
|
|
153.4
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
15.9
|
|
|
12.0
|
|
|
29.7
|
|
|
27.9
|
|
Gross margin per
barrel of throughput
|
$
|
(4.46)
|
|
|
$
|
2.54
|
|
|
$
|
(0.69)
|
|
|
$
|
(4.55)
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
4.82
|
|
|
$
|
3.99
|
|
|
$
|
5.11
|
|
|
$
|
6.31
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
4.73
|
|
|
$
|
5.33
|
|
|
$
|
5.03
|
|
|
$
|
4.96
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
14
|
%
|
|
41
|
%
|
|
11
|
%
|
|
41
|
%
|
|
Medium
|
37
|
%
|
|
42
|
%
|
|
40
|
%
|
|
36
|
%
|
|
Light
|
25
|
%
|
|
10
|
%
|
|
28
|
%
|
|
11
|
%
|
|
Other feedstocks and
blends
|
24
|
%
|
|
7
|
%
|
|
21
|
%
|
|
12
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
47
|
%
|
|
41
|
%
|
|
47
|
%
|
|
43
|
%
|
|
Distillates and
distillate blendstocks
|
33
|
%
|
|
34
|
%
|
|
34
|
%
|
|
33
|
%
|
|
Chemicals
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
2
|
%
|
|
Other
|
20
|
%
|
|
26
|
%
|
|
20
|
%
|
|
24
|
%
|
|
|
Total
yield
|
102
|
%
|
|
102
|
%
|
|
103
|
%
|
|
102
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - West Coast (Torrance and
Martinez)
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
311.2
|
|
|
222.5
|
|
|
273.0
|
|
|
244.6
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
299.2
|
|
|
223.6
|
|
|
265.7
|
|
|
241.3
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
27.2
|
|
|
20.4
|
|
|
48.1
|
|
|
43.9
|
|
Gross margin per
barrel of throughput
|
$
|
(7.34)
|
|
|
$
|
(0.52)
|
|
|
$
|
(4.84)
|
|
|
$
|
(10.67)
|
|
Gross refining
margin, excluding special items, per barrel of throughput (Note 4,
Note 10)
|
$
|
6.47
|
|
|
$
|
0.05
|
|
|
$
|
4.92
|
|
|
$
|
3.83
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
|
7.62
|
|
|
$
|
9.77
|
|
|
$
|
8.38
|
|
|
$
|
8.93
|
|
Crude and feedstocks
(% of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
74
|
%
|
|
82
|
%
|
|
78
|
%
|
|
82
|
%
|
|
Medium
|
10
|
%
|
|
9
|
%
|
|
8
|
%
|
|
8
|
%
|
|
Other feedstocks and
blends
|
16
|
%
|
|
9
|
%
|
|
14
|
%
|
|
10
|
%
|
|
|
Total
throughput
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
66
|
%
|
|
54
|
%
|
|
65
|
%
|
|
58
|
%
|
|
Distillates and
distillate blendstocks
|
24
|
%
|
|
28
|
%
|
|
24
|
%
|
|
27
|
%
|
|
Other
|
14
|
%
|
|
18
|
%
|
|
14
|
%
|
|
16
|
%
|
|
|
Total
yield
|
104
|
%
|
|
100
|
%
|
|
103
|
%
|
|
101
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
June 30,
2021
|
|
June 30,
2020
|
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
|
$
|
6,897.9
|
|
|
$
|
86.70
|
|
|
$
|
2,515.8
|
|
|
$
|
40.95
|
|
Less: Cost of
sales
|
6,696.1
|
|
|
84.17
|
|
|
2,317.5
|
|
|
37.72
|
|
Consolidated gross
margin
|
$
|
201.8
|
|
|
$
|
2.53
|
|
|
$
|
198.3
|
|
|
$
|
3.23
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
|
201.8
|
|
|
$
|
2.53
|
|
|
$
|
198.3
|
|
|
$
|
3.23
|
|
|
Add: PBFX operating
expense
|
25.4
|
|
|
0.32
|
|
|
23.2
|
|
|
0.38
|
|
|
Add: PBFX
depreciation expense
|
9.3
|
|
|
0.12
|
|
|
11.2
|
|
|
0.18
|
|
|
Less: Revenues of
PBFX
|
(89.8)
|
|
|
(1.13)
|
|
|
(89.2)
|
|
|
(1.45)
|
|
|
Add: Refinery
operating expense
|
462.3
|
|
|
5.81
|
|
|
423.7
|
|
|
6.90
|
|
|
Add: Refinery
depreciation expense
|
102.3
|
|
|
1.29
|
|
|
111.1
|
|
|
1.81
|
|
Gross refining
margin
|
$
|
711.3
|
|
|
$
|
8.94
|
|
|
$
|
678.3
|
|
|
$
|
11.05
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
(264.0)
|
|
|
(3.32)
|
|
|
(584.2)
|
|
|
(9.51)
|
|
Gross refining
margin excluding special items
|
$
|
447.3
|
|
|
$
|
5.62
|
|
|
$
|
94.1
|
|
|
$
|
1.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
June 30,
2021
|
|
June 30,
2020
|
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
|
$
|
11,822.7
|
|
|
$
|
80.61
|
|
|
$
|
7,793.3
|
|
|
$
|
56.05
|
|
Less: Cost of
sales
|
11,482.5
|
|
|
78.30
|
|
|
8,929.2
|
|
|
64.22
|
|
Consolidated gross
margin
|
$
|
340.2
|
|
|
$
|
2.31
|
|
|
$
|
(1,135.9)
|
|
|
$
|
(8.17)
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
|
340.2
|
|
|
$
|
2.31
|
|
|
$
|
(1,135.9)
|
|
|
$
|
(8.17)
|
|
|
Add: PBFX operating
expense
|
50.4
|
|
|
0.35
|
|
|
52.8
|
|
|
0.38
|
|
|
Add: PBFX
depreciation expense
|
18.7
|
|
|
0.14
|
|
|
22.5
|
|
|
0.16
|
|
|
Less: Revenues of
PBFX
|
(177.3)
|
|
|
(1.21)
|
|
|
(182.2)
|
|
|
(1.31)
|
|
|
Add: Refinery
operating expense
|
922.5
|
|
|
6.29
|
|
|
931.2
|
|
|
6.70
|
|
|
Add: Refinery
depreciation expense
|
207.0
|
|
|
1.41
|
|
|
216.5
|
|
|
1.56
|
|
Gross refining
margin
|
$
|
1,361.5
|
|
|
$
|
9.29
|
|
|
$
|
(95.1)
|
|
|
$
|
(0.68)
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
(669.6)
|
|
|
(4.57)
|
|
|
701.4
|
|
|
5.04
|
|
Gross refining
margin excluding special items
|
$
|
691.9
|
|
|
$
|
4.72
|
|
|
$
|
606.3
|
|
|
$
|
4.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 26.6% and 26.3% for the 2021
and 2020 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 six months ended June 30, 2021 and 2020 relate to LCM
inventory adjustments, change in fair value of contingent
consideration, changes in the Tax Receivable Agreement liability,
debt extinguishment costs, gain on sale of hydrogen plants,
severance costs related to reduction in workforce and a net
tax benefit on the remeasurement of deferred tax assets, all as
discussed further below. Additionally, the cumulative effects of
all current and prior period special items on equity are shown in
footnote 13.
Although we believe that Non-GAAP financial measures excluding the
impact of special items provide useful supplemental information to
investors regarding the results and performance of our business and
allow for useful period-over-period comparisons, such Non-GAAP
measures should only be considered as a supplement to, and not as a
substitute for, or superior to, the financial measures prepared in
accordance with GAAP.
Special Items:
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 the 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
January 1,
|
|
|
|
$
|
669.6
|
|
|
$
|
401.6
|
|
March 31,
|
|
|
|
264.0
|
|
|
1,687.2
|
|
June 30,
|
|
|
|
—
|
|
|
1,103.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June
30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net LCM inventory
adjustment benefit (charge)
in income (loss) from operations
|
$
|
264.0
|
|
|
$
|
584.2
|
|
|
$
|
669.6
|
|
|
$
|
(701.4)
|
|
Net LCM inventory
adjustment benefit (charge) in net income (loss)
|
193.8
|
|
|
430.6
|
|
|
491.5
|
|
|
(516.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Fair
Value of Contingent Consideration - During the three
months ended June 30, 2021, we recorded a change in fair value
of the contingent consideration primarily related to the Martinez
Contingent Consideration which increased income from operations and
net income by $4.0 million and $2.9 million, respectively. During
the six months ended June 30, 2021, we recorded a change in
fair value of the contingent consideration primarily related to the
Martinez Contingent Consideration which decreased income from
operations and net income by $26.1 million and $19.2 million,
respectively. During the three months ended June 30, 2020, we
recorded a change in the fair value of the contingent consideration
primarily related to the Martinez Contingent Consideration which
increased income from operations and net income by $12.1 million
and $8.9 million, respectively. During the six months ended
June 30, 2020, we recorded a change in the fair value of the
contingent consideration primarily related to the Martinez
Contingent Consideration which increased income from operations and
net income by $64.9 million and $47.8 million,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale of
Hydrogen Plants - During the three and six months ended
June 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. There
was no such gain during the three or six months ended June 30,
2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance
Costs - During the three and six months ended
June 30, 2020, we recorded a severance charge related to a
reduction 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 recorded during the three or six months
ended June 30, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
Extinguishment Costs - During the six months ended
June 30, 2020, we recorded pre-tax debt extinguishment costs
related to the redemption of the 2023 Senior Notes which decreased
income before income taxes and net income by $22.2 million and
$16.4 million, respectively. There were no such costs recorded
in the three or six months ended June 30, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Tax
Receivable Agreement liability - During the six months
ended June 30, 2020, we recorded a change in the Tax
Receivable Agreement liability that decreased income before income
taxes and net income by $11.6 million and $8.5 million,
respectively. There was no change to the Tax Receivable Agreement
liability during any of the other periods presented. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net tax benefit on
remeasurement of deferred tax assets - During the three and six
months ended June 30, 2021, we recorded a decrease to our
deferred tax valuation allowance of $4.1 million and
$2.4 million, respectively, in accordance with ASC 740,
Income Taxes, related to the remeasurement of deferred tax
assets. There was no such benefit in the three or six months ended
June 30, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
(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, 2021 and 2020, respectively. Common stock equivalents
exclude the effects of performance share units and options and
warrants to purchase 11,091,279 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, 2021. Common stock
equivalents exclude the effects of performance share units and
options and warrants to purchase 11,483,336 and 11,729,631 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, 2020, 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, change in the fair value of contingent
consideration 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 June 30, 2021, 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.
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
2021
|
|
2020
|
|
|
(in
millions)
|
Total debt
|
$
|
4,628.1
|
|
|
$
|
4,661.0
|
|
Total
equity
|
2,246.9
|
|
|
2,202.3
|
|
Total
capitalization
|
$
|
6,875.0
|
|
|
$
|
6,863.3
|
|
|
|
|
|
Total debt
|
$
|
4,628.1
|
|
|
$
|
4,661.0
|
|
Total equity
excluding special items
|
1,845.8
|
|
|
2,275.9
|
|
Total capitalization
excluding special items
|
$
|
6,473.9
|
|
|
$
|
6,936.9
|
|
|
|
|
|
Total
equity
|
$
|
2,246.9
|
|
|
$
|
2,202.3
|
|
Special Items
(Note 4)
|
|
|
|
Add: Non-cash LCM
inventory adjustments
|
—
|
|
|
669.6
|
|
Add: Change in fair value of contingent consideration
|
(67.6)
|
|
|
(93.7)
|
|
Add: Gain on sale of hydrogen plants
|
(471.1)
|
|
|
(471.1)
|
|
Add: Gain on Torrance
land sales
|
(85.0)
|
|
|
(85.0)
|
|
Add: Impairment expense
|
98.8
|
|
|
98.8
|
|
Add: LIFO inventory decrement
|
83.0
|
|
|
83.0
|
|
Add: Turnaround acceleration costs
|
56.2
|
|
|
56.2
|
|
Add: Severance and reconfiguration costs
|
30.0
|
|
|
30.0
|
|
Add: Early railcar return expense
|
64.8
|
|
|
64.8
|
|
Add: Debt extinguishment costs
|
47.7
|
|
|
47.7
|
|
Add: Change in Tax Receivable Agreement liability
|
(663.9)
|
|
|
(663.9)
|
|
Less: Recomputed income taxes on special items
|
229.1
|
|
|
57.9
|
|
Add: Net tax expense on remeasurement of deferred tax
assets
|
256.7
|
|
|
259.1
|
|
Add: Net tax expense on TCJA related special items
|
20.2
|
|
|
20.2
|
|
Net equity
impact related to special items
|
(401.1)
|
|
|
73.6
|
|
Total equity
excluding special items
|
$
|
1,845.8
|
|
|
$
|
2,275.9
|
|
|
|
|
|
|
|
|
Total debt
|
$
|
4,628.1
|
|
|
$
|
4,661.0
|
|
Less: Cash and cash equivalents
|
1,479.7
|
|
|
1,609.5
|
|
Net Debt
|
|
|
|
$
|
3,148.4
|
|
|
$
|
3,051.5
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio
|
67
|
%
|
|
68
|
%
|
Total debt to
capitalization ratio, excluding special items
|
71
|
%
|
|
67
|
%
|
Net debt to
capitalization ratio
|
58
|
%
|
|
58
|
%
|
Net debt to
capitalization ratio, excluding special items
|
63
|
%
|
|
57
|
%
|
|
(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.
|
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multimedia:https://www.prnewswire.com/news-releases/pbf-energy-announces-second-quarter-2021-results-301344046.html
SOURCE PBF Energy Inc.