- Third quarter loss from operations of $386.3 million (excluding special items, third
quarter loss from operations of $231.5
million)
- Announces 10% increase to quarterly dividend to $0.275 per share
- Third quarter 2024 share repurchases of approximately 2.0
million shares for approximately $75
million
PARSIPPANY, N.J., Oct. 31,
2024 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today
reported third quarter 2024 loss from operations of $386.3 million as compared to income from
operations of $1,077.1 million for
the third quarter of 2023. Excluding special items, third quarter
2024 loss from operations was $231.5
million as compared to income from operations of
$1,145.6 million for the third
quarter of 2023.
The company reported third quarter 2024 net loss of $289.1 million and net loss attributable to PBF
Energy Inc. of $285.9 million or
$(2.49) per share. This compares to
net income of $794.1 million and net
income attributable to PBF Energy Inc. of $786.4 million or $6.11 per share for the third quarter 2023.
Non-cash special items included in the third quarter 2024 results,
which decreased net income by a net, after-tax charge of
$114.5 million, or $0.99 per share, consisted of a
lower-of-cost-or-market ("LCM") inventory adjustment and our share
of the St. Bernard Renewables LLC ("SBR") LCM inventory adjustment.
Adjusted fully-converted net loss for the third quarter 2024,
excluding special items, was $173.8
million, or $(1.50) per share
on a fully-exchanged, fully-diluted basis, as described below,
compared to adjusted fully-converted net income of $857.0 million or $6.61 per share, for the third quarter 2023.
Matt Lucey, PBF Energy's
President and CEO, said, "Despite a weak refining environment,
PBF's refineries ran well in the third quarter, with no major
maintenance or significant unplanned downtime. The performance of
our assets is a testament to the extensive work conducted by our
outstanding employees and contracted partners. PBF's financial
results for the quarter reflect the broader macro headwinds brought
about by weaker than expected global demand and higher than
anticipated refinery utilization. The near-term gyrations
experienced in our cyclical, commodity-dependent business do not
reflect our broader outlook that global supply and demand balances
remain tight. That delicate balance provides a constructive
backdrop for the refining business going forward. Disappointing
earnings notwithstanding, we were able to rely on our balance sheet
to support operations in the current refining environment."
Mr. Lucey continued, "Presently we are conducting our last major
turnaround at the Chalmette refinery and expect that work to be
finished in November. The remainder of our assets are running well
today and should remain available for the duration of the fourth
quarter. Positioning ourselves and our assets to perform in all
market conditions through safe, reliable operations remains our
primary focus. Lastly, today we increased our dividend by 10% based
on the strength of our balance sheet and the confidence that our
operations will provide better results as the margin environment
rebounds from the current lows."
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly
dividend of $0.275 per share of Class
A common stock on November 27, 2024,
to holders of record at the close of business on November 13, 2024.
PBF Strategic Update and Outlook
PBF remains committed to the safety and reliability of our
operations. We strive to maintain the quality of our balance sheet
and preserve the ability of our operations to continue supporting
our long-term strategic goal of increasing the value of our
company. At quarter-end, we had approximately $977 million of cash and approximately
$1.3 billion of total debt. We
continue to demonstrate our commitment to fiscal discipline,
long-term value and sustainable shareholder returns.
As always, the safety and reliability of our core operations are
paramount. We continue investing in all our assets and expect
full-year 2024 refining capital expenditures to be in the
$850 million range. The majority of
planned major maintenance activities were completed during the
first half of the year, and the final significant turnaround is
underway at the Chalmette refinery.
Timing of planned maintenance and throughput ranges provided
reflect current expectations and are subject to change based on
market conditions and other factors. Current fourth quarter
throughput expectations are included in the table below.
|
Expected throughput
ranges (barrels per day)
|
|
Fourth Quarter
2024
|
|
Low
|
High
|
|
East Coast
|
270,000
|
290,000
|
|
Mid-continent
|
140,000
|
150,000
|
|
Gulf Coast
|
140,000
|
150,000
|
|
West Coast
|
290,000
|
310,000
|
|
Total
|
840,000
|
900,000
|
Guidance provided constitutes forward-looking information and is
based on current PBF Energy operating plans, company assumptions,
and company configuration. Year-to-date actual throughput and
quarterly guidance should be used to adjust full-year expectations.
All figures and timelines are subject to change based on a variety
of factors, including market and macroeconomic factors, as well as
company strategic decision-making and overall company
performance.
St. Bernard Renewables
SBR averaged approximately 13,000 barrels per day of renewable
diesel production in the third quarter. During the third quarter,
SBR operations reflected a catalyst change beginning in late July
and completed in August. Renewable diesel production for the fourth
quarter is expected to average approximately 16,000 to 17,000
barrels per day.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF
Energy Company LLC Series A Units and dilutive securities into
shares of PBF Energy Inc. Class A common stock on a one-for-one
basis, resulting in the elimination of the noncontrolling interest
and a corresponding adjustment to the company's tax
provision.
Non-GAAP Measures
This earnings release, and the discussion during the management
conference call, may include references to Non-GAAP (Generally
Accepted Accounting Principles) measures including Adjusted
Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net
Income (Loss) excluding special items, Adjusted Fully-Converted Net
Income (Loss) per fully-exchanged, fully-diluted share, Income
(Loss) from operations excluding special items, gross refining
margin, gross refining margin excluding special items, gross
refining margin per barrel of throughput, EBITDA (Earnings before
Interest, Income Taxes, Depreciation and Amortization), EBITDA
excluding special items, Adjusted EBITDA, net debt, net debt to
capitalization ratio and net debt to capitalization ratio excluding
special items. PBF believes that Non-GAAP financial measures
provide useful information about its operating performance and
financial results. However, these measures have important
limitations as analytical tools and should not be viewed in
isolation or considered as alternatives for, or superior to,
comparable GAAP financial measures. PBF's Non-GAAP financial
measures may also differ from similarly named measures used by
other companies.
See the accompanying tables and footnotes in this release for
additional information on the Non-GAAP measures used in this
release and reconciliations to the most directly comparable GAAP
measures.
Conference Call Information
PBF Energy's senior management will host a conference call and
webcast regarding quarterly results and other business matters on
Thursday, October 31, 2024, at 8:30
a.m. ET. The call is being webcast and can be accessed at
PBF Energy's website, http://www.pbfenergy.com. The call can also
be accessed by dialing (800) 579-2543 or (785) 424-1789; Conference
ID: PBF3Q24. The audio replay will be available approximately two
hours after the end of the call and will be available through the
company's website.
Forward-Looking Statements
Statements in this press release relating to future plans,
results, performance, expectations, achievements, and the like are
considered "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include the Company's expectations with
respect to its plans, objectives, expectations, and intentions with
respect to future earnings and operations, including those of our
50-50 equity method investment in SBR. These forward-looking
statements involve known and unknown risks, uncertainties, and
other factors, many of which may be beyond the Company's control,
that may cause actual results to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors and uncertainties that may
cause actual results to differ include but are not limited to the
risks disclosed in the Company's filings with the SEC, our ability
to operate safely, reliably, sustainably and in an environmentally
responsible manner; our ability to successfully diversify our
operations; our ability to make acquisitions or investments,
including in renewable diesel production, and to realize the
benefits from such acquisitions or investments; our ability to
successfully manage the operations of our 50-50 equity method
investment in SBR; our expectations with respect to our capital
spending and turnaround projects; risks associated with our
obligation to buy Renewable Identification Numbers and related
market risks related to the price volatility thereof; the
possibility that we might reduce or not pay further dividends in
the future; certain developments in the global oil markets and
their impact on the global macroeconomic conditions; risks relating
to the securities markets generally; the impact of changes in
inflation, interest rates and capital costs; and the impact of
market conditions, unanticipated developments, regulatory
approvals, changes in laws and other events that negatively impact
the Company. All forward-looking statements speak only as of the
date hereof. The Company undertakes no obligation to revise or
update any forward-looking statements except as may be required by
applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent
refiners in North America,
operating, through its subsidiaries, oil refineries and related
facilities in California,
Delaware, Louisiana, New
Jersey, and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
PBF Energy is also a 50% partner in the St. Bernard Renewables
joint venture focused on the production of next generation
sustainable fuels.
Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel:
973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited, in
millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues
|
$
8,382.3
|
|
$ 10,733.5
|
|
$ 25,764.0
|
|
$ 29,186.1
|
|
Cost and
expenses:
|
|
|
|
|
|
|
|
|
Cost of products and
other
|
7,862.3
|
|
8,720.3
|
|
23,422.6
|
|
24,423.6
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
649.7
|
|
645.3
|
|
1,950.4
|
|
2,023.7
|
|
Depreciation and
amortization expense
|
158.5
|
|
140.1
|
|
454.7
|
|
424.2
|
|
Cost of
sales
|
8,670.5
|
|
9,505.7
|
|
25,827.7
|
|
26,871.5
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as reflected below)
|
65.4
|
|
92.9
|
|
193.6
|
|
257.1
|
|
Depreciation and
amortization expense
|
3.3
|
|
3.8
|
|
9.8
|
|
8.0
|
|
Change in fair value of
contingent consideration, net
|
—
|
|
65.3
|
|
(3.3)
|
|
32.4
|
|
Equity loss (income) in
investee
|
29.4
|
|
(14.6)
|
|
42.6
|
|
(14.6)
|
|
Loss (gain) on
formation of SBR equity method investment
|
—
|
|
3.2
|
|
8.7
|
|
(965.7)
|
|
Loss (gain) on sale of
assets
|
—
|
|
0.1
|
|
0.7
|
|
(1.3)
|
|
Total cost and
expenses
|
8,768.6
|
|
9,656.4
|
|
26,079.8
|
|
26,187.4
|
|
Income (loss) from
operations
|
(386.3)
|
|
1,077.1
|
|
(315.8)
|
|
2,998.7
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest expense (net
of interest income of $11.3 million, $21.9 million, $43.4 million
and $53.1 million, respectively)
|
(21.4)
|
|
(22.7)
|
|
(49.2)
|
|
(55.2)
|
|
Change in fair value of
catalyst obligations
|
—
|
|
(0.1)
|
|
—
|
|
1.1
|
|
Loss on extinguishment
of debt
|
—
|
|
(5.7)
|
|
—
|
|
(5.7)
|
|
Other non-service
components of net periodic benefit cost
|
0.5
|
|
0.1
|
|
1.7
|
|
0.5
|
|
Income (loss) before
income taxes
|
(407.2)
|
|
1,048.7
|
|
(363.3)
|
|
2,939.4
|
|
Income tax (benefit)
expense
|
(118.1)
|
|
254.6
|
|
(115.7)
|
|
729.0
|
|
Net income
(loss)
|
(289.1)
|
|
794.1
|
|
(247.6)
|
|
2,210.4
|
|
Less: net income (loss)
attributable to noncontrolling interest
|
(3.2)
|
|
7.7
|
|
(3.1)
|
|
21.5
|
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
$
(285.9)
|
|
$
786.4
|
|
$
(244.5)
|
|
$
2,188.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to Class A common stock per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
(2.48)
|
|
$
6.35
|
|
$
(2.09)
|
|
$
17.38
|
|
|
Diluted
|
$
(2.49)
|
|
$
6.11
|
|
$
(2.09)
|
|
$
16.76
|
|
|
Weighted-average shares
outstanding-basic
|
115,084,174
|
|
123,793,179
|
|
116,974,505
|
|
125,938,259
|
|
|
Weighted-average shares
outstanding-diluted
|
115,946,954
|
|
129,690,375
|
|
117,837,285
|
|
131,547,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
$
0.25
|
|
$
0.20
|
|
$
0.75
|
|
$
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
(288.3)
|
|
$
792.0
|
|
$
(246.8)
|
|
$
2,204.4
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted share
|
$
(2.50)
|
|
$
6.11
|
|
$
(2.11)
|
|
$
16.76
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
115,946,954
|
|
129,690,375
|
|
117,837,285
|
|
131,547,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
(285.9)
|
|
$
786.4
|
|
$
(244.5)
|
|
$
2,188.9
|
|
Less: Income allocated
to participating securities
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Income (loss)
available to PBF Energy Inc. stockholders - basic
|
|
(285.9)
|
|
786.4
|
|
(244.5)
|
|
2,188.9
|
|
Add: Net income (loss)
attributable to noncontrolling interest (Note 2)
|
|
(3.1)
|
|
7.6
|
|
(3.0)
|
|
21.0
|
|
Less: Income tax
benefit (expense) (Note 3)
|
|
0.7
|
|
(2.0)
|
|
0.7
|
|
(5.5)
|
|
Adjusted
fully-converted net income (loss)
|
|
$
(288.3)
|
|
$
792.0
|
|
$
(246.8)
|
|
$
2,204.4
|
|
Special items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
154.5
|
|
—
|
|
154.5
|
|
—
|
|
Add: LCM inventory
adjustment - SBR
|
|
0.3
|
|
—
|
|
(4.2)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
65.3
|
|
(3.3)
|
|
32.4
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
3.2
|
|
8.7
|
|
(965.7)
|
|
Add: Loss on
extinguishment of debt and termination of Inventory Intermediation
Agreement
|
|
—
|
|
19.2
|
|
—
|
|
19.2
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Less: Recomputed income
tax on special items (Note 3)
|
|
(40.3)
|
|
(22.7)
|
|
(40.5)
|
|
238.2
|
|
Adjusted
fully-converted net income (loss) excluding special
items
|
|
$
(173.8)
|
|
$
857.0
|
|
$
(131.6)
|
|
$
1,526.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding of PBF Energy Inc.
|
|
115,084,174
|
|
123,793,179
|
|
116,974,505
|
|
125,938,259
|
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
862,780
|
|
910,494
|
|
862,780
|
|
910,469
|
|
Common stock
equivalents (Note 6)
|
|
—
|
|
4,986,702
|
|
—
|
|
4,698,300
|
|
Fully-converted
shares outstanding - diluted
|
|
115,946,954
|
|
129,690,375
|
|
117,837,285
|
|
131,547,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted shares outstanding (Note 6)
|
|
$
(2.50)
|
|
$
6.11
|
|
$
(2.11)
|
|
$
16.76
|
|
|
Adjusted
fully-converted net income (loss) excluding special items per fully
exchanged, fully diluted shares outstanding (Note 4,
6)
|
|
$
(1.50)
|
|
$
6.61
|
|
$
(1.12)
|
|
$
11.61
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
RECONCILIATION OF
INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS
EXCLUDING SPECIAL ITEMS
|
|
September
30,
|
|
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Income (loss) from
operations
|
|
$
(386.3)
|
|
$
1,077.1
|
|
$
(315.8)
|
|
$
2,998.7
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
154.5
|
|
—
|
|
154.5
|
|
—
|
|
Add: LCM inventory
adjustment - SBR
|
|
0.3
|
|
—
|
|
(4.2)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
65.3
|
|
(3.3)
|
|
32.4
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
3.2
|
|
8.7
|
|
(965.7)
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Income (loss) from
operations excluding special items
|
|
$
(231.5)
|
|
$
1,145.6
|
|
$
(160.1)
|
|
$
2,063.7
|
|
|
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
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL
ITEMS
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
(loss)
|
|
$ (289.1)
|
|
$
794.1
|
|
$ (247.6)
|
|
$ 2,210.4
|
|
Add: Depreciation and
amortization expense
|
|
161.8
|
|
143.9
|
|
464.5
|
|
432.2
|
|
Add: Interest expense,
net
|
|
21.4
|
|
22.7
|
|
49.2
|
|
55.2
|
|
Add: Income tax
(benefit) expense
|
|
(118.1)
|
|
254.6
|
|
(115.7)
|
|
729.0
|
|
EBITDA
|
|
|
$ (224.0)
|
|
$ 1,215.3
|
|
$
150.4
|
|
$ 3,426.8
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
154.5
|
|
—
|
|
154.5
|
|
—
|
|
Add: LCM inventory
adjustment - SBR
|
|
0.3
|
|
—
|
|
(4.2)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
65.3
|
|
(3.3)
|
|
32.4
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
3.2
|
|
8.7
|
|
(965.7)
|
|
Add: Loss on
extinguishment of debt
|
|
—
|
|
5.7
|
|
—
|
|
5.7
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
EBITDA excluding
special items
|
|
$
(69.2)
|
|
$ 1,289.5
|
|
$
306.1
|
|
$ 2,497.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
RECONCILIATION OF
EBITDA TO ADJUSTED EBITDA
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
EBITDA
|
|
$ (224.0)
|
|
$ 1,215.3
|
|
$
150.4
|
|
$ 3,426.8
|
|
Add: Stock-based
compensation
|
|
9.1
|
|
8.8
|
|
30.1
|
|
27.7
|
|
Add: Change in fair
value of catalyst obligations
|
|
—
|
|
0.1
|
|
—
|
|
(1.1)
|
|
Add: Non-cash LCM
inventory adjustment (Note 4)
|
|
154.5
|
|
—
|
|
154.5
|
|
—
|
|
Add: LCM inventory
adjustment - SBR (Note 4)
|
|
0.3
|
|
—
|
|
(4.2)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net (Note 4)
|
|
—
|
|
65.3
|
|
(3.3)
|
|
32.4
|
|
Add: Loss (gain) on
formation of SBR equity method investment (Note 4)
|
|
—
|
|
3.2
|
|
8.7
|
|
(965.7)
|
|
Add: Loss on
extinguishment of debt (Note 4)
|
|
—
|
|
5.7
|
|
—
|
|
5.7
|
|
Add: Gain on land
sales (Note 4)
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Adjusted
EBITDA
|
|
|
$
(60.1)
|
|
$ 1,298.4
|
|
$
336.2
|
|
$ 2,524.1
|
|
|
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,
|
|
|
|
|
|
2024
|
|
2023
|
|
Balance Sheet Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
976.7
|
|
$
1,783.5
|
|
Inventories
|
2,605.7
|
|
3,183.1
|
|
Total
assets
|
13,130.7
|
|
14,387.8
|
|
Total debt
|
1,254.4
|
|
1,245.9
|
|
Total
equity
|
6,019.6
|
|
6,631.3
|
|
Total equity excluding
special items (Note 4, 13)
|
$
5,060.9
|
|
$
5,557.4
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
17 %
|
|
16 %
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
20 %
|
|
18 %
|
|
Net debt to
capitalization ratio* (Note 13)
|
4 %
|
|
(9) %
|
|
Net debt to
capitalization ratio, excluding special items* (Note 13)
|
5 %
|
|
(11) %
|
|
|
|
|
|
|
|
|
|
* Negative ratio exists
as of December 31, 2023 as cash was in excess of debt.
|
|
|
|
|
|
|
SUMMARIZED STATEMENT OF CASH FLOW
DATA
|
|
(Unaudited, in millions)
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
Cash flows provided by
operating activities
|
$
373.1
|
|
$
1,032.6
|
|
Cash flows used in
investing activities
|
(805.0)
|
|
(105.8)
|
|
Cash flows used in
financing activities
|
(374.9)
|
|
(1,237.9)
|
|
Net change in cash and
cash equivalents
|
(806.8)
|
|
(311.1)
|
|
Cash and cash
equivalents, beginning of period
|
1,783.5
|
|
2,203.6
|
|
Cash and cash
equivalents, end of period
|
$
976.7
|
|
$
1,892.5
|
|
|
|
|
|
|
|
|
|
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, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$
8,372.8
|
|
$
94.6
|
|
$
—
|
|
$
(85.1)
|
|
$
8,382.3
|
|
Depreciation and
amortization expense
|
149.6
|
|
8.9
|
|
3.3
|
|
—
|
|
161.8
|
|
Income (loss) from
operations
|
(341.2)
|
|
51.3
|
|
(96.4)
|
|
—
|
|
(386.3)
|
|
Interest (income)
expense, net
|
(3.2)
|
|
(0.5)
|
|
25.1
|
|
—
|
|
21.4
|
|
Capital
expenditures (1)
|
150.9
|
|
0.9
|
|
1.0
|
|
—
|
|
152.8
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 10,725.3
|
|
$
94.8
|
|
$
—
|
|
$
(86.6)
|
|
$
10,733.5
|
|
Depreciation and
amortization expense
|
131.2
|
|
8.9
|
|
3.8
|
|
—
|
|
143.9
|
|
Income (loss) from
operations (2)
|
1,175.7
|
|
49.6
|
|
(148.2)
|
|
—
|
|
1,077.1
|
|
Interest expense
(income), net
|
10.1
|
|
(0.9)
|
|
13.5
|
|
—
|
|
22.7
|
|
Capital expenditures
(1)
|
183.7
|
|
3.4
|
|
3.1
|
|
—
|
|
190.2
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 25,735.8
|
|
$
289.2
|
|
$
—
|
|
$
(261.0)
|
|
$
25,764.0
|
|
Depreciation and
amortization expense
|
427.6
|
|
27.1
|
|
9.8
|
|
—
|
|
464.5
|
|
Income (loss) from
operations (2)
|
(217.5)
|
|
147.4
|
|
(245.7)
|
|
—
|
|
(315.8)
|
|
Interest (income)
expense, net
|
(10.0)
|
|
(1.5)
|
|
60.7
|
|
—
|
|
49.2
|
|
Capital expenditures
(1)
|
764.3
|
|
2.6
|
|
4.0
|
|
—
|
|
770.9
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 29,159.2
|
|
$
287.3
|
|
$
—
|
|
$
(260.4)
|
|
$
29,186.1
|
|
Depreciation and
amortization expense
|
397.1
|
|
27.1
|
|
8.0
|
|
—
|
|
432.2
|
|
Income from
operations (2)
|
2,157.0
|
|
151.2
|
|
690.5
|
|
—
|
|
2,998.7
|
|
Interest (income)
expense, net
|
(0.9)
|
|
2.9
|
|
53.2
|
|
—
|
|
55.2
|
|
Capital expenditures
(1)
|
925.0
|
|
8.5
|
|
6.8
|
|
—
|
|
940.3
|
|
|
|
Balance at September
30, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Total Assets
(3)
|
$ 11,354.8
|
|
$
785.7
|
|
$
1,028.1
|
|
$
(37.9)
|
|
$
13,130.7
|
|
|
|
Balance at December
31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Total Assets
(3)
|
$ 12,590.6
|
|
$
816.8
|
|
$
1,024.1
|
|
$
(43.7)
|
|
$
14,387.8
|
|
|
(1) For the nine
months ended September 30, 2024, the Company's refining
segment included $5.6 million of capital expenditures related
to the Renewable Diesel Facility. For the three and nine months
ended September 30, 2023, the Company's refining segment
included $35.0 million and $300.3 million, respectively,
of capital expenditures related to the Renewable Diesel
Facility.
|
|
(2) Income (loss)
from operations within Corporate for the nine months ended
September 30, 2024 includes an $8.7 million reduction of
the gain associated with the formation of the SBR equity method
investment. Income from operations within Corporate for the three
and nine months ended September 30, 2023 includes a loss of
$3.2 million and a gain of $965.7 million, respectively,
associated with the formation of the SBR equity method
investment.
|
|
(3) As of
September 30, 2024 and December 31, 2023, Corporate
assets include the Company's Equity method investment in SBR of
$872.4 million and $881.0 million, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
MARKET INDICATORS
AND KEY OPERATING INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
Market Indicators
(dollars per barrel) (Note 9)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Dated Brent crude
oil
|
$ 79.99
|
|
$ 87.02
|
|
$ 82.71
|
|
$ 82.11
|
|
West Texas Intermediate
(WTI) crude oil
|
$ 75.28
|
|
$ 82.54
|
|
$ 77.71
|
|
$ 77.36
|
|
Light Louisiana Sweet
(LLS) crude oil
|
$ 77.38
|
|
$ 84.93
|
|
$ 80.26
|
|
$ 79.82
|
|
Alaska North Slope
(ANS) crude oil
|
$ 78.95
|
|
$ 87.95
|
|
$ 82.24
|
|
$ 81.74
|
|
Crack
Spreads:
|
|
|
|
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$ 16.22
|
|
$ 35.49
|
|
$ 19.56
|
|
$ 31.89
|
|
WTI (Chicago)
4-3-1
|
$ 17.47
|
|
$ 26.12
|
|
$ 18.04
|
|
$ 27.67
|
|
LLS (Gulf Coast)
2-1-1
|
$ 16.02
|
|
$ 36.19
|
|
$ 19.60
|
|
$ 32.24
|
|
ANS (West Coast-LA)
4-3-1
|
$ 19.27
|
|
$ 50.22
|
|
$ 25.19
|
|
$ 40.80
|
|
ANS (West Coast-SF)
3-2-1
|
$ 22.94
|
|
$ 48.88
|
|
$ 26.92
|
|
$ 40.53
|
|
Crude Oil
Differentials:
|
|
|
|
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$ 4.71
|
|
$ 4.48
|
|
$ 5.00
|
|
$ 4.75
|
|
Dated Brent less Maya
(heavy, sour)
|
$ 13.09
|
|
$ 14.59
|
|
$ 12.60
|
|
$ 14.24
|
|
Dated Brent less WTS
(sour)
|
$ 4.81
|
|
$ 3.80
|
|
$ 4.89
|
|
$ 4.72
|
|
Dated Brent less ASCI
(sour)
|
$ 5.99
|
|
$ 4.23
|
|
$ 5.36
|
|
$ 5.60
|
|
WTI less WCS (heavy,
sour)
|
$ 15.31
|
|
$ 17.13
|
|
$ 15.46
|
|
$ 16.66
|
|
WTI less Bakken (light,
sweet)
|
$ 0.88
|
|
$ (1.97)
|
|
$ 1.47
|
|
$ (2.20)
|
|
WTI less Syncrude
(light, sweet)
|
$ (0.32)
|
|
$ (2.31)
|
|
$ 0.65
|
|
$ (2.76)
|
|
WTI less LLS (light,
sweet)
|
$ (2.10)
|
|
$ (2.38)
|
|
$ (2.55)
|
|
$ (2.46)
|
|
WTI less ANS (light,
sweet)
|
$ (3.67)
|
|
$ (5.41)
|
|
$ (4.53)
|
|
$ (4.38)
|
|
Effective RIN basket
price
|
$ 3.89
|
|
$ 7.42
|
|
$ 3.65
|
|
$ 7.76
|
|
Natural gas (dollars
per MMBTU)
|
$ 2.23
|
|
$ 2.66
|
|
$ 2.22
|
|
$ 2.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating
Information
|
|
|
|
|
|
|
|
|
Production (barrels per
day ("bpd") in thousands)
|
945.4
|
|
952.7
|
|
927.2
|
|
919.6
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
935.6
|
|
939.7
|
|
918.2
|
|
909.2
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
86.1
|
|
86.4
|
|
251.6
|
|
248.2
|
|
Consolidated gross
margin per barrel of throughput
|
$ (3.35)
|
|
$ 14.20
|
|
$ (0.25)
|
|
$ 9.33
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 6.79
|
|
$ 22.24
|
|
$ 8.84
|
|
$ 18.09
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 7.22
|
|
$ 7.12
|
|
$ 7.39
|
|
$ 7.80
|
|
Crude and feedstocks
(% of total throughput) (Note 12)
|
|
|
|
|
|
|
|
|
Heavy
|
31 %
|
|
27 %
|
|
30 %
|
|
27 %
|
|
Medium
|
38 %
|
|
33 %
|
|
39 %
|
|
34 %
|
|
Light
|
17 %
|
|
21 %
|
|
17 %
|
|
21 %
|
|
Other feedstocks and
blends
|
14 %
|
|
19 %
|
|
14 %
|
|
18 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput)
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
49 %
|
|
48 %
|
|
47 %
|
|
48 %
|
|
Distillates and
distillate blendstocks
|
33 %
|
|
34 %
|
|
33 %
|
|
34 %
|
|
Lubes
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
17 %
|
|
17 %
|
|
19 %
|
|
17 %
|
|
|
Total yield
|
101 %
|
|
101 %
|
|
101 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
SUPPLEMENTAL
OPERATING INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental
Operating Information - East Coast Refining System (Delaware City
and Paulsboro)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
304.5
|
|
314.3
|
|
308.9
|
|
313.2
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
307.2
|
|
318.6
|
|
313.2
|
|
316.3
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
28.3
|
|
29.3
|
|
85.8
|
|
86.4
|
|
Gross margin per barrel
of throughput
|
$
(10.74)
|
|
$ 11.13
|
|
$ (4.83)
|
|
$ 7.47
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 4.31
|
|
$ 17.51
|
|
$ 4.83
|
|
$ 14.71
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 5.09
|
|
$ 4.92
|
|
$ 5.46
|
|
$ 5.81
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
27 %
|
|
19 %
|
|
24 %
|
|
14 %
|
|
Medium
|
45 %
|
|
37 %
|
|
42 %
|
|
42 %
|
|
Light
|
9 %
|
|
17 %
|
|
15 %
|
|
19 %
|
|
Other feedstocks and
blends
|
19 %
|
|
27 %
|
|
19 %
|
|
25 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
37 %
|
|
38 %
|
|
35 %
|
|
38 %
|
|
Distillates and
distillate blendstocks
|
35 %
|
|
37 %
|
|
35 %
|
|
36 %
|
|
Lubes
|
2 %
|
|
2 %
|
|
2 %
|
|
2 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
24 %
|
|
21 %
|
|
26 %
|
|
22 %
|
|
|
Total yield
|
99 %
|
|
99 %
|
|
99 %
|
|
99 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - Mid-Continent (Toledo)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
163.2
|
|
156.0
|
|
139.8
|
|
137.4
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
160.0
|
|
152.6
|
|
137.4
|
|
135.0
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
14.7
|
|
14.0
|
|
37.7
|
|
36.8
|
|
Gross margin per barrel
of throughput
|
$ (5.03)
|
|
$ 10.17
|
|
$ 0.98
|
|
$ 5.53
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 9.83
|
|
$ 17.46
|
|
$ 11.98
|
|
$ 14.41
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 5.35
|
|
$ 5.88
|
|
$ 6.07
|
|
$ 7.20
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Medium
|
34 %
|
|
36 %
|
|
38 %
|
|
38 %
|
|
Light
|
64 %
|
|
63 %
|
|
59 %
|
|
61 %
|
|
Other feedstocks and
blends
|
2 %
|
|
1 %
|
|
3 %
|
|
1 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
53 %
|
|
51 %
|
|
54 %
|
|
49 %
|
|
Distillates and
distillate blendstocks
|
37 %
|
|
37 %
|
|
37 %
|
|
35 %
|
|
Chemicals
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
Other
|
8 %
|
|
10 %
|
|
7 %
|
|
14 %
|
|
|
Total yield
|
102 %
|
|
102 %
|
|
102 %
|
|
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,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental
Operating Information - Gulf Coast (Chalmette)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
166.3
|
|
187.1
|
|
168.2
|
|
176.0
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
164.6
|
|
184.3
|
|
166.9
|
|
174.3
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
15.2
|
|
17.0
|
|
45.7
|
|
47.6
|
|
Gross margin per barrel
of throughput
|
$ (0.40)
|
|
$ 12.52
|
|
$ 2.67
|
|
$ 10.37
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 6.84
|
|
$ 18.03
|
|
$ 9.32
|
|
$ 16.87
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 6.55
|
|
$ 4.77
|
|
$ 5.83
|
|
$ 5.59
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
19 %
|
|
17 %
|
|
14 %
|
|
17 %
|
|
Medium
|
48 %
|
|
40 %
|
|
52 %
|
|
37 %
|
|
Light
|
16 %
|
|
23 %
|
|
16 %
|
|
27 %
|
|
Other feedstocks and
blends
|
17 %
|
|
20 %
|
|
18 %
|
|
19 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
45 %
|
|
47 %
|
|
44 %
|
|
45 %
|
|
Distillates and
distillate blendstocks
|
34 %
|
|
34 %
|
|
35 %
|
|
35 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
21 %
|
|
20 %
|
|
21 %
|
|
20 %
|
|
|
Total yield
|
101 %
|
|
102 %
|
|
101 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - West Coast (Torrance and
Martinez)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
311.4
|
|
295.3
|
|
310.3
|
|
293.0
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
303.8
|
|
284.2
|
|
300.7
|
|
283.6
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
27.9
|
|
26.1
|
|
82.4
|
|
77.4
|
|
Gross margin per barrel
of throughput
|
$ 1.52
|
|
$ 18.92
|
|
$ 0.48
|
|
$ 10.51
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 7.65
|
|
$ 32.85
|
|
$ 11.31
|
|
$ 24.34
|
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 10.72
|
|
$ 11.79
|
|
$ 10.85
|
|
$ 11.67
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
60 %
|
|
59 %
|
|
59 %
|
|
62 %
|
|
Medium
|
28 %
|
|
23 %
|
|
28 %
|
|
20 %
|
|
Light
|
0 %
|
|
2 %
|
|
0 %
|
|
1 %
|
|
Other feedstocks and
blends
|
12 %
|
|
16 %
|
|
13 %
|
|
17 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
60 %
|
|
58 %
|
|
60 %
|
|
59 %
|
|
Distillates and
distillate blendstocks
|
29 %
|
|
30 %
|
|
29 %
|
|
30 %
|
|
Other
|
14 %
|
|
16 %
|
|
14 %
|
|
14 %
|
|
|
Total yield
|
103 %
|
|
104 %
|
|
103 %
|
|
103 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF
AMOUNTS REPORTED UNDER U.S. GAAP
|
|
GROSS REFINING
MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note
10)
|
|
(Unaudited, in
millions, except per barrel amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
RECONCILIATION OF
CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS
REFINING MARGIN EXCLUDING SPECIAL ITEMS
|
$
|
|
per barrel
of
throughput
|
|
$
|
|
per barrel
of
throughput
|
|
Calculation of
consolidated gross margin:
|
|
|
|
|
|
|
|
|
Revenues
|
$ 8,382.3
|
|
$
97.38
|
|
$
10,733.5
|
|
$
124.16
|
|
Less: Cost of
sales
|
8,670.5
|
|
100.73
|
|
9,505.7
|
|
109.96
|
|
Consolidated gross
margin
|
$
(288.2)
|
|
$
(3.35)
|
|
$ 1,227.8
|
|
$
14.20
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
(288.2)
|
|
$
(3.35)
|
|
$ 1,227.8
|
|
$
14.20
|
|
Add: Logistics
operating expense
|
32.6
|
|
0.39
|
|
34.2
|
|
0.40
|
|
Add: Logistics
depreciation expense
|
8.9
|
|
0.10
|
|
8.9
|
|
0.10
|
|
Less: Logistics gross
margin
|
(94.6)
|
|
(1.10)
|
|
(94.8)
|
|
(1.10)
|
|
Add: Refining operating
expense
|
621.4
|
|
7.22
|
|
615.8
|
|
7.12
|
|
Add: Refining
depreciation expense
|
149.5
|
|
1.74
|
|
131.2
|
|
1.52
|
|
Gross refining
margin
|
$
429.6
|
|
$
5.00
|
|
$ 1,923.1
|
|
$
22.24
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
154.5
|
|
1.79
|
|
—
|
|
—
|
|
Gross refining
margin excluding special items
|
$
584.1
|
|
$
6.79
|
|
$ 1,923.1
|
|
$
22.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
RECONCILIATION OF
CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS
REFINING MARGIN EXCLUDING SPECIAL ITEMS
|
$
|
|
per barrel
of
throughput
|
|
$
|
|
per barrel
of
throughput
|
|
Calculation of
consolidated gross margin:
|
|
|
|
|
|
|
|
|
Revenues
|
$
25,764.0
|
|
$
102.41
|
|
$
29,186.1
|
|
$
117.59
|
|
Less: Cost of
sales
|
25,827.7
|
|
102.66
|
|
26,871.5
|
|
108.26
|
|
Consolidated gross
margin
|
$
(63.7)
|
|
$
(0.25)
|
|
$ 2,314.6
|
|
$
9.33
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
(63.7)
|
|
$
(0.25)
|
|
$ 2,314.6
|
|
$
9.33
|
|
Add: Logistics
operating expense
|
105.4
|
|
0.41
|
|
101.4
|
|
0.41
|
|
Add: Logistics
depreciation expense
|
27.1
|
|
0.11
|
|
27.1
|
|
0.11
|
|
Less: Logistics gross
margin
|
(285.4)
|
|
(1.13)
|
|
(287.3)
|
|
(1.16)
|
|
Add: Refining operating
expense
|
1,858.0
|
|
7.39
|
|
1,936.2
|
|
7.80
|
|
Add: Refining
depreciation expense
|
427.6
|
|
1.70
|
|
397.1
|
|
1.60
|
|
Gross refining
margin
|
$ 2,069.0
|
|
$
8.23
|
|
$ 4,489.1
|
|
$
18.09
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
154.5
|
|
0.61
|
|
—
|
|
—
|
|
Gross refining
margin excluding special items
|
$ 2,223.5
|
|
$
8.84
|
|
$ 4,489.1
|
|
$
18.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 facilitate
an understanding of our operating results. We also use these
measures to evaluate our operating performance. These measures
should not be considered a substitute for, or superior to, measures
of financial performance prepared in accordance with GAAP. The
differences between adjusted fully-converted and GAAP results are
explained in footnotes 2 through 6.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents the
elimination of the noncontrolling interest associated with the
ownership by the members of PBF Energy Company LLC ("PBF LLC")
other than PBF Energy Inc., as if such members had fully exchanged
their PBF LLC Series A Units for shares of PBF Energy Class A
common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Represents an
adjustment to reflect PBF Energy's estimated annualized statutory
corporate tax rate of approximately 26.0% for both the 2024 and
2023 periods, applied to net income (loss) attributable to
noncontrolling interest for all periods presented. The adjustment
assumes the full exchange of existing PBF LLC Series A Units as
described in footnote 2.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) The Non-GAAP
measures presented include adjusted fully-converted net income
(loss) excluding special items, income (loss) from operations
excluding special items, EBITDA excluding special items and gross
refining margin excluding special items. Special items for the
periods presented relate to LCM inventory adjustments, our share of
the SBR LCM inventory adjustment, net changes in fair value of
contingent consideration, loss (gain) on the formation of the SBR
equity method investment, loss on extinguishment of debt and
termination of Inventory Intermediation Agreement, and gain on land
sales, 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:
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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 price 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 net impact of
these LCM inventory adjustments is included in the Refining
segment's income from operations, but are excluded from the
operating results presented, as applicable, in order to make such
information comparable between periods.
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PBF Energy LCM
inventory adjustment - During both the three and nine months
ended September 30, 2024, we recorded an adjustment to value
our inventories to the LCM which decreased income from operations
and net income by $154.5 million and $114.3 million, respectively,
reflecting an increase in the LCM inventory reserve of $154.5
million. There were no such adjustments in any other periods
presented.
SBR LCM inventory
adjustment - During the three and nine months ended
September 30, 2024, SBR recorded adjustments to value its
inventory to the LCM which decreased its income from operations by
$0.6 million and increased its income from operations by
$8.5 million, respectively. Our Equity loss in investee
includes our 50% share of these adjustments. During the three and
nine months ended September 30, 2024, these LCM adjustments
decreased our income from operations by $0.3 million and increased
our income from operations by $4.2 million, respectively ($0.2
million and $3.1 million, respectively, net of tax). There were no
such adjustments in any other periods presented.
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Change in fair value
of contingent consideration, net - During the nine months ended
September 30, 2024, we recorded a net change in fair value of
the Martinez Contingent Consideration which increased income from
operations by $3.3 million, or $2.4 million, net of tax. During the
three and nine months ended September 30, 2023, we recorded a
change in fair value of the Martinez Contingent Consideration,
which decreased income from operations by $65.3 million and
$32.4 million, respectively ($48.3 million and
$24.0 million, respectively, net of tax). There was no such
change in the three months ended September 30,
2024.
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Loss (gain) on
formation of SBR equity method investment - During the nine
months ended September 30, 2024, we recorded a reduction of
our gain associated with the formation of the SBR equity method
investment, which decreased income from operations and net income
by $8.7 million and $6.4 million, respectively. During the three
months ended September 30, 2023, we recorded a reduction of
our gain associated with the formation of the SBR equity method
investment, which decreased income from operations and net income
by $3.2 million and $2.4 million, respectively. During the nine
months ended September 30, 2023, we recorded a net gain
resulting from the difference between the carrying value and the
fair value of the assets associated with the contributed SBR
business, which increased income from operations and net income by
$965.7 million and $714.6 million, respectively. There was no such
(gain) loss during the three months ended September 30,
2024.
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Loss on
extinguishment of debt and termination of Inventory Intermediation
Agreement - During the three and nine months ended
September 30, 2023, we recorded a pre-tax loss on
extinguishment of debt related to the redemption of our 7.25%
senior unsecured notes due 2025 and the amendment and restatement
of the Revolving Credit Facility, which decreased income before
income taxes and net income by $5.7 million and $4.2 million,
respectively. There were no such losses in any other periods
presented.
During the three and
nine months ended September 30, 2023, in conjunction with the
early termination of the Third Inventory Intermediation Agreement,
we incurred certain one-time exit costs, which decreased income
before income taxes and net income by $13.5 million and $10.0
million, respectively. These costs were included within Interest
expense, net, in our Condensed Consolidated Statement of
Operations. There were no such costs in any other periods
presented.
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Gain on land
sales - During the nine months ended September 30, 2023,
we recorded a gain on the sale of a separate parcel of real
property acquired as part of the Torrance refinery, but not part of
the refinery itself, which increased income from operations and net
income by $1.7 million and $1.3 million, respectively.
There were no such gains in any other periods presented.
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Recomputed income
tax on special items - The income tax impact on these special
items is calculated using the tax rate shown in (3)
above.
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(5) Represents an
adjustment to weighted-average diluted shares outstanding to assume
the full exchange of existing PBF LLC Series A Units as described
in footnote 2.
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(6) Represents
weighted-average diluted shares outstanding assuming the conversion
of all common stock equivalents, including options and warrants for
PBF LLC Series A Units and performance share units and options for
shares of PBF Energy Class A common stock as calculated under the
treasury stock method (to the extent the impact of such exchange
would not be anti-dilutive) for the three and nine months ended
September 30, 2024 and 2023, respectively. Common stock
equivalents exclude the effects of performance share units and
options and warrants to purchase 4,693,222 and 4,630,480 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, 2024. Common stock equivalents exclude the
effects of performance share units and options and warrants to
purchase 2,000 and 28,809 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, 2023, respectively.
For periods showing a net loss, all common stock equivalents and
unvested restricted stock are considered anti-dilutive.
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(7) Earnings before
Interest, Income Taxes, Depreciation and Amortization ("EBITDA")
and Adjusted EBITDA are supplemental measures of performance that
are not required by, or presented in accordance with GAAP. Adjusted
EBITDA is defined as EBITDA before adjustments for items such as
stock-based compensation expense, change in the fair value of
catalyst obligations, LCM inventory adjustment, our share of the
SBR LCM inventory adjustment, net change in the fair value of
contingent consideration, loss (gain) on the formation of the SBR
equity method investment, loss on extinguishment of debt, gain on
land sales, and certain other non-cash items. We use these Non-GAAP
financial measures as a supplement to our GAAP results in order to
provide additional metrics on factors and trends affecting our
business. EBITDA and Adjusted EBITDA are measures of operating
performance that are not defined by GAAP and should not be
considered substitutes for net income as determined in accordance
with GAAP. In addition, because EBITDA and Adjusted EBITDA are not
calculated in the same manner by all companies, they are not
necessarily comparable to other similarly titled measures used by
other companies. EBITDA and Adjusted EBITDA have their limitations
as an analytical tool, and you should not consider them in
isolation or as substitutes for analysis of our results as reported
under GAAP.
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(8) We operate in two
reportable segments: Refining and Logistics. Our operations that
are not included in the Refining and Logistics segments are
included in Corporate. As of September 30, 2024, the Refining
segment includes the operations of our oil refineries and related
facilities in Delaware City, Delaware, Paulsboro, New Jersey,
Toledo, Ohio, Chalmette, Louisiana, Torrance, California and
Martinez, California. The Logistics segment includes the operations
of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary
of PBF Energy and PBF LLC, which owns or leases, operates,
develops, and acquires crude oil and refined petroleum products
terminals, pipelines, storage facilities and similar logistics
assets. PBFX's assets primarily consist of rail and truck terminals
and unloading racks, storage facilities and pipelines, a
substantial portion of which were acquired from or contributed by
PBF LLC and are located at, or nearby, our refineries. PBFX
provides various rail, truck and marine terminaling services,
pipeline transportation services and storage services to PBF
Holding and/or its subsidiaries and third party customers through
fee-based commercial agreements.
PBFX currently does not
generate significant third party revenue and intersegment
related-party revenues are eliminated in consolidation. From a PBF
Energy perspective, our chief operating decision maker evaluates
the Logistics segment as a whole without regard to any of PBFX's
individual operating segments.
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(9) Our market
indicators table summarizes certain market indicators relating to
our operating results as reported by Platts, a division of The
McGraw-Hill Companies. Effective RIN basket price is recalculated
based on information as reported by Argus.
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(10)
Gross refining margin and gross refining margin per barrel of
throughput are Non-GAAP measures because they exclude refining
operating expenses, depreciation and amortization and gross margin
of the Logistics segment. Gross refining margin per barrel is gross
refining margin, divided by total crude and feedstocks throughput.
We believe they are important measures of operating performance and
provide useful information to investors because gross refining
margin per barrel is a helpful metric comparison to the industry
refining margin benchmarks shown in the Market Indicators Tables,
as the industry benchmarks do not include a charge for refinery
operating expenses and depreciation. Other companies in our
industry may not calculate gross refining margin and gross refining
margin per barrel in the same manner. Gross refining margin and
gross refining margin per barrel of throughput have their
limitations as an analytical tool, and you should not consider them
in isolation or as substitutes for analysis of our results as
reported under GAAP.
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(11) Represents
refining operating expenses, including corporate-owned logistics
assets, excluding depreciation and amortization, divided by total
crude oil and feedstocks throughput.
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(12) We define heavy
crude oil as crude oil with American Petroleum Institute ("API")
gravity less than 24 degrees. We define medium crude oil as crude
oil with API gravity between 24 and 35 degrees. We define light
crude oil as crude oil with API gravity higher than 35
degrees.
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(13) The total debt to
capitalization ratio is calculated by dividing total debt by the
sum of total debt and total equity. This ratio is a measurement
that management believes is useful to investors in analyzing our
leverage. Net debt and the net debt to capitalization ratio are
Non-GAAP measures. Net debt is calculated by subtracting cash and
cash equivalents from total debt. We believe these measurements are
also useful to investors since we have the ability to and may
decide to use a portion of our cash and cash equivalents to retire
or pay down our debt. Additionally, we have also presented the
total debt to capitalization and net debt to capitalization ratios
excluding the cumulative effects of special items on
equity.
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September
30,
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December
31,
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2024
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2023
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(in
millions)
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Total debt
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$
1,254.4
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$
1,245.9
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Total equity
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6,019.6
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6,631.3
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Total
capitalization
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$
7,274.0
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$
7,877.2
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Total debt
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$
1,254.4
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$
1,245.9
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Total equity excluding
special items
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5,060.9
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5,557.4
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Total capitalization
excluding special items
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$
6,315.3
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$
6,803.3
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Total equity
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$
6,019.6
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$
6,631.3
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Special Items
(Note 4)
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Add: Non-cash LCM
inventory adjustment
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154.5
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Add: LCM inventory
adjustment - SBR
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34.5
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38.7
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Add: Change in fair
value of contingent consideration, net
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(62.1)
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(58.8)
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Add: Gain on formation
of SBR equity method investment
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(916.4)
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(925.1)
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Add: Cumulative
historical equity adjustments (a)
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(493.9)
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(493.9)
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Less: Recomputed
income tax on special items
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324.7
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365.2
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Net impact of
special items
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(958.7)
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(1,073.9)
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Total equity excluding
special items
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$
5,060.9
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$
5,557.4
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Total debt
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$
1,254.4
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$
1,245.9
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Less: Cash and cash equivalents
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976.7
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1,783.5
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Net debt
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$
277.7
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$
(537.6)
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Total debt to
capitalization ratio
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17 %
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16 %
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Total debt to
capitalization ratio, excluding special items
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20 %
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18 %
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Net debt to
capitalization ratio*
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4 %
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(9) %
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Net debt to
capitalization ratio, excluding special items*
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5 %
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(11) %
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*Negative ratio exists
as of December 31, 2023 as cash is in excess of debt.
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(a) Refer to the
Company's 2023 Annual Report on Form 10-K ("Notes to Non-GAAP
Financial Measures" within Management's Discussion and Analysis of
Financial Condition and Results of Operations) for a listing of
special items included in cumulative historical equity adjustments
prior to 2024.
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SOURCE PBF Energy Inc.
