pbf energy宣佈2024年第三季度業績，並宣佈每股股利增加至0.275美元
•第三季度營運虧損金額爲38630萬元（不包括特殊項目，第三季度營運虧損金額爲23150萬元）
•宣佈將季度股息提高10%，至每股0.275美元
•2024年第三季度回購了約200萬股，約爲7500萬美元
PARSIPPANY，新澤西州 - 2024年10月31日 - pbf energy公司（紐交所:PBF）今日報告，2024年第三季度營運虧損爲38630萬美元，而2023年第三季度營運盈利爲107710萬美元。不計入特殊項目，2024年第三季度營運虧損爲23150萬美元，而2023年第三季度營運盈利爲114560萬美元。
該公司報告了2024年第三季度淨損失爲28910萬美元，歸屬於pbf energy公司的淨損失爲28590萬美元，每股虧損2.49美元。與2023年第三季度的79410萬美元淨利潤和pbf energy公司的78640萬美元淨利潤或每股收益6.11美元相比。2024年第三季度的結果中包括的非現金特殊項目減少了淨收入，經過稅後11450萬美元，每股0.99美元，其中包括按最低成本或市場價（「LCM」）進行的庫存調整以及我們在聖伯納爾德可再生能源有限責任公司（「SBR」）LCM庫存調整中的份額。 2024年第三季度調整後完全轉換的淨損失，不包括特殊項目，爲17380萬美元，每股1.50美元，以全面交換、全面攤薄爲基礎，如下所述，而 2023年第三季度調整後的全面轉換淨利潤爲85700萬美元，每股6.61美元。
pbf energy的總裁兼首席執行官Matt Lucey表示：「儘管煉油環境疲弱，但PBF的煉油廠在第三季度運營良好，沒有重大維護或重大非計劃停機。我們資產的表現證明了我們傑出員工和簽約合作伙伴進行的廣泛工作。PBF本季度的財務結果反映了全球需求疲弱和高於預期的煉油利用率帶來的更廣泛的宏觀逆風。我們易受週期性、依賴商品的業務近期經歷的波動並不反映我們的更廣泛前景，即全球供需平衡依然緊張。這種微妙的平衡爲未來煉油業務提供了積極的背景。儘管盈利令人失望，但我們能夠依靠我們的資產負債表來支持當前煉油環境下的業務。」
盧西先生表示：「目前我們正在對沙爾梅特煉油廠進行最後一次重大轉型，預計工作將在十一月完成。我們的其餘資產今天正常運行，並且預計在第四季度持續可用。通過安全、可靠的運營，將我們自身和資產定位在所有市場條件下表現良好仍然是我們的主要關注點。最後，今天我們基於資產負債表的實力以及對運營將在邊際環境從目前的低點反彈中提供更好業績的信心，將我們的股息提高了10%。」
pbf energy公司宣佈股息
公司今日宣佈，將於2024年11月27日向截至2024年11月13日收盤的持有人每股A類普通股支付0.275美元的季度股息。
PBF戰略更新和展望
PBF始終致力於公司運營的安全和可靠性。我們努力維護資產負債表的質量，保留公司運營繼續支持我們長期戰略目標的能力，增加公司價值。季末，我們擁有大約97700萬美元的現金和約13億美元的總債務。我們繼續展示我們對財政紀律、長期價值和可持續股東回報的承諾。
始終，我們核心運營的安全性和可靠性至關重要。我們將繼續投資於我們的所有資產，預計2024財年的煉油資本支出將在85000萬美元的區間內。大部分計劃內的主要維護活動已在年初完成，最後一次重大的翻修正在查爾梅特煉油廠進行中。
計劃維護時間和吞吐量範圍所反映的預期目前爲最新，可能會根據市場情況和其他因素而有所變化。當前第四季度吞吐量預期已包含在下表中。
| 預期吞吐量範圍（每天桶） | ||||||||
| 2024年第四季度 | ||||||||
| 收盤最低價 | 高 | |||||||
| 東海岸 | 270,000 | 290,000 | ||||||
| 中部 | 140,000 | 150,000 | ||||||
| 墨西哥灣沿岸 | 140,000 | 150,000 | ||||||
| 西海岸 | 290,000 | 310,000 | ||||||
| 總費用 | 840,000 | 900,000 | ||||||
所提供的指導屬於前瞻性信息，基於當前pbf energy運營計劃、公司假設和公司配置。應使用當年迄今實際吞吐量和季度指引來調整全年預期。所有數字和時間表均可能根據各種因素變化，包括市場和宏觀經濟因素，以及公司戰略決策和整體公司績效。
聖伯納德可再生能源
SBR在第三季度的可再生柴油生產平均約爲每天13,000桶。第三季度，SBR的運營反映了一個催化劑更換，從7月下旬開始，並於8月完成。預計第四季度的可再生柴油產量將平均約爲每天16,000至17,000桶。
調整後的全面換股結果
調整後的完全折算結果假設將所有PBF Energy Company LLC A系列單位和稀釋證券換股爲PBF Energy Inc. A類普通股，按1：1的比例換股，導致非控股權益的消除，並對公司的稅務規定進行相應調整。
非GAAP措施
本次業績發佈和管理層電話會議討論可能涉及對非通用會計準則（GAAP）的參考，包括調整後全換股淨利潤（損失），不計入特殊項目的調整後全換股淨利潤（損失），每股全換股淨收益（損失）除外的調整後全換股淨收益（損失），不計入特別項目的營業收入（損失），毛制油利差，不計入特殊項目的毛制油利差，每桶吞吐量的毛制油利差，息稅折舊攤銷前利潤（EBITDA），不計入特殊項目的息稅折舊攤銷前利潤（EBITDA），調整後的息稅折舊攤銷前利潤，淨負債，淨負債與資本化比率以及不計入特殊項目的淨負債與資本化比率。PBF認爲非通用財務指標提供有關其運營績效和財務業績的有用信息。然而，這些指標作爲分析工具具有重要限制，並不應孤立地或作爲可比GAAP財務指標的替代品或優於其看待。PBF的非GAAP財務指標也可能與其他公司使用的同名指標不同。
請參見本公告中附帶的表格和腳註，以獲取有關本公告中使用的非公認會計原則（Non-GAAP）指標的額外信息，以及與最直接可比的GAAP指標的調節。
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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
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| 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 | |||||||||||||||||||||||||||||||||||
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| 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 | |||||||||||||||||||||||||||||||||||||||||
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| 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 | ||||||||||||||||||||||||||||||||||||||||||||
6
| 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 | |||||||||||||||||||||||
7
| 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 | |||||||||||||||||||||||||||||
8
| 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 | ||||||||||||||||||||||||||||||||||||||
9
| 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 | ||||||||||||||||||||||||||||||||||||||
10
| 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 | ||||||||||||||||||||||||||||||||||||||
11
| 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 | |||||||||||||||||||||||||||||||||||||||||
12
| 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: | ||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||
13
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. | ||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||
Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rate shown in (3) above. | ||||||||||||||||||||||||||||||||||||||||||||
| (5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2. | ||||||||||||||||||||||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||||||||||||||||||
| (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. | ||||||||||||||||||||||||||||||||||||||||||||
14
(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. | ||||||||||||||||||||||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||||||||||||||||||
| (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. | ||||||||||||||||||||||||||||||||||||||||||||
| (11) Represents refining 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. | ||||||||||||||||||||||||||||||||||||||||||||
15
| (13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity. | ||||||||||||||||||||
| September 30, | December 31, | |||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Total debt | $ | 1,254.4 | $ | 1,245.9 | ||||||||||||||||
| Total equity | 6,019.6 | 6,631.3 | ||||||||||||||||||
| Total capitalization | $ | 7,274.0 | $ | 7,877.2 | ||||||||||||||||
| Total debt | $ | 1,254.4 | $ | 1,245.9 | ||||||||||||||||
| Total equity excluding special items | 5,060.9 | 5,557.4 | ||||||||||||||||||
| Total capitalization excluding special items | $ | 6,315.3 | $ | 6,803.3 | ||||||||||||||||
| Total equity | $ | 6,019.6 | $ | 6,631.3 | ||||||||||||||||
| Special Items (Note 4) | ||||||||||||||||||||
| Add: Non-cash LCM inventory adjustment | 154.5 | — | ||||||||||||||||||
| Add: LCM inventory adjustment - SBR | 34.5 | 38.7 | ||||||||||||||||||
| Add: Change in fair value of contingent consideration, net | (62.1) | (58.8) | ||||||||||||||||||
| Add: Gain on formation of SBR equity method investment | (916.4) | (925.1) | ||||||||||||||||||
| Add: Cumulative historical equity adjustments (a) | (493.9) | (493.9) | ||||||||||||||||||
| Less: Recomputed income tax on special items | 324.7 | 365.2 | ||||||||||||||||||
| Net impact of special items | (958.7) | (1,073.9) | ||||||||||||||||||
| Total equity excluding special items | $ | 5,060.9 | $ | 5,557.4 | ||||||||||||||||
| Total debt | $ | 1,254.4 | $ | 1,245.9 | ||||||||||||||||
| Less: Cash and cash equivalents | 976.7 | 1,783.5 | ||||||||||||||||||
| Net debt | $ | 277.7 | $ | (537.6) | ||||||||||||||||
| Total debt to capitalization ratio | 17 | % | 16 | % | ||||||||||||||||
| Total debt to capitalization ratio, excluding special items | 20 | % | 18 | % | ||||||||||||||||
| Net debt to capitalization ratio* | 4 | % | (9) | % | ||||||||||||||||
| Net debt to capitalization ratio, excluding special items* | 5 | % | (11) | % | ||||||||||||||||
*Negative ratio exists as of December 31, 2023 as cash is in excess of debt. | ||||||||||||||||||||
(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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