- First quarter income from operations of $145.1 million (excluding special items, first
quarter income from operations of $143.9
million)
- Announces quarterly dividend of $0.25 per share
- First quarter 2024 share repurchases of approximately 2.6
million shares for approximately $125
million
PARSIPPANY, N.J., May 2, 2024
/PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported first
quarter 2024 income from operations of $145.1 million as compared to income from
operations of $532.4 million for the
first quarter of 2023. Excluding special items, first quarter 2024
income from operations was $143.9
million as compared to income from operations of
$514.4 million for the first quarter
of 2023.
The company reported first quarter 2024 net income of
$107.5 million and net income
attributable to PBF Energy Inc. of $106.6
million or $0.86 per share.
This compares to net income of $385.9
million, and net income attributable to PBF Energy Inc. of
$382.1 million or $2.86 per share for the first quarter 2023.
Non-cash special items included in the first quarter 2024 results,
which increased net income by a net, after-tax benefit of
$0.9 million, or $0.01 per share, primarily consisted of a change
in fair value of the contingent consideration associated with the
acquisition of the Martinez
refinery and related logistics assets and our share of the St.
Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM")
inventory adjustment, partially offset by a decrease to our gain on
formation of our SBR equity method investment. Adjusted
fully-converted net income for the first quarter 2024, excluding
special items, was $106.4 million, or
$0.85 per share on a fully-exchanged,
fully-diluted basis, as described below, compared to adjusted
fully-converted net income of $371.4
million or $2.76 per share,
for the first quarter 2023.
Matt Lucey, PBF Energy's
President and CEO, said, "2024 is off to a positive start. We
undertook significant planned maintenance in our East Coast and
Mid-continent regions and, following that work, have a clean run at
those refineries for the remainder of the year. In the near-term,
we have planned maintenance during the second quarter in
California."
Mr. Lucey continued, "Looking ahead, our balance sheet and the
safe, reliable operations of all our assets remain our primary
focus. We experienced somewhat normal seasonality in the product
markets at the end of 2023 and through the early part of the first
quarter. Industry maintenance and seasonal shifts in demand have
improved market conditions as we approach the summer driving
season. We continue to prioritize capital allocation to the
opportunities that promote the greatest long-term shareholder value
and, to that end, we announced a $0.25 per share dividend and bought back
$125 million of shares in the first
quarter."
PBF Energy Inc. Declares Dividend
The company
announced today that it will pay a quarterly dividend of
$0.25 per share of Class A common
stock on May 30, 2024, to holders of
record at the close of business on May 16,
2024.
St. Bernard Renewables
SBR averaged approximately
18,000 barrels per day of renewable diesel production in the first
quarter. In March, SBR's Provisional Application to CARB was
approved and SBR is now benefiting from a Provisional Carbon
Intensity ("CI") scores that reflect the lower-CI feedstocks being
processed. This will result in improved project economics related
to the California market.
PBF Strategic Update and Outlook
PBF remains committed
to the safety and reliability of our operations. Through successful
operational execution, we seek to maintain the quality of our
balance sheet and preserve the ability of our assets to continue
supporting our long-term strategic goal of increasing the value of
our company. At quarter-end, we had approximately $1.4 billion of cash and approximately
$1.2 billion of total debt.
Our operational execution and balance sheet improvements have
generated significant value for our investors in the near-term and,
more importantly, demonstrate our commitment to fiscal discipline,
long-term value and 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
$800 to $850
million range. We are currently completing our East Coast
and Mid-Continent turnarounds and have an upcoming turnaround at
Martinez in the second
quarter.
Timing of planned maintenance and throughput ranges provided
reflect current expectations and are subject to change based on
market conditions and other factors. Second quarter throughput
expectations are included in the table below.
Expected throughput
ranges (barrels per day)
|
|
Second Quarter
2024
|
|
Low
|
High
|
East Coast
|
260,000
|
280,000
|
Mid-continent
|
140,000
|
150,000
|
Gulf Coast
|
170,000
|
180,000
|
West Coast
|
300,000
|
320,000
|
Total
|
870,000
|
930,000
|
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.
Adjusted Fully-Converted Results
Adjusted
fully-converted results assume the exchange of all PBF Energy
Company LLC Series A Units and dilutive securities into shares of
PBF Energy Inc. Class A common stock on a one-for-one basis,
resulting in the elimination of the noncontrolling interest and a
corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the
discussion during the management conference call, may include
references to Non-GAAP (Generally Accepted Accounting Principles)
measures including Adjusted Fully-Converted Net Income, Adjusted
Fully-Converted Net Income excluding special items, Adjusted
Fully-Converted Net Income per fully-exchanged, fully-diluted
share, Income from operations excluding special items, gross
refining margin, gross refining margin excluding special items,
gross refining margin per barrel of throughput, EBITDA (Earnings
before Interest, Income Taxes, Depreciation and Amortization),
EBITDA excluding special items, 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,
May 2, 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: PBF1Q. 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 INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited, in
millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2024
|
|
2023
|
Revenues
|
$
8,645.6
|
|
$
9,295.0
|
Cost and
expenses:
|
|
|
|
|
Cost of products and
other
|
7,597.9
|
|
7,795.3
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
688.1
|
|
781.4
|
|
Depreciation and
amortization expense
|
141.4
|
|
141.9
|
Cost of
sales
|
8,427.4
|
|
8,718.6
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as reflected below)
|
63.2
|
|
60.0
|
|
Depreciation and
amortization expense
|
3.2
|
|
1.9
|
|
Change in fair value of
contingent consideration, net
|
(3.3)
|
|
(16.3)
|
|
Equity loss in
investee
|
0.8
|
|
—
|
|
Loss on formation of
SBR equity method investment
|
8.7
|
|
—
|
|
Loss (gain) on sale of
assets
|
0.5
|
|
(1.6)
|
Total cost and
expenses
|
8,500.5
|
|
8,762.6
|
Income from
operations
|
145.1
|
|
532.4
|
Other income
(expense):
|
|
|
|
|
Interest expense (net
of interest income of $17.8 million and $17.2 million,
respectively)
|
(10.5)
|
|
(18.7)
|
|
Change in fair value of
catalyst obligations
|
—
|
|
0.7
|
|
Other non-service
components of net periodic benefit cost
|
0.6
|
|
0.3
|
|
Other
expense
|
—
|
|
(2.3)
|
Income before income
taxes
|
135.2
|
|
512.4
|
Income tax
expense
|
27.7
|
|
126.5
|
Net
income
|
107.5
|
|
385.9
|
|
Less: net income
attributable to noncontrolling interest
|
0.9
|
|
3.8
|
Net income
attributable to PBF Energy Inc. stockholders
|
$
106.6
|
|
$
382.1
|
|
|
|
|
|
|
|
Net income available
to Class A common stock per share:
|
|
|
|
|
|
Basic
|
$
0.89
|
|
$
2.97
|
|
|
Diluted
|
$
0.86
|
|
$
2.86
|
|
|
Weighted-average shares
outstanding-basic
|
119,864,653
|
|
128,787,779
|
|
|
Weighted-average shares
outstanding-diluted
|
124,670,049
|
|
134,499,277
|
|
|
|
|
|
|
|
Dividends per common
share
|
$
0.25
|
|
$
0.20
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income and adjusted fully-converted net income
per fully exchanged, fully diluted shares outstanding (Note
1):
|
|
|
|
|
|
Adjusted
fully-converted net income
|
$
107.3
|
|
$
384.7
|
|
|
Adjusted
fully-converted net income per fully exchanged, fully diluted
share
|
$
0.86
|
|
$
2.86
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
124,670,049
|
|
134,499,277
|
|
|
|
|
|
|
|
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 TO ADJUSTED FULLY-CONVERTED NET INCOME AND ADJUSTED
FULLY-CONVERTED NET INCOME EXCLUDING SPECIAL ITEMS (Note
1)
|
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
Net income
attributable to PBF Energy Inc. stockholders
|
|
$
106.6
|
|
$
382.1
|
|
Less: Income allocated
to participating securities
|
|
—
|
|
—
|
Income available to
PBF Energy Inc. stockholders - basic
|
|
106.6
|
|
382.1
|
|
Add: Net income
attributable to noncontrolling interest (Note 2)
|
|
0.9
|
|
3.5
|
|
Less: Income tax
expense (Note 3)
|
|
(0.2)
|
|
(0.9)
|
Adjusted
fully-converted net income
|
|
$
107.3
|
|
$
384.7
|
Special items (Note
4):
|
|
|
|
|
|
Add: LCM inventory
adjustment - SBR
|
|
(6.6)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
(3.3)
|
|
(16.3)
|
|
Add: Gain on land
sales
|
|
—
|
|
(1.7)
|
|
Add: Loss on formation
of SBR equity method investment
|
|
8.7
|
|
—
|
|
Less: Recomputed income
tax on special items (Note 3)
|
|
0.3
|
|
4.7
|
Adjusted
fully-converted net income excluding special items
|
|
$
106.4
|
|
$
371.4
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding of PBF Energy Inc.
|
|
119,864,653
|
|
128,787,779
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
862,780
|
|
910,457
|
Common stock
equivalents (Note 6)
|
|
3,942,616
|
|
4,801,041
|
Fully-converted
shares outstanding - diluted
|
|
124,670,049
|
|
134,499,277
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income per fully exchanged, fully diluted
shares outstanding (Note 6)
|
|
$
0.86
|
|
$
2.86
|
|
Adjusted
fully-converted net income excluding special items per fully
exchanged, fully diluted shares outstanding (Note 4,
6)
|
|
$
0.85
|
|
$
2.76
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
RECONCILIATION OF
INCOME FROM OPERATIONS TO INCOME FROM OPERATIONS EXCLUDING SPECIAL
ITEMS
|
|
March
31,
|
|
2024
|
|
2023
|
Income from
operations
|
|
$
145.1
|
|
$
532.4
|
Special Items (Note
4):
|
|
|
|
|
|
Add: LCM inventory
adjustment - SBR
|
|
(6.6)
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
(3.3)
|
|
(16.3)
|
|
Add: Gain on land
sales
|
|
—
|
|
(1.7)
|
|
Add: Loss on formation
of SBR equity method investment
|
|
8.7
|
|
—
|
Income from
operations excluding special items
|
|
$
143.9
|
|
$
514.4
|
|
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
|
|
|
|
|
|
|
|
|
March
31,
|
RECONCILIATION OF
NET INCOME TO EBITDA AND EBITDA EXCLUDING SPECIAL
ITEMS
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
107.5
|
|
$
385.9
|
Add: Depreciation and
amortization expense
|
|
144.6
|
|
143.8
|
Add: Interest expense,
net
|
|
10.5
|
|
18.7
|
Add: Income tax
expense
|
|
27.7
|
|
126.5
|
EBITDA
|
|
|
$
290.3
|
|
$
674.9
|
Special Items (Note
4):
|
|
|
|
|
Add: LCM inventory
adjustment - SBR
|
|
(6.6)
|
|
—
|
Add: Change in fair
value of contingent consideration, net
|
|
(3.3)
|
|
(16.3)
|
Add: Gain on land
sales
|
|
—
|
|
(1.7)
|
Add: Loss on formation
of SBR equity method investment
|
|
8.7
|
|
—
|
EBITDA excluding
special items
|
|
$
289.1
|
|
$
656.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March
31,
|
RECONCILIATION OF
EBITDA TO ADJUSTED EBITDA
|
|
2024
|
|
2023
|
|
|
|
|
|
|
EBITDA
|
|
$
290.3
|
|
$
674.9
|
Add: Stock-based
compensation
|
|
12.4
|
|
9.2
|
Add: Change in fair
value of catalyst obligations
|
|
—
|
|
(0.7)
|
Add: LCM inventory
adjustment - SBR (Note 4)
|
|
(6.6)
|
|
—
|
Add: Change in fair
value of contingent consideration, net (Note 4)
|
|
(3.3)
|
|
(16.3)
|
Add: Gain on land
sales (Note 4)
|
|
—
|
|
(1.7)
|
Add: Loss on formation
of SBR equity method investment (Note 4)
|
|
8.7
|
|
—
|
Adjusted
EBITDA
|
|
|
$
301.5
|
|
$
665.4
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
2024
|
|
2023
|
Balance Sheet
Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,441.5
|
|
$
1,783.5
|
|
Inventories
|
2,891.3
|
|
3,183.1
|
|
Total
assets
|
13,808.2
|
|
14,387.8
|
|
Total debt
|
1,248.6
|
|
1,245.9
|
|
Total
equity
|
6,598.2
|
|
6,631.3
|
|
Total equity excluding
special items (Note 4, 13)
|
$
5,523.4
|
|
$
5,557.4
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
16 %
|
|
16 %
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
18 %
|
|
18 %
|
|
Net debt to
capitalization ratio* (Note 13)
|
(3) %
|
|
(9) %
|
|
Net debt to
capitalization ratio, excluding special items* (Note 13)
|
(4) %
|
|
(11) %
|
|
|
|
|
|
|
|
|
|
* Negative ratio
exists as of March 31, 2024 and December 31, 2023 as cash is in
excess of debt.
|
|
|
|
|
|
SUMMARIZED STATEMENT
OF CASH FLOW DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2024
|
|
2023
|
Cash flows provided by
operating activities
|
$
15.8
|
|
$
437.6
|
Cash flows used in
investing activities
|
(284.4)
|
|
(378.7)
|
Cash flows used in
financing activities
|
(73.4)
|
|
(646.4)
|
Net change in cash and
cash equivalents
|
(342.0)
|
|
(587.5)
|
Cash and cash
equivalents, beginning of period
|
1,783.5
|
|
2,203.6
|
Cash and cash
equivalents, end of period
|
$
1,441.5
|
|
$
1,616.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
March 31, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
8,636.4
|
|
$
96.1
|
|
$
—
|
|
$
(86.9)
|
|
$
8,645.6
|
Depreciation and
amortization expense
|
132.3
|
|
9.1
|
|
3.2
|
|
—
|
|
144.6
|
Income (loss) from
operations (1)
|
170.6
|
|
45.1
|
|
(70.6)
|
|
—
|
|
145.1
|
Interest (income)
expense, net
|
(4.1)
|
|
(0.6)
|
|
15.2
|
|
—
|
|
10.5
|
Capital expenditures
(2)
|
283.1
|
|
1.1
|
|
0.5
|
|
—
|
|
284.7
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$
9,285.5
|
|
$
98.5
|
|
$
—
|
|
$
(89.0)
|
|
$
9,295.0
|
Depreciation and
amortization expense
|
132.9
|
|
9.0
|
|
1.9
|
|
—
|
|
143.8
|
Income (loss) from
operations
|
525.7
|
|
49.7
|
|
(43.0)
|
|
—
|
|
532.4
|
Interest (income)
expense, net
|
(4.1)
|
|
3.7
|
|
19.1
|
|
—
|
|
18.7
|
Capital expenditures
(2)
|
379.2
|
|
2.7
|
|
1.2
|
|
—
|
|
383.1
|
|
|
|
Balance at March 31,
2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total Assets
(3)
|
$ 12,036.1
|
|
$
794.2
|
|
$
1,014.8
|
|
$
(36.9)
|
|
$
13,808.2
|
|
|
|
Balance at December
31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total Assets
(3)
|
$ 12,590.6
|
|
$
816.8
|
|
$
1,024.1
|
|
$
(43.7)
|
|
$
14,387.8
|
|
|
|
|
|
|
|
|
|
|
(1) Income
(loss) from operations within Corporate for the three months ended
March 31, 2024 includes an $8.7 million reduction of the gain
associated with the formation of the SBR equity method
investment.
|
|
(2) For the three
months ended March 31, 2024 and March 31, 2023, the
Company's refining segment included $6.6 million and
$157.9 million, respectively, of capital expenditures related
to the Renewable Diesel Facility.
|
|
(3) For the three
months ended March 31, 2024 and the year ended
December 31, 2023, Corporate assets include the Company's
Equity method investment in SBR of $879.9 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
|
|
|
|
|
|
|
March
31,
|
Market Indicators
(dollars per barrel) (Note 9)
|
2024
|
|
2023
|
Dated Brent crude
oil
|
$ 83.13
|
|
$ 81.09
|
West Texas Intermediate
(WTI) crude oil
|
$ 77.01
|
|
$ 75.97
|
Light Louisiana Sweet
(LLS) crude oil
|
$ 79.72
|
|
$ 78.90
|
Alaska North Slope
(ANS) crude oil
|
$ 81.33
|
|
$ 79.01
|
Crack
Spreads:
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$ 21.05
|
|
$ 31.53
|
|
WTI (Chicago)
4-3-1
|
$ 17.15
|
|
$ 29.07
|
|
LLS (Gulf Coast)
2-1-1
|
$ 24.46
|
|
$ 34.12
|
|
ANS (West Coast-LA)
4-3-1
|
$ 29.00
|
|
$ 38.45
|
|
ANS (West Coast-SF)
3-2-1
|
$ 27.93
|
|
$ 39.16
|
Crude Oil
Differentials:
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$ 6.11
|
|
$ 5.12
|
|
Dated Brent less Maya
(heavy, sour)
|
$ 13.65
|
|
$ 18.42
|
|
Dated Brent less WTS
(sour)
|
$ 5.79
|
|
$ 5.61
|
|
Dated Brent less ASCI
(sour)
|
$ 6.31
|
|
$ 7.39
|
|
WTI less WCS (heavy,
sour)
|
$ 17.57
|
|
$ 19.30
|
|
WTI less Bakken (light,
sweet)
|
$ 2.70
|
|
$
(2.90)
|
|
WTI less Syncrude
(light, sweet)
|
$ 3.81
|
|
$
(3.04)
|
|
WTI less LLS (light,
sweet)
|
$
(2.70)
|
|
$
(2.93)
|
|
WTI less ANS (light,
sweet)
|
$
(4.31)
|
|
$
(3.04)
|
Effective RIN basket
price
|
$ 3.69
|
|
$ 8.19
|
Natural gas (dollars
per MMBTU)
|
$ 2.10
|
|
$ 2.74
|
|
|
|
|
|
|
|
|
|
|
Key Operating
Information
|
|
|
|
Production (barrels per
day ("bpd") in thousands)
|
909.5
|
|
859.2
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
897.4
|
|
851.2
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
81.7
|
|
76.6
|
Consolidated gross
margin per barrel of throughput
|
$ 2.68
|
|
$ 7.53
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 11.73
|
|
$ 18.35
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 8.02
|
|
$ 9.78
|
Crude and feedstocks
(% of total throughput) (Note 12)
|
|
|
|
|
Heavy
|
24 %
|
|
28 %
|
|
Medium
|
44 %
|
|
33 %
|
|
Light
|
16 %
|
|
21 %
|
|
Other feedstocks and
blends
|
16 %
|
|
18 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput)
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
48 %
|
|
47 %
|
|
Distillates and
distillate blendstocks
|
34 %
|
|
34 %
|
|
Lubes
|
1 %
|
|
1 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
Other
|
17 %
|
|
18 %
|
|
|
Total yield
|
101 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
SUPPLEMENTAL
OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2024
|
|
2023
|
Supplemental
Operating Information - East Coast Refining System (Delaware City
and Paulsboro)
|
|
|
|
Production (bpd in
thousands)
|
308.7
|
|
325.2
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
312.7
|
|
326.4
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
28.5
|
|
29.4
|
Gross margin per barrel
of throughput
|
$ 0.02
|
|
$ 9.18
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 7.72
|
|
$ 18.16
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 6.35
|
|
$ 7.50
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Heavy
|
18 %
|
|
17 %
|
|
Medium
|
43 %
|
|
44 %
|
|
Light
|
19 %
|
|
18 %
|
|
Other feedstocks and
blends
|
20 %
|
|
21 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
35 %
|
|
40 %
|
|
Distillates and
distillate blendstocks
|
35 %
|
|
37 %
|
|
Lubes
|
2 %
|
|
2 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
Other
|
26 %
|
|
20 %
|
|
|
Total yield
|
99 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - Mid-Continent (Toledo)
|
|
|
|
Production (bpd in
thousands)
|
114.4
|
|
93.5
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
112.3
|
|
93.2
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
10.2
|
|
8.4
|
Gross margin per barrel
of throughput
|
$ 8.76
|
|
$
(4.40)
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 18.15
|
|
$ 9.49
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 7.42
|
|
$ 11.23
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Medium
|
41 %
|
|
43 %
|
|
Light
|
56 %
|
|
56 %
|
|
Other feedstocks and
blends
|
3 %
|
|
1 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
57 %
|
|
42 %
|
|
Distillates and
distillate blendstocks
|
36 %
|
|
33 %
|
|
Chemicals
|
4 %
|
|
3 %
|
|
Other
|
5 %
|
|
22 %
|
|
|
Total yield
|
102 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
SUPPLEMENTAL
OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2024
|
|
2023
|
Supplemental
Operating Information - Gulf Coast (Chalmette)
|
|
|
|
Production (bpd in
thousands)
|
173.5
|
|
169.9
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
170.8
|
|
169.1
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
15.6
|
|
15.2
|
Gross margin per barrel
of throughput
|
$ 5.99
|
|
$ 12.80
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 12.36
|
|
$ 19.96
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$ 5.52
|
|
$ 6.42
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Heavy
|
8 %
|
|
17 %
|
|
Medium
|
60 %
|
|
30 %
|
|
Light
|
14 %
|
|
38 %
|
|
Other feedstocks and
blends
|
18 %
|
|
15 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
47 %
|
|
42 %
|
|
Distillates and
distillate blendstocks
|
36 %
|
|
37 %
|
|
Chemicals
|
1 %
|
|
2 %
|
|
Other
|
18 %
|
|
19 %
|
|
|
Total yield
|
102 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - West Coast (Torrance and
Martinez)
|
|
|
|
Production (bpd in
thousands)
|
312.9
|
|
270.6
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
301.6
|
|
262.5
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
27.4
|
|
23.6
|
Gross margin per barrel
of throughput
|
$ (0.44)
|
|
$ 4.08
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$
13.15
|
|
$ 20.70
|
Refining operating
expense, per barrel of throughput (Note 11)
|
$
11.38
|
|
$ 14.25
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Heavy
|
49 %
|
|
60 %
|
|
Medium
|
37 %
|
|
18 %
|
|
Other feedstocks and
blends
|
14 %
|
|
22 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
60 %
|
|
60 %
|
|
Distillates and
distillate blendstocks
|
31 %
|
|
30 %
|
|
Other
|
13 %
|
|
13 %
|
|
|
Total yield
|
104 %
|
|
103 %
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
RECONCILIATION OF
AMOUNTS REPORTED UNDER U.S. GAAP
|
GROSS REFINING
MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note
10)
|
(Unaudited, in
millions, except per barrel amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March 31,
2024
|
|
March 31,
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
|
$ 8,645.6
|
|
$
105.86
|
|
$ 9,295.0
|
|
$
121.34
|
Less: Cost of
sales
|
8,427.4
|
|
103.18
|
|
8,718.6
|
|
113.81
|
Consolidated gross
margin
|
$
218.2
|
|
$
2.68
|
|
$
576.4
|
|
$
7.53
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
218.2
|
|
$
2.68
|
|
$
576.4
|
|
$
7.53
|
|
Add: Logistics
operating expense
|
37.7
|
|
0.46
|
|
37.0
|
|
0.48
|
|
Add: Logistics
depreciation expense
|
9.1
|
|
0.11
|
|
9.0
|
|
0.12
|
|
Less: Logistics gross
margin
|
(93.7)
|
|
(1.16)
|
|
(98.5)
|
|
(1.29)
|
|
Add: Refining operating
expense
|
654.7
|
|
8.02
|
|
749.0
|
|
9.78
|
|
Add: Refining
depreciation expense
|
132.3
|
|
1.62
|
|
132.9
|
|
1.73
|
Gross refining
margin
|
$
958.3
|
|
$
11.73
|
|
$ 1,405.8
|
|
$
18.35
|
Gross refining
margin excluding special items
|
$
958.3
|
|
$
11.73
|
|
$ 1,405.8
|
|
$
18.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
FOOTNOTES TO
EARNINGS RELEASE TABLES
|
|
(1) Adjusted
fully-converted information is presented in this table as
management believes that these Non-GAAP measures, when presented in
conjunction with comparable GAAP measures, are useful to investors
to compare our results across the periods presented and facilitates
an understanding of our operating results. We also use these
measures to evaluate our operating performance. These measures
should not be considered a substitute for, or superior to, measures
of financial performance prepared in accordance with GAAP. The
differences between adjusted fully-converted and GAAP results are
explained in footnotes 2 through 6.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents the
elimination of the noncontrolling interest associated with the
ownership by the members of PBF Energy Company LLC ("PBF LLC")
other than PBF Energy Inc., as if such members had fully exchanged
their PBF LLC Series A Units for shares of PBF Energy Class A
common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Represents an
adjustment to reflect PBF Energy's estimated annualized statutory
corporate tax rate of approximately 26.0% for the 2024 and 2023
periods, applied to net income 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
excluding special items, income from operations excluding special
items, EBITDA excluding special items and gross refining margin
excluding special items. Special items for the periods presented
relate to our share of the SBR LCM inventory reserve, net changes
in fair value of contingent consideration, gain on land sales, and
changes in our gain on the formation of the SBR equity method
investment, all as discussed further below. Additionally, the
cumulative effects of all current and prior period special items on
equity are shown in footnote 13.
Although we believe
that Non-GAAP financial measures excluding the impact of special
items provide useful supplemental information to investors
regarding the results and performance of our business and allow for
useful period-over-period comparisons, such Non-GAAP measures
should only be considered as a supplement to, and not as a
substitute for, or superior to, the financial measures prepared in
accordance with GAAP.
Special
Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBR LCM inventory
adjustment - The lower of cost or market ("LCM") adjustment is
a GAAP requirement related to inventory valuation that mandates
inventory to be stated at the lower of cost or market. During the
three months ended March 31, 2024, SBR recorded an adjustment
to value its inventory to the LCM which increased its income from
operations by $13.2 million. Our Equity loss in investee
includes our 50% share of this adjustment. This LCM adjustment
increased our income from operations and net income by $6.6 million
and $4.9 million, respectively.
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Change in fair value
of contingent consideration, net - During the three months
ended March 31, 2024, we recorded a net change in fair value
of the Martinez Contingent Consideration which increased income
from operations and net income by $3.3 million and $2.4 million,
respectively. During the three months ended March 31, 2023, we
recorded a change in fair value of the Martinez Contingent
Consideration, which increased income from operations and net
income by $16.3 million and $12.1 million,
respectively.
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Loss on formation of
SBR equity method investment - During the three months ended
March 31, 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. There was no such gain or loss during
the three months ended March 31, 2023.
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Gain on land
sales - During the three months ended March 31, 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 gains or losses on land sales during the three months
ended March 31, 2024.
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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 months ended
March 31, 2024 and 2023, respectively. Common stock
equivalents exclude the effects of performance share units and
options and warrants to purchase 29,500 shares of PBF Energy Class
A common stock and PBF LLC Series A units because they are
anti-dilutive for the three months ended March 31, 2023. For
periods showing a net loss, all common stock equivalents and
unvested restricted stock are considered anti-dilutive.
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(7) Earnings before
Interest, Income Taxes, Depreciation and Amortization ("EBITDA")
and Adjusted EBITDA are supplemental measures of performance that
are not required by, or presented in accordance with GAAP. Adjusted
EBITDA is defined as EBITDA before adjustments for items such as
stock-based compensation expense, change in the fair value of
catalyst obligations, our share of the SBR LCM inventory
adjustment, net change in the fair value of contingent
consideration, gain on land sales, loss on the formation of the SBR
equity method investment, and certain other non-cash items. We use
these Non-GAAP financial measures as a supplement to our GAAP
results in order to provide additional metrics on factors and
trends affecting our business. EBITDA and Adjusted EBITDA are
measures of operating performance that are not defined by GAAP and
should not be considered substitutes for net income as determined
in accordance with GAAP. In addition, because EBITDA and Adjusted
EBITDA are not calculated in the same manner by all companies, they
are not necessarily comparable to other similarly titled measures
used by other companies. EBITDA and Adjusted EBITDA have their
limitations as an analytical tool, and you should not consider them
in isolation or as substitutes for analysis of our results as
reported under GAAP.
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(8) We operate in two
reportable segments: Refining and Logistics. Our operations that
are not included in the Refining and Logistics segments are
included in Corporate. As of March 31, 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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March
31,
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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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$
1,248.6
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$
1,245.9
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Total equity
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6,598.2
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6,631.3
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Total
capitalization
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$
7,846.8
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$
7,877.2
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Total debt
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$
1,248.6
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$
1,245.9
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Total equity excluding
special items
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5,523.4
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5,557.4
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Total capitalization
excluding special items
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$
6,772.0
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$
6,803.3
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Total equity
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$
6,598.2
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$
6,631.3
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Special Items
(Note 4)
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Add: LCM inventory
adjustment - SBR
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32.1
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38.7
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Add: Change in fair
value of contingent consideration, net
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(62.1)
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(58.8)
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Add: Gain on land
sales
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(89.5)
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(89.5)
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Add: Gain on formation
of SBR equity method investment
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(916.4)
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(925.1)
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Add: Cumulative
historical equity adjustments (a)
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(404.4)
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(404.4)
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Less: Recomputed
income tax on special items
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365.5
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365.2
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Net impact of
special items
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(1,074.8)
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(1,073.9)
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Total equity excluding
special items
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$
5,523.4
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$
5,557.4
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Total debt
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$
1,248.6
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$
1,245.9
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Less: Cash and cash equivalents
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1,441.5
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1,783.5
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Net Debt
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$
(192.9)
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$
(537.6)
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Total debt to
capitalization ratio
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16 %
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16 %
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Total debt to
capitalization ratio, excluding special items
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18 %
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18 %
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Net debt to
capitalization ratio*
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(3) %
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(9) %
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Net debt to
capitalization ratio, excluding special items*
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(4) %
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(11) %
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*Negative ratio exists
as of March 31, 2024 and December 31, 2023 as cash is in excess of
debt.
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(a) Refer to the
Company's 2023 Annual Report on Form 10-K ("Notes to Non-GAAP
Financial Measures" within Management's Discussion and
Analysis of Financial Condition and Results of
Operations) for a listing of special items included in cumulative
historical equity adjustments prior to 2024.
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SOURCE PBF Energy Inc.