- Fourth quarter loss from operations of $383.2 million (excluding special items, fourth
quarter loss from operations of $427.9
million)
- Full year loss from operations of $699.0
million (excluding special items, full year loss from
operations of $588.0 million)
- Declares quarterly dividend of $0.275 per share
- Returned more than $60 million to
stockholders through dividends and share buybacks in the fourth
quarter and approximately $450
million in the year
PARSIPPANY, N.J., Feb. 13,
2025 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF)
today reported fourth quarter 2024 loss from operations of
$383.2 million as compared to loss
from operations of $47.2 million for
the fourth quarter of 2023. Excluding special items, fourth quarter
2024 loss from operations was $427.9
million as compared to loss from operations of $46.1 million for the fourth quarter of 2023.
The Company reported fourth quarter 2024 net loss of
$292.6 million and net loss
attributable to PBF Energy Inc. of $289.3
million or $(2.54) per share.
This compares to net loss of $48.4
million, and net loss attributable to PBF Energy Inc. of
$48.4 million or $(0.40) per share for the fourth quarter of 2023.
Special items in the fourth quarter 2024 results, which decreased
our loss by a net, after-tax benefit of $33.0 million, or $0.28 per share, primarily consisted of a
lower-of-cost-or-market ("LCM") inventory adjustment and our share
of the St. Bernard Renewables LLC ("SBR") LCM inventory adjustment,
partially offset by a LIFO decrement. Adjusted fully-converted net
loss for the fourth quarter 2024, excluding special items, was
$324.5 million, or $(2.82) per share on a fully-exchanged,
fully-diluted basis, as described below, compared to adjusted
fully-converted net loss of $49.4
million or $(0.41) per share,
for the fourth quarter 2023.
PBF's President and Chief Executive Officer Matthew Lucey said, "Throughout 2024, we
invested significantly in our refineries and our dedicated
employees ensured our assets remained available to supply the
markets with our essential products. We entered the year in strong
financial condition, and the strength of our balance sheet provided
the support to navigate challenging market conditions."
Mr. Lucey stated, "On February 1,
2025, there was a fire at the Martinez refinery as workers
were preparing for planned maintenance. We are grateful to
the first responders, internal and external, that successfully
brought the event under control. We are committed to safe,
responsible and reliable operations and earning the trust of the
communities in which we operate." Mr. Lucey continued, "By
concentrating on safety, reliability and equipment availability, we
will put our refineries in position to more effectively capture
anticipated market opportunities." Mr. Lucey concluded, "Global
refining markets remain structurally tight, and capacity
rationalization and demand growth are expected to exceed new
refinery additions. In this environment, PBF's complex,
predominantly coastal refining system, is well-positioned for the
next cycle."
Loss from operations was $699.0
million for the year ended December 31, 2024 as
compared to income from operations of $2,951.5 million for the year ended
December 31, 2023. Excluding special items, loss from
operations was $588.0 million for the
year ended December 31, 2024 as compared to income from
operations of $2,017.6 million for
the year ended December 31, 2023. Adjusted fully-converted net
loss for the year ended December 31, 2024, excluding special
items, was $456.1 million, or
$(3.89) per share on a
fully-exchanged, fully-diluted basis, as compared to an adjusted
fully-converted net income, excluding special items, of
$1,477.3 million, or $11.32 per share, for the year ended
December 31, 2023.
PBF Energy Inc. Declares Dividend
The Company announced today that it will pay a quarterly
dividend of $0.275 per share of Class
A Common Stock on March 14, 2025, to
shareholders of record at the close of business on February 27, 2025.
Renewable Diesel
SBR averaged approximately 17,000 barrels per day of renewable
diesel production in the fourth quarter. Renewable diesel
production for the first quarter is expected to average
approximately 10,000 to 12,000 barrels per day while the facility
undergoes a catalyst change.
Strategic Update and Outlook
PBF ended 2024 on solid operational footing following the
extensive maintenance and turnaround work completed at our
refineries. However, on February 1,
2025, a fire occurred at our Martinez refinery during
preliminary turnaround activities, which resulted in the temporary
shutdown of refinery operations. We are assessing the extent of the
property damage, recoveries from insurance coverage, and the
overall operational and financial impact of the event. At this
time, the cost of repairs, and the length of the shutdown arising
from the incident cannot be reasonably estimated. As such, our
forward-looking guidance excludes Martinez operations beyond
January 31, 2025. Additionally, the
scope and timing of our planned turnaround at Martinez may be
impacted.
At year-end, we had approximately $536
million of cash and approximately $921 million of net debt. We paid approximately
$119 million in dividends in 2024 and
continued to execute on our share repurchase program, finishing the
year with over $1 billion in total
program-to-date share repurchases, including approximately
$330 million repurchased in 2024. We
believe these measures have generated significant value for our
investors in the near-term and, more importantly, demonstrate our
commitment to fiscal discipline and long-term value creation.
In 2025, PBF is committed to conducting extensive maintenance
and multiple turnarounds across our refining system. In addition to
the planned turnaround at our Martinez refinery that is delayed due
to the fire, our current turnaround schedule for the first half of
2025 is as follows, subject to change:
- East Coast - Delaware City Hydrocracker
- Gulf Coast - FCC HDT, Catalyst Change
Timing and throughput ranges provided reflect current
expectations and are subject to change based on market conditions
and other factors. First quarter throughput expectations are
included in the table below.
|
Expected throughput
ranges (barrels per day)
|
|
First Quarter
2025
|
|
Low
|
High
|
|
East Coast
|
250,000
|
270,000
|
|
Mid-continent
|
135,000
|
145,000
|
|
Gulf Coast
|
155,000
|
165,000
|
|
West Coast
|
200,000
|
210,000
|
|
Guidance constitutes forward-looking information and is based on
current PBF Energy operating plans, Company assumptions and
configuration. The throughput table above excludes Martinez
operations beyond January 31, 2025,
for the West Coast. 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 (Loss), Adjusted Fully-Converted Net
Income (Loss) excluding special items, Adjusted Fully-Converted Net
Income (Loss) per fully-exchanged, fully-diluted share, Income
(Loss) from operations excluding special items, gross refining
margin, gross refining margin excluding special items, gross
refining margin per barrel of throughput, EBITDA (Earnings before
Interest, Income Taxes, Depreciation and Amortization), EBITDA
excluding special items, Adjusted EBITDA, net debt, net debt to
capitalization ratio and net debt to capitalization ratio excluding
special items. PBF believes that Non-GAAP financial measures
provide useful information about its operating performance and
financial results. However, these measures have important
limitations as analytical tools and should not be viewed in
isolation or considered as alternatives for, or superior to,
comparable GAAP financial measures. PBF's Non-GAAP financial
measures may also differ from similarly named measures used by
other companies. See the accompanying tables and footnotes in this
release for additional information on the Non-GAAP measures used in
this release and reconciliations to the most directly comparable
GAAP measures.
Conference Call Information
PBF Energy's senior management will host a conference call and
webcast regarding quarterly results and other business matters on
Thursday, February 13, 2025, 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. 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, adverse outcomes
with respect to regulatory approvals or matters or litigation,
changes in laws or regulations and other events that could
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: 973.455.8981
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(Unaudited, in
millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues
|
|
$ 7,351.3
|
|
$ 9,138.7
|
|
$
33,115.3
|
|
$
38,324.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of products and
other
|
|
6,844.1
|
|
8,247.7
|
|
30,266.7
|
|
32,671.3
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
|
655.8
|
|
671.2
|
|
2,606.2
|
|
2,694.9
|
|
Depreciation and
amortization expense
|
|
159.9
|
|
135.8
|
|
614.6
|
|
560.0
|
|
Cost of
sales
|
|
|
7,659.8
|
|
9,054.7
|
|
33,487.5
|
|
35,926.2
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as reflected below)
|
|
66.8
|
|
105.4
|
|
260.4
|
|
362.5
|
|
Depreciation and
amortization expense
|
|
3.4
|
|
3.5
|
|
13.2
|
|
11.5
|
|
Change in fair value of
contingent consideration, net
|
|
—
|
|
(78.2)
|
|
(3.3)
|
|
(45.8)
|
|
Equity loss in
investee
|
|
4.8
|
|
59.9
|
|
47.4
|
|
45.3
|
|
Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
40.6
|
|
8.7
|
|
(925.1)
|
|
(Gain) loss on sale of
assets
|
|
(0.3)
|
|
—
|
|
0.4
|
|
(1.3)
|
|
Total cost and
expenses
|
|
7,734.5
|
|
9,185.9
|
|
33,814.3
|
|
35,373.3
|
|
Income (loss) from
operations
|
|
(383.2)
|
|
(47.2)
|
|
(699.0)
|
|
2,951.5
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest expense (net
of interest income of $7.7, $21.9, $51.2, and $75.0,
respectively)
|
|
(22.8)
|
|
(8.6)
|
|
(72.0)
|
|
(63.8)
|
|
Change in Tax
Receivable Agreement liability
|
|
—
|
|
2.0
|
|
—
|
|
2.0
|
|
Change in fair value of
catalyst obligations
|
|
—
|
|
—
|
|
—
|
|
1.1
|
|
Loss on extinguishment
of debt
|
|
—
|
|
—
|
|
—
|
|
(5.7)
|
|
Other non-service
components of net periodic benefit cost
|
|
0.7
|
|
0.2
|
|
2.4
|
|
0.7
|
|
Income (loss) before
income taxes
|
|
(405.3)
|
|
(53.6)
|
|
(768.6)
|
|
2,885.8
|
|
Income tax (benefit)
expense
|
|
(112.7)
|
|
(5.2)
|
|
(228.4)
|
|
723.8
|
|
Net income
(loss)
|
|
(292.6)
|
|
(48.4)
|
|
(540.2)
|
|
2,162.0
|
|
Less: net income (loss)
attributable to noncontrolling interests
|
|
(3.3)
|
|
—
|
|
(6.4)
|
|
21.5
|
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
(289.3)
|
|
$
(48.4)
|
|
$
(533.8)
|
|
$ 2,140.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to Class A common stock per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(2.54)
|
|
$
(0.40)
|
|
$
(4.59)
|
|
$
17.13
|
|
|
Diluted
|
|
$
(2.54)
|
|
$
(0.40)
|
|
$
(4.60)
|
|
$
16.52
|
|
|
Weighted-average shares
outstanding-basic
|
|
114,087,570
|
|
120,999,329
|
|
116,248,827
|
|
124,953,858
|
|
|
Weighted-average shares
outstanding-diluted
|
|
114,950,350
|
|
121,866,353
|
|
117,111,607
|
|
130,509,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
|
$
0.275
|
|
$
0.25
|
|
$
1.025
|
|
$
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$
(291.5)
|
|
$
(48.7)
|
|
$
(538.3)
|
|
$ 2,155.7
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted share
|
|
$
(2.54)
|
|
$
(0.40)
|
|
$
(4.60)
|
|
$
16.52
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
|
114,950,350
|
|
121,866,353
|
|
117,111,607
|
|
130,509,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF
AMOUNTS REPORTED UNDER U.S. GAAP (Note 7)
|
|
(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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
(289.3)
|
|
$
(48.4)
|
|
$
(533.8)
|
|
$
2,140.5
|
|
|
Less: Income allocated
to participating securities
|
|
0.1
|
|
—
|
|
0.1
|
|
—
|
|
Income (loss)
available to PBF Energy Inc. stockholders - basic
|
|
(289.4)
|
|
(48.4)
|
|
(533.9)
|
|
2,140.5
|
|
|
Add: Net income (loss)
attributable to noncontrolling interest (Note 2)
|
|
(3.0)
|
|
(0.5)
|
|
(6.0)
|
|
20.5
|
|
|
Less: Income tax
benefit (expense) (Note 3)
|
|
0.9
|
|
0.2
|
|
1.6
|
|
(5.3)
|
|
Adjusted
fully-converted net income (loss)
|
|
$
(291.5)
|
|
$
(48.7)
|
|
$
(538.3)
|
|
$
2,155.7
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment
|
|
(154.5)
|
|
—
|
|
—
|
|
—
|
|
|
Add: LCM inventory
adjustment - SBR
|
|
(14.7)
|
|
38.7
|
|
(18.9)
|
|
38.7
|
|
|
Add: LIFO inventory
decrement
|
|
124.5
|
|
—
|
|
124.5
|
|
—
|
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(78.2)
|
|
(3.3)
|
|
(45.8)
|
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
40.6
|
|
8.7
|
|
(925.1)
|
|
|
Add: Loss on
extinguishment of debt and termination of Inventory Intermediation
Agreement
|
|
—
|
|
—
|
|
—
|
|
19.2
|
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
—
|
|
(2.0)
|
|
—
|
|
(2.0)
|
|
|
Less: Recomputed income
tax on special items (Note 3)
|
|
11.7
|
|
0.2
|
|
(28.8)
|
|
238.3
|
|
Adjusted
fully-converted net income (loss) excluding special
items
|
|
$
(324.5)
|
|
$
(49.4)
|
|
$
(456.1)
|
|
$
1,477.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding of PBF Energy Inc.
|
|
114,087,570
|
|
120,999,329
|
|
116,248,827
|
|
124,953,858
|
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
862,780
|
|
867,024
|
|
862,780
|
|
899,519
|
|
Common stock
equivalents (Note 6)
|
|
—
|
|
—
|
|
—
|
|
4,656,071
|
|
Fully-converted
shares outstanding - diluted
|
|
114,950,350
|
|
121,866,353
|
|
117,111,607
|
|
130,509,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted shares outstanding (Note 6)
|
|
$
(2.54)
|
|
$
(0.40)
|
|
$
(4.60)
|
|
$
16.52
|
|
|
Adjusted
fully-converted net income (loss) excluding special items per fully
exchanged, fully diluted shares outstanding (Note 4,
6)
|
|
$
(2.82)
|
|
$
(0.41)
|
|
$
(3.89)
|
|
$
11.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS
EXCLUDING SPECIAL ITEMS
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Income (loss) from
operations
|
|
$
(383.2)
|
|
$
(47.2)
|
|
$
(699.0)
|
|
$
2,951.5
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment
|
|
(154.5)
|
|
—
|
|
—
|
|
—
|
|
|
Add: LCM inventory
adjustment - SBR
|
|
(14.7)
|
|
38.7
|
|
(18.9)
|
|
38.7
|
|
|
Add: LIFO inventory
decrement
|
|
124.5
|
|
—
|
|
124.5
|
|
—
|
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(78.2)
|
|
(3.3)
|
|
(45.8)
|
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
40.6
|
|
8.7
|
|
(925.1)
|
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Income (loss) from
operations excluding special items
|
|
$
(427.9)
|
|
$
(46.1)
|
|
$
(588.0)
|
|
$
2,017.6
|
|
|
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
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL
ITEMS
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
(loss)
|
|
$
(292.6)
|
|
$
(48.4)
|
|
$
(540.2)
|
|
$
2,162.0
|
|
Add: Depreciation and
amortization expense
|
|
163.3
|
|
139.3
|
|
627.8
|
|
571.5
|
|
Add: Interest expense,
net
|
|
22.8
|
|
8.6
|
|
72.0
|
|
63.8
|
|
Add: Income tax
(benefit) expense
|
|
(112.7)
|
|
(5.2)
|
|
(228.4)
|
|
723.8
|
|
EBITDA
|
|
|
$
(219.2)
|
|
$
94.3
|
|
$
(68.8)
|
|
$
3,521.1
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment
|
|
(154.5)
|
|
—
|
|
—
|
|
—
|
|
Add: LCM inventory
adjustment - SBR
|
|
(14.7)
|
|
38.7
|
|
(18.9)
|
|
38.7
|
|
Add: LIFO inventory
decrement
|
|
124.5
|
|
—
|
|
124.5
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(78.2)
|
|
(3.3)
|
|
(45.8)
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
40.6
|
|
8.7
|
|
(925.1)
|
|
Add: Loss on
extinguishment of debt
|
|
—
|
|
—
|
|
—
|
|
5.7
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
—
|
|
(2.0)
|
|
—
|
|
(2.0)
|
|
EBITDA excluding
special items
|
|
$
(263.9)
|
|
$
93.4
|
|
$
42.2
|
|
$
2,590.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
RECONCILIATION OF
EBITDA TO ADJUSTED EBITDA
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
EBITDA
|
|
$
(219.2)
|
|
$
94.3
|
|
$
(68.8)
|
|
$
3,521.1
|
|
Add: Stock-based
compensation
|
|
14.2
|
|
23.8
|
|
44.3
|
|
51.5
|
|
Add: Change in fair
value of catalyst obligations
|
|
—
|
|
—
|
|
—
|
|
(1.1)
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment
|
|
(154.5)
|
|
—
|
|
—
|
|
—
|
|
Add: LCM inventory
adjustment - SBR
|
|
(14.7)
|
|
38.7
|
|
(18.9)
|
|
38.7
|
|
Add: LIFO inventory
decrement
|
|
124.5
|
|
—
|
|
124.5
|
|
—
|
|
Add: Change in fair
value of contingent consideration, net
|
|
—
|
|
(78.2)
|
|
(3.3)
|
|
(45.8)
|
|
Add: Loss (gain) on
formation of SBR equity method investment
|
|
—
|
|
40.6
|
|
8.7
|
|
(925.1)
|
|
Add: Loss on
extinguishment of debt
|
|
—
|
|
—
|
|
—
|
|
5.7
|
|
Add: Gain on land
sales
|
|
—
|
|
—
|
|
—
|
|
(1.7)
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
—
|
|
(2.0)
|
|
—
|
|
(2.0)
|
|
Adjusted
EBITDA
|
|
|
$
(249.7)
|
|
$
117.2
|
|
$
86.5
|
|
$
2,641.3
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
CONSOLIDATED BALANCE
SHEET DATA
|
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2024
|
|
2023
|
|
Balance Sheet
Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
536.1
|
|
$
1,783.5
|
|
Inventories
|
2,595.3
|
|
3,183.1
|
|
Total assets
|
12,703.2
|
|
14,387.8
|
|
Total debt
|
1,457.3
|
|
1,245.9
|
|
Total equity
|
5,678.6
|
|
6,631.3
|
|
Total equity excluding
special items (Note 4, 13)
|
4,686.8
|
|
5,557.4
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
20 %
|
|
16 %
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
24 %
|
|
18 %
|
|
Net debt to
capitalization ratio* (Note 13)
|
14 %
|
|
(9) %
|
|
Net debt to
capitalization ratio, excluding special items* (Note 13)
|
16 %
|
|
(11) %
|
|
* Negative ratio exists
at December 31, 2023, as cash was in excess of debt.
|
|
|
|
|
|
|
|
|
|
SUMMARIZED STATEMENT
OF CASH FLOW DATA
|
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
|
|
2024
|
|
2023
|
|
Cash flows provided by
operations
|
$
43.4
|
|
$
1,338.5
|
|
Cash flows used in
investing activities
|
(1,041.5)
|
|
(338.6)
|
|
Cash flows used in
financing activities
|
(249.3)
|
|
(1,420.0)
|
|
Net change in cash and
cash equivalents
|
(1,247.4)
|
|
(420.1)
|
|
Cash and cash
equivalents, beginning of period
|
1,783.5
|
|
2,203.6
|
|
Cash and cash
equivalents, end of period
|
$
536.1
|
|
$
1,783.5
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
CONSOLIDATING
FINANCIAL INFORMATION (Note 8)
|
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$
7,342.1
|
|
$
97.6
|
|
$
—
|
|
$
(88.4)
|
|
$
7,351.3
|
|
Cost of products and
other
|
6,923.6
|
|
4.5
|
|
—
|
|
(84.0)
|
|
6,844.1
|
|
Operating
expenses
|
629.8
|
|
30.4
|
|
—
|
|
(4.4)
|
|
655.8
|
|
Depreciation and
amortization expense
|
150.8
|
|
9.1
|
|
3.4
|
|
—
|
|
163.3
|
|
Other segment
expenses, net (1)
(2)
|
—
|
|
1.9
|
|
69.4
|
|
—
|
|
71.3
|
|
Income (loss) from
operations (2)
|
(362.0)
|
|
51.7
|
|
(72.9)
|
|
—
|
|
(383.2)
|
|
Interest (income)
expense, net
|
(4.1)
|
|
(0.4)
|
|
27.3
|
|
—
|
|
22.8
|
|
Capital expenditures
(3)
|
230.5
|
|
3.9
|
|
3.0
|
|
—
|
|
237.4
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$
9,129.3
|
|
$
96.8
|
|
$
—
|
|
$
(87.4)
|
|
$
9,138.7
|
|
Cost of products and
other
|
8,330.7
|
|
—
|
|
—
|
|
(83.0)
|
|
8,247.7
|
|
Operating
expenses
|
645.1
|
|
30.5
|
|
—
|
|
(4.4)
|
|
671.2
|
|
Depreciation and
amortization expense
|
126.8
|
|
9.0
|
|
3.5
|
|
—
|
|
139.3
|
|
Other segment
expenses, net (1)
(2)
|
—
|
|
2.5
|
|
125.2
|
|
—
|
|
127.7
|
|
Income (loss) from
operations (2)
|
26.6
|
|
54.9
|
|
(128.7)
|
|
—
|
|
(47.2)
|
|
Interest (income)
expense, net
|
(3.9)
|
|
(0.6)
|
|
13.1
|
|
—
|
|
8.6
|
|
Capital expenditures
(3)
|
227.9
|
|
3.4
|
|
2.0
|
|
—
|
|
233.3
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 33,077.9
|
|
$
386.8
|
|
$
—
|
|
$
(349.4)
|
|
$ 33,115.3
|
|
Cost of products and
other
|
30,590.4
|
|
8.3
|
|
—
|
|
(332.0)
|
|
30,266.7
|
|
Operating
expenses
|
2,487.8
|
|
135.8
|
|
—
|
|
(17.4)
|
|
2,606.2
|
|
Depreciation and
amortization expense
|
578.4
|
|
36.2
|
|
13.2
|
|
—
|
|
627.8
|
|
Other segment
expenses, net (1)
(2)
|
0.9
|
|
7.3
|
|
305.4
|
|
—
|
|
313.6
|
|
Income (loss) from
operations (2)
|
(579.5)
|
|
199.1
|
|
(318.6)
|
|
—
|
|
(699.0)
|
|
Interest (income)
expense, net
|
(14.1)
|
|
(1.9)
|
|
88.0
|
|
—
|
|
72.0
|
|
Capital expenditures
(3)
|
994.8
|
|
6.5
|
|
7.0
|
|
—
|
|
1,008.3
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 38,288.5
|
|
$
384.1
|
|
$
—
|
|
$
(347.8)
|
|
$ 38,324.8
|
|
Cost of products and
other
|
33,000.8
|
|
—
|
|
—
|
|
(329.5)
|
|
32,671.3
|
|
Operating
expenses
|
2,581.3
|
|
131.9
|
|
—
|
|
(18.3)
|
|
2,694.9
|
|
Depreciation and
amortization expense
|
523.9
|
|
36.1
|
|
11.5
|
|
—
|
|
571.5
|
|
Other segment
(income) expenses, net (1)
(2)
|
(1.1)
|
|
10.0
|
|
(573.3)
|
|
—
|
|
(564.4)
|
|
Income from
operations (2)
|
2,183.6
|
|
206.1
|
|
561.8
|
|
—
|
|
2,951.5
|
|
Interest (income)
expense, net
|
(4.8)
|
|
2.3
|
|
66.3
|
|
—
|
|
63.8
|
|
Capital expenditures
(3)
|
1,152.9
|
|
11.9
|
|
8.8
|
|
—
|
|
1,173.6
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2024
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Total Assets
(4)
|
$ 10,945.5
|
|
$
781.9
|
|
$
1,015.4
|
|
$
(39.6)
|
|
$ 12,703.2
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Total Assets
(4)
|
$ 12,590.6
|
|
$
816.8
|
|
$
1,024.1
|
|
$
(43.7)
|
|
$ 14,387.8
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other segment
(income) expenses, net include General and administrative expenses
(excluding depreciation and amortization expense), Change in fair
value of contingent consideration, net, Equity loss in investee,
Loss (gain) on formation of SBR equity method investment, and Loss
(gain) on sale of assets.
|
|
(2) Income (loss) from
operations within Corporate for the year ended December 31,
2024, includes a $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 months and year ended
December 31, 2023 includes a loss of $40.6 million and a gain of
$925.1 million, respectively, associated with the formation of the
SBR equity method investment.
|
|
(3) For the year ended
December 31, 2024, the Company's refining segment includes
$5.6 million of capital expenditures related to the
construction of the biorefinery co-located with the Chalmette
refinery in Louisiana (the "Renewable Diesel Facility"). For the
three months ended and year ended December 31, 2023, the Company's
refining segment includes $12.4 million and $312.7 million,
respectively, of capital expenditures related to the construction
of the Renewable Diesel Facility.
|
|
(4) As of
December 31, 2024 and December 31, 2023, Corporate assets
include the Company's Equity method investment in SBR of
$866.8 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
|
|
Year
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Market Indicators
(dollars per barrel) (Note 9)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Dated Brent crude
oil
|
$ 74.80
|
|
$ 84.24
|
|
$ 80.72
|
|
$ 82.64
|
|
West Texas Intermediate
(WTI) crude oil
|
$ 70.42
|
|
$ 78.60
|
|
$ 75.87
|
|
$ 77.67
|
|
Light Louisiana Sweet
(LLS) crude oil
|
$ 72.60
|
|
$ 81.13
|
|
$ 78.33
|
|
$ 80.14
|
|
Alaska North Slope
(ANS) crude oil
|
$ 74.28
|
|
$ 84.23
|
|
$ 80.24
|
|
$ 82.36
|
|
Crack
Spreads:
|
|
|
|
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$ 14.32
|
|
$ 22.98
|
|
$ 18.24
|
|
$ 29.67
|
|
WTI (Chicago)
4-3-1
|
$ 11.01
|
|
$ 11.83
|
|
$ 16.27
|
|
$ 23.71
|
|
LLS (Gulf Coast)
2-1-1
|
$ 14.07
|
|
$ 19.82
|
|
$ 18.21
|
|
$ 29.13
|
|
ANS (West Coast-LA)
4-3-1
|
$ 17.90
|
|
$ 25.13
|
|
$ 23.36
|
|
$ 36.88
|
|
ANS (West Coast-SF)
3-2-1
|
$ 17.81
|
|
$ 25.96
|
|
$ 24.62
|
|
$ 36.89
|
|
Crude Oil
Differentials:
|
|
|
|
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$ 4.38
|
|
$
5.64
|
|
$
4.84
|
|
$
4.97
|
|
Dated Brent less Maya
(heavy, sour)
|
$ 12.66
|
|
$ 12.11
|
|
$ 12.31
|
|
$ 13.71
|
|
Dated Brent less WTS
(sour)
|
$ 4.72
|
|
$
5.79
|
|
$
4.85
|
|
$
4.99
|
|
Dated Brent less ASCI
(sour)
|
$ 4.93
|
|
$
6.11
|
|
$
5.23
|
|
$
5.73
|
|
WTI less WCS (heavy,
sour)
|
$ 12.92
|
|
$ 23.54
|
|
$ 14.82
|
|
$ 18.32
|
|
WTI less Bakken (light,
sweet)
|
$ 1.17
|
|
$
1.48
|
|
$
1.39
|
|
$
(1.28)
|
|
WTI less Syncrude
(light, sweet)
|
$ 1.08
|
|
$
4.87
|
|
$
0.75
|
|
$
(0.91)
|
|
WTI less LLS (light,
sweet)
|
$
(2.18)
|
|
$
(2.53)
|
|
$
(2.45)
|
|
$
(2.48)
|
|
WTI less ANS (light,
sweet)
|
$
(3.86)
|
|
$
(5.63)
|
|
$
(4.36)
|
|
$
(4.70)
|
|
Effective RIN basket
price
|
$ 4.05
|
|
$
4.78
|
|
$
3.75
|
|
$
7.02
|
|
Natural gas (dollars
per MMBTU)
|
$ 2.98
|
|
$
2.92
|
|
$
2.41
|
|
$
2.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating
Information
|
|
|
|
|
|
|
|
|
Production (barrels per
day ("bpd") in thousands)
|
871.1
|
|
884.9
|
|
913.1
|
|
918.3
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
862.0
|
|
878.2
|
|
904.0
|
|
909.4
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
79.3
|
|
80.8
|
|
330.9
|
|
329.0
|
|
Consolidated gross
margin per barrel of throughput
|
$
(3.89)
|
|
$
1.04
|
|
$
(1.13)
|
|
$
7.29
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 4.89
|
|
$
9.88
|
|
$
7.89
|
|
$ 16.07
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 7.94
|
|
$
7.98
|
|
$
7.52
|
|
$
7.85
|
|
Crude and feedstocks (%
of total throughput) (Note 12)
|
|
|
|
|
|
|
|
|
Heavy
|
33 %
|
|
25 %
|
|
31 %
|
|
27 %
|
|
Medium
|
35 %
|
|
39 %
|
|
38 %
|
|
35 %
|
|
Light
|
19 %
|
|
18 %
|
|
17 %
|
|
20 %
|
|
Other feedstocks and
blends
|
13 %
|
|
18 %
|
|
14 %
|
|
18 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput)
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
46 %
|
|
46 %
|
|
47 %
|
|
47 %
|
|
Distillate and
distillate blendstocks
|
36 %
|
|
34 %
|
|
34 %
|
|
34 %
|
|
Lubes
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Chemicals
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
17 %
|
|
19 %
|
|
18 %
|
|
18 %
|
|
|
Total yield
|
101 %
|
|
101 %
|
|
101 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
SUPPLEMENTAL
OPERATING INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental
Operating Information - East Coast Refining System (Delaware City
and Paulsboro)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
280.2
|
|
325.7
|
|
301.7
|
|
324.0
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
281.4
|
|
329.2
|
|
305.2
|
|
327.6
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
25.9
|
|
30.3
|
|
111.7
|
|
116.7
|
|
Gross margin per barrel
of throughput
|
$ 2.28
|
|
$ 4.63
|
|
$
(3.18)
|
|
$ 6.73
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 4.42
|
|
$
11.29
|
|
$ 4.74
|
|
$
13.82
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 6.31
|
|
$ 5.35
|
|
$ 5.66
|
|
$ 5.69
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
28 %
|
|
22 %
|
|
25 %
|
|
16 %
|
|
Medium
|
40 %
|
|
42 %
|
|
42 %
|
|
42 %
|
|
Light
|
14 %
|
|
12 %
|
|
14 %
|
|
17 %
|
|
Other feedstocks and
blends
|
18 %
|
|
24 %
|
|
19 %
|
|
25 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
38 %
|
|
40 %
|
|
35 %
|
|
39 %
|
|
Distillates and
distillate blendstocks
|
38 %
|
|
35 %
|
|
36 %
|
|
35 %
|
|
Lubes
|
2 %
|
|
2 %
|
|
2 %
|
|
2 %
|
|
Chemicals
|
2 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
20 %
|
|
21 %
|
|
25 %
|
|
22 %
|
|
|
Total yield
|
100 %
|
|
99 %
|
|
99 %
|
|
99 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - Mid-Continent (Toledo)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
153.7
|
|
143.0
|
|
143.3
|
|
138.6
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
150.6
|
|
140.4
|
|
140.7
|
|
136.4
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
13.8
|
|
13.0
|
|
51.5
|
|
49.8
|
|
Gross margin per barrel
of throughput
|
$ 5.82
|
|
$
(1.08)
|
|
$ 2.28
|
|
$ 3.82
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 5.85
|
|
$ 6.94
|
|
$
10.33
|
|
$
12.47
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 6.16
|
|
$ 6.48
|
|
$ 6.10
|
|
$ 7.01
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Medium
|
38 %
|
|
42 %
|
|
38 %
|
|
39 %
|
|
Light
|
58 %
|
|
54 %
|
|
59 %
|
|
59 %
|
|
Other feedstocks and
blends
|
4 %
|
|
4 %
|
|
3 %
|
|
2 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
52 %
|
|
52 %
|
|
54 %
|
|
50 %
|
|
Distillate and
distillate blendstocks
|
41 %
|
|
40 %
|
|
37 %
|
|
37 %
|
|
Chemicals
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
Other
|
5 %
|
|
6 %
|
|
7 %
|
|
11 %
|
|
|
Total yield
|
102 %
|
|
102 %
|
|
102 %
|
|
102 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE
TABLES
|
|
SUPPLEMENTAL
OPERATING INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental
Operating Information - Gulf Coast (Chalmette)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
146.8
|
|
175.8
|
|
162.8
|
|
175.9
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
148.4
|
|
174.0
|
|
162.2
|
|
174.2
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
13.7
|
|
15.9
|
|
59.4
|
|
63.5
|
|
Gross margin per barrel
of throughput
|
$
(7.44)
|
|
$
4.72
|
|
$
0.34
|
|
$
8.95
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$
2.87
|
|
$ 10.89
|
|
$
7.83
|
|
$ 15.36
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$
6.54
|
|
$
5.31
|
|
$
6.00
|
|
$
5.52
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
14 %
|
|
9 %
|
|
14 %
|
|
15 %
|
|
Medium
|
47 %
|
|
46 %
|
|
50 %
|
|
39 %
|
|
Light
|
25 %
|
|
21 %
|
|
19 %
|
|
26 %
|
|
Other feedstocks and
blends
|
14 %
|
|
24 %
|
|
17 %
|
|
20 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
34 %
|
|
50 %
|
|
42 %
|
|
47 %
|
|
Distillate and
distillate blendstocks
|
35 %
|
|
32 %
|
|
35 %
|
|
34 %
|
|
Chemicals
|
2 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
Other
|
28 %
|
|
18 %
|
|
22 %
|
|
19 %
|
|
|
Total yield
|
99 %
|
|
101 %
|
|
100 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - West Coast (Torrance and
Martinez)
|
|
|
|
|
|
|
|
|
Production (bpd in
thousands)
|
290.4
|
|
240.4
|
|
305.3
|
|
279.8
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
281.6
|
|
234.6
|
|
295.9
|
|
271.2
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
25.9
|
|
21.6
|
|
108.3
|
|
99.0
|
|
Gross margin per barrel
of throughput
|
$
(15.44)
|
|
$
(8.12)
|
|
$
(3.33)
|
|
$
6.45
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$
5.94
|
|
$
8.93
|
|
$ 10.02
|
|
$ 20.99
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 11.26
|
|
$ 14.56
|
|
$ 10.95
|
|
$ 12.30
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
|
|
|
Heavy
|
66 %
|
|
55 %
|
|
61 %
|
|
60 %
|
|
Medium
|
21 %
|
|
29 %
|
|
26 %
|
|
22 %
|
|
Light
|
— %
|
|
1 %
|
|
— %
|
|
1 %
|
|
Other feedstocks and
blends
|
13 %
|
|
15 %
|
|
13 %
|
|
17 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
59 %
|
|
47 %
|
|
59 %
|
|
56 %
|
|
Distillate and
distillate blendstocks
|
30 %
|
|
31 %
|
|
29 %
|
|
30 %
|
|
Other
|
14 %
|
|
24 %
|
|
15 %
|
|
17 %
|
|
|
Total yield
|
103 %
|
|
102 %
|
|
103 %
|
|
103 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF
AMOUNTS REPORTED UNDER U.S. GAAP
|
|
GROSS REFINING
MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note
10)
|
|
(Unaudited, in
millions, except per barrel amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
December 31,
2024
|
|
December 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
|
$
7,351.3
|
|
$
92.70
|
|
$
9,138.7
|
|
$
113.14
|
|
Less: Cost of
sales
|
7,659.8
|
|
96.59
|
|
9,054.7
|
|
112.10
|
|
Consolidated gross
margin
|
$
(308.5)
|
|
$
(3.89)
|
|
$
84.0
|
|
$
1.04
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
(308.5)
|
|
$
(3.89)
|
|
$
84.0
|
|
$
1.04
|
|
Add: Logistics
operating expense
|
30.5
|
|
0.38
|
|
30.5
|
|
0.38
|
|
Add: Logistics
depreciation expense
|
9.1
|
|
0.11
|
|
9.0
|
|
0.11
|
|
Less: Logistics gross
margin
|
(93.1)
|
|
(1.17)
|
|
(96.8)
|
|
(1.20)
|
|
Add: Refining
operating expense
|
629.8
|
|
7.94
|
|
645.1
|
|
7.98
|
|
Add: Refining
depreciation expense
|
150.8
|
|
1.90
|
|
126.8
|
|
1.57
|
|
Gross refining
margin
|
$
418.6
|
|
$
5.27
|
|
$
798.6
|
|
$
9.88
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: LCM inventory
adjustment
|
(154.5)
|
|
(1.95)
|
|
—
|
|
—
|
|
Add: LIFO inventory
decrement
|
124.5
|
|
1.57
|
|
—
|
|
—
|
|
Gross refining
margin excluding special items
|
$
388.6
|
|
$
4.89
|
|
$
798.6
|
|
$
9.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
|
December 31,
2024
|
|
December 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
|
$ 33,115.3
|
|
$
100.08
|
|
$ 38,324.8
|
|
$
116.48
|
|
Less: Cost of
sales
|
33,487.5
|
|
101.21
|
|
35,926.2
|
|
109.19
|
|
Consolidated gross
margin
|
$
(372.2)
|
|
$
(1.13)
|
|
$
2,398.6
|
|
$
7.29
|
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
(372.2)
|
|
$
(1.13)
|
|
$
2,398.6
|
|
$
7.29
|
|
Add: Logistics
operating expense
|
135.9
|
|
0.41
|
|
131.9
|
|
0.40
|
|
Add: Logistics
depreciation expense
|
36.2
|
|
0.11
|
|
36.1
|
|
0.11
|
|
Less: Logistics gross
margin
|
(378.5)
|
|
(1.15)
|
|
(384.1)
|
|
(1.17)
|
|
Add: Refining
operating expense
|
2,487.8
|
|
7.52
|
|
2,581.3
|
|
7.85
|
|
Add: Refining
depreciation expense
|
578.4
|
|
1.75
|
|
523.9
|
|
1.59
|
|
Gross refining
margin
|
$
2,487.6
|
|
$
7.51
|
|
$
5,287.7
|
|
$
16.07
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: LIFO inventory
decrement
|
124.5
|
|
0.38
|
|
—
|
|
—
|
|
Gross refining
margin excluding special items
|
$
2,612.1
|
|
$
7.89
|
|
$
5,287.7
|
|
$
16.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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, a LIFO
inventory decrement, 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 costs associated with the early
termination of the Inventory Intermediation Agreement, gain
on land sale, and changes in the Tax Receivable Agreement
liability, 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 the three months ended
December 31, 2024, we recorded an adjustment to
the LCM which increased income from operations and net
income by $154.5 million and $114.3 million, respectively,
reflecting a decrease 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 years ended
December 31, 2024 and December 31,
2023, SBR recorded adjustments to the LCM which
increased and decreased its income from operations by
$37.7 million and $77.4 million, respectively. Our Equity
loss in investee includes our 50% share of these
adjustments. During the three months and year ended
December 31, 2024 these LCM adjustments increased
our income from operations by $14.7 million and
$18.9 million, respectively ($10.9 million and
$14.0 million, respectively, net of tax). During both the
three months and year ended December 31, 2023,
this LCM write-down decreased PBF Energy's
income from operations and net income by $38.7 million and $28.6
million, respectively.
|
|
|
LIFO inventory
decrement - The Company recorded a pre-tax charge to cost of
products and other related to a LIFO inventory layer decrement. The
majority of the decrement related to our East Coast and Gulf Coast
LIFO inventory layers. These charges decreased income from
operations and net income by $124.5 million and $92.1 million,
respectively, for both the three months ended and year ended
December 31, 2024. Decrements recorded in the years ended December
31, 2023 and December 31, 2022 were de minimis.
|
|
|
Change in fair value
of contingent consideration, net - During the year ended
December 31, 2024, we recorded a net change in fair value of
contingent consideration related to the earn-out liability
associated with the acquisition of the Martinez refinery (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 and year ended
December 31, 2023, we recorded net changes in fair value of
the Martinez Contingent Consideration, which increased income from
operations by $78.2 million and $45.8 million, respectively ($57.9
million and $33.9 million, net of tax).
|
|
|
Loss (gain) on
formation of SBR equity method investment - During the year
ended December 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. During the three months
ended December 31, 2023, we recorded a decrease to the gain
associated with the formation of the SBR equity method investment,
which decreased income from operations and net income by $40.6
million and $30.0 million, respectively. During the year ended
December 31, 2023, we recorded a net gain resulting from the
difference between the carrying value and the fair value of the
assets associated with the business contributed to SBR, which
increased income from operations and net income by $925.1 million
and $684.6 million, respectively.
|
|
|
Loss on
extinguishment of debt and termination of Inventory Intermediation
Agreement - During the year ended December 31, 2023, we
recorded a pre-tax loss on extinguishment of debt related to the
redemption of our 7.25% senior unsecured notes due 2025 (the "2025
Senior Notes") 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.
|
|
|
During the year ended
December 31, 2023, in conjunction with the early termination of the
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 are included within Interest expense, net, in our
Consolidated Statement of Operations.
|
|
|
Gain on land
sales - During the year ended December 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 such gains in
all other periods presented.
|
|
|
Change in Tax
Receivable Agreement liability - During the year ended
December 31, 2024, there was no change in the Tax Receivable
Agreement liability. During the three months and year ended
December 31, 2023, we recorded a change in the Tax Receivable
Agreement liability that increased income before income taxes and
net income by $2.0 million and $1.5 million, respectively. The
changes in the Tax Receivable Agreement liability reflect charges
or benefits attributable to changes in PBF Energy's obligation
under the Tax Receivable Agreement, inclusive of factors out of our
control such as changes in tax rates, as well as periodic
adjustments to our liability based, in part, on an updated estimate
of the amounts that we expect to pay, using assumptions consistent
with those used in our concurrent estimate of the deferred tax
asset valuation allowance.
|
|
|
Recomputed income
tax on special items - The income tax impact on special items
was calculated using the tax rates shown in footnote 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 above.
|
|
|
(6) Represents
weighted-average diluted shares outstanding assuming the conversion
of all common stock equivalents, including options and warrants for
PBF LLC Series A Units and performance share units and options for
shares of PBF Energy Class A common stock as calculated under the
treasury stock method (to the extent the impact of such exchange
would not be anti-dilutive) for the three months and years ended
December 31, 2024 and 2023, respectively. Common stock
equivalents exclude the effects of performance share units and
options and warrants to purchase 5,880,949 and 4,413,417 shares of
PBF Energy Class A common stock and PBF LLC Series A Units
because they are anti-dilutive for the three months and year ended
December 31, 2024, respectively. Common stock equivalents
exclude the effects of performance share units and options and
warrants to purchase 5,526,057 and 18,431 shares of PBF Energy
Class A common stock and PBF LLC Series A Units because they
are anti-dilutive for the three months and year ended
December 31, 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, LCM inventory adjustment,
our share of the SBR LCM inventory adjustment, net change in the
fair value of contingent consideration, changes in the gain on the
formation of the SBR equity method investment, loss on
extinguishment of debt, gain on land sale, changes in the Tax
Receivable Agreement liability due to factors out of our control
such as changes in tax rates, and certain other non-cash items. We
use these Non-GAAP financial measures as a supplement to our GAAP
results in order to provide additional metrics on factors and
trends affecting our business. EBITDA and Adjusted EBITDA are
measures of operating performance that are not defined by GAAP and
should not be considered substitutes for net income as determined
in accordance with GAAP. In addition, because EBITDA and Adjusted
EBITDA are not calculated in the same manner by all companies, they
are not necessarily comparable to other similarly titled measures
used by other companies. EBITDA and Adjusted EBITDA have their
limitations as an analytical tool, and you should not consider them
in isolation or as substitutes for analysis of our results as
reported under GAAP.
|
|
|
(8) We operate in two
reportable segments: Refining and Logistics. Our operations that
are not included in the Refining and Logistics segments are
included in Corporate. As of December 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.
|
|
|
(9) 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 refinery operating expenses,
depreciation and amortization and gross margin of PBFX. Gross
refining margin per barrel is gross refining margin, divided by
total crude and feedstocks throughput. We believe they are
important measures of operating performance and provide useful
information to investors because gross refining margin per barrel
is a helpful metric comparison to the industry refining margin
benchmarks shown in the Market Indicators Tables, as the industry
benchmarks do not include a charge for refinery operating expenses
and depreciation. Other companies in our industry may not calculate
gross refining margin and gross refining margin per barrel in the
same manner. Gross refining margin and gross refining margin per
barrel of throughput have their limitations as an analytical tool,
and you should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP.
|
|
|
(11) Represents
refinery operating expenses, including corporate-owned logistics
assets, excluding depreciation and amortization, divided by total
crude oil and feedstocks throughput.
|
|
|
(12) We define heavy
crude oil as crude oil with American Petroleum Institute (API)
gravity less than 24 degrees. We define medium crude oil as crude
oil with API gravity between 24 and 35 degrees. We define light
crude oil as crude oil with API gravity higher than 35
degrees.
|
|
|
(13) The total debt to
capitalization ratio is calculated by dividing total debt by the
sum of total debt and total equity. This ratio is a measurement
that management believes is useful to investors in analyzing our
leverage. Net debt and the net debt to capitalization ratio are
Non-GAAP measures. Net debt is calculated by subtracting cash and
cash equivalents from total debt. We believe these measurements are
also useful to investors since we have the ability to and may
decide to use a portion of our cash and cash equivalents to retire
or pay down our debt. Additionally, we have also presented the
total debt to capitalization and net debt to capitalization ratios
excluding the cumulative effects of special items on
equity.
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2024
|
|
2023
|
|
|
(in
millions)
|
|
Total debt
|
$
1,457.3
|
|
$
1,245.9
|
|
Total equity
|
5,678.6
|
|
6,631.3
|
|
Total
capitalization
|
$
7,135.9
|
|
$
7,877.2
|
|
|
|
|
|
Total debt
|
$
1,457.3
|
|
$
1,245.9
|
|
Total equity excluding
special items
|
4,686.8
|
|
5,557.4
|
|
Total capitalization
excluding special items
|
$
6,144.1
|
|
$
6,803.3
|
|
|
|
|
|
Total equity
|
$
5,678.6
|
|
$
6,631.3
|
|
Special Items
(Note 4)
|
|
|
|
|
Add: LCM inventory
adjustment - SBR
|
19.8
|
|
38.7
|
|
Add: LIFO inventory
decrement
|
207.5
|
|
83.0
|
|
Add: Net changes in
fair value of contingent consideration
|
(62.1)
|
|
(58.8)
|
|
Add: Gain on formation
of SBR equity method investment
|
(916.4)
|
|
(925.1)
|
|
Add: Cumulative
historical equity adjustments (a)
|
(576.9)
|
|
(576.9)
|
|
Less: Recomputed
income tax on special items
|
336.3
|
|
365.2
|
|
Net impact of
special items to equity
|
(991.8)
|
|
(1,073.9)
|
|
Total equity excluding
special items
|
$
4,686.8
|
|
$
5,557.4
|
|
|
|
|
|
|
|
|
Total debt
|
$
1,457.3
|
|
$
1,245.9
|
|
Less: Cash and cash equivalents
|
536.1
|
|
1,783.5
|
|
Net debt
|
|
|
|
$
921.2
|
|
$
(537.6)
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio
|
20 %
|
|
16 %
|
|
Total debt to
capitalization ratio, excluding special items
|
24 %
|
|
18 %
|
|
Net debt to
capitalization ratio*
|
14 %
|
|
(9) %
|
|
Net debt to
capitalization ratio, excluding special items*
|
16 %
|
|
(11) %
|
|
* Negative ratio exists
at December 31, 2023, as cash was 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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SOURCE PBF Energy Inc.
