- Second quarter loss from operations of $74.6 million (excluding special items, second quarter loss from operations of $72.5 million)
- Announces quarterly dividend of $0.25 per share
- Second quarter 2024 share repurchases of approximately 2.0 million shares for approximately $100 million
PARSIPPANY, N.J., Aug. 1, 2024 /PRNewswire/ — PBF Energy Inc. (NYSE:PBF) today reported second quarter 2024 loss from operations of $74.6 million as compared to income from operations of $1,389.2 million for the second quarter of 2023. Excluding special items, second quarter 2024 loss from operations was $72.5 million as compared to income from operations of $403.7 million for the second quarter of 2023.
The company reported second quarter 2024 net loss of $66.0 million and net loss attributable to PBF Energy Inc. of $65.2 million or $(0.56) per share. This compares to net income of $1,030.4 million and net income attributable to PBF Energy Inc. of $1,020.4 million or $7.88 per share for the second quarter 2023. Non-cash special items included in the second quarter 2024 results, which decreased net income by a net, after-tax charge of $1.6 million, or $0.02 per share, consisted of our share of the St. Bernard Renewables LLC (“SBR”) lower-of-cost-or-market (“LCM”) inventory adjustment. Adjusted fully-converted net loss for the second quarter 2024, excluding special items, was $64.2 million, or $(0.54) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $298.3 million or $2.29 per share, for the second quarter 2023.
Matt Lucey, PBF Energy’s President and CEO, said, “PBF delivered results below our expectations for the second quarter. Market conditions broke from typical seasonal patterns, with product cracks higher early in the quarter and declining as the quarter progressed. We conducted extensive maintenance in our East, Mid-continent and West Coast Regions during the first two months of the quarter. Market conditions coupled with maintenance activity, especially the early-quarter timing, impacted capture rates and reduced realized margins. Despite the disappointing earnings, we were able to maintain our strong cash position through the quarter by reducing the elevated working capital position generated by the work completed earlier in the year.”
Mr. Lucey continued, “Looking ahead, we have completed the majority of our planned maintenance for the year and our last turnaround will commence in the fall at Chalmette. All of our assets are running well today,and should remain available for the third quarter. Safe, reliable operations of all our assets remain our primary focus. Building on that foundation, we continue to prioritize capital allocation towards the opportunities that promote the greatest long-term shareholder value. We continue to support our $0.25 per share dividend and a share repurchase program which can be sustained through various markets. In the second quarter we bought $100 million of shares and will continue to be active going forward.”
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 August 29, 2024, to holders of record at the close of business on August 15, 2024.
PBF Strategic Update and Outlook
PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. At quarter-end, we had approximately $1.4 billion of cash and approximately $1.3 billion of total debt. We continue to demonstrate our commitment to fiscal discipline, long-term value and sustainable shareholder returns.
As always, the safety and reliability of our core operations are paramount. We continue investing in all our assets and expect full-year 2024 refining capital expenditures to be in the $850 million range. We completed significant planned maintenance in the East Coast, Mid-Continent and West Coast regions during the second quarter. Our Gulf Coast facility is expected to conduct planned maintenance early in the fourth quarter.
Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current third quarter throughput expectations are included in the table below.
Expected throughput ranges (barrels per day) |
||
Third Quarter 2024 |
||
Low |
High |
|
East Coast |
285,000 |
305,000 |
Mid-continent |
145,000 |
155,000 |
Gulf Coast |
165,000 |
175,000 |
West Coast |
290,000 |
310,000 |
Total |
885,000 |
945,000 |
Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.
St. Bernard Renewables
SBR averaged approximately 16,500 barrels per day of renewable diesel production in the second quarter. During the third quarter, SBR operations will reflect a catalyst change beginning in late July and scheduled for completion in late August. Renewable diesel production for the third quarter is expected to average approximately 12,500 barrels per day.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company’s tax provision.
Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF’s Non-GAAP financial measures may also differ from similarly named measures used by other companies.
See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call Information
PBF Energy’s senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, August 1, 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: PBF2Q24. The audio replay will be available approximately two hours after the end of the call and will be available through the company’s website.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company’s expectations with respect to its plans, objectives, expectations and intentions with respect to future earnings and operations, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company’s control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company’s filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.
Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
(Unaudited, in millions, except share and per share data) |
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
June 30, |
June 30, |
||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||
Revenues |
$ 8,736.1 |
$ 9,157.6 |
$ 17,381.7 |
$ 18,452.6 |
|||||||
Cost and expenses: |
|||||||||||
Cost of products and other |
7,962.4 |
7,908.0 |
15,560.3 |
15,703.3 |
|||||||
Operating expenses (excluding depreciation and amortization |
612.6 |
597.0 |
1,300.7 |
1,378.4 |
|||||||
Depreciation and amortization expense |
154.8 |
142.2 |
296.2 |
284.1 |
|||||||
Cost of sales |
8,729.8 |
8,647.2 |
17,157.2 |
17,365.8 |
|||||||
General and administrative expenses (excluding depreciation |
65.0 |
104.2 |
128.2 |
164.2 |
|||||||
Depreciation and amortization expense |
3.3 |
2.3 |
6.5 |
4.2 |
|||||||
Change in fair value of contingent consideration, net |
— |
(16.6) |
(3.3) |
(32.9) |
|||||||
Equity loss in investee |
12.4 |
— |
13.2 |
— |
|||||||
(Gain) loss on formation of SBR equity method investment |
— |
(968.9) |
8.7 |
(968.9) |
|||||||
Loss (gain) on sale of assets |
0.2 |
0.2 |
0.7 |
(1.4) |
|||||||
Total cost and expenses |
8,810.7 |
7,768.4 |
17,311.2 |
16,531.0 |
|||||||
Income (loss) from operations |
(74.6) |
1,389.2 |
70.5 |
1,921.6 |
|||||||
Other income (expense): |
|||||||||||
Interest expense (net of interest income of $14.3 million, $14.0 |
(17.3) |
(13.8) |
(27.8) |
(32.5) |
|||||||
Change in fair value of catalyst obligations |
— |
0.5 |
— |
1.2 |
|||||||
Other non-service components of net periodic benefit cost |
0.6 |
0.1 |
1.2 |
0.4 |
|||||||
Other expense |
— |
2.3 |
— |
— |
|||||||
Income (loss) before income taxes |
(91.3) |
1,378.3 |
43.9 |
1,890.7 |
|||||||
Income tax (benefit) expense |
(25.3) |
347.9 |
2.4 |
474.4 |
|||||||
Net income (loss) |
(66.0) |
1,030.4 |
41.5 |
1,416.3 |
|||||||
Less: net income (loss) attributable to noncontrolling interest |
(0.8) |
10.0 |
0.1 |
13.8 |
|||||||
Net income (loss) attributable to PBF Energy Inc. |
$ (65.2) |
$ 1,020.4 |
$ 41.4 |
$ 1,402.5 |
|||||||
Net income (loss) available to Class A common stock per |
|||||||||||
Basic |
$ (0.56) |
$ 8.14 |
$ 0.35 |
$ 11.04 |
|||||||
Diluted |
$ (0.56) |
$ 7.88 |
$ 0.33 |
$ 10.67 |
|||||||
Weighted-average shares outstanding-basic |
117,043,158 |
125,288,452 |
118,965,510 |
127,028,449 |
|||||||
Weighted-average shares outstanding-diluted |
117,905,938 |
130,446,002 |
124,195,155 |
132,428,607 |
|||||||
Dividends per common share |
$ 0.25 |
$ 0.20 |
$ 0.50 |
$ 0.40 |
|||||||
Adjusted fully-converted net income (loss) and adjusted |
|||||||||||
Adjusted fully-converted net income (loss) |
$ (65.8) |
$ 1,027.7 |
$ 41.5 |
$ 1,412.4 |
|||||||
Adjusted fully-converted net income (loss) per fully |
$ (0.56) |
$ 7.88 |
$ 0.33 |
$ 10.67 |
|||||||
Adjusted fully-converted shares outstanding – diluted (Note 6) |
117,905,938 |
130,446,002 |
124,195,155 |
132,428,607 |
|||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP |
|||||||||||||
(Unaudited, in millions, except share and per share data) |
|||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO |
Three Months Ended |
Six Months Ended |
|||||||||||
June 30, |
June 30, |
||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||
Net income (loss) attributable to PBF Energy Inc. |
$ (65.2) |
$ 1,020.4 |
$ 41.4 |
$ 1,402.5 |
|||||||||
Less: Income allocated to participating securities |
— |
— |
— |
— |
|||||||||
Income (loss) available to PBF Energy Inc. stockholders – |
(65.2) |
1,020.4 |
41.4 |
1,402.5 |
|||||||||
Add: Net income (loss) attributable to noncontrolling interest |
(0.8) |
9.9 |
0.1 |
13.4 |
|||||||||
Less: Income tax benefit (expense) (Note 3) |
0.2 |
(2.6) |
— |
(3.5) |
|||||||||
Adjusted fully-converted net income (loss) |
$ (65.8) |
$ 1,027.7 |
$ 41.5 |
$ 1,412.4 |
|||||||||
Special items (Note 4): |
|||||||||||||
Add: LCM inventory adjustment – SBR |
2.1 |
— |
(4.5) |
— |
|||||||||
Add: Change in fair value of contingent consideration, net |
— |
(16.6) |
(3.3) |
(32.9) |
|||||||||
Add: Gain on land sales |
— |
— |
— |
(1.7) |
|||||||||
Add: (Gain) loss on formation of SBR equity method |
— |
(968.9) |
8.7 |
(968.9) |
|||||||||
Less: Recomputed income tax on special items (Note 3) |
(0.5) |
256.1 |
(0.2) |
260.9 |
|||||||||
Adjusted fully-converted net income (loss) excluding |
$ (64.2) |
$ 298.3 |
$ 42.2 |
$ 669.8 |
|||||||||
Weighted-average shares outstanding of PBF Energy Inc |
117,043,158 |
125,288,452 |
118,965,510 |
127,028,449 |
|||||||||
Conversion of PBF LLC Series A Units (Note 5) |
862,780 |
910,457 |
862,780 |
910,457 |
|||||||||
Common stock equivalents (Note 6) |
— |
4,247,093 |
4,366,865 |
4,489,701 |
|||||||||
Fully-converted shares outstanding – diluted |
117,905,938 |
130,446,002 |
124,195,155 |
132,428,607 |
|||||||||
Adjusted fully-converted net income (loss) per fully |
$ (0.56) |
$ 7.88 |
$ 0.33 |
$ 10.67 |
|||||||||
Adjusted fully-converted net income (loss) excluding |
$ (0.54) |
$ 2.29 |
$ 0.34 |
$ 5.06 |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM |
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||
Income (loss) from operations |
$ (74.6) |
$ 1,389.2 |
$ 70.5 |
$ 1,921.6 |
|||||||||
Special Items (Note 4): |
|||||||||||||
Add: LCM inventory adjustment -SBR |
2.1 |
— |
(4.5) |
— |
|||||||||
Add: Change in fair value of contingent consideration, net |
— |
(16.6) |
(3.3) |
(32.9) |
|||||||||
Add: Gain on land sales |
— |
— |
— |
(1.7) |
|||||||||
Add: (Gain) loss on formation of SBR equity method investment |
— |
(968.9) |
8.7 |
(968.9) |
|||||||||
Income (loss) from operations excluding special items |
$ (72.5) |
$ 403.7 |
$ 71.4 |
$ 918.1 |
|||||||||
See Footnotes to Earnings Release Tables |
|||||||||||||
PBF ENERGY INC. AND SUBSIDIARIES |
||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP |
||||||||||||||
EBITDA RECONCILIATIONS (Note 7) |
||||||||||||||
(Unaudited, in millions) |
||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||
June 30, |
June 30, |
|||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA |
2024 |
2023 |
2024 |
2023 |
||||||||||
Net income (loss) |
$ (66.0) |
$ 1,030.4 |
$ 41.5 |
$ 1,416.3 |
||||||||||
Add: Depreciation and amortization expense |
158.1 |
144.5 |
302.7 |
288.3 |
||||||||||
Add: Interest expense, net |
17.3 |
13.8 |
27.8 |
32.5 |
||||||||||
Add: Income tax expense (benefit) |
(25.3) |
347.9 |
2.4 |
474.4 |
||||||||||
EBITDA |
$ 84.1 |
$ 1,536.6 |
$ 374.4 |
$ 2,211.5 |
||||||||||
Special Items (Note 4): |
||||||||||||||
Add: LCM inventory adjustment -SBR |
2.1 |
— |
(4.5) |
— |
||||||||||
Add: Change in fair value of contingent consideration, net |
— |
(16.6) |
(3.3) |
(32.9) |
||||||||||
Add: Gain on land sales |
— |
— |
— |
(1.7) |
||||||||||
Add: (Gain) loss on formation of SBR equity method investment |
— |
(968.9) |
8.7 |
(968.9) |
||||||||||
EBITDA excluding special items |
$ 86.2 |
$ 551.1 |
$ 375.3 |
$ 1,208.0 |
||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||
June 30, |
June 30, |
|||||||||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
2024 |
2023 |
2024 |
2023 |
||||||||||
EBITDA |
$ 84.1 |
$ 1,536.6 |
$ 374.4 |
$ 2,211.5 |
||||||||||
Add: Stock-based compensation |
8.6 |
9.7 |
21.0 |
18.9 |
||||||||||
Add: Change in fair value of catalyst obligations |
— |
(0.5) |
— |
(1.2) |
||||||||||
Add: LCM inventory adjustment -SBR (Note 4) |
2.1 |
— |
(4.5) |
— |
||||||||||
Add: Change in fair value of contingent consideration, net (Note 4) |
— |
(16.6) |
(3.3) |
(32.9) |
||||||||||
Add: Gain on land sales (Note 4) |
— |
— |
— |
(1.7) |
||||||||||
Add: (Gain) loss on formation of SBR equity method investment (Note 4) |
— |
(968.9) |
8.7 |
(968.9) |
||||||||||
Adjusted EBITDA |
$ 94.8 |
$ 560.3 |
$ 396.3 |
$ 1,225.7 |
||||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||
EARNINGS RELEASE TABLES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
|||||||
(Unaudited, in millions) |
|||||||
June 30, |
December 31, |
||||||
2024 |
2023 |
||||||
Balance Sheet Data: |
|||||||
Cash and cash equivalents |
$ 1,367.2 |
$ 1,783.5 |
|||||
Inventories |
2,864.2 |
3,183.1 |
|||||
Total assets |
14,076.1 |
14,387.8 |
|||||
Total debt |
1,251.5 |
1,245.9 |
|||||
Total equity |
6,406.4 |
6,631.3 |
|||||
Total equity excluding special items (Note 4, 13) |
$ 5,333.2 |
$ 5,557.4 |
|||||
Total debt to capitalization ratio (Note 13) |
16 % |
16 % |
|||||
Total debt to capitalization ratio, excluding special items (Note 13) |
19 % |
18 % |
|||||
Net debt to capitalization ratio* (Note 13) |
(2) % |
(9) % |
|||||
Net debt to capitalization ratio, excluding special items* (Note 13) |
(2) % |
(11) % |
|||||
* Negative ratio exists as of June 30, 2024 and December 31, 2023 as cash is in excess of debt |
|||||||
SUMMARIZED STATEMENT OF CASH FLOW DATA |
|||||||
(Unaudited, in millions) |
|||||||
Six Months Ended June 30, |
|||||||
2024 |
2023 |
||||||
Cash flows provided by operating activities |
$ 441.1 |
$ 505.7 |
|||||
Cash flows used in investing activities |
(617.6) |
(314.7) |
|||||
Cash flows used in financing activities |
(239.8) |
(877.7) |
|||||
Net change in cash and cash equivalents |
(416.3) |
(686.7) |
|||||
Cash and cash equivalents, beginning of period |
1,783.5 |
2,203.6 |
|||||
Cash and cash equivalents, end of period |
$ 1,367.2 |
$ 1,516.9 |
|||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
CONSOLIDATING FINANCIAL INFORMATION (Note 8) |
|||||||||
(Unaudited, in millions) |
|||||||||
Three Months Ended June 30, 2024 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Revenues |
$ 8,726.6 |
$ 98.5 |
$ — |
$ (89.0) |
$ 8,736.1 |
||||
Depreciation and amortization expense |
145.7 |
9.1 |
3.3 |
— |
158.1 |
||||
Income (loss) from operations |
(46.9) |
51.0 |
(78.7) |
— |
(74.6) |
||||
Interest (income) expense, net |
(2.7) |
(0.4) |
20.4 |
— |
17.3 |
||||
Capital expenditures |
330.3 |
0.6 |
2.5 |
— |
333.4 |
||||
Three Months Ended June 30, 2023 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Revenues |
$ 9,148.4 |
$ 94.0 |
$ — |
$ (84.8) |
$ 9,157.6 |
||||
Depreciation and amortization expense |
133.0 |
9.2 |
2.3 |
— |
144.5 |
||||
Income from operations (1) |
455.6 |
51.9 |
881.7 |
— |
1,389.2 |
||||
Interest (income) expense, net |
(6.9) |
0.1 |
20.6 |
— |
13.8 |
||||
Capital expenditures (2) |
362.1 |
2.4 |
2.5 |
— |
367.0 |
||||
Six Months Ended June 30, 2024 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Revenues |
$ 17,363.0 |
$ 194.6 |
$ — |
$ (175.9) |
$ 17,381.7 |
||||
Depreciation and amortization expense |
278.0 |
18.2 |
6.5 |
— |
302.7 |
||||
Income (loss) from operations (1) |
123.7 |
96.1 |
(149.3) |
— |
70.5 |
||||
Interest (income) expense, net |
(6.8) |
(1.0) |
35.6 |
— |
27.8 |
||||
Capital expenditures (2) |
613.4 |
1.7 |
3.0 |
— |
618.1 |
||||
Six Months Ended June 30, 2023 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Revenues |
$ 18,433.9 |
$ 192.5 |
$ — |
$ (173.8) |
$ 18,452.6 |
||||
Depreciation and amortization expense |
265.9 |
18.2 |
4.2 |
— |
288.3 |
||||
Income from operations (1) |
981.3 |
101.6 |
838.7 |
— |
1,921.6 |
||||
Interest (income) expense, net |
(11.0) |
3.8 |
39.7 |
— |
32.5 |
||||
Capital expenditures (2) |
741.3 |
5.1 |
3.7 |
— |
750.1 |
||||
Balance at June 30, 2024 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Total Assets (3) |
$ 12,295.2 |
$ 789.3 |
$ 1,030.4 |
$ (38.8) |
$ 14,076.1 |
||||
Balance at December 31, 2023 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
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 six months ended June 30, 2024 includes an $8.7 million reduction |
|||||||||
(2) For the six months ended June 30, 2024, the Company’s refining segment included $5.6 million of capital expenditures |
|||||||||
(3) As of June 30, 2024 and December 31, 2023, Corporate assets include the Company’s Equity method investment in SBR of |
|||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES |
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||
June 30, |
June 30, |
|||||||||||
Market Indicators (dollars per barrel) (Note 9) |
2024 |
2023 |
2024 |
2023 |
||||||||
Dated Brent crude oil |
$ 85.02 |
$ 78.21 |
$ 84.09 |
$ 79.65 |
||||||||
West Texas Intermediate (WTI) crude oil |
$ 80.82 |
$ 73.56 |
$ 78.95 |
$ 74.76 |
||||||||
Light Louisiana Sweet (LLS) crude oil |
$ 83.65 |
$ 75.62 |
$ 81.72 |
$ 77.26 |
||||||||
Alaska North Slope (ANS) crude oil |
$ 86.42 |
$ 78.26 |
$ 83.91 |
$ 78.64 |
||||||||
Crack Spreads: |
||||||||||||
Dated Brent (NYH) 2-1-1 |
$ 21.46 |
$ 28.66 |
$ 21.26 |
$ 30.09 |
||||||||
WTI (Chicago) 4-3-1 |
$ 19.48 |
$ 27.82 |
$ 18.33 |
$ 28.44 |
||||||||
LLS (Gulf Coast) 2-1-1 |
$ 18.48 |
$ 26.41 |
$ 21.42 |
$ 30.26 |
||||||||
ANS (West Coast-LA) 4-3-1 |
$ 27.44 |
$ 33.73 |
$ 28.21 |
$ 36.08 |
||||||||
ANS (West Coast-SF) 3-2-1 |
$ 29.92 |
$ 33.56 |
$ 28.94 |
$ 36.36 |
||||||||
Crude Oil Differentials: |
||||||||||||
Dated Brent (foreign) less WTI |
$ 4.21 |
$ 4.65 |
$ 5.15 |
$ 4.89 |
||||||||
Dated Brent less Maya (heavy, sour) |
$ 12.14 |
$ 14.70 |
$ 12.53 |
$ 16.58 |
||||||||
Dated Brent less WTS (sour) |
$ 4.10 |
$ 4.76 |
$ 4.93 |
$ 5.18 |
||||||||
Dated Brent less ASCI (sour) |
$ 3.88 |
$ 5.17 |
$ 5.08 |
$ 6.28 |
||||||||
WTI less WCS (heavy, sour) |
$ 13.60 |
$ 13.49 |
$ 15.58 |
$ 16.42 |
||||||||
WTI less Bakken (light, sweet) |
$ 0.86 |
$ (1.74) |
$ 1.77 |
$ (2.32) |
||||||||
WTI less Syncrude (light, sweet) |
$ (1.45) |
$ (2.88) |
$ 1.17 |
$ (2.99) |
||||||||
WTI less LLS (light, sweet) |
$ (2.84) |
$ (2.05) |
$ (2.77) |
$ (2.50) |
||||||||
WTI less ANS (light, sweet) |
$ (5.60) |
$ (4.70) |
$ (4.97) |
$ (3.87) |
||||||||
Effective RIN basket price |
$ 3.38 |
$ 7.68 |
$ 3.53 |
$ 7.93 |
||||||||
Natural gas (dollars per MMBTU) |
$ 2.32 |
$ 2.33 |
$ 2.21 |
$ 2.54 |
||||||||
Key Operating Information |
||||||||||||
Production (barrels per day (“bpd”) in thousands) |
926.7 |
945.7 |
918.0 |
902.3 |
||||||||
Crude oil and feedstocks throughput (bpd in thousands) |
921.3 |
935.8 |
909.5 |
893.7 |
||||||||
Total crude oil and feedstocks throughput (millions of barrels) |
83.8 |
85.2 |
165.5 |
161.8 |
||||||||
Consolidated gross margin per barrel of throughput |
$ 0.08 |
$ 6.00 |
$ 1.36 |
$ 6.72 |
||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 8.12 |
$ 13.62 |
$ 9.91 |
$ 15.86 |
||||||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 6.94 |
$ 6.71 |
$ 7.47 |
$ 8.16 |
||||||||
Crude and feedstocks (% of total throughput) (Note 12) |
||||||||||||
Heavy |
34 % |
27 % |
29 % |
27 % |
||||||||
Medium |
34 % |
35 % |
39 % |
34 % |
||||||||
Light |
18 % |
21 % |
17 % |
21 % |
||||||||
Other feedstocks and blends |
14 % |
17 % |
15 % |
18 % |
||||||||
Total throughput |
100 % |
100 % |
100 % |
100 % |
||||||||
Yield (% of total throughput) |
||||||||||||
Gasoline and gasoline blendstocks |
46 % |
48 % |
47 % |
48 % |
||||||||
Distillates and distillate blendstocks |
33 % |
33 % |
33 % |
33 % |
||||||||
Lubes |
1 % |
1 % |
1 % |
1 % |
||||||||
Chemicals |
1 % |
1 % |
1 % |
1 % |
||||||||
Other |
20 % |
18 % |
19 % |
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 |
Six Months Ended |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Supplemental Operating Information – East Coast Refining |
||||||||||||
Production (bpd in thousands) |
313.7 |
300.2 |
311.1 |
312.3 |
||||||||
Crude oil and feedstocks throughput (bpd in thousands) |
319.7 |
304.1 |
316.2 |
315.2 |
||||||||
Total crude oil and feedstocks throughput (millions of barrels) |
29.0 |
27.7 |
57.5 |
57.1 |
||||||||
Gross margin per barrel of throughput |
$ (3.85) |
$ 1.56 |
$ (1.93) |
$ 5.59 |
||||||||
Gross refining margin, excluding special items, per barrel of |
$ 2.52 |
$ 8.09 |
$ 5.09 |
$ 13.28 |
||||||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 4.95 |
$ 4.96 |
$ 5.64 |
$ 6.27 |
||||||||
Crude and feedstocks (% of total throughput) (Note 12): |
||||||||||||
Heavy |
27 % |
6 % |
23 % |
12 % |
||||||||
Medium |
39 % |
46 % |
41 % |
45 % |
||||||||
Light |
16 % |
21 % |
17 % |
19 % |
||||||||
Other feedstocks and blends |
18 % |
27 % |
19 % |
24 % |
||||||||
Total throughput |
100 % |
100 % |
100 % |
100 % |
||||||||
Yield (% of total throughput): |
||||||||||||
Gasoline and gasoline blendstocks |
32 % |
37 % |
33 % |
38 % |
||||||||
Distillates and distillate blendstocks |
34 % |
33 % |
34 % |
35 % |
||||||||
Lubes |
2 % |
2 % |
2 % |
2 % |
||||||||
Chemicals |
1 % |
1 % |
1 % |
1 % |
||||||||
Other |
29 % |
26 % |
28 % |
23 % |
||||||||
Total yield |
98 % |
99 % |
98 % |
99 % |
||||||||
Supplemental Operating Information – Mid-Continent (Toledo) |
||||||||||||
Production (bpd in thousands) |
141.6 |
162.0 |
128.0 |
127.9 |
||||||||
Crude oil and feedstocks throughput (bpd in thousands) |
139.8 |
158.5 |
126.1 |
126.0 |
||||||||
Total crude oil and feedstocks throughput (millions of barrels) |
12.8 |
14.4 |
23.0 |
22.8 |
||||||||
Gross margin per barrel of throughput |
$ 1.67 |
$ 6.80 |
$ 4.83 |
$ 2.68 |
||||||||
Gross refining margin, excluding special items, per barrel of |
$ 9.50 |
$ 14.30 |
$ 13.36 |
$ 12.53 |
||||||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 5.82 |
$ 6.13 |
$ 6.54 |
$ 8.00 |
||||||||
Crude and feedstocks (% of total throughput) (Note 12): |
||||||||||||
Medium |
41 % |
37 % |
41 % |
39 % |
||||||||
Light |
56 % |
62 % |
56 % |
60 % |
||||||||
Other feedstocks and blends |
3 % |
1 % |
3 % |
1 % |
||||||||
Total throughput |
100 % |
100 % |
100 % |
100 % |
||||||||
Yield (% of total throughput): |
||||||||||||
Gasoline and gasoline blendstocks |
53 % |
52 % |
55 % |
48 % |
||||||||
Distillates and distillate blendstocks |
36 % |
35 % |
36 % |
35 % |
||||||||
Chemicals |
4 % |
4 % |
4 % |
4 % |
||||||||
Other |
8 % |
11 % |
7 % |
15 % |
||||||||
Total yield |
101 % |
102 % |
102 % |
102 % |
||||||||
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES |
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
SUPPLEMENTAL OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Supplemental Operating Information – Gulf Coast (Chalmette) |
||||||||||||
Production (bpd in thousands) |
164.8 |
170.7 |
169.1 |
170.3 |
||||||||
Crude oil and feedstocks throughput (bpd in thousands) |
165.1 |
169.3 |
168.0 |
169.2 |
||||||||
Total crude oil and feedstocks throughput (millions of barrels) |
14.9 |
15.4 |
30.5 |
30.6 |
||||||||
Gross margin per barrel of throughput |
$ 2.32 |
$ 5.96 |
$ 4.18 |
$ 9.17 |
||||||||
Gross refining margin, excluding special items, per barrel of |
$ 8.66 |
$ 12.54 |
$ 10.54 |
$ 16.23 |
||||||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 5.42 |
$ 5.68 |
$ 5.48 |
$ 6.05 |
||||||||
Crude and feedstocks (% of total throughput) (Note 12): |
||||||||||||
Heavy |
16 % |
17 % |
12 % |
17 % |
||||||||
Medium |
47 % |
41 % |
53 % |
36 % |
||||||||
Light |
19 % |
21 % |
16 % |
29 % |
||||||||
Other feedstocks and blends |
18 % |
21 % |
19 % |
18 % |
||||||||
Total throughput |
100 % |
100 % |
100 % |
100 % |
||||||||
Yield (% of total throughput): |
||||||||||||
Gasoline and gasoline blendstocks |
41 % |
47 % |
44 % |
45 % |
||||||||
Distillates and distillate blendstocks |
35 % |
33 % |
35 % |
35 % |
||||||||
Chemicals |
1 % |
1 % |
1 % |
1 % |
||||||||
Other |
23 % |
20 % |
21 % |
20 % |
||||||||
Total yield |
100 % |
101 % |
101 % |
101 % |
||||||||
Supplemental Operating Information – West Coast (Torrance |
||||||||||||
Production (bpd in thousands) |
306.6 |
312.8 |
309.8 |
291.8 |
||||||||
Crude oil and feedstocks throughput (bpd in thousands) |
296.7 |
303.9 |
299.2 |
283.3 |
||||||||
Total crude oil and feedstocks throughput (millions of barrels) |
27.1 |
27.7 |
54.5 |
51.3 |
||||||||
Gross margin per barrel of throughput |
$ 0.34 |
$ 8.05 |
$ (0.05) |
$ 6.22 |
||||||||
Gross refining margin, excluding special items, per barrel of |
$ 13.21 |
$ 19.41 |
$ 13.18 |
$ 20.01 |
||||||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 10.46 |
$ 9.34 |
$ 10.92 |
$ 11.60 |
||||||||
Crude and feedstocks (% of total throughput) (Note 12): |
||||||||||||
Heavy |
68 % |
66 % |
58 % |
63 % |
||||||||
Medium |
18 % |
20 % |
28 % |
19 % |
||||||||
Light |
— % |
1 % |
— % |
1 % |
||||||||
Other feedstocks and blends |
14 % |
13 % |
14 % |
17 % |
||||||||
Total throughput |
100 % |
100 % |
100 % |
100 % |
||||||||
Yield (% of total throughput): |
||||||||||||
Gasoline and gasoline blendstocks |
59 % |
58 % |
60 % |
59 % |
||||||||
Distillates and distillate blendstocks |
28 % |
31 % |
29 % |
30 % |
||||||||
Other |
16 % |
14 % |
15 % |
14 % |
||||||||
Total yield |
103 % |
103 % |
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 June 30, |
|||||||||||||
2024 |
2023 |
||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN |
$ |
per barrel |
$ |
per barrel |
|||||||||
Calculation of consolidated gross margin: |
|||||||||||||
Revenues |
$ 8,736.1 |
$ 104.21 |
$ 9,157.6 |
$ 107.54 |
|||||||||
Less: Cost of sales |
8,729.8 |
104.13 |
8,647.2 |
101.54 |
|||||||||
Consolidated gross margin |
$ 6.3 |
$ 0.08 |
$ 510.4 |
$ 6.00 |
|||||||||
Reconciliation of consolidated gross margin to gross refining |
|||||||||||||
Consolidated gross margin |
$ 6.3 |
$ 0.08 |
$ 510.4 |
$ 6.00 |
|||||||||
Add: Logistics operating expense |
35.1 |
0.41 |
30.2 |
0.34 |
|||||||||
Add: Logistics depreciation expense |
9.1 |
0.11 |
9.2 |
0.11 |
|||||||||
Less: Logistics gross margin |
(97.1) |
(1.16) |
(94.0) |
(1.10) |
|||||||||
Add: Refining operating expense |
581.9 |
6.94 |
571.4 |
6.71 |
|||||||||
Add: Refining depreciation expense |
145.8 |
1.74 |
133.0 |
1.56 |
|||||||||
Gross refining margin |
$ 681.1 |
$ 8.12 |
$ 1,160.2 |
$ 13.62 |
|||||||||
Gross refining margin excluding special items |
$ 681.1 |
$ 8.12 |
$ 1,160.2 |
$ 13.62 |
|||||||||
Six Months Ended June 30, |
|||||||||||||
2024 |
2023 |
||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN |
$ |
per barrel |
$ |
per barrel |
|||||||||
Calculation of consolidated gross margin: |
|||||||||||||
Revenues |
$ 17,381.7 |
$ 105.02 |
$ 18,452.6 |
$ 114.07 |
|||||||||
Less: Cost of sales |
17,157.2 |
103.66 |
17,365.8 |
107.35 |
|||||||||
Consolidated gross margin |
$ 224.5 |
$ 1.36 |
$ 1,086.8 |
$ 6.72 |
|||||||||
Reconciliation of consolidated gross margin to gross refining |
|||||||||||||
Consolidated gross margin |
$ 224.5 |
$ 1.36 |
$ 1,086.8 |
$ 6.72 |
|||||||||
Add: Logistics operating expense |
72.8 |
0.44 |
67.2 |
0.42 |
|||||||||
Add: Logistics depreciation expense |
18.2 |
0.11 |
18.2 |
0.11 |
|||||||||
Less: Logistics gross margin |
(190.8) |
(1.15) |
(192.5) |
(1.19) |
|||||||||
Add: Refining operating expense |
1,236.6 |
7.47 |
1,320.4 |
8.16 |
|||||||||
Add: Refining depreciation expense |
278.1 |
1.68 |
265.9 |
1.64 |
|||||||||
Gross refining margin |
$ 1,639.4 |
$ 9.91 |
$ 2,566.0 |
$ 15.86 |
|||||||||
Gross refining margin excluding special items |
$ 1,639.4 |
$ 9.91 |
$ 2,566.0 |
$ 15.86 |
|||||||||
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 |
||||||||||||||
(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of |
||||||||||||||
(3) Represents an adjustment to reflect PBF Energy’s estimated annualized statutory corporate tax rate of |
||||||||||||||
(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special
Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful
Special Items: |
||||||||||||||
SBR LCM inventory adjustment – The LCM adjustment is a GAAP requirement related to inventory valuation that |
||||||||||||||
Change in fair value of contingent consideration, net – During the six months ended June 30, 2024, we recorded a |
||||||||||||||
(Gain) loss on formation of SBR equity method investment – During the six months ended June 30, 2024, we |
||||||||||||||
Gain on land sales – During the six months ended June 30, 2023, we recorded a gain on the sale of a separate |
||||||||||||||
Recomputed income tax on special items – The income tax impact on these special items is calculated using the |
||||||||||||||
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of |
||||||||||||||
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock |
||||||||||||||
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA |
||||||||||||||
(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the
PBFX currently does not generate significant third party revenue and intersegment related-party revenues are |
||||||||||||||
(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported |
||||||||||||||
(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because |
||||||||||||||
(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation |
||||||||||||||
(12) We define heavy crude oil as crude oil with American Petroleum Institute (“API”) gravity less than 24 |
||||||||||||||
(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. |
June 30, |
December 31, |
|||||
2024 |
2023 |
|||||
(in millions) |
||||||
Total debt |
$ 1,251.5 |
$ 1,245.9 |
||||
Total equity |
6,406.4 |
6,631.3 |
||||
Total capitalization |
$ 7,657.9 |
$ 7,877.2 |
||||
Total debt |
$ 1,251.5 |
$ 1,245.9 |
||||
Total equity excluding special items |
5,333.2 |
5,557.4 |
||||
Total capitalization excluding special items |
$ 6,584.7 |
$ 6,803.3 |
||||
Total equity |
$ 6,406.4 |
$ 6,631.3 |
||||
Special Items (Note 4) |
||||||
Add: LCM inventory adjustment – SBR |
34.2 |
38.7 |
||||
Add: Change in fair value of contingent consideration, net |
(62.1) |
(58.8) |
||||
Add: Gain on land sales |
(89.5) |
(89.5) |
||||
Add: Gain on formation of SBR equity method investment |
(916.4) |
(925.1) |
||||
Add: Cumulative historical equity adjustments (a) |
(404.4) |
(404.4) |
||||
Less: Recomputed income tax on special items |
365.0 |
365.2 |
||||
Net impact of special items |
(1,073.2) |
(1,073.9) |
||||
Total equity excluding special items |
$ 5,333.2 |
$ 5,557.4 |
||||
Total debt |
$ 1,251.5 |
$ 1,245.9 |
||||
Less: Cash and cash equivalents |
1,367.2 |
1,783.5 |
||||
Net Debt |
$ (115.7) |
$ (537.6) |
||||
Total debt to capitalization ratio |
16 % |
16 % |
||||
Total debt to capitalization ratio, excluding special items |
19 % |
18 % |
||||
Net debt to capitalization ratio* |
(2) % |
(9) % |
||||
Net debt to capitalization ratio, excluding special items* |
(2) % |
(11) % |
||||
*Negative ratio exists as of June 30, 2024 and December 31, 2023 as cash is in excess of debt |
||||||
(a) Refer to the Company’s 2023 Annual Report on Form 10-K (“Notes to Non-GAAP Financial Measures” within Management’s |
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SOURCE PBF Energy Inc.