- First quarter income from operations of $91.0 million (excluding special items, first
quarter income from operations of $141.3
million)
- Reduced consolidated debt by approximately $55 million in 2022 and approximately
$390 million in 15 months
- First quarter consolidated ending cash balance of approximately
$1.4 billion
PARSIPPANY, N.J., April 28,
2022 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF)
today reported first quarter 2022 income from operations of
$91.0 million as compared to income
from operations of $57.7 million for
the first quarter of 2021. Excluding special items, first quarter
2022 income from operations was $141.3
million as compared to a loss from operations of
$317.8 million for the first quarter
of 2021. PBF Energy's financial results reflect the consolidation
of PBF Logistics LP (NYSE: PBFX), a master limited partnership of
which PBF Energy indirectly owns the general partner and
approximately 48% of the limited partner interests as of
quarter-end.
The company reported a first quarter 2022 net loss of
$3.3 million and net loss
attributable to PBF Energy Inc. of $21.1
million or $(0.18) per share.
This compares to net loss of $22.2
million, and net loss attributable to PBF Energy Inc. of
$41.3 million or $(0.34) per share for the first quarter 2021.
Non-cash special items included in the first quarter 2022 results,
which decreased net income by a net, after-tax expense of
$64.4 million, or $0.53 per share, consisted of a change in fair
value of the contingent consideration associated with earn-out
provisions related primarily to the Martinez Acquisition, a change
in the tax receivable agreement liability, and a net tax expense on
remeasurement of deferred tax assets. Adjusted fully-converted net
income for the first quarter 2022, excluding special items, was
$43.3 million, or $0.35 per share on a fully-exchanged,
fully-diluted basis, as described below, compared to adjusted
fully-converted net loss of $315.5
million or $(2.61) per share,
for the first quarter 2021.
Tom Nimbley, PBF Energy's
Chairman and CEO, said, "Global supply and demand balances were
tight coming into the year. Low product inventories have not
recovered due to increasing demand and significant maintenance
activity across the global refining system. In the first quarter,
PBF completed nearly one third of our annual planned turnaround
activities, advanced some planned activities due to a window
provided by unplanned downtime and restarted limited secondary
processing units on the East Coast. We are focused on putting our
entire refining system in a position to run safely and reliably in
anticipation of increasing seasonal demand."
Mr. Nimbley concluded, "Looking ahead, demand is continuing to
grow. Global product inventories are tight across the board. With
these factors as a backdrop, the outlook for refining in 2022 and
beyond, especially domestic refining, is favorable. We expect that
with solid operating performance, PBF will be able to generate
incremental free cash flow that can be used to strengthen our
balance sheet and reward our investors."
Liquidity and Financial Position
As of March 31, 2022, our operational liquidity was
more than $2.6 billion based on
approximately $1.4 billion of cash
and more than $1.2 billion of
borrowing availability under our asset-based lending facility. In
addition, PBF Logistics LP liquidity included $53.3 million in cash and approximately
$421.5 million of availability under
its revolving credit facility.
In April 2022, the company
repurchased a combined total principal amount of approximately
$30.0 million of its 2028 6.00%
Senior Notes and 2025 7.25% Senior Notes for an aggregate cash
amount of approximately $25.8
million. Combined with the $25.0
million of debt repayments made by PBF Logistics LP,
consolidated debt for PBF was reduced by more than $55.0 million.
Strategic Update and Outlook
We remain focused on
enhancing the profitability and reliability of our core operations.
Our full-year refining capital expenditures in 2022 are expected to
be in the $500 to $550 million range. We continue to focus on
capital discipline, with turnaround and other mandatory spend
accounting for over 96% of the total planned refining capital
expenses for the year. Consistent with our prior year approach, we
will be responsive with regards to the pace of capital expenditures
and scope of turnarounds depending on market conditions. Our annual
maintenance, environmental, regulatory and safety capital
expenditures are consistently in the $150 to $200
million range. For the first half of 2022, we expect to
incur turnaround-related capital expenditures of approximately
$225 to $250
million.
PBF continues to advance our project for a renewable fuels
production facility co-located at the Chalmette refinery. This
strategically valuable project represents an initial step in PBF's
pursuit of producing sustainable fuels. The project incorporates
certain idled assets, including an idle hydrocracker, along with a
newly-constructed pre-treatment unit to establish a 20,000 barrel
per day renewable diesel production facility. During the first
quarter of 2022, we invested $40
million to continue to progress and incubate the project
with the goal of being in production in the first half of 2023.
Concurrent with our activities to progress the project, we are
continuing discussions with potential strategic and financial
partners.
|
Expected throughput
ranges (barrels per day)
|
|
Second Quarter
2022
|
Full-year
2022
|
|
Low
|
High
|
Low
|
High
|
|
East Coast
|
270,000
|
290,000
|
260,000
|
280,000
|
|
Mid-continent
|
150,000
|
160,000
|
140,000
|
150,000
|
|
Gulf Coast
|
180,000
|
190,000
|
175,000
|
185,000
|
|
West Coast
|
290,000
|
310,000
|
290,000
|
310,000
|
|
Total
|
890,000
|
950,000
|
865,000
|
925,000
|
Included in the throughput estimates above are the expected
impacts of planned second quarter turnaround activity at our East
Coast and West Coast facilities.
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 and
Adjusted EBITDA. 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,
April 28, 2022, 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 (877) 869-3847 or (201) 689-8261. 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 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, as well as
the risks disclosed in PBF Logistics LP's SEC filings and any
impact PBF Logistics LP may have on the company's credit rating,
cost of funds, employees, customers and vendors; risk relating to
the securities markets generally; the supply, demand, prices and
other market conditions for our products or crude oil; risk
associated with the East Coast refining reconfiguration; our
expectations with respect to our capital improvements and
turnaround projects; risks associated with our obligation to buy
Renewable Identification Numbers and related market risks related
to the price volatility thereof; our ability to make, and realize
the benefits from, acquisitions or investments, including in
renewable diesel productions, on any announced time frame or at
all; the effect of the COVID-19 pandemic and related governmental
and consumer responses; our expectations regarding capital spending
and the impact of market conditions on demand for the balance of
2022; and the impact of adverse market conditions affecting the
company, unanticipated developments, regulatory approvals, changes
in laws and other events that negatively impact the company. All
forward-looking statements speak only as of the date hereof. The
company undertakes no obligation to revise or update any
forward-looking statements except as may be required by applicable
law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is
one of the largest independent refiners in North America, operating, through its
subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New
Jersey and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
PBF Energy Inc. also currently indirectly owns the general
partner and approximately 48% of the limited partnership interest
of PBF Logistics LP (NYSE: PBFX).
|
|
EARNINGS RELEASE TABLES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(Unaudited, in millions, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Revenues
|
|
$
9,141.7
|
|
$
4,924.8
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
Cost of products and
other
|
|
8,206.2
|
|
4,191.0
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
|
620.4
|
|
481.3
|
|
Depreciation and
amortization expense
|
|
118.3
|
|
114.1
|
|
Cost of sales
|
|
8,944.9
|
|
4,786.4
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as
reflected below)
|
|
53.5
|
|
47.8
|
|
Depreciation and
amortization expense
|
|
1.9
|
|
3.4
|
|
Change in fair value of
contingent consideration
|
|
50.3
|
|
30.1
|
|
Loss (gain) on sale of
assets
|
|
0.1
|
|
(0.6)
|
|
Total cost and expenses
|
|
9,050.7
|
|
4,867.1
|
|
Income from operations
|
|
91.0
|
|
57.7
|
|
Other income (expense):
|
|
|
|
|
|
|
Interest expense,
net
|
|
(78.4)
|
|
(80.3)
|
|
Change in Tax
Receivable Agreement liability
|
|
(19.3)
|
|
—
|
|
Change in fair value of
catalyst obligations
|
|
(4.9)
|
|
(10.0)
|
|
Other non-service
components of net periodic benefit cost
|
|
|
2.2
|
|
2.0
|
|
Income (loss) before income
taxes
|
|
(9.4)
|
|
(30.6)
|
|
Income tax benefit
|
|
(6.1)
|
|
(8.4)
|
|
Net income (loss)
|
|
(3.3)
|
|
(22.2)
|
|
Less: net income
attributable to noncontrolling interests
|
|
17.8
|
|
19.1
|
|
Net income (loss) attributable to PBF Energy Inc.
stockholders
|
|
$
(21.1)
|
|
$
(41.3)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to Class A common stock
per share:
|
|
|
|
|
|
|
Basic
|
|
$
(0.18)
|
|
$
(0.34)
|
|
|
Diluted
|
|
$
(0.18)
|
|
$
(0.34)
|
|
|
Weighted-average shares
outstanding-basic
|
|
120,339,041
|
|
119,926,267
|
|
|
Weighted-average shares
outstanding-diluted
|
|
120,339,041
|
|
120,905,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$
(21.1)
|
|
$
(41.6)
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted share
|
|
$
(0.18)
|
|
$
(0.34)
|
|
|
Adjusted
fully-converted shares outstanding - diluted (Note 6)
|
|
123,549,205
|
|
120,905,716
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S.
GAAP
|
|
(Unaudited, in millions, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED
FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED
FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS
(Note 1)
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
Net income (loss) attributable to PBF Energy Inc.
stockholders
|
|
|
$
(21.1)
|
|
$
(41.3)
|
|
Less: Income allocated
to participating securities
|
|
|
—
|
|
—
|
|
Income (loss) available to PBF Energy Inc.
stockholders - basic
|
|
|
(21.1)
|
|
(41.3)
|
|
Add: Net income (loss)
attributable to noncontrolling interest (Note 2)
|
|
|
(0.1)
|
|
(0.4)
|
|
Less: Income tax
benefit (Note 3)
|
|
|
0.1
|
|
0.1
|
|
Adjusted fully-converted net income
(loss)
|
|
|
$
(21.1)
|
|
$
(41.6)
|
|
Special items (Note
4):
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
|
—
|
|
(405.6)
|
|
Add: Change in fair
value of contingent consideration
|
|
|
50.3
|
|
30.1
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
|
19.3
|
|
—
|
|
Add: Net tax expense on
remeasurement of deferred tax assets
|
|
|
12.8
|
|
1.7
|
|
Less: Recomputed income
tax on special items (Note 3)
|
|
|
(18.0)
|
|
99.9
|
|
Adjusted fully-converted net income (loss) excluding
special items
|
|
|
$
43.3
|
|
$
(315.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding of PBF Energy
Inc.
|
|
|
120,339,041
|
|
119,926,267
|
|
Conversion of PBF LLC Series A Units (Note 5)
|
|
|
927,990
|
|
979,449
|
|
Common stock equivalents (Note 6)
|
|
|
2,282,174
|
|
—
|
|
Fully-converted shares outstanding -
diluted
|
|
|
123,549,205
|
|
120,905,716
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted fully-converted net income (loss) per fully
exchanged, fully diluted shares outstanding (Note
6)
|
|
|
$
(0.18)
|
|
$
(0.34)
|
|
|
Adjusted fully-converted net income (loss) excluding
special items per fully exchanged, fully diluted shares outstanding
(Note 4, 6)
|
|
|
$
0.35
|
|
$
(2.61)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO
INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL
ITEMS
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
Income from operations
|
|
|
$
91.0
|
|
$
57.7
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
|
|
—
|
|
(405.6)
|
|
Add: Change in fair
value of contingent consideration
|
|
|
50.3
|
|
30.1
|
|
Income (loss) from operations excluding special
items
|
|
|
$
141.3
|
|
$
(317.8)
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S.
GAAP
|
|
EBITDA RECONCILIATIONS (Note 7)
|
|
(Unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND
EBITDA EXCLUDING SPECIAL ITEMS
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
(3.3)
|
|
$
(22.2)
|
|
Add: Depreciation and amortization expense
|
|
|
120.2
|
|
117.5
|
|
Add: Interest expense, net
|
|
|
78.4
|
|
80.3
|
|
Add: Income tax benefit
|
|
|
(6.1)
|
|
(8.4)
|
|
EBITDA
|
|
|
|
$ 189.2
|
|
$ 167.2
|
|
Special Items (Note
4):
|
|
|
|
|
|
|
Add: Non-cash LCM inventory adjustment
|
|
|
—
|
|
(405.6)
|
|
Add: Change in fair value of contingent
consideration
|
|
|
50.3
|
|
30.1
|
|
Add: Change in Tax Receivable Agreement liability
|
|
|
19.3
|
|
—
|
|
EBITDA excluding special items
|
|
|
$ 258.8
|
|
$ (208.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
RECONCILIATION OF EBITDA TO ADJUSTED
EBITDA
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$ 189.2
|
|
$ 167.2
|
|
Add: Stock-based compensation
|
|
|
7.7
|
|
7.4
|
|
Add: Change in fair value of catalyst obligations
|
|
|
4.9
|
|
10.0
|
|
Add: Non-cash LCM inventory adjustment (Note 4)
|
|
|
—
|
|
(405.6)
|
|
Add: Change in fair value of contingent consideration (Note
4)
|
|
|
50.3
|
|
30.1
|
|
Add: Change in Tax Receivable Agreement liability (Note
4)
|
|
|
19.3
|
|
—
|
|
Adjusted EBITDA
|
|
|
|
$ 271.4
|
|
$ (190.9)
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA
|
|
(Unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
2022
|
|
2021
|
|
Balance Sheet Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,434.6
|
|
$
1,341.5
|
|
Inventories
|
2,893.5
|
|
2,505.1
|
|
Total assets
|
12,948.3
|
|
11,641.4
|
|
Total debt
|
4,278.6
|
|
4,295.8
|
|
|
|
|
|
|
Total equity
|
2,526.1
|
|
2,532.8
|
|
Total equity excluding
special items (Note 4, 13)
|
$
2,129.0
|
|
$
2,071.3
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
63%
|
|
63%
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
67%
|
|
67%
|
|
Net debt to
capitalization ratio (Note 13)
|
53%
|
|
54%
|
|
Net debt to
capitalization ratio, excluding special items (Note 13)
|
57%
|
|
59%
|
|
|
|
|
|
|
SUMMARIZED STATEMENT OF CASH FLOW
DATA
|
|
(Unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2022
|
|
2021
|
|
Cash flows provided by
(used in) operating activities
|
$
312.3
|
|
$
(13.7)
|
|
Cash flows used in
investing activities
|
(225.5)
|
|
(60.5)
|
|
Cash flows provided by
financing activities
|
6.3
|
|
5.9
|
|
Net
change in cash and cash equivalents
|
93.1
|
|
(68.3)
|
|
Cash and cash
equivalents, beginning of period
|
1,341.5
|
|
1,609.5
|
|
Cash and cash
equivalents, end of period
|
$
1,434.6
|
|
$
1,541.2
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
CONSOLIDATING FINANCIAL INFORMATION (Note
8)
|
|
(Unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2022
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 9,128.2
|
|
$
89.4
|
|
$
—
|
|
$
(75.9)
|
|
$
9,141.7
|
|
Depreciation and amortization
expense
|
108.8
|
|
9.5
|
|
1.9
|
|
—
|
|
120.2
|
|
Income (loss) from operations
|
146.1
|
|
46.4
|
|
(101.5)
|
|
—
|
|
91.0
|
|
Interest expense, net
|
3.1
|
|
10.1
|
|
65.2
|
|
—
|
|
78.4
|
|
Capital expenditures
|
223.1
|
|
1.4
|
|
1.0
|
|
—
|
|
225.5
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2021
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
|
Revenues
|
$ 4,913.2
|
|
$
87.5
|
|
$
—
|
|
$
(75.9)
|
|
$
4,924.8
|
|
Depreciation and amortization
expense
|
104.7
|
|
9.4
|
|
3.4
|
|
—
|
|
117.5
|
|
Income (loss) from operations
|
85.9
|
|
47.9
|
|
(76.1)
|
|
—
|
|
57.7
|
|
Interest expense, net
|
1.8
|
|
10.7
|
|
67.8
|
|
—
|
|
80.3
|
|
Capital expenditures
|
58.1
|
|
1.3
|
|
1.1
|
|
—
|
|
60.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2022
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated Total
|
|
Total Assets
|
$
12,049.8
|
|
$
903.0
|
|
$
47.4
|
|
$
(51.9)
|
|
$ 12,948.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated Total
|
|
Total Assets
|
$
10,753.3
|
|
$
901.3
|
|
$
48.5
|
|
$
(61.7)
|
|
$ 11,641.4
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
MARKET INDICATORS AND KEY OPERATING
INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
March 31,
|
|
Market Indicators (dollars per barrel) (Note
9)
|
|
2022
|
|
2021
|
|
Dated Brent crude
oil
|
|
$
101.75
|
|
$ 61.16
|
|
West Texas Intermediate
(WTI) crude oil
|
|
$ 95.22
|
|
$ 58.13
|
|
Light Louisiana Sweet
(LLS) crude oil
|
|
$ 97.50
|
|
$ 60.26
|
|
Alaska North Slope
(ANS) crude oil
|
|
$ 96.13
|
|
$ 61.07
|
|
Crack
Spreads:
|
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
|
$ 21.69
|
|
$ 12.06
|
|
WTI (Chicago)
4-3-1
|
|
$ 17.94
|
|
$ 11.56
|
|
LLS (Gulf Coast)
2-1-1
|
|
$ 24.14
|
|
$ 12.05
|
|
ANS (West Coast-LA)
4-3-1
|
|
$ 32.84
|
|
$ 15.75
|
|
ANS (West Coast-SF)
3-2-1
|
|
$ 29.39
|
|
$ 12.92
|
|
Crude Oil
Differentials:
|
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
|
$ 6.54
|
|
$ 3.03
|
|
Dated Brent less Maya
(heavy, sour)
|
|
$ 12.24
|
|
$ 4.53
|
|
Dated Brent less WTS
(sour)
|
|
$ 6.74
|
|
$ 2.26
|
|
Dated Brent less ASCI
(sour)
|
|
$ 8.63
|
|
$ 2.77
|
|
WTI less WCS (heavy,
sour)
|
|
$ 15.31
|
|
$ 12.01
|
|
WTI less Bakken (light,
sweet)
|
|
$ (3.49)
|
|
$ 0.50
|
|
WTI less Syncrude
(light, sweet)
|
|
$ 0.18
|
|
$ 0.97
|
|
WTI less LLS (light,
sweet)
|
|
$ (2.28)
|
|
$ (2.13)
|
|
WTI less ANS (light,
sweet)
|
|
$ (0.92)
|
|
$ (2.94)
|
|
Natural gas (dollars
per MMBTU)
|
|
$ 4.59
|
|
$ 2.72
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating Information
|
|
|
|
|
|
Production (barrels per
day ("bpd") in thousands)
|
|
844.3
|
|
758.2
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
|
832.6
|
|
745.5
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
|
74.9
|
|
67.1
|
|
Consolidated gross
margin per barrel of throughput
|
|
$ 2.63
|
|
$ 2.07
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
|
$ 11.36
|
|
$ 3.65
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
|
$ 7.95
|
|
$ 6.86
|
|
Crude and feedstocks (% of total throughput) (Note
12)
|
|
|
|
|
|
Heavy
|
|
34%
|
|
36%
|
|
Medium
|
|
32%
|
|
31%
|
|
Light
|
|
18%
|
|
18%
|
|
Other feedstocks and
blends
|
|
16%
|
|
15%
|
|
|
Total
throughput
|
|
100%
|
|
100%
|
|
Yield (% of total throughput)
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
|
48%
|
|
54%
|
|
Distillates and
distillate blendstocks
|
|
34%
|
|
30%
|
|
Lubes
|
|
1%
|
|
1%
|
|
Chemicals
|
|
2%
|
|
2%
|
|
Other
|
|
16%
|
|
15%
|
|
|
Total yield
|
|
101%
|
|
102%
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
SUPPLEMENTAL OPERATING
INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Supplemental Operating Information - East Coast
Refining System (Delaware City and Paulsboro)
|
|
|
|
|
|
Production (bpd in
thousands)
|
|
264.6
|
|
242.3
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
|
263.1
|
|
242.8
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
|
23.7
|
|
21.9
|
|
Gross margin per barrel
of throughput
|
|
$ 1.93
|
|
$ (0.70)
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
|
$ 11.03
|
|
$ 2.48
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
|
$ 7.34
|
|
$ 5.91
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
Heavy
|
|
31%
|
|
26%
|
|
Medium
|
|
31%
|
|
41%
|
|
Light
|
|
12%
|
|
9%
|
|
Other feedstocks and
blends
|
|
26%
|
|
24%
|
|
|
Total
throughput
|
|
100%
|
|
100%
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
|
43%
|
|
44%
|
|
Distillates and
distillate blendstocks
|
|
35%
|
|
34%
|
|
Lubes
|
|
2%
|
|
2%
|
|
Chemicals
|
|
2%
|
|
2%
|
|
Other
|
|
19%
|
|
18%
|
|
|
Total yield
|
|
101%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - Mid-Continent
(Toledo)
|
|
|
|
|
|
Production (bpd in
thousands)
|
|
139.4
|
|
120.0
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
|
136.7
|
|
117.2
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
|
12.3
|
|
10.5
|
|
Gross margin per barrel
of throughput
|
|
$ 0.08
|
|
$ 7.88
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
|
$ 8.50
|
|
$ 5.18
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
|
$ 6.67
|
|
$ 5.82
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
Medium
|
|
41%
|
|
43%
|
|
Light
|
|
53%
|
|
54%
|
|
Other feedstocks and
blends
|
|
6%
|
|
3%
|
|
|
Total
throughput
|
|
100%
|
|
100%
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
|
54%
|
|
59%
|
|
Distillates and
distillate blendstocks
|
|
35%
|
|
32%
|
|
Chemicals
|
|
6%
|
|
5%
|
|
Other
|
|
7%
|
|
6%
|
|
|
Total yield
|
|
102%
|
|
102%
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
EARNINGS RELEASE TABLES
|
|
SUPPLEMENTAL OPERATING
INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Supplemental Operating Information - Gulf Coast
(Chalmette)
|
|
|
|
|
|
Production (bpd in
thousands)
|
|
166.2
|
|
159.2
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
|
163.1
|
|
153.8
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
|
14.6
|
|
13.8
|
|
Gross margin per barrel
of throughput
|
|
$ 4.63
|
|
$ 3.63
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
|
$ 11.96
|
|
$ 5.44
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
|
$ 6.62
|
|
$ 5.38
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
Heavy
|
|
16%
|
|
8%
|
|
Medium
|
|
43%
|
|
44%
|
|
Light
|
|
30%
|
|
31%
|
|
Other feedstocks and
blends
|
|
11%
|
|
17%
|
|
|
Total
throughput
|
|
100%
|
|
100%
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
|
40%
|
|
47%
|
|
Distillates and
distillate blendstocks
|
|
39%
|
|
34%
|
|
Chemicals
|
|
1%
|
|
2%
|
|
Other
|
|
22%
|
|
21%
|
|
|
Total yield
|
|
102%
|
|
104%
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - West Coast
(Torrance and Martinez)
|
|
|
|
|
|
Production (bpd in
thousands)
|
|
274.1
|
|
236.7
|
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
|
269.7
|
|
231.7
|
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
|
24.3
|
|
20.9
|
|
Gross margin per barrel
of throughput
|
|
$ 1.30
|
|
$ (1.57)
|
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
|
$ 12.75
|
|
$ 2.91
|
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
|
$ 10.01
|
|
$ 9.36
|
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
|
Heavy
|
|
66%
|
|
83%
|
|
Medium
|
|
21%
|
|
5%
|
|
Other feedstocks and
blends
|
|
13%
|
|
12%
|
|
|
Total
throughput
|
|
100%
|
|
100%
|
|
Yield (% of total
throughput):
|
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
|
58%
|
|
64%
|
|
Distillates and
distillate blendstocks
|
|
28%
|
|
24%
|
|
Other
|
|
16%
|
|
14%
|
|
|
Total yield
|
|
102%
|
|
102%
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
|
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S.
GAAP
|
|
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER
BARREL OF THROUGHPUT (Note 10)
|
|
(Unaudited, in millions, except per barrel
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|
|
|
|
|
March 31, 2022
|
|
March 31, 2021
|
|
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
|
$ 9,141.7
|
|
$
122.00
|
|
$ 4,924.8
|
|
$
73.40
|
|
Less: Cost of sales
|
8,944.9
|
|
119.37
|
|
4,786.4
|
|
71.33
|
|
Consolidated gross margin
|
$
196.8
|
|
$
2.63
|
|
$
138.4
|
|
$
2.07
|
|
Reconciliation of consolidated gross margin to gross
refining margin:
|
|
|
|
|
|
|
|
|
Consolidated gross margin
|
$
196.8
|
|
$
2.63
|
|
$
138.4
|
|
$
2.07
|
|
Add: PBFX operating
expense
|
29.3
|
|
0.39
|
|
25.0
|
|
0.37
|
|
Add: PBFX depreciation
expense
|
9.5
|
|
0.13
|
|
9.4
|
|
0.14
|
|
Less: Revenues of
PBFX
|
(89.4)
|
|
(1.19)
|
|
(87.5)
|
|
(1.30)
|
|
Add: Refinery operating
expense
|
595.6
|
|
7.95
|
|
460.2
|
|
6.86
|
|
Add: Refinery
depreciation expense
|
108.9
|
|
1.45
|
|
104.7
|
|
1.56
|
|
Gross refining margin
|
$
850.7
|
|
$
11.36
|
|
$
650.2
|
|
$
9.70
|
|
Special
Items (Note 4):
|
|
|
|
|
|
|
|
|
Add: Non-cash LCM
inventory adjustment
|
—
|
|
—
|
|
(405.6)
|
|
(6.05)
|
|
Gross refining margin excluding special
items
|
$
850.7
|
|
$
11.36
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$
244.6
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$
3.65
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See Footnotes to Earnings Release
Tables
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PBF ENERGY INC. AND
SUBSIDIARIES
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EARNINGS RELEASE TABLES
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FOOTNOTES TO EARNINGS RELEASE
TABLES
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(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.
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(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's Class A
common stock.
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(3) Represents an
adjustment to reflect PBF Energy's estimated annualized statutory
corporate tax rate of approximately 25.9% and 26.6% for the 2022
and 2021 periods, respectively, 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.
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(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
three months ended March 31, 2022 and 2021 relate to LCM inventory
adjustments, change in fair value of contingent consideration,
changes in the Tax Receivable Agreement liability, and net tax
expense on the remeasurement of deferred tax assets, 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
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.
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The following table
includes the LCM inventory reserve as of each date presented (in
millions):
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2022
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2021
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January 1,
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$
—
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$
669.6
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March 31,
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—
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264.0
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The following table
includes the corresponding impact of changes in the LCM inventory
reserve on income (loss) from operations and net income (loss) for
the periods presented (in millions):
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Three Months Ended
March 31,
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2022
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2021
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Net LCM inventory
adjustment benefit (charge) in income (loss) from
operations
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$
—
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$
405.6
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Net LCM inventory
adjustment benefit (charge) in net income (loss)
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—
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297.7
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Change in Fair Value of Contingent
Consideration - During the three months ended
March 31, 2022, we recorded a change in fair value of the
contingent consideration primarily related to the Martinez
Contingent Consideration which decreased income from operations and
net income by $50.3 million and $37.3 million, respectively. During
the three months ended March 31, 2021, we recorded a change in
the fair value of the contingent consideration primarily related to
the Martinez Contingent Consideration which decreased income from
operations and net income by $30.1 million and $22.1 million,
respectively.
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Change in Tax Receivable Agreement
liability - During the three months ended
March 31, 2022, we recorded a change in the Tax Receivable
Agreement liability that decreased income before income taxes and
net income by $19.3 million and $14.3 million, respectively. There
was no change to the Tax Receivable Agreement liability during the
three months ended March 31, 2021. The changes in the Tax
Receivable Agreement liability reflect charges or benefits
attributable to changes in our obligation under the Tax Receivable
Agreement due to 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.
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Net Tax Expense on Remeasurement of Deferred Tax
Assets - During the three months ended March 31,
2022, we recorded a deferred tax valuation allowance of
$316.3 million in accordance with ASC 740 (an increase of
$7.8 million when compared to December 31, 2021, which
includes a tax benefit of approximately $5.0 million related
to our net change in the Tax Receivable Agreement liability and a
net tax expense of $12.8 million related primarily to the
remeasurement of deferred tax assets). During the three months
ended March 31, 2021, we recorded an increase to our deferred
tax valuation allowance of $1.7 million in accordance with ASC
740.
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(5) Represents an
adjustment to weighted-average diluted shares outstanding to assume
the full exchange of existing PBF LLC Series A Units as described
in footnote 2.
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(6) Represents
weighted-average diluted shares outstanding assuming the conversion
of all common stock equivalents, including options and warrants for
PBF LLC Series A Units and performance share units and options for
shares of PBF Energy Class A common stock as calculated under the
treasury stock method (to the extent the impact of such exchange
would not be anti-dilutive) for the three months ended
March 31, 2022 and 2021, respectively. Common stock
equivalents exclude the effects of performance share units and
options and warrants to purchase 14,804,565 and 11,699,893 shares
of PBF Energy Class A common stock and PBF LLC Series A units
because they are anti-dilutive for the three months ended
March 31, 2022 and March 31, 2021, respectively. For
periods showing a net loss, all common stock equivalents and
unvested restricted stock are considered anti-dilutive.
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(7) EBITDA (Earnings
before Interest, Income Taxes, Depreciation and Amortization) 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, the non-cash change in the fair
value of catalyst obligations, the write down of inventory to the
LCM, changes in the liability for Tax Receivable Agreement due to
factors out of our control, such as changes in tax rates, change in
the fair value of contingent consideration and certain other
non-cash items. We use these Non-GAAP financial measures as a
supplement to our GAAP results in order to provide additional
metrics on factors and trends affecting our business. EBITDA and
Adjusted EBITDA are measures of operating performance that are not
defined by GAAP and should not be considered substitutes for net
income as determined in accordance with GAAP. In addition, because
EBITDA and Adjusted EBITDA are not calculated in the same manner by
all companies, they are not necessarily comparable to other
similarly titled measures used by other companies. EBITDA and
Adjusted EBITDA have their limitations as an analytical tool, and
you should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP.
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(8) We operate in two
reportable segments: Refining and Logistics. Our operations that
are not included in the Refining and Logistics segments are
included in Corporate. As of March 31, 2022, 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"), a growth-oriented master limited
partnership which owns or leases, operates, develops and acquires
crude oil and refined petroleum products terminals, pipelines,
storage facilities and similar logistics assets. PBFX's assets
primarily consist of rail and truck terminals and unloading racks,
storage facilities and pipelines, a substantial portion of which
were acquired from or contributed by PBF LLC and are located at, or
nearby, our refineries. PBFX provides various rail, truck and
marine terminaling services, pipeline transportation services and
storage services to PBF Holding and/or its subsidiaries and third
party customers through fee-based commercial agreements.
PBFX currently does
not generate significant third party revenue and intersegment
related-party revenues are eliminated in consolidation. From a PBF
Energy perspective, our chief operating decision maker evaluates
the Logistics segment as a whole without regard to any of PBFX's
individual operating segments.
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(9) As reported by
Platts.
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(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.
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(11) Represents
refinery operating expenses, including corporate-owned logistics
assets, excluding depreciation and amortization, divided by total
crude oil and feedstocks throughput.
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(12) We define heavy
crude oil as crude oil with American Petroleum Institute (API)
gravity less than 24 degrees. We define medium crude oil as crude
oil with API gravity between 24 and 35 degrees. We define light
crude oil as crude oil with API gravity higher than 35
degrees.
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(13) The total debt
to capitalization ratio is calculated by dividing total debt by the
sum of total debt and total equity. This ratio is a measurement
that management believes is useful to investors in analyzing our
leverage. Net debt and the net debt to capitalization ratio are
Non-GAAP measures. Net debt is calculated by subtracting cash and
cash equivalents from total debt. We believe these measurements are
also useful to investors since we have the ability to and may
decide to use a portion of our cash and cash equivalents to retire
or pay down our debt. Additionally, we have also presented the
total debt to capitalization and net debt to capitalization ratios
excluding the cumulative effects of special items on
equity.
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March 31,
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December 31,
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2022
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2021
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(in
millions)
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Total debt
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$ 4,278.6
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$ 4,295.8
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Total equity
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2,526.1
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2,532.8
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Total
capitalization
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$ 6,804.7
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$ 6,828.6
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Total debt
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$ 4,278.6
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$ 4,295.8
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Total equity excluding
special items
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2,129.0
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2,071.3
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Total capitalization
excluding special items
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$ 6,407.6
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$ 6,367.1
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Total equity
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$ 2,526.1
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$ 2,532.8
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Special Items
(Note 4)
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Add:
Non-cash LCM inventory adjustments
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—
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—
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Add:
Change in fair value of contingent consideration
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(11.0)
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(61.3)
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Add:
Gain on sale of hydrogen plants
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(471.1)
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(471.1)
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Add: Gain
on Torrance land sales
|
(87.8)
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(87.8)
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Add:
Impairment expense
|
98.8
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|
98.8
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Add:
LIFO inventory decrement
|
83.0
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83.0
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Add:
Turnaround acceleration costs
|
56.2
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56.2
|
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Add:
Severance and reconfiguration costs
|
30.0
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|
30.0
|
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Add:
Early railcar return expense
|
64.8
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|
64.8
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Add:
Gain on extinguishment of debt
|
(32.2)
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(32.2)
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Add:
Change in Tax Receivable Agreement liability
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(596.3)
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|
(615.6)
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Less: Recomputed income taxes on special items
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213.8
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|
231.8
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|
Add:
Net tax expense on remeasurement of deferred tax assets
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234.5
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|
221.7
|
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Add:
Net tax expense on TCJA related special items
|
20.2
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20.2
|
|
Net equity
impact related to special items
|
(397.1)
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(461.5)
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Total equity excluding
special items
|
$ 2,129.0
|
|
$ 2,071.3
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|
|
|
|
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Total debt
|
$ 4,278.6
|
|
$ 4,295.8
|
|
Less: Cash and cash equivalents
|
1,434.6
|
|
1,341.5
|
|
Net Debt
|
|
|
|
$ 2,844.0
|
|
$ 2,954.3
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|
|
|
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|
|
Total debt to
capitalization ratio
|
63%
|
|
63%
|
|
Total debt to
capitalization ratio, excluding special items
|
67%
|
|
67%
|
|
Net debt to
capitalization ratio
|
53%
|
|
54%
|
|
Net debt to
capitalization ratio, excluding special items
|
57%
|
|
59%
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SOURCE PBF Energy Inc.