PBF Energy Announces Second Quarter 2021 Results

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- Second quarter income from operations of $147.5 million (excluding special items, second quarter loss from operations of $120.5 million)

- Second quarter consolidated ending cash balance of approximately $1.5 billion

PARSIPPANY, N.J., July 29, 2021 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second quarter 2021 income from operations of $147.5 million as compared to income from operations of $620.8 million for the second quarter of 2020. Excluding special items, second quarter 2021 loss from operations was $120.5 million as compared to a loss from operations of $433.7 million for the second quarter of 2020. 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.

PBF Energy Logo
PBF Energy Logo

The company reported second quarter 2021 net income of $69.9 million and net income attributable to PBF Energy Inc. of $47.9 million or $0.39 per share. This compares to net income of $413.0 million, and net income attributable to PBF Energy Inc. of $389.1 million or $3.23 per share for the second quarter 2020. Non-cash special items included in the second quarter 2021 results, which increased net income by a net, after-tax benefit of $200.8 million, or $1.65 per share, consisted of a lower-of-cost-or-market ("LCM") inventory benefit, change in fair value of the contingent consideration associated with earn-out provisions primarily related to the Martinez Acquisition and a net tax benefit on remeasurement of deferred tax assets. Adjusted fully-converted net loss for the second quarter 2021, excluding special items, was $152.6 million, or $(1.26) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $384.8 million or $(3.19) per share, for the second quarter 2020.

Tom Nimbley, PBF Energy's Chairman and CEO, said, "PBF's second quarter results reflect the improving demand environment. We operated our refineries at rates which were the highest since the onset of the pandemic." Mr. Nimbley continued, "Demand continued its gradual improvement but is still not at pre-pandemic levels. We expect, as demand incrementally improves, that we could see additional crude supply enter the market which could directionally shift current headwinds to tailwinds in the commodities market. As we anticipate this potential positive momentum shift, the independent refining sector continues to face headwinds as a result of escalating compliance costs under the RFS program. The Environmental Protection Agency needs to address the program because the RIN-bank will be fully depleted by early 2022 at current rates."

Mr. Nimbley concluded, "Despite these recent challenges, we are confident that we have the operations, team and resources to overcome the current hurdles. We exited the second quarter with ample liquidity, including approximately $1.4 billion in cash, that we believe will support our business as market conditions improve."

Liquidity and Financial Position
As of June 30, 2021, our operational liquidity was more than $2.6 billion based on approximately $1.4 billion of cash and borrowing availability under our asset-based lending facility. In addition, PBF Logistics LP liquidity included $32.4 million in cash and approximately $336.0 million of availability under its revolving credit facility.

Strategic Update and Outlook
In addition to focusing on the safety and reliability of our core refining operations, we continue to progress our previously announced renewable fuels production facility project intended to be co-located at the Chalmette refinery. This project is expected to use 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. We believe that with the utilization of currently idled assets, and its strategic location on the Mississippi River, our project will have a shorter time to market and reduced construction costs compared to similar greenfield projects. We are currently in advanced discussions with potential partners and expect to provide further updates in the coming months.

Consistent with our previous guidance, our overall market outlook for the second half of 2021 remains constructive, with continued gradual improvement in demand, and our full-year capital expenditures are expected to be approximately $400 to $450 million. Should market conditions change from our current expectations, we expect that we will review our capital requirements and adjust as needed.

We increased rates at our refineries in the second quarter in response to greater demand for our products and, in the third quarter, we expect to remain responsive to market conditions. For the third quarter, we expect total throughput regionally as follows: East Coast to average 250,000 to 270,000 barrels per day ("bpd"); Mid-Continent to average 150,000 to 160,000 bpd; Gulf Coast to average 165,000 to 175,000 bpd; and West Coast to average 280,000 to 300,000 bpd. The throughputs are reflective of planned work expected to take place in the third quarter at our Torrance and Delaware City 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, July 29, 2021, 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, customer and vendors; risk relating to the securities markets generally; risks associated with the East Coast refining reconfiguration and the acquisition of the Martinez refinery, and related logistics assets; 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; 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 2021; 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


Six Months Ended







June 30,


June 30,







2021


2020


2021


2020

Revenues


$

6,897.9



$

2,515.8



$

11,822.7



$

7,793.3















Cost and expenses:










Cost of products and other


6,100.7



1,753.1



10,291.7



7,716.4



Operating expenses (excluding depreciation and amortization expense as reflected below)


483.8



442.1



965.1



973.8



Depreciation and amortization expense


111.6



122.3



225.7



239.0


Cost of sales


6,696.1



2,317.5



11,482.5



8,929.2



General and administrative expenses (excluding depreciation and amortization expense as reflected below)


55.0



57.9



102.8



140.4



Depreciation and amortization expense


3.3



2.8



6.7



5.7



Change in fair value of contingent consideration


(4.0)



(12.1)



26.1



(64.9)



Gain on sale of assets




(471.1)



(0.6)



(471.1)


Total cost and expenses


6,750.4



1,895.0



11,617.5



8,539.3















Income (loss) from operations


147.5



620.8



205.2



(746.0)















Other income (expense):











Interest expense, net


(80.8)



(65.5)



(161.1)



(114.7)



Change in Tax Receivable Agreement liability








(11.6)



Change in fair value of catalyst obligations


5.8



(5.1)



(4.2)



6.6



Debt extinguishment costs








(22.2)



Other non-service components of net periodic benefit cost



1.9



1.1



3.9



2.1


Income (loss) before income taxes


74.4



551.3



43.8



(885.8)


Income tax expense (benefit)


4.5



138.3



(3.9)



(236.3)


Net income (loss)


69.9



413.0



47.7



(649.5)



Less: net income attributable to noncontrolling interests


22.0



23.9



41.1



27.3


Net income (loss) attributable to PBF Energy Inc. stockholders


$

47.9



$

389.1



$

6.6



$

(676.8)















Net income (loss) available to Class A common stock per share:










Basic


$

0.40



$

3.24



$

0.05



$

(5.66)



Diluted


$

0.39



$

3.23



$

0.05



$

(5.67)



Weighted-average shares outstanding-basic


120,230,133



120,010,882



120,211,219



119,499,392



Weighted-average shares outstanding-diluted


121,916,175



121,428,900



121,687,236



120,612,601




























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)


$

48.2



$

392.4



$

6.6



$

(684.3)



Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share


$

0.39



$

3.23



$

0.05



$

(5.67)



Adjusted fully-converted shares outstanding - diluted (Note 6)


121,916,175



121,428,900



121,687,236



120,612,601















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


Six Months Ended


June 30,


June 30,


2021


2020


2021


2020

Net income (loss) attributable to PBF Energy Inc. stockholders


$

47.9



$

389.1



$

6.6



$

(676.8)



Less:

Income allocated to participating securities








0.1


Income (loss) available to PBF Energy Inc. stockholders - basic


47.9



389.1



6.6



(676.9)



Add:

Net income (loss) attributable to noncontrolling interest (Note 2)


0.4



4.5





(10.1)



Less:

Income tax (expense) benefit (Note 3)


(0.1)



(1.2)





2.7


Adjusted fully-converted net income (loss)


$

48.2



$

392.4



$

6.6



$

(684.3)



Special Items (Note 4):










Add:

Non-cash LCM inventory adjustment


(264.0)



(584.2)



(669.6)



701.4



Add:

Change in fair value of contingent consideration


(4.0)



(12.1)



26.1



(64.9)



Add:

Gain on sale of hydrogen plants




(471.1)





(471.1)



Add:

Severance costs




12.9





12.9



Add:

Debt extinguishment costs








22.2



Add:

Change in Tax Receivable Agreement liability








11.6



Add:

Net tax benefit on remeasurement of deferred tax assets


(4.1)





(2.4)





Less:

Recomputed income tax on special items (Note 3)


71.3



277.3



171.2



(55.8)


Adjusted fully-converted net income (loss) excluding special items


$

(152.6)



$

(384.8)



$

(468.1)



$

(528.0)

















Weighted-average shares outstanding of PBF Energy Inc.


120,230,133



120,010,882



120,211,219



119,499,392


Conversion of PBF LLC Series A Units (Note 5)


994,138



1,017,620



986,834



1,113,209


Common stock equivalents (Note 6)


691,904



400,398



489,183




Fully-converted shares outstanding - diluted


121,916,175



121,428,900



121,687,236



120,612,601

















Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)


$

0.39



$

3.23



$

0.05



$

(5.67)



Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)


$

(1.26)



$

(3.19)



$

(3.87)



$

(4.38)






















Three Months Ended


Six Months Ended

RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS


June 30,


June 30,


2021


2020


2021


2020

Income (loss) from operations


$

147.5



$

620.8



$

205.2



$

(746.0)



Special Items (Note 4):










Add:

Non-cash LCM inventory adjustment


(264.0)



(584.2)



(669.6)



701.4



Add:

Change in fair value of contingent consideration


(4.0)



(12.1)



26.1



(64.9)



Add:

Gain on sale of hydrogen plants




(471.1)





(471.1)



Add:

Severance costs




12.9





12.9


Income (loss) from operations excluding special items


$

(120.5)



$

(433.7)



$

(438.3)



$

(567.7)



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 AND EBITDA EXCLUDING SPECIAL ITEMS


2021


2020


2021


2020
















Net income (loss)


$

69.9



$

413.0



$

47.7



$

(649.5)


Add: Depreciation and amortization expense


114.9



125.1



232.4



244.7


Add: Interest expense, net


80.8



65.5



161.1



114.7


Add: Income tax expense (benefit)


4.5



138.3



(3.9)



(236.3)


EBITDA



$

270.1



$

741.9



$

437.3



$

(526.4)


Special Items (Note 4):









Add: Non-cash LCM inventory adjustment


(264.0)



(584.2)



(669.6)



701.4


Add: Change in fair value of contingent consideration


(4.0)



(12.1)



26.1



(64.9)


Add: Gain on sale of hydrogen plants




(471.1)





(471.1)


Add: Severance costs




12.9





12.9


Add: Debt extinguishment costs








22.2


Add: Change in Tax Receivable Agreement liability

...







11.6


EBITDA excluding special items


$

2.1



$

(312.6)



$

(206.2)



$

(314.3)

























Three Months Ended


Six Months Ended









June 30,


June 30,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA


2021


2020


2021


2020











EBITDA


$

270.1



$

741.9



$

437.3



$

(526.4)


Add: Stock-based compensation


10.4



9.1



17.8



18.7


Add: Change in fair value of catalyst obligations


(5.8)



5.1



4.2



(6.6)


Add: Non-cash LCM inventory adjustment (Note 4)


(264.0)



(584.2)



(669.6)



701.4


Add: Change in fair value of contingent consideration (Note 4)


(4.0)



(12.1)



26.1



(64.9)


Add: Gain on sale of hydrogen plants (Note 4)




(471.1)





(471.1)


Add: Severance costs (Note 4)




12.9





12.9


Add: Debt extinguishment costs (Note 4)








22.2


Add: Change in Tax Receivable Agreement liability (Note 4)








11.6


Adjusted EBITDA



$

6.7



$

(298.4)



$

(184.2)



$

(302.2)




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,






2021


2020

Balance Sheet Data:






Cash and cash equivalents

$

1,479.7



$

1,609.5



Inventories

2,636.2



1,686.2



Total assets

11,654.2



10,499.8



Total debt

4,628.1



4,661.0








Total equity

2,246.9



2,202.3



Total equity excluding special items (Note 4, 13)

$

1,845.8



$

2,275.9











Total debt to capitalization ratio (Note 13)

67

%


68

%


Total debt to capitalization ratio, excluding special items (Note 13)

71

%


67

%


Net debt to capitalization ratio (Note 13)

58

%


58

%


Net debt to capitalization ratio, excluding special items (Note 13)

63

%


57

%






SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)














Six Months Ended June 30,






2021


2020

Cash flows provided by (used in) operating activities

$

64.7



$

(628.8)


Cash flows used in investing activities

(139.6)



(933.6)


Cash flows (used in) provided by financing activities

(54.9)



1,972.7


Net change in cash and cash equivalents

(129.8)



410.3


Cash and cash equivalents, beginning of period

1,609.5



814.9


Cash and cash equivalents, end of period

$

1,479.7



$

1,225.2










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 June 30, 2021


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

6,883.2



$

89.8



$



$

(75.1)



$

6,897.9


Depreciation and amortization expense

102.3



9.3



3.3





114.9


Income (loss) from operations

146.8



47.8



(47.1)





147.5


Interest expense, net

1.7



10.7



68.4





80.8


Capital expenditures

75.2



2.2



1.7





79.1













Three Months Ended June 30, 2020


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

2,499.1



$

89.2



$



$

(72.5)



$

2,515.8


Depreciation and amortization expense

111.1



11.2



2.8





125.1


Income (loss) from operations

614.6



50.1



(43.9)





620.8


Interest expense, net

0.7



12.7



52.1





65.5


Capital expenditures

143.8



1.8



2.2





147.8













Six Months Ended June 30, 2021


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

11,796.4



$

177.3



$



$

(151.0)



$

11,822.7


Depreciation and amortization expense

207.0



18.7



6.7





232.4


Income (loss) from operations

232.7



95.7



(123.2)





205.2


Interest expense, net

3.5



21.4



136.2





161.1


Capital expenditures

133.3



3.5



2.8





139.6













Six Months Ended June 30, 2020


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

7,759.1



$

182.2



$



$

(148.0)



$

7,793.3


Depreciation and amortization expense

216.5



22.5



5.7





244.7


Income (loss) from operations

(771.8)



97.8



(72.0)





(746.0)


Interest expense, net

1.5



25.5



87.7





114.7


Capital expenditures (Note 14)

1,447.9



7.9



7.2





1,463.0



Balance at June 30, 2021


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Total Assets

$

10,741.4



$

918.7



$

54.4



$

(60.3)



$

11,654.2























Balance at December 31, 2020


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Total Assets

$

9,565.0



$

933.6



$

54.4



$

(53.2)



$

10,499.8












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)

2021


2020


2021


2020

Dated Brent crude oil

$

68.87



$

29.57



$

65.08



$

39.55


West Texas Intermediate (WTI) crude oil

$

66.19



$

27.96



$

62.22



$

36.69


Light Louisiana Sweet (LLS) crude oil

$

68.05



$

30.19



$

64.22



$

38.93


Alaska North Slope (ANS) crude oil

$

68.58



$

30.28



$

64.89



$

40.59


Crack Spreads:









Dated Brent (NYH) 2-1-1

$

17.40



$

9.66



$

14.77



$

9.81



WTI (Chicago) 4-3-1

$

18.84



$

5.25



$

15.26



$

6.30



LLS (Gulf Coast) 2-1-1

$

15.87



$

6.49



$

13.99



$

8.44



ANS (West Coast-LA) 4-3-1

$

21.28



$

9.18



$

18.56



$

11.26



ANS (West Coast-SF) 3-2-1

$

21.21



$

8.76



$

17.13



$

9.20


Crude Oil Differentials:









Dated Brent (foreign) less WTI

$

2.68



$

1.61



$

2.86



$

2.86



Dated Brent less Maya (heavy, sour)

$

4.72



$

5.34



$

5.25



$

7.01



Dated Brent less WTS (sour)

$

2.41



$

1.42



$

2.34



$

3.04



Dated Brent less ASCI (sour)

$

3.13



$

0.35



$

2.95



$

2.30



WTI less WCS (heavy, sour)

$

13.09



$

5.77



$

12.61



$

11.21



WTI less Bakken (light, sweet)

$

0.23



$

3.03



$

0.35



$

3.25



WTI less Syncrude (light, sweet)

$

1.24



$

1.22



$

1.17



$

1.37



WTI less LLS (light, sweet)

$

(1.86)



$

(2.23)



$

(2.00)



$

(2.24)



WTI less ANS (light, sweet)

$

(2.39)



$

(2.32)



$

(2.67)



$

(3.90)


Natural gas (dollars per MMBTU)

$

2.98



$

1.75



$

2.85



$

1.81















Key Operating Information








Production (barrels per day ("bpd") in thousands)

894.5



676.0



824.6



770.1


Crude oil and feedstocks throughput (bpd in thousands)

874.2



675.1



810.4



764.0


Total crude oil and feedstocks throughput (millions of barrels)

79.6



61.4



146.7



139.0


Consolidated gross margin per barrel of throughput

$

2.53



$

3.23



$

2.31



$

(8.17)


Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$

5.62



$

1.54



$

4.72



$

4.36


Refinery operating expense, per barrel of throughput (Note 11)

$

5.81



$

6.90



$

6.29



$

6.70


Crude and feedstocks (% of total throughput) (Note 12)









Heavy

36

%


44

%


36

%


44

%


Medium

25

%


31

%


28

%


26

%


Light

23

%


13

%


21

%


17

%


Other feedstocks and blends

16

%


12

%


15

%


13

%



Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput)









Gasoline and gasoline blendstocks

54

%


46

%


54

%


48

%


Distillates and distillate blendstocks

29

%


32

%


30

%


32

%


Lubes

1

%


1

%


1

%


1

%


Chemicals

2

%


1

%


2

%


1

%


Other

16

%


20

%


15

%


19

%



Total yield

102

%


100

%


102

%


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,







2021


2020


2021


2020

Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)








Production (bpd in thousands)

251.1



241.5



245.9



284.7


Crude oil and feedstocks throughput (bpd in thousands)

250.0



242.3



246.4



285.8


Total crude oil and feedstocks throughput (millions of barrels)

22.8



22.0



44.7



52.0


Gross margin per barrel of throughput

$

9.80



$

3.08



$

4.65



$

(6.53)


Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$

4.19



$

3.51



$

3.35



$

5.48


Refinery operating expense, per barrel of throughput (Note 11)

$

5.09



$

5.02



$

5.49



$

5.42


Crude and feedstocks (% of total throughput) (Note 12):









Heavy

26

%


23

%


26

%


25

%


Medium

32

%


41

%


36

%


33

%


Light

22

%


15

%


16

%


22

%


Other feedstocks and blends

20

%


21

%


22

%


20

%



Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):









Gasoline and gasoline blendstocks

44

%


40

%


44

%


43

%


Distillates and distillate blendstocks

33

%


36

%


33

%


36

%


Lubes

2

%


2

%


2

%


2

%


Chemicals

2

%


2

%


2

%


2

%


Other

19

%


20

%


19

%


17

%



Total yield

100

%


100

%


100

%


100

%














Supplemental Operating Information - Mid-Continent (Toledo)








Production (bpd in thousands)

153.4



77.6



136.6



84.2


Crude oil and feedstocks throughput (bpd in thousands)

150.4



76.9



133.9



83.5


Total crude oil and feedstocks throughput (millions of barrels)

13.7



7.0



24.2



15.2


Gross margin per barrel of throughput

$

14.21



$

7.95



$

11.45



$

(20.22)


Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$

7.26



$

(4.63)



$

6.35



$

(1.51)


Refinery operating expense, per barrel of throughput (Note 11)

$

4.66



$

7.14



$

5.16



$

7.81


Crude and feedstocks (% of total throughput) (Note 12):









Medium

32

%


42

%


37

%


40

%


Light

66

%


56

%


61

%


58

%


Other feedstocks and blends

2

%


2

%


2

%


2

%



Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):









Gasoline and gasoline blendstocks

55

%


49

%


57

%


47

%


Distillates and distillate blendstocks

31

%


26

%


31

%


28

%


Chemicals

5

%


4

%


5

%


3

%


Other

11

%


22

%


9

%


23

%



Total yield

102

%


101

%


102

%


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,







2021


2020


2021


2020

Supplemental Operating Information - Gulf Coast (Chalmette)








Production (bpd in thousands)

178.8



134.4



169.1



156.6


Crude oil and feedstocks throughput (bpd in thousands)

174.6



132.3



164.4



153.4


Total crude oil and feedstocks throughput (millions of barrels)

15.9



12.0



29.7



27.9


Gross margin per barrel of throughput

$

(4.46)



$

2.54



$

(0.69)



$

(4.55)


Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$

4.82



$

3.99



$

5.11



$

6.31


Refinery operating expense, per barrel of throughput (Note 11)

$

4.73



$

5.33



$

5.03



$

4.96


Crude and feedstocks (% of total throughput) (Note 12):









Heavy

14

%


41

%


11

%


41

%


Medium

37

%


42

%


40

%


36

%


Light

25

%


10

%


28

%


11

%


Other feedstocks and blends

24

%


7

%


21

%


12

%



Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):









Gasoline and gasoline blendstocks

47

%


41

%


47

%


43

%


Distillates and distillate blendstocks

33

%


34

%


34

%


33

%


Chemicals

2

%


1

%


2

%


2

%


Other

20

%


26

%


20

%


24

%



Total yield

102

%


102

%


103

%


102

%














Supplemental Operating Information - West Coast (Torrance and Martinez)








Production (bpd in thousands)

311.2



222.5



273.0



244.6


Crude oil and feedstocks throughput (bpd in thousands)

299.2



223.6



265.7



241.3


Total crude oil and feedstocks throughput (millions of barrels)

27.2



20.4



48.1



43.9


Gross margin per barrel of throughput

$

(7.34)



$

(0.52)



$

(4.84)



$

(10.67)


Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$

6.47



$

0.05



$

4.92



$

3.83


Refinery operating expense, per barrel of throughput (Note 11)

$

7.62



$

9.77



$

8.38



$

8.93


Crude and feedstocks (% of total throughput) (Note 12):









Heavy

74

%


82

%


78

%


82

%


Medium

10

%


9

%


8

%


8

%


Other feedstocks and blends

16

%


9

%


14

%


10

%



Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):









Gasoline and gasoline blendstocks

66

%


54

%


65

%


58

%


Distillates and distillate blendstocks

24

%


28

%


24

%


27

%


Other

14

%


18

%


14

%