PBF Energy Reports Fourth Quarter 2020 Results

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- Fourth quarter loss from operations of $328.1 million (excluding special items, fourth quarter loss from operations of $499.3 million)

- Completed East Coast Refining Reconfiguration and continuing strategic review of portfolio

- Year-ending consolidated cash balance of approximately $1.6 billion

PARSIPPANY, N.J., Feb. 11, 2021 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported fourth quarter 2020 loss from operations of $328.1 million as compared to income from operations of $123.0 million for the fourth quarter of 2019. Excluding special items, fourth quarter 2020 loss from operations was $499.3 million as compared to income from operations of $149.8 million for the fourth quarter of 2019. PBF Energy's financial results reflect the consolidation of PBF Logistics LP (NYSE: PBFX), a master limited partnership of which PBF indirectly owned the general partner and approximately 48% of the limited partner interests as of December 31, 2020.

PBF Energy Logo
PBF Energy Logo

The company reported fourth quarter 2020 net loss of $286.0 million and net loss attributable to PBF Energy Inc. of $298.4 million or $(2.49) per share. This compares to net income of $69.1 million, and net income attributable to PBF Energy Inc. of $53.0 million or $0.44 per share for the fourth quarter of 2019. Special items in the fourth quarter 2020 results, which decreased net loss by a net, after-tax benefit of $246.4 million, or $2.04 per share, primarily consisted of a lower-of-cost-or-market ("LCM") inventory adjustment, a benefit related to the change in our tax receivable agreement liability, a net tax expense on remeasurement of deferred tax assets and a gain on the sale of land at our Torrance refinery, partially offset by asset write-offs, project abandonments, a LIFO inventory decrement, severance and other charges primarily associated with the East Coast Refining Reconfiguration (described below) and a charge associated with the residual costs on the early return of certain leased railcars. Adjusted fully-converted net loss for the fourth quarter 2020, excluding special items, was $547.4 million, or $(4.53) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $73.6 million or $0.60 per share, for the fourth quarter 2019.

Tom Nimbley, PBF Energy's Chairman and CEO, said, "The unprecedented challenges of 2020 provided PBF with the opportunity to become a better company. Our employees, contractors and business partners operated under enormous pressure during the year and their resilience allowed PBF to operate safely and reliably through what has hopefully been the worst of the pandemic. We evaluated many aspects of our business with the goal of reducing operating expenses and driving efficiency in our capital program. We believe the measures we took in 2020, and continue to explore, will improve the competitiveness of our refining system going forward."

Mr. Nimbley continued, "PBF's fourth quarter, and full-year, results reflect the continuing headwinds brought on by the global pandemic and attendant demand destruction for our products. We exited the year with approximately $1.6 billion in cash and other sources of liquidity that will support our business through the current crisis. Although there are some signs of improvement, we expect demand to remain depressed until vaccine distribution is improved so that everyone can return to their normal routines." Mr. Nimbley concluded, "Until that time, we will focus on the safety and health of our employees, the reliability of our operations and the ongoing strategic review of our entire portfolio."

Loss from operations was $1,416.8 million for the year-ended December 31, 2020 as compared to income from operations of $649.0 million for the year-ended December 31, 2019. Excluding special items, loss from operations was $1,441.2 million for the year-ended December 31, 2020 as compared to income from operations of $365.7 million for the year-ended December 31, 2019. Adjusted fully-converted net loss for the year ended December 31, 2020, excluding special items, was $1,421.7 million, or $(11.78) per share on a fully-exchanged, fully-diluted basis, as compared to adjusted fully-converted net income, excluding special items, of $109.3 million, or $0.90 per share, for the year ended December 31, 2019.

Liquidity and Financial Position

In response to the pandemic, we took several steps to protect our balance sheet and increase the financial liquidity of the company, including the issuance of $250 million of senior secured notes in December 2020. As of December 31, 2020, our liquidity was approximately $2.3 billion based on approximately $1.6 billion of cash and current availability under our asset-based lending facility. In addition, PBF Logistics LP liquidity included $36.3 million in cash and approximately $295.1 million of availability under its revolving credit facility.

Strategic Update and Outlook

During the fourth quarter, PBF Energy announced the operational reconfiguration of its East Coast Refining System comprised of its Delaware City and Paulsboro refineries. The completed reconfiguration resulted in the idling of the following units at the Paulsboro refinery: the smaller of two crude units, coker, fluid catalytic cracker and several smaller units. Expected annual operating and capital expenditures savings are approximately $100.0 million and $50.0 million, respectively, relative to average historic levels.

We realized a one-time working capital benefit as a result of overall lower inventory levels required to support continuing operations. We also incurred non-recurring expenses as a result of unit shutdowns and workforce reductions.

We successfully reduced our system-wide 2020 operating expenses by $235 million, excluding energy savings, and exceeded our full-year goal of $140 million in total operating expense reductions. Including energy, our full-year 2020 operating expense reductions totaled approximately $325 million. While some of these savings are a result of reduced operational tempo, the majority are deliberate operating and other expense reductions. Looking ahead, we expect operating expenses on a system-wide basis to be reduced by $200 to $225 million annually as a result of our efforts versus historic levels, including the East Coast Reconfiguration.

During 2020, we aggressively managed our capital expenditures, with total refining capital expenditures of approximately $370 million, an almost 50% reduction to our planned 2020 expenditures. Going forward, we expect refining capital expenditures to be approximately $150 million for the first six months of 2021 and we will remain flexible for the balance of the year depending on the progress of the refining environment.

Our refineries operated at reduced rates during the fourth quarter and, based on current market conditions, we anticipate operating our refineries at lower utilization until such time that sustained product demand justifies higher production. We expect near-term throughput to be in the 675,000 to 725,000 barrel per day range for our refining system.

Adjusted Fully-Converted Results

Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.

Non-GAAP Measures

This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income, Adjusted Fully-Converted Net Income excluding special items, Adjusted Fully-Converted Net Income per fully-exchanged, fully-diluted share, 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, February 11, 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; the duration and severity of the COVID-19 pandemic and certain developments in the global oil markets and their impact on the global macroeconomic conditions, risks relating to the securities markets generally; risks associated with the East Coast Refining Reconfiguration and other measures implemented to respond to the COVID-19 pandemic and macroeconomic conditions and the recent acquisition of the Martinez refinery, and related logistics assets; and the impact of adverse market conditions, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the company. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.

PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy Inc. also currently indirectly owns the general partner and approximately 48% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except share and per share data)




















Three Months Ended


Year Ended







December 31,


December 31,







2020


2019


2020


2019

Revenues


$

3,655.1



$

6,301.5



$

15,115.9



$

24,508.2















Cost and expenses:









Cost of products and other


3,180.6



5,522.3



14,275.6



21,387.5


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


472.6



433.6



1,918.3



1,782.3


Depreciation and amortization expense


182.4



110.4



551.7



425.3


Cost of sales

3,835.6



6,066.3



16,745.6



23,595.1


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


61.5



108.1



248.5



284.0


Depreciation and amortization expense


2.9



3.0



11.3



10.8


Change in fair value of contingent consideration


(0.2)



(0.8)



(93.7)



(0.8)


Impairment expense


91.8





98.8




(Gain) loss on sale of assets


(8.4)



1.9



(477.8)



(29.9)


Total cost and expenses


3,983.2



6,178.5



16,532.7



23,859.2















Income (loss) from operations


(328.1)



123.0



(1,416.8)



649.0















Other income (expense):










Interest expense, net


(73.1)



(38.3)



(258.2)



(159.6)


Change in Tax Receivable Agreement liability


132.9





373.5




Change in fair value of catalyst obligations


(16.0)



(3.3)



(11.8)



(9.7)


Debt extinguishment costs






(22.2)




Other non-service components of net periodic benefit cost



1.1





4.3



(0.2)


Income (loss) before income taxes


(283.2)



81.4



(1,331.2)



479.5


Income tax expense


2.8



12.3



2.1



104.3


Net income (loss)


(286.0)



69.1



(1,333.3)



375.2


Less: net income attributable to noncontrolling interests


12.4



16.1



59.1



55.8


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


$

(298.4)



$

53.0



$

(1,392.4)



$

319.4















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









Basic


$

(2.49)



$

0.44



$

(11.64)



$

2.66


Diluted


$

(2.49)



$

0.44



$

(11.64)



$

2.64


Weight-average shares outstanding-basic


119,786,599



119,858,394



119,617,998



119,887,646


Weighted-average shares outstanding-diluted


120,757,246



121,987,940



120,660,665



121,853,299















Dividends per common share


$



$

0.30



$

0.30



$

1.20















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)


$

(301.0)



$

53.4



$

(1,405.0)



$

322.2


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


$

(2.49)



$

0.44



$

(11.64)



$

2.64


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


120,757,246



121,987,940



120,660,665



121,853,299
















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


Year Ended


December 31,


December 31,


2020


2019


2020


2019

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


$

(298.4)



$

53.0



$

(1,392.4)



$

319.4


Less: Income allocated to participating securities




0.1



0.1



0.5


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


(298.4)



52.9



(1,392.5)

...

318.9


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


(3.5)



0.7



(17.1)



4.3


Less: Income tax benefit (expense) (Note 3)


0.9



(0.2)



4.6



(1.0)


Adjusted fully-converted net income (loss)


$

(301.0)



$

53.4



$

(1,405.0)



$

322.2


Special Items (Note 4):









Add: Non-cash LCM inventory adjustment


(423.5)



26.8



268.0



(250.2)


Add: Change in fair value of contingent consideration


(0.2)





(93.7)




Add: Gain on sale of hydrogen plants






(471.1)




Add: Gain on Torrance land sales


(8.1)





(8.1)



(33.1)


Add: Impairment expense


91.8





98.8




Add: LIFO inventory decrement


83.0





83.0




Add: Turnaround acceleration costs


56.2





56.2




Add: Severance and reconfiguration costs


17.1





30.0




Add: Early railcar return expense


12.5





12.5




Add: Debt extinguishment costs






22.2




Add: Change in Tax Receivable Agreement liability


(132.9)





(373.5)




Add: Net tax (benefit) expense on remeasurement of deferred tax assets

(23.2)





259.1




Less: Recomputed income tax on special items (Note 3)


80.9



(6.6)



99.9



70.4


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


$

(547.4)



$

73.6



$

(1,421.7)



$

109.3

















Weighted-average shares outstanding of PBF Energy Inc.


119,786,599



119,858,394



119,617,998



119,887,646


Conversion of PBF LLC Series A Units (Note 5)


970,647



1,211,310



1,042,667



1,207,581


Common stock equivalents (Note 6)




918,236





758,072


Fully-converted shares outstanding - diluted


120,757,246



121,987,940



120,660,665



121,853,299

















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


$

(2.49)



$

0.44



$

(11.64)



$

2.64



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


$

(4.53)



$

0.60



$

(11.78)



$

0.90






















Three Months Ended


Year Ended

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


December 31,


December 31,


2020


2019


2020


2019

Income (loss) from operations


$

(328.1)



$

123.0



$

(1,416.8)



$

649.0


Special Items (Note 4):









Add: Non-cash LCM inventory adjustment


(423.5)



26.8



268.0



(250.2)


Add: Change in fair value of contingent consideration


(0.2)





(93.7)




Add: Gain on sale of hydrogen plants






(471.1)




Add: Gain on Torrance land sales


(8.1)





(8.1)



(33.1)


Add: Impairment expense


91.8





98.8




Add: LIFO inventory decrement


83.0





83.0




Add: Turnaround acceleration costs


56.2





56.2




Add: Severance and reconfiguration costs


17.1





30.0




Add: Early railcar return expense


12.5





12.5




Income (loss) from operations excluding special items


$

(499.3)



$

149.8



$

(1,441.2)



$

365.7




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


Year Ended



December 31,


December 31,

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA
EXCLUDING SPECIAL ITEMS


2020


2019


2020


2019

Net income (loss)


$

(286.0)



$

69.1



$

(1,333.3)



$

375.2


Add: Depreciation and amortization expense


185.3



113.4



563.0



436.1


Add: Interest expense, net


73.1



38.3



258.2



159.6


Add: Income tax expense


2.8



12.3



2.1



104.3


EBITDA



$

(24.8)



$

233.1



$

(510.0)



$

1,075.2


Special Items (Note 4):









Add: Non-cash LCM inventory adjustment


(423.5)



26.8



268.0



(250.2)


Add: Change in fair value of contingent consideration


(0.2)





(93.7)




Add: Gain on sale of hydrogen plants






(471.1)




Add: Gain on Torrance land sales


(8.1)





(8.1)



(33.1)


Add: Impairment expense


91.8





98.8




Add: LIFO inventory decrement


83.0





83.0




Add: Severance and reconfiguration costs


17.1





30.0




Add: Early railcar return expense


12.5





12.5




Add: Debt extinguishment costs






22.2




Add: Change in Tax Receivable Agreement liability


(132.9)





(373.5)




EBITDA excluding special items


$

(385.1)



$

259.9



$

(941.9)



$

791.9

























Three Months Ended


Year Ended









December 31,


December 31,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA


2020


2019


2020


2019

EBITDA


$

(24.8)



$

233.1



$

(510.0)



$

1,075.2


Add: Stock-based compensation


5.1



8.9



34.2



37.3


Add: Change in fair value of catalyst obligations


16.0



3.3



11.8



9.7


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


(423.5)



26.8



268.0



(250.2)


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


(0.2)





(93.7)




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






(471.1)




Add: Gain on Torrance land sales (Note 4)


(8.1)





(8.1)



(33.1)


Add: Impairment expense (Note 4)


91.8





98.8




Add: LIFO inventory decrement (Note 4)


83.0





83.0




Add: Severance and reconfiguration costs (Note 4)


17.1





30.0




Add: Early railcar return expense (Note 4)


12.5





12.5




Add: Debt extinguishment costs (Note 4)






22.2




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


(132.9)





(373.5)




Adjusted EBITDA



$

(364.0)



$

272.1



$

(895.9)



$

838.9




See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

CONSOLIDATED BALANCE SHEET DATA

(Unaudited, in millions)














December 31,


December 31,






2020


2019

Balance Sheet Data:





Cash and cash equivalents

$

1,609.5



$

814.9


Inventories

1,686.2



2,122.2


Total assets

10,499.8



9,132.4


Total debt

4,661.0



2,064.9







Total equity

2,202.3



3,585.5


Total equity excluding special items (Note 4, 13)

$

2,275.9



$

3,675.8










Total debt to capitalization ratio (Note 13)

68

%


37

%

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

67

%


36

%

Net debt to capitalization ratio (Note 13)

58

%


26

%

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

57

%


25

%






SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)














Year Ended December 31,






2020


2019

Cash flows (used in) provided by operations

$

(631.6)



$

933.5


Cash flows used in investing activities

(1,026.5)



(712.6)


Cash flows provided by (used in) financing activities

2,452.7



(3.3)


Net increase in cash and cash equivalents

794.6



217.6


Cash and cash equivalents, beginning of period

814.9



597.3


Cash and cash equivalents, end of period

$

1,609.5



$

814.9







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 December 31, 2020


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

3,636.7



$

89.1



$



$

(70.7)



$

3,655.1


Depreciation and amortization expense

165.6



16.8



2.9





185.3


Income (loss) from operations

(311.6)



41.9



(58.4)





(328.1)


Interest expense, net

1.0



10.9



61.2





73.1


Capital expenditures

45.7



2.7



1.5





49.9













Three Months Ended December 31, 2019


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

6,286.2



$

92.2



$



$

(76.9)



$

6,301.5


Depreciation and amortization expense

98.4



12.0



3.0





113.4


Income (loss) from operations

184.9



42.9



(104.8)





123.0


Interest expense, net

0.6



13.1



24.6





38.3


Capital expenditures

108.7



8.5



1.9





119.1













Year Ended December 31, 2020


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

15,045.0



$

360.3



$



$

(289.4)



$

15,115.9


Depreciation and amortization expense

498.0



53.7



11.3





563.0


Income (loss) from operations

(1,450.4)



195.3



(161.7)





(1,416.8)


Interest expense, net

1.7



47.9



208.6





258.2


Capital expenditures (Note 14)

1,546.6



12.3



10.7





1,569.6













Year Ended December 31, 2019


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Revenues

$

24,468.9



$

340.2



$



$

(300.9)



$

24,508.2


Depreciation and amortization expense

386.7



38.6



10.8





436.1


Income (loss) from operations (Note 15, 16)

767.9



159.3



(270.3)



(7.9)



649.0


Interest expense, net

1.3



51.1



107.2





159.6


Capital expenditures

708.9



31.7



8.3





748.9













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
























Balance at December 31, 2019


Refining


Logistics


Corporate


Eliminations


Consolidated Total

Total Assets (Note 15)

$

8,154.8



$

973.0



$

52.7



$

(48.1)



$

9,132.4












See Footnotes to Earnings Release Tables






















PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

MARKET INDICATORS AND KEY OPERATING INFORMATION

(Unaudited)




















Three Months Ended


Year Ended







December 31,


December 31,

Market Indicators (dollars per barrel) (Note 9)

2020


2019


2020


2019

Dated Brent crude oil

$

44.27



$

63.22



$

41.62



$

64.34


West Texas Intermediate (WTI) crude oil

$

42.63



$

56.88



$

39.25



$

57.03


Light Louisiana Sweet (LLS) crude oil

$

44.13



$

60.65



$

41.13



$

62.67


Alaska North Slope (ANS) crude oil

$

44.82



$

64.32



$

42.20



$

65.00


Crack Spreads:








Dated Brent (NYH) 2-1-1

$

8.55



$

12.56



$

9.11



$

12.68


WTI (Chicago) 4-3-1

$

5.54



$

10.97



$

6.30



$

15.25


LLS (Gulf Coast) 2-1-1

$

7.00



$

12.78



$

7.59



$

12.43


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

$

10.98



$

18.35



$

11.30



$

18.46


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

$

10.68



$

17.04



$

9.99



$

17.16


Crude Oil Differentials:








Dated Brent (foreign) less WTI

$

1.64



$

6.34



$

2.37



$

7.31


Dated Brent less Maya (heavy, sour)

$

3.23



$

10.23



$

5.37



$

6.76


Dated Brent less WTS (sour)

$

1.18



$

6.07



$

2.33



$

8.09


Dated Brent less ASCI (sour)

$

1.27



$

5.56



$

1.81



$

3.73


WTI less WCS (heavy, sour)

$

11.06



$

19.18



$

10.72



$

13.61


WTI less Bakken (light, sweet)

$

1.95



$

1.04



$

2.41



$

0.66


WTI less Syncrude (light, sweet)

$

3.75



$

1.65



$

2.13



$

0.18


WTI less LLS (light, sweet)

$

(1.50)



$

(3.77)



$

(1.88)



$

(5.64)


WTI less ANS (light, sweet)

$

(2.19)



$

(7.44)



$

(2.95)



$

(7.97)


Natural gas (dollars per MMBTU)

$

2.76



$

2.41



$

2.13



$

2.53















Key Operating Information








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

689.6



852.1



737.1



825.2


Crude oil and feedstocks throughput (bpd in thousands)

677.3



843.0



727.7



823.1


Total crude oil and feedstocks throughput (millions of barrels)

62.3



77.5



266.3



300.4


Consolidated gross margin per barrel of throughput

$

(2.89)



$

3.04



$

(6.12)



$

3.04


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

$

0.98



$

9.31



$

3.23



$

8.51


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

$

7.25



$

5.28



$

6.89



$

5.61


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








Heavy

39

%


33

%


42

%


32

%

Medium

28

%


25

%


26

%


28

%

Light

18

%


28

%


17

%


26

%

Other feedstocks and blends

15

%


14

%


15

%


14

%

Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput)








Gasoline and gasoline blendstocks

56

%


51

%


51

%


49

%

Distillates and distillate blendstocks

28

%


33

%


30

%


32

%

Lubes

1

%


1

%


1

%


1

%

Chemicals

2

%


2

%


1

%


2

%

Other

15

%


14

%


18

%


16

%

Total yield

102

%


101

%


101

%


100

%














See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)




















Three Months Ended


Year Ended







December 31,


December 31,







2020


2019


2020


2019

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








Production (bpd in thousands)

230.8



355.2



262.6



330.9


Crude oil and feedstocks throughput (bpd in thousands)

229.2



357.0



263.0



336.4


Total crude oil and feedstocks throughput (millions of barrels)

21.1



32.8



96.2



122.8


Gross margin per barrel of throughput

$

(6.33)



$

3.73



$

(5.91)



$

0.33


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

$

0.09



$

8.16



$

3.56



$

5.90


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

$

6.36



$

4.43



$

5.47



$

4.92


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








Heavy

30

%


25

%


27

%


22

%

Medium

31

%


28

%


33

%


40

%

Light

14

%


29

%


18

%


20

%

Other feedstocks and blends

25

%


18

%


22

%


18

%

Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

52

%


47

%


47

%


45

%

Distillates and distillate blendstocks

27

%


36

%


32

%


33

%

Lubes

3

%


2

%


2

%


2

%

Chemicals

2

%


1

%


2

%


1

%

Other

17

%


13

%


17

%


17

%

Total yield

101

%


99

%


100

%


98

%














Supplemental Operating Information - Mid-Continent (Toledo)








Production (bpd in thousands)

113.9



152.2



98.3



155.5


Crude oil and feedstocks throughput (bpd in thousands)

111.2



149.6



96.7



153.0


Total crude oil and feedstocks throughput (millions of barrels)

10.2



13.8



35.4



55.9


Gross margin per barrel of throughput

$

0.50



$

3.93



$

(10.34)



$

7.24


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

$

2.17



$

9.42



$

0.51



$

12.26


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

$

5.31



$

5.11



$

6.54



$

5.10


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








Medium

41

%


30

%


39

%


30

%

Light

54

%


69

%


58

%


69

%

Other feedstocks and blends

5

%


1

%


3

%


1

%

Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

59

%


54

%


54

%


52

%

Distillates and distillate blendstocks

32

%


37

%


30

%


36

%

Chemicals

5

%


6

%


4

%


6

%

Other

6

%


5

%


14

%


8

%

Total yield

102

%


102

%


102

%


102

%














See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)




















Three Months Ended


Year Ended







December 31,


December 31,







2020


2019


2020


2019

Supplemental Operating Information - Gulf Coast (Chalmette)








Production (bpd in thousands)

122.6



171.0



141.2



179.1


Crude oil and feedstocks throughput (bpd in thousands)

118.8



167.7



137.7



177.9


Total crude oil and feedstocks throughput (millions of barrels)

10.9



15.4



50.4



64.9


Gross margin per barrel of throughput

$

(3.19)



$

0.76



$

(4.25)



$

0.93



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

$

(1.64)



$

6.05



$

3.71



$

5.87


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

$

6.35



$

5.16



$

5.43



$

4.95


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








Heavy

22

%


36

%


37

%


35

%

Medium

40

%


28

%


36

%


23

%

Light

26

%


20

%


16

%


25

%

Other feedstocks and blends

12

%


16

%


11

%


17

%

Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput)








Gasoline and gasoline blendstocks

47

%


46

%


43

%


45

%

Distillates and distillate blendstocks

30

%


33

%


33

%


33

%

Chemicals

2

%


1

%


2

%


2

%

Other

24

%


22

%


25

%


21

%

Total yield

103

%


102

%


103

%


101

%














Supplemental Operating Information - West Coast (Torrance and Martinez)








Production (bpd in thousands)

222.3



173.7



235.0



159.7


Crude oil and feedstocks throughput (bpd in thousands)

218.1



168.7



230.3



155.8


Total crude oil and feedstocks throughput (millions of barrels)

20.1



15.5



84.3



56.8


Gross margin per barrel of throughput

$

(3.25)



$

(0.09)



$

(8.16)



$

3.96



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

$

2.72



$

14.85



$

3.71



$

13.38


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

$

9.65



$

7.34



$

9.47



$

8.34


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








Heavy

77

%


77

%


81

%


80

%

Medium

11

%


10

%


8

%


8

%

Other feedstocks and blends

12

%


13

%


11

%


12

%

Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

63

%


63

%


61

%


60

%

Distillates and distillate blendstocks

25

%


24

%


26

%


26

%

Other

14

%


16

%


15

%


17

%

Total yield

102

%


103

%


102

%


103

%














See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)

(Unaudited, in millions, except per barrel amounts)






















Three Months Ended


Three Months Ended








December 31, 2020


December 31, 2019

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: