PBF Energy Reports Second Quarter 2020 Results

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- Second quarter income from operations of $620.8 million (excluding special items, second quarter loss from operations of $433.7 million )

- Bolstered liquidity by more than $1.5 billion through sale of hydrogen plants and notes offering

- Reduced 2020 capital expenditures by approximately 50%, a more than $350 million reduction

- Implemented more than $250 million of additional cost reductions and cash conservation measures

PARSIPPANY, N.J. , July 31, 2020 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second quarter 2020 income from operations of $620.8 million as compared to income from operations of $9.5 million for the second quarter of 2019. Excluding special items, second quarter 2020 loss from operations was $433.7 million as compared to income from operations of $191.5 million for the second 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 owns the general partner and approximately 48% of the limited partner interests as of quarter-end.

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PBF Energy Logo

The company reported second quarter 2020 net income of $413.0 million and net income attributable to PBF Energy Inc. of $389.1 million or $3.23 per share. This compares to net loss of $21.6 million , and net loss attributable to PBF Energy Inc. of $32.2 million or $(0.27) per share for the second quarter 2019. Special items included in the second quarter 2020 results, which increased net income by a net, after-tax benefit of $777.2 million , or $6.42 per share, consisted of a lower-of-cost-or-market ("LCM") inventory adjustment, change in the fair value of the earn-out provisions, primarily in connection with the Martinez acquisition (the "Contingent Consideration"), and gain on sale of hydrogen plants, slightly offset by severance costs related to a reduction in the workforce. Adjusted fully-converted net loss for the second quarter 2020, excluding special items, was $384.8 million , or $(3.19) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $101.1 million or $0.83 per share, for the second quarter 2019.

Tom Nimbley , PBF Energy's Chairman and CEO, said, "Our second quarter financial performance reflects the staggering impact the pandemic had on our business and the underlying impact to demand for our essential products. Through these trying times our people have responded with vigor to protect each other and our customers, and remained focused on the reliability of our ongoing operations. We made significant adjustments to our operations and took several actions to reduce our overall cash burn rate. In the current environment, liquidity and protecting the balance sheet are our primary objectives. With our strong cash balance and increased availability on our existing credit facilities, we are confident that we have the financial flexibility to navigate the current market." Mr. Nimbley continued, "We appear to have passed the low point of demand, particularly for gasoline and diesel, and have seen demand rebound broadly to approximately 80% of pre-COVID levels with the exception of jet fuel which will likely take much longer to recover." Mr. Nimbley concluded, "Across the country and globe, regions are responding differently to the challenges presented by the pandemic and we will likely experience demand recovery at an uneven pace as the pandemic runs its course. We remain at a fragile intersection on the recovery path and we will continue to run our operations in a safe, reliable and environmentally responsible manner and be responsive to market conditions."

Liquidity and Financial Position
In response to the pandemic, we have taken several steps to protect our balance sheet and increase the financial liquidity of the company. As of July 2020 , our liquidity was approximately $1.9 billion based on our estimated $1.2 billion of cash, excluding cash held at PBF Logistics LP, and more than $700 million of availability under our asset-backed revolving credit facility.

On May 7, 2020 , PBF announced that its indirect subsidiary, PBF Holding Company LLC successfully priced $1.0 billion of 9.25% senior secured notes due 2025 in a private offering. The offering closed on May 13, 2020 .

Strategic Update and Outlook
Employee and operational safety continue to be an ongoing priority in our pandemic response. We have implemented a number of safety protocols, social distancing requirements, issued personal protective equipment to all employees and enhanced facility cleanings all focused on protecting our dedicated front line employees who have remained on the job throughout the current crisis and returning employees as they come back to the office. As a result of our efforts, operations at all of our facilities have remained unaffected by worker unavailability and we have continued uninterrupted supply of our critical products to our customers.

We are actively responding to the impacts of the pandemic and ongoing rebalancing in the global oil markets. In late March and through the second quarter of 2020, we reduced the amount of crude oil processed at our refineries in response to the decreased demand for our products and temporarily idled units at certain of our refineries to optimize our production in light of prevailing market conditions. We made progress on our initial expense reduction measures announced in March 2020 . Our goal remains to achieve an operating expense reduction of approximately $250 million in 2020 as compared to our originally budgeted expectations. A certain portion of the reductions are related to running at lower rates during the second quarter of 2020 but the majority are purposeful operating expense reductions that we expect to translate into durable, long-term savings.

Our refining capital spending program is on track to meet our revised guidance of approximately $360 million for 2020, with the bulk of the spending having occurred in the first and second quarters. For the remainder of 2020, we expect to incur approximately $90 to $100 million in refining capital expenditures.

We operated our refineries at reduced rates during the second quarter and, based on current market conditions, we plan on continuing to operate our refineries at lower utilization until such time that sustained product demand justifies higher production. We expect near-term throughput to be in the 700,000 to 800,000 barrel per day range for our refining system.

Sale of Hydrogen Plants
On April 17, 2020 , we closed on the sale of five hydrogen plants to Air Products and Chemicals, Inc. for gross cash proceeds of $530.0 million . We entered into off-take arrangements for hydrogen on terms in line with similar arrangements in place throughout 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, Income 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 Friday, July 31, 2020, 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) 876-9173 or (785) 424-1667, conference ID: PBFQ220. The audio replay will be available two hours after the end of the call through August 14, 2020 , by dialing (800) 839-0866 or (402) 220-0662.

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 recent acquisition of the Martinez refinery, and related logistics assets; 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; 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,







2020


2019


2020


2019

Revenues


$

2,515.8



$

6,560.0



$

7,793.3



$

11,776.2















Cost and expenses:










Cost of products and other


1,753.1



5,955.8



7,716.4



10,165.0



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


442.1



433.2



973.8



912.2



Depreciation and amortization expense


122.3



104.2



239.0



207.2


Cost of sales


2,317.5



6,493.2



8,929.2



11,284.4



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


57.9



53.6



140.4



111.2



Depreciation and amortization expense


2.8



2.9



5.7



5.7



Change in fair value of contingent consideration


(12.1)





(64.9)





(Gain) loss on sale of assets


(471.1)



0.8



(471.1)



0.8


Total cost and expenses


1,895.0



6,550.5



8,539.3



11,402.1















Income (loss) from operations


620.8



9.5



(746.0)



374.1















Other income (expense):











Interest expense, net


(65.5)



(42.1)



(114.7)



(81.6)



Change in Tax Receivable Agreement liability






(11.6)





Change in fair value of catalyst obligations


(5.1)



0.5



6.6



(2.6)



Debt extinguishment costs






(22.2)





Other non-service components of net periodic benefit cost



1.1





2.1



(0.1)


Income (loss) before income taxes


551.3



(32.1)



(885.8)



289.8


Income tax expense (benefit)


138.3



(10.5)



(236.3)



70.0


Net income (loss)


413.0



(21.6)



(649.5)



219.8



Less: net income attributable to noncontrolling interests


23.9



10.6



27.3



22.8


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


$

389.1



$

(32.2)



$

(676.8)



$

197.0















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











Basic


$

3.24



$

(0.27)



$

(5.66)



$

1.64




Diluted


$

3.23



$

(0.27)



$

(5.67)



$

1.63




Weighted-average shares outstanding-basic


120,010,882



119,181,845



119,499,392



119,885,386




Weighted-average shares outstanding-diluted


121,428,900



119,181,845



120,612,601



122,020,444















Dividends per common share


$



$

0.30



$



$

0.60















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)


$

392.4



$

(32.7)



$

(684.3)



$

198.8




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


$

3.23



$

(0.27)



$

(5.67)



$

1.63




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


121,428,900



120,388,170



120,612,601



122,020,444




























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,


2020


2019


2020


2019

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


$

389.1



$

(32.2)



$

(676.8)



$

197.0


Less: Income allocated to participating securities




0.1



0.1



0.2


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


389.1



(32.3)



(676.9)



196.8


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


4.5



(0.5)



(10.1)



2.7


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


(1.2)



0.1



2.7



(0.7)


Adjusted fully-converted net income (loss)


$

392.4



$

(32.7)



$

(684.3)



$

198.8


Special Items (Note 4):










Add: Non-cash LCM inventory adjustment


(584.2)



182.0



701.4



(324.0)


Add: Change in Tax Receivable Agreement liability






11.6




Add: Debt extinguishment costs






22.2




Add: Change in fair value of contingent consideration


(12.1)





(64.9)




Add: Gain on sale of hydrogen plants


(471.1)





(471.1)




Add: Severance costs


12.9





12.9




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


277.3



(48.2)



(55.8)



85.7


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


$

(384.8)



$

101.1



$

(528.0)



$

(39.5)

















Weighted-average shares outstanding of PBF Energy Inc.


120,010,882



119,181,845



119,499,392



119,885,386


Conversion of PBF LLC Series A Units (Note 5)


1,017,620



1,206,325



1,113,209



1,206,325


Common stock equivalents (Note 6)


400,398



1,501,569





928,733


Fully-converted shares outstanding - diluted


121,428,900



121,889,739



120,612,601



122,020,444

















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


$

3.23



$

(0.27)



$

(5.67)



$

1.63



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


$

(3.19)



$

0.83



$

(4.38)



$

(0.33)






















Three Months Ended


Six Months Ended

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


June 30,


June 30,


2020


2019


2020


2019

Income (loss) from operations


$

620.8



$

9.5



$

(746.0)



$

374.1


Special Items (Note 4):









Add: Non-cash LCM inventory adjustment


(584.2)



182.0



701.4



(324.0)


Add: Change in fair value of contingent consideration


(12.1)





(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


$

(433.7)



$

191.5



$

(567.7)



$

50.1



See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

EBITDA RECONCILIATIONS (Note 7)

(Unaudited, in millions)




















Three Months Ended


Six Months Ended



June 30,


June 30,

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


2020


2019


2020


2019
















Net income (loss)


$

413.0



$

(21.6)



$

(649.5)



$

219.8


Add: Depreciation and amortization expense


125.1



107.1



244.7



212.9


Add: Interest expense, net


65.5



42.1



114.7



81.6


Add: Income tax expense (benefit)


138.3



(10.5)



(236.3)



70.0


EBITDA



$

741.9



$

117.1



$

(526.4)



$

584.3


Special Items (Note 4):









Add: Non-cash LCM inventory adjustment


(584.2)



182.0



701.4



(324.0)


Add: Change in Tax Receivable Agreement liability






11.6




Add: Debt extinguishment costs






22.2




Add: Change in fair value of contingent consideration


(12.1)





(64.9)




Add: Gain on sale of hydrogen plants


(471.1)





(471.1)




Add: Severance costs


12.9





12.9




EBITDA excluding special items


$

(312.6)



$

299.1



$

(314.3)



$

260.3

























Three Months Ended


Six Months Ended









June 30,


June 30,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA


2020


2019


2020


2019











EBITDA


$

741.9



$

117.1



$

(526.4)



$

584.3


Add: Stock-based compensation


9.1



12.0



18.7



20.0


Add: Change in fair value of catalyst obligations


5.1



(0.5)



(6.6)



2.6


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


(12.1)





(64.9)




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


(584.2)



182.0



701.4



(324.0)


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


(471.1)





(471.1)




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






11.6




Add: Debt extinguishment costs (Note 4)






22.2




Add: Severance costs (Note 4)


12.9





12.9




Adjusted EBITDA



$

(298.4)



$

310.6



$

(302.2)



$

282.9




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,






2020


2019

Balance Sheet Data:






Cash and cash equivalents

$

1,225.2



$

814.9



Inventories

1,620.2



2,122.2



Total assets

10,073.3



9,132.4



Total debt

4,092.8



2,064.9








Total equity

2,889.7



3,585.5



Total equity excluding special items (Note 4, 13)

$

3,136.3



$

3,675.8











Total debt to capitalization ratio (Note 13)

59

%


37

%


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

57

%


36

%


Net debt to capitalization ratio (Note 13)

50

%


26

%


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

48

%


25

%






SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)














Six Months Ended June 30,






2020


2019

Cash flows used in operating activities

$

(628.8)



$

(27.4)


Cash flows used in investing activities

(933.6)



(501.9)


Cash flows provided by financing activities

1,972.7



136.1


Net increase (decrease) in cash and cash equivalents

410.3



(393.2)


Cash and cash equivalents, beginning of period

814.9



597.3


Cash and cash equivalents, end of period

$

1,225.2



$

204.1










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, 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













Three Months Ended June 30, 2019


Refining


Logistics


Corporate


Eliminations


Consolidated
Total

Revenues

$

6,551.9



$

82.8



$



$

(74.7)



$

6,560.0


Depreciation and amortization expense

95.3



8.9



2.9





107.1


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

23.7



37.8



(48.8)



(3.2)



9.5


Interest expense, net

0.9



12.5



28.7





42.1


Capital expenditures

235.9



4.0



1.4





241.3













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













Six Months Ended June 30, 2019


Refining


Logistics


Corporate


Eliminations


Consolidated
Total

Revenues

$

11,760.6



$

161.6



$



$

(146.0)



$

11,776.2


Depreciation and amortization expense

189.6



17.6



5.7





212.9


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

413.2



72.0



(103.2)



(7.9)



374.1


Interest expense, net

1.4



24.6



55.6





81.6


Capital expenditures

483.0



15.2



3.7





501.9



Balance at June 30, 2020


Refining


Logistics


Corporate


Eliminations


Consolidated
Total

Total Assets

$

8,947.7



$

950.5



$

230.2



$

(55.1)



$

10,073.3























Balance at December 31, 2019


Refining


Logistics


Corporate


Eliminations


Consolidated
Total

Total Assets

$

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

Six Months Ended







June 30,

June 30,

Market Indicators (dollars per barrel) (Note 9)

2020

2019

2020

2019

Dated Brent crude oil

$ 29.57

$ 68.96

$ 39.55

$ 66.16

West Texas Intermediate (WTI) crude oil

$ 27.96

$ 59.90

$ 36.69

$ 57.42

Light Louisiana Sweet (LLS) crude oil

$ 30.19

$ 67.04

$ 38.93

$ 64.75

Alaska North Slope (ANS) crude oil

$ 30.28

$ 68.29

$ 40.59

$ 66.37

Crack Spreads:





Dated Brent (NYH) 2-1-1

$ 9.66

$ 13.54

$ 9.81

$ 11.72

WTI (Chicago) 4-3-1

$ 5.25

$ 21.10

$ 6.30

$ 16.79

LLS (Gulf Coast) 2-1-1

$ 6.49

$ 12.65

$ 8.44

$ 11.29

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

$ 9.18

$ 22.96

$ 11.26

$ 18.33

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

$ 8.76

$ 21.72

$ 9.20

$ 16.61

Crude Oil Differentials:





Dated Brent (foreign) less WTI

$ 1.61

$ 9.06

$ 2.86

$ 8.74

Dated Brent less Maya (heavy, sour)

$ 5.34

$ 7.27

$ 7.01

$ 5.69

Dated Brent less WTS (sour)

$ 1.42

$ 10.73

$ 3.04

$ 10.15

Dated Brent less ASCI (sour)

$ 0.35

$ 3.96

$ 2.30

$ 3.17

WTI less WCS (heavy, sour)

$ 5.77

$ 12.53

$ 11.21

$ 11.28

WTI less Bakken (light, sweet)

$ 3.03

$ 1.06

$ 3.25

$ 0.41

WTI less Syncrude (light, sweet)

$ 1.22

$ (0.05)

$ 1.37

$ (0.01)

WTI less LLS (light, sweet)

$ (2.23)

$ (7.14)

$ (2.24)

$ (7.33)

WTI less ANS (light, sweet)

$ (2.32)

$ (8.39)

$ (3.90)

$ (8.95)

Natural gas (dollars per MMBTU)

$ 1.75

$ 2.51

$ 1.81

$ 2.69











Key Operating Information





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

676.0

854.2

770.1

796.7

Crude oil and feedstocks throughput (bpd in thousands)

675.1

854.1

764.0

798.9

Total crude oil and feedstocks throughput (millions of barrels)

61.4

77.7

139.0

144.6

Consolidated gross margin per barrel of throughput

$ 3.23

$ 0.85

$ (8.17)

$ 3.40

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

$ 1.54

$ 9.10

$ 4.36

$ 7.85

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

$ 6.90

$ 5.27

$ 6.70

$ 5.97

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





Heavy

44%

30%

44%

31%

Medium

31%

28%

26%

30%

Light

13%

26%

17%

25%

Other feedstocks and blends

12%

16%

13%

14%


Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput)





Gasoline and gasoline blendstocks

46%

49%

48%

48%

Distillates and distillate blendstocks

32%

31%

32%

32%

Lubes

1%

1%

1%

1%

Chemicals

1%

2%

1%

2%

Other

20%

17%

19%

17%


Total yield

100 %

100 %

101 %

100 %





















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,







2020


2019


2020


2019

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








Production (bpd in thousands)

241.5



321.1



284.7



309.5


Crude oil and feedstocks throughput (bpd in thousands)

242.3



325.8



285.8



315.5


Total crude oil and feedstocks throughput (millions of barrels)

22.0



29.6



52.0



57.1


Gross margin per barrel of throughput

$

3.08



$

(3.56)



$

(6.53)



$

(1.29)


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

$

3.51



$

4.18



$

5.48



$

3.78


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

$

5.02



$

4.91



$

5.42



$

5.61


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








Heavy

23

%


18

%


25

%


22

%

Medium

41

%


42

%


33

%


46

%

Light

15

%


17

%


22

%


11

%

Other feedstocks and blends

21

%


23

%


20

%


21

%


Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

40

%


44

%


43

%


44

%

Distillates and distillate blendstocks

36

%


29

%


36

%


30

%

Lubes

2

%


2

%


2

%


2

%

Chemicals

2

%


1

%


2

%


1

%

Other

20

%


23

%


17

%


21

%


Total yield

100

%


99

%


100

%


98

%














Supplemental Operating Information - Mid-Continent (Toledo)








Production (bpd in thousands)

77.6



166.0



84.2



158.1


Crude oil and feedstocks throughput (bpd in thousands)

76.9



163.2



83.5



155.6


Total crude oil and feedstocks throughput (millions of barrels)

7.0



14.9



15.2



28.2


Gross margin per barrel of throughput

$

7.95



$

5.82



$

(20.22)



$

10.26


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

$

(4.63)



$

14.87



$

(1.51)



$

13.65


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

$

7.14



$

4.80



$

7.81



$

5.16


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








Medium

42

%


30

%


40

%


29

%

Light

56

%


69

%


58

%


70

%

Other feedstocks and blends

2

%


1

%


2

%


1

%


Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

49

%


50

%


47

%


51

%

Distillates and distillate blendstocks

26

%


36

%


28

%


36

%

Chemicals

4

%


5

%


3

%


6

%

Other

22

%


11

%


23

%


9

%


Total yield

101

%


102

%


101

%


102

%














See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)




















Three Months Ended


Six Months Ended







June 30,


June 30,







2020


2019


2020


2019

Supplemental Operating Information - Gulf Coast (Chalmette)








Production (bpd in thousands)

134.4



197.5



156.6



181.2


Crude oil and feedstocks throughput (bpd in thousands)

132.3



201.4



153.4



183.1


Total crude oil and feedstocks throughput (millions of barrels)

12.0



18.3



27.9



33.1


Gross margin per barrel of throughput

$

2.54



$

(1.60)



$

(4.55)



$

1.12


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

$

3.99



$

5.61



$

6.31



$

4.59


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

$

5.33



$

4.15



$

4.96



$

4.93


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








Heavy

41

%


32

%


41

%


33

%

Medium

42

%


23

%


36

%


20

%

Light

10

%


26

%


11

%


31

%

Other feedstocks and blends

7

%


19

%


12

%


16

%


Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

41

%


46

%


43

%


43

%

Distillates and distillate blendstocks

34

%


32

%


33

%


33

%

Chemicals

1

%


2

%


2

%


2

%

Other

26

%


18

%


24

%


21

%


Total yield

102

%


98

%


102

%


99

%














Supplemental Operating Information - West Coast (Torrance and Martinez)








Production (bpd in thousands)

222.5



169.6



244.6



147.9


Crude oil and feedstocks throughput (bpd in thousands)

223.6



163.7



241.3



144.7


Total crude oil and feedstocks throughput (millions of barrels)

20.4



14.9



43.9



26.2


Gross margin per barrel of throughput

$

(0.52)



$

4.69



$

(10.67)



$

5.87


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

$

0.05



$

17.51



$

3.83



$

14.60


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

$

9.77



$

7.84



$

8.93



$

8.94


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








Heavy

82

%


79

%


82

%


81

%

Medium

9

%


8

%


8

%


8

%

Other feedstocks and blends

9

%


13

%


10

%


11

%


Total throughput

100

%


100

%


100

%


100

%

Yield (% of total throughput):








Gasoline and gasoline blendstocks

54

%


60

%


58

%


57

%

Distillates and distillate blendstocks

28

%


27

%


27

%


26

%

Other

18

%


17

%


16

%


19

%


Total yield

100

%


104

%


101

%


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








June 30, 2020


June 30, 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:








Revenues

$

2,515.8



$

40.95



$

6,560.0



$

84.40


Less: Cost of sales

2,317.5



37.72



6,493.2



83.55


Consolidated gross margin

$

198.3



$

3.23



$

66.8



$

0.85


Reconciliation of consolidated gross margin to gross refining margin:








Consolidated gross margin

$

198.3



$

3.23



$

66.8



$

0.85


Add: PBFX operating expense

23.2



0.38



28.6



0.37


Add: PBFX depreciation expense

11.2



0.18



8.9



0.11


Less: Revenues of PBFX

(89.2)



(1.45)



(82.8)



(1.07)


Add: Refinery operating expense

423.7



6.90



409.7



5.27


Add: Refinery depreciation expense

111.1



1.81



95.3



1.23


Gross refining margin

$

678.3



$

11.05



$

526.5



$

6.76


Special Items (Note 4):








Add: Non-cash LCM inventory adjustment

(584.2)



(9.51)



182.0



2.34


Gross refining margin excluding special items

$

94.1



$

1.54



$

708.5



$

9.10























Six Months Ended


Six Months Ended








June 30, 2020


June 30, 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:








Revenues

$

7,793.3



$

56.05



$

11,776.2



$

81.44


Less: Cost of sales

8,929.2



64.22



11,284.4



78.04


Consolidated gross margin

$

(1,135.9)



$

(8.17)



$

491.8



$

3.40


Reconciliation of consolidated gross margin to gross refining margin:








Consolidated gross margin

$

(1,135.9)



$

(8.17)



$

491.8



$

3.40


Add: PBFX operating expense

52.8



0.38



58.5



0.40


Add: PBFX depreciation expense

22.5



0.16



17.6



0.12


Less: Revenues of PBFX