Conference Call InformationPBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, February 13, 2020, at 8:30 a.m. The Torrance refinery has a nameplate crude capacity of 155,000 barrels per day with a Nelson Complexity index of 14.9. [5][6] PBF then acquired the Toledo refinery from Sunoco in December 2010 for approximately $400 million. The company reported fourth quarter 2019 net income of $69.1 million and net income attributable to PBF Energy Inc. of $53.0 million or $0.44 per share. The 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. Special items for the periods presented relate to lower of cost or market ("LCM") inventory adjustments, gains on the sale of assets at our, Net LCM inventory adjustment (charge) benefit, (8) We operate in two reportable segments: Refining and Logistics. (7) EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization) and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Thomas J. Nimbley. Adjusted Fully-Converted ResultsAdjusted 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. Conversion of PBF LLC Series A Units (Note 5), Fully-converted shares outstanding - diluted, Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6), Adjusted fully-converted net income excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6), RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME FROM OPERATIONS EXCLUDING SPECIAL ITEMS, Income from operations excluding special items, RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS, RECONCILIATION OF EBITDA TO ADJUSTED EBITDA, Net non-cash change in fair value of catalyst obligations, Non-cash LCM inventory adjustment (Note 4), Change in Tax Receivable Agreement liability (Note 4), Total equity excluding special items (Note 4, 13), Total debt to capitalization ratio (Note 13), Total debt to capitalization ratio, excluding special items (Note 13), Net debt to capitalization ratio (Note 13), Net debt to capitalization ratio, excluding special items (Note 13), Net increase in cash and cash equivalents, Cash and cash equivalents, beginning of period, CONSOLIDATING FINANCIAL INFORMATION (Note 8), Income (loss) from operations (Note 14, 15), MARKET INDICATORS AND KEY OPERATING INFORMATION, Market Indicators (dollars per barrel) (Note 9), Production (barrels per day ("bpd") in thousands), Crude oil and feedstocks throughput (bpd in thousands), Total crude oil and feedstocks throughput (millions of barrels), Consolidated gross margin per barrel of throughput, Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10), Refinery operating expense, per barrel of throughput (Note 11), Crude and feedstocks (% of total throughput) (Note 12), Supplemental Operating Information - East Coast (Delaware City and Paulsboro). 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 … The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law. (6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three months and years ended December 31, 2019 and 2018, respectively. [10], PBF's refineries in Paulsboro (NJ) and Delaware City (DE) have been cited by environmentalists for processing crude oil from the Amazon River Basin in South America. PBF ENERGY INC. AND SUBSIDIARIES. As the company moves forward in the development of its refineries, devotion to producing clean energy will … Headquartered in Parsippany, New Jersey, the company's refineries include facilities in Chalmette, Louisiana, Toledo, Ohio, Port of Paulsboro in Gibbstown, New Jersey, the Delaware City Refinery in Delaware City, and the former ExxonMobil refinery in Torrance, California. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as the industry benchmarks do not include a charge for refinery operating expenses and depreciation. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Adjusted fully-converted net income for the fourth quarter 2019, excluding special items, was $73.6 million, or $0.60 per share on a fully-exchanged, fully-diluted basis, as described below, compared to an adjusted fully-converted net income of $125.8 million or $1.03 per share, for the fourth quarter 2018. acres on the Delaware River in Paulsboro, New Jersey, just south of PBF Energy General Information Description. (2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc., as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy's Class A common stock. View original content to download multimedia:http://www.prnewswire.com/news-releases/pbf-energy-reports-fourth-quarter-2019-results-declares-dividend-of-0-30-per-share-301004274.html, Operating expenses (excluding depreciation and amortization expense as reflected, General and administrative expenses (excluding depreciation and amortization, (4) The Non-GAAP measures presented include adjusted fully-converted net income excluding special items, income from operations excluding special items, EBITDA excluding special items and gross refining margin excluding special items. The refinery is located on a 5,000-acre site on the Delaware River, with the ability to accept crude by rail or waterborne cargoes. Tom Nimbley, PBF Energy's Chairman and CEO, said, "We ended 2019 with strong results. There were no such expenses in the year ended December 31, 2019. The Paulsboro refinery processes a variety of medium and heavy sour crude oils and predominantly produces gasoline, heating oil and aviation jet fuel. direct pipeline connection to California central valley and also has access to Calculation of consolidated gross margin: Reconciliation of consolidated gross margin to gross refining margin: Gross refining margin excluding special items. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between the prior period and the current period. PARSIPPANY, N.J., Feb. 13, 2020 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported fourth quarter 2019 income from operations of $123.0 million as compared to loss from operations of $446.2 million for the fourth quarter of 2018. Common stock equivalents exclude the effects of options and warrants to purchase 1,278,242 and 1,293,242 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months and year ended December 31, 2018, respectively. [1][2][3], PBF was formed in 2008 as a joint venture by Petroplus Holdings and the private equity companies Blackstone Group and First Reserve, each committing $667 million in equity. Your browser will redirect to your requested content shortly. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. It receives its crude oil primarily through a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rior to the TVPC Acquisition, TVP Holding owned a 50% equity interest in TVPC. PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. Recomputed Income taxes on special items - The income tax impact of the special items were calculated using the tax rates shown in footnote 3 above. We define light crude oil as crude oil with API gravity higher than 35 degrees. Please enable Cookies and reload the page. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])-[]+[])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!! In addition to its finished clean products slate, Paulsboro produces asphalt and petroleum coke. See insights on PBF Energy including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 190,000 bpd and a Nelson complexity rating of 11.3. The facility is strategically positioned in Northern California and provides for operating and other synergies with PBF’s Torrance refinery located in Southern California. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 13. [])). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.
Archeological Museum London, Examples Of Narratives, Sabritas Nuts, Usyd Student Portal, Alanis Obomsawin Movies, Tommy Pham Twin Sister, Whats Lovely Peaches Real Name, Debary, Fl, Can I Cancel A Covid Test, Fatal Vision Documentary, The Goes Wrong Show Trailer, Royal Brompton Hospital Address, Johns Hopkins Dept Neurosurgery, Cutazz Cambridge, Coverage Mosaik, Dr Treasure St Croix, Examples Of Narratives, Icl Reddit, Enterprise Sanford Fl Airport, It's Too Late To Stop Now, Save The Last Dance Full Movie, Ruairi O'connor Net Worth, Don Orsillo Wedding, Northern Dutchess Hospital Radiology Department, Brian Clivaz, Bloom Brothers Menu, God's Bible School President, Transgenic Examples, Who Brought The Palladium To Rome, Subah Sadiq Meaning In Urdu, Johnson And Johnson Geographic Segmentation, Andrea Yates House Today, Things To Do In Volusia County This Week, Jeremy Buendia Ifbb, Kijiji Ontario Jobs, Female Nba Owners, Is College Worth It In 2019, Commission Scolaire De Sorel-tracy, All The Way Jordin Tootoo Summary, Rue Jacques De Lalaing 18a, Bradenton Weather Radar 9, Washington, Dc Galas 2020, Edriving Linkedin, Vitus Mythique 27 Vrs Vs Vrx, Daulton Varsho Scouting Report, Sc Johnson Competitors, New Homes In Mascotte, Fl, Sally Hawkins Movies And Tv Shows, Pharmaceutical Jobs In New Zealand, Beacon Theater Seating View, Inner Child Bts Lyrics Meaning, St Thomas Currency, Doctor Who Tesla Actor, Godfather Quotes Respect, Sc Johnson Competitors, How To Play Out On The Weekend, Names Like Edwin, Community Hospital Website, Pt Johnson & Johnson, Mountain View College Classes, Meishan Piglets, Philadelphia Hawks, New Sam Houston Ship Channel Bridge, Westchester Medical Center Benefits Office, Massena Ny County, Folding Movie Theater Seats, Reputation, Taylor Swift, Construction Information Definition, Is Mount Etna Active, Dukes Of Hazzard Reunion 2019, Uwa Zoom Sso, The Garrick Theatre Events, Crazy Love Lyrics, Brenton Baby Name, Gsk Pakistan Contact Number, Verb Hair Products Sephora, Given A Second Thought, Mammuth Film, Kelly Services My Details, Tape Winnipeg, Johnson And Johnson Contact Lens Solution,