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PBF Energy Announces Second Quarter 2024 Results and Declares Dividend of $0.25 per Share

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PBF Energy Inc. (NYSE:PBF) reported a second quarter 2024 loss from operations of $74.6 million, compared to income of $1,389.2 million in Q2 2023. Excluding special items, the loss was $72.5 million. The company posted a net loss of $66.0 million, or $(0.56) per share, compared to net income of $1,030.4 million, or $7.88 per share, in Q2 2023.

Despite disappointing earnings, PBF maintained a strong cash position of approximately $1.4 billion, with total debt around $1.3 billion. The company declared a quarterly dividend of $0.25 per share and conducted share repurchases of about $100 million in Q2. PBF completed major planned maintenance in multiple regions and expects full-year 2024 refining capital expenditures to be around $850 million.

PBF Energy Inc. (NYSE:PBF) ha riportato una perdita operativa di 74,6 milioni di dollari nel secondo trimestre del 2024, rispetto a un utile di 1.389,2 milioni di dollari nel Q2 2023. Escludendo elementi straordinari, la perdita ammontava a 72,5 milioni di dollari. L'azienda ha registrato una perdita netta di 66,0 milioni di dollari, ovvero $(0,56) per azione, rispetto a un utile netto di 1.030,4 milioni di dollari, pari a $7,88 per azione, nel Q2 2023.

Nonostante i risultati deludenti, PBF ha mantenuto una solida posizione di liquidità di circa 1,4 miliardi di dollari, con un debito totale di circa 1,3 miliardi di dollari. L'azienda ha dichiarato un dividendo trimestrale di 0,25 dollari per azione e ha effettuato riacquisti di azioni per circa 100 milioni di dollari nel Q2. PBF ha completato importanti lavori di manutenzione programmati in diverse regioni e prevede che le spese in conto capitale per la raffinazione per l'intero anno 2024 si aggireranno attorno a 850 milioni di dollari.

PBF Energy Inc. (NYSE:PBF) reportó una pérdida operativa de 74.6 millones de dólares en el segundo trimestre de 2024, en comparación con un ingreso de 1,389.2 millones de dólares en el Q2 2023. Excluyendo artículos especiales, la pérdida fue de 72.5 millones de dólares. La compañía publicó una pérdida neta de 66.0 millones de dólares, o $(0.56) por acción, en comparación con un ingreso neto de 1,030.4 millones de dólares, o $7.88 por acción, en el Q2 2023.

A pesar de los ingresos decepcionantes, PBF mantuvo una sólida posición de efectivo de aproximadamente 1.4 mil millones de dólares, con una deuda total de alrededor de 1.3 mil millones de dólares. La compañía declaró un dividendo trimestral de 0.25 dólares por acción y llevó a cabo recompras de acciones por aproximadamente 100 millones de dólares en el Q2. PBF completó un mantenimiento importante planificado en múltiples regiones y espera que el gasto de capital en refinación para todo el año 2024 sea de alrededor de 850 millones de dólares.

PBF 에너지 주식회사 (NYSE:PBF)는 2024년 2분기 운영 손실이 7460만 달러라고 보고했으며, 이는 2023년 2분기 1389.2만 달러의 수익에 비해 감소한 수치입니다. 특별 항목을 제외한 손실은 7250만 달러였습니다. 회사는 순손실이 6600만 달러, 즉 주당 $(0.56)으로 보고했으며, 이는 2023년 2분기 순수익 10억3040만 달러, 주당 $7.88에 비해 감소한 수치입니다.

실망스러운 수익에도 불구하고 PBF는 약 14억 달러의 강력한 현금 보유액을 유지했으며, 총 부채는 약 13억 달러에 달했습니다. 회사는 주당 0.25달러의 분기 배당금을 선언하고, 2분기에는 약 1억 달러를 자사주매입에 사용했습니다. PBF는 여러 지역에서 주요 예방 정비를 완료했으며, 2024년 전체 정제 자본 지출이 약 8억 5천만 달러에 이를 것으로 예상하고 있습니다.

PBF Energy Inc. (NYSE:PBF) a annoncé une perte d'exploitation de 74,6 millions de dollars au deuxième trimestre 2024, contre un revenu de 1.389,2 millions de dollars au T2 2023. En excluant les éléments spéciaux, la perte était de 72,5 millions de dollars. L'entreprise a enregistré une perte nette de 66,0 millions de dollars, soit $(0,56) par action, contre un revenu net de 1.030,4 millions de dollars, soit $7,88 par action, au T2 2023.

malgré des résultats décevants, PBF a maintenu une solide position de liquidités d'environ 1,4 milliard de dollars, avec une dette totale d'environ 1,3 milliard de dollars. L'entreprise a déclaré un dividende trimestriel de 0,25 dollars par action et a réalisé des rachats d'actions d'environ 100 millions de dollars au T2. PBF a terminé des travaux de maintenance majeurs prévus dans plusieurs régions et s'attend à ce que les dépenses en capital de raffinage pour l'année 2024 dans son ensemble s'élèvent à environ 850 millions de dollars.

PBF Energy Inc. (NYSE:PBF) berichtete über einen Betriebsverlust von 74,6 Millionen Dollar im zweiten Quartal 2024, verglichen mit einem Gewinn von 1.389,2 Millionen Dollar im Q2 2023. Ohne Sonderposten betrug der Verlust 72,5 Millionen Dollar. Das Unternehmen verbuchte einen Nettoverlust von 66,0 Millionen Dollar, oder $(0,56) pro Aktie, im Vergleich zu einem Nettogewinn von 1.030,4 Millionen Dollar, oder $7,88 pro Aktie, im Q2 2023.

Trotz enttäuschender Ergebnisse hielt PBF eine starke Barreserve von ungefähr 1,4 Milliarden Dollar, während die Gesamtschulden bei etwa 1,3 Milliarden Dollar lagen. Das Unternehmen erklärte eine Quartalsdividende von 0,25 Dollar pro Aktie und führte Aktienrückkäufe in Höhe von etwa 100 Millionen Dollar im Q2 durch. PBF hat umfangreiche geplante Wartungsarbeiten in mehreren Regionen abgeschlossen und erwartet, dass die Investitionen in das Raffinierungs-Kapital für das Gesamtjahr 2024 etwa 850 Millionen Dollar betragen werden.

Positive
  • Maintained strong cash position of approximately $1.4 billion
  • Declared quarterly dividend of $0.25 per share
  • Conducted share repurchases of about $100 million in Q2 2024
  • Completed majority of planned maintenance for the year
Negative
  • Reported Q2 2024 loss from operations of $74.6 million, down from $1,389.2 million income in Q2 2023
  • Net loss of $66.0 million, or $(0.56) per share, compared to net income of $1,030.4 million in Q2 2023
  • Market conditions broke from typical seasonal patterns, impacting capture rates and reducing realized margins
  • Extensive maintenance in multiple regions during Q2 affected financial performance

Insights

PBF Energy's Q2 2024 results paint a challenging picture for the refining industry. The company reported a loss from operations of $74.6 million, a stark contrast to the $1,389.2 million income from the same period last year. This significant downturn warrants a closer look at the underlying factors.

The company's adjusted fully-converted net loss of $64.2 million, or $(0.54) per share, compared to a net income of $298.3 million or $2.29 per share in Q2 2023, indicates a substantial deterioration in profitability. This 122% swing in earnings is concerning and reflects the volatile nature of the refining business.

Despite the disappointing results, PBF Energy maintained its quarterly dividend of $0.25 per share and continued its share repurchase program, buying back $100 million worth of shares. This commitment to shareholder returns, even in a challenging quarter, is noteworthy but raises questions about the sustainability of such policies if market conditions remain unfavorable.

The company's balance sheet remains relatively strong with $1.4 billion in cash and $1.3 billion in total debt. This liquidity provides a cushion against short-term market volatility, but investors should monitor how prolonged periods of weak performance might impact this position.

Looking ahead, PBF's projected capital expenditures of $850 million for 2024 and the completion of major planned maintenance suggest a focus on operational efficiency. However, the success of these investments will depend on a recovery in refining margins and market conditions.

The refining industry's cyclical nature is evident in PBF Energy's Q2 2024 results. The company's performance was impacted by atypical seasonal patterns, with product cracks peaking early in the quarter and declining thereafter. This unusual market behavior underscores the importance of timing in the refining business.

PBF's extensive maintenance activities in the East, Mid-continent and West Coast regions during the first two months of Q2 coincided with these unfavorable market conditions. This unfortunate timing likely exacerbated the negative impact on the company's financial performance, highlighting the delicate balance refiners must strike between necessary maintenance and market opportunities.

Looking at throughput expectations for Q3 2024, PBF projects a total range of 885,000 to 945,000 barrels per day. This suggests a recovery in operational capacity following the maintenance period. However, the actual financial impact will depend on market conditions, which remain uncertain given recent volatility.

The refining industry's outlook remains challenging, with factors such as the global push for cleaner energy, fluctuating oil prices and geopolitical tensions all playing roles. PBF's ability to navigate these headwinds will be important for its future performance.

Investors should closely monitor industry trends, particularly the spread between crude oil prices and refined product prices, as well as global demand patterns for refined products. These factors will be key determinants of PBF's ability to return to profitability in the coming quarters.

  • Second quarter loss from operations of $74.6 million (excluding special items, second quarter loss from operations of $72.5 million)
  • Announces quarterly dividend of $0.25 per share
  • Second quarter 2024 share repurchases of approximately 2.0 million shares for approximately $100 million

PARSIPPANY, N.J., Aug. 1, 2024 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second quarter 2024 loss from operations of $74.6 million as compared to income from operations of $1,389.2 million for the second quarter of 2023. Excluding special items, second quarter 2024 loss from operations was $72.5 million as compared to income from operations of $403.7 million for the second quarter of 2023.

The company reported second quarter 2024 net loss of $66.0 million and net loss attributable to PBF Energy Inc. of $65.2 million or $(0.56) per share. This compares to net income of $1,030.4 million and net income attributable to PBF Energy Inc. of $1,020.4 million or $7.88 per share for the second quarter 2023. Non-cash special items included in the second quarter 2024 results, which decreased net income by a net, after-tax charge of $1.6 million, or $0.02 per share, consisted of our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment. Adjusted fully-converted net loss for the second quarter 2024, excluding special items, was $64.2 million, or $(0.54) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $298.3 million or $2.29 per share, for the second quarter 2023.

Matt Lucey, PBF Energy's President and CEO, said, "PBF delivered results below our expectations for the second quarter. Market conditions broke from typical seasonal patterns, with product cracks higher early in the quarter and declining as the quarter progressed. We conducted extensive maintenance in our East, Mid-continent and West Coast Regions during the first two months of the quarter. Market conditions coupled with maintenance activity, especially the early-quarter timing, impacted capture rates and reduced realized margins. Despite the disappointing earnings, we were able to maintain our strong cash position through the quarter by reducing the elevated working capital position generated by the work completed earlier in the year."

Mr. Lucey continued, "Looking ahead, we have completed the majority of our planned maintenance for the year and our last turnaround will commence in the fall at Chalmette. All of our assets are running well today,and should remain available for the third quarter. Safe, reliable operations of all our assets remain our primary focus. Building on that foundation, we continue to prioritize capital allocation towards the opportunities that promote the greatest long-term shareholder value. We continue to support our $0.25 per share dividend and a share repurchase program which can be sustained through various markets. In the second quarter we bought $100 million of shares and will continue to be active going forward."

PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.25 per share of Class A common stock on August 29, 2024, to holders of record at the close of business on August 15, 2024.

PBF Strategic Update and Outlook
PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. At quarter-end, we had approximately $1.4 billion of cash and approximately $1.3 billion of total debt. We continue to demonstrate our commitment to fiscal discipline, long-term value and sustainable shareholder returns.

As always, the safety and reliability of our core operations are paramount. We continue investing in all our assets and expect full-year 2024 refining capital expenditures to be in the $850 million range. We completed significant planned maintenance in the East Coast, Mid-Continent and West Coast regions during the second quarter. Our Gulf Coast facility is expected to conduct planned maintenance early in the fourth quarter.

Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current third quarter throughput expectations are included in the table below.

Expected throughput ranges (barrels per day)


Third Quarter 2024


Low

High

East Coast

285,000

305,000

Mid-continent

145,000

155,000

Gulf Coast

165,000

175,000

West Coast

290,000

310,000

Total

885,000

945,000

 

Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.

St. Bernard Renewables
SBR averaged approximately 16,500 barrels per day of renewable diesel production in the second quarter. During the third quarter, SBR operations will reflect a catalyst change beginning in late July and scheduled for completion in late August. Renewable diesel production for the third quarter is expected to average approximately 12,500 barrels per day.

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, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. 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, August 1, 2024, 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 (800) 579-2543 or (785) 424-1789; Conference ID: PBF2Q24. 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 include the Company's expectations with respect to its plans, objectives, expectations and intentions with respect to future earnings and operations, including those of our 50-50 equity method investment in SBR. 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, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of 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 is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578

Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994

PBF ENERGY INC. AND SUBSIDIARIES

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,






2024


2023


2024


2023

Revenues

$       8,736.1


$       9,157.6


$     17,381.7


$     18,452.6

Cost and expenses:









Cost of products and other

7,962.4


7,908.0


15,560.3


15,703.3


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

612.6


597.0


1,300.7


1,378.4


Depreciation and amortization expense

154.8


142.2


296.2


284.1

Cost of sales

8,729.8


8,647.2


17,157.2


17,365.8


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

65.0


104.2


128.2


164.2


Depreciation and amortization expense

3.3


2.3


6.5


4.2


Change in fair value of contingent consideration, net


(16.6)


(3.3)


(32.9)


Equity loss in investee

12.4



13.2



(Gain) loss on formation of SBR equity method investment


(968.9)


8.7


(968.9)


Loss (gain) on sale of assets

0.2


0.2


0.7


(1.4)

Total cost and expenses

8,810.7


7,768.4


17,311.2


16,531.0

Income (loss) from operations

(74.6)


1,389.2


70.5


1,921.6

Other income (expense):










Interest expense (net of interest income of $14.3 million, $14.0
million, $32.1 million and $31.2 million, respectively)

(17.3)


(13.8)


(27.8)


(32.5)


Change in fair value of catalyst obligations


0.5



1.2


Other non-service components of net periodic benefit cost

0.6


0.1


1.2


0.4


Other expense



2.3



Income (loss) before income taxes

(91.3)


1,378.3


43.9


1,890.7

Income tax (benefit) expense

(25.3)


347.9


2.4


474.4

Net income (loss)

(66.0)


1,030.4


41.5


1,416.3


Less: net income (loss) attributable to noncontrolling interest

(0.8)


10.0


0.1


13.8

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

$          (65.2)


$       1,020.4


$           41.4


$       1,402.5













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










Basic

$          (0.56)


$           8.14


$           0.35


$         11.04



Diluted

$          (0.56)


$           7.88


$           0.33


$         10.67



Weighted-average shares outstanding-basic

117,043,158


125,288,452


118,965,510


127,028,449



Weighted-average shares outstanding-diluted

117,905,938


130,446,002


124,195,155


132,428,607













Dividends per common share

$           0.25


$           0.20


$           0.50


$           0.40













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)

$          (65.8)


$       1,027.7


$           41.5


$       1,412.4



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

$          (0.56)


$           7.88


$           0.33


$         10.67



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

117,905,938


130,446,002


124,195,155


132,428,607













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,


2024


2023


2024


2023

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


$          (65.2)


$       1,020.4


$           41.4


$       1,402.5


Less: Income allocated to participating securities





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


(65.2)


1,020.4


41.4


1,402.5


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


(0.8)


9.9


0.1


13.4


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


0.2


(2.6)



(3.5)

Adjusted fully-converted net income (loss)


$          (65.8)


$       1,027.7


$           41.5


$       1,412.4

Special items (Note 4):










Add: LCM inventory adjustment - SBR


2.1



(4.5)



Add: Change in fair value of contingent consideration, net



(16.6)


(3.3)


(32.9)


Add: Gain on land sales





(1.7)


Add: (Gain) loss on formation of SBR equity method
investment



(968.9)


8.7


(968.9)


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


(0.5)


256.1


(0.2)


260.9

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


$          (64.2)


$         298.3


$           42.2


$         669.8















Weighted-average shares outstanding of PBF Energy Inc


117,043,158


125,288,452


118,965,510


127,028,449

Conversion of PBF LLC Series A Units (Note 5)


862,780


910,457


862,780


910,457

Common stock equivalents (Note 6)



4,247,093


4,366,865


4,489,701

Fully-converted shares outstanding - diluted


117,905,938


130,446,002


124,195,155


132,428,607















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


$          (0.56)


$           7.88


$           0.33


$         10.67


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


$          (0.54)


$           2.29


$           0.34


$           5.06









Three Months Ended


Six Months Ended

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


June 30,


June 30,


2024


2023


2024


2023

Income (loss) from operations


$          (74.6)


$       1,389.2


$           70.5


$       1,921.6

Special Items (Note 4):










Add: LCM inventory adjustment -SBR


2.1



(4.5)



Add: Change in fair value of contingent consideration, net



(16.6)


(3.3)


(32.9)


Add: Gain on land sales





(1.7)


Add: (Gain) loss on formation of SBR equity method investment



(968.9)


8.7


(968.9)

Income (loss) from operations excluding special items


$          (72.5)


$         403.7


$           71.4


$         918.1


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


2024


2023


2024


2023
















Net income (loss)


$       (66.0)


$    1,030.4


$         41.5


$    1,416.3

Add: Depreciation and amortization expense


158.1


144.5


302.7


288.3

Add: Interest expense, net


17.3


13.8


27.8


32.5

Add: Income tax expense (benefit)


(25.3)


347.9


2.4


474.4

EBITDA



$         84.1


$    1,536.6


$       374.4


$    2,211.5

Special Items (Note 4):









Add: LCM inventory adjustment -SBR


2.1



(4.5)


Add: Change in fair value of contingent consideration, net



(16.6)


(3.3)


(32.9)

Add: Gain on land sales





(1.7)

Add: (Gain) loss on formation of SBR equity method investment



(968.9)


8.7


(968.9)

EBITDA excluding special items


$         86.2


$       551.1


$       375.3


$    1,208.0
























Three Months Ended


Six Months Ended









June 30,


June 30,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA


2024


2023


2024


2023











EBITDA


$         84.1


$    1,536.6


$       374.4


$    2,211.5

Add: Stock-based compensation


8.6


9.7


21.0


18.9

Add: Change in fair value of catalyst obligations



(0.5)



(1.2)

Add: LCM inventory adjustment -SBR (Note 4)


2.1



(4.5)


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



(16.6)


(3.3)


(32.9)

Add: Gain on land sales (Note 4)





(1.7)

Add: (Gain) loss on formation of SBR equity method investment (Note 4)



(968.9)


8.7


(968.9)

Adjusted EBITDA



$         94.8


$       560.3


$       396.3


$    1,225.7


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,






2024


2023

Balance Sheet Data:






Cash and cash equivalents

$          1,367.2


$        1,783.5


Inventories

2,864.2


3,183.1


Total assets

14,076.1


14,387.8


Total debt

1,251.5


1,245.9


Total equity

6,406.4


6,631.3


Total equity excluding special items (Note 4, 13)

$          5,333.2


$        5,557.4










Total debt to capitalization ratio (Note 13)

16 %


16 %


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

19 %


18 %


Net debt to capitalization ratio* (Note 13)

(2) %


(9) %


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

(2) %


(11) %










* Negative ratio exists as of June 30, 2024 and December 31, 2023 as cash is in excess of debt






SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)






Six Months Ended June 30,






2024


2023

Cash flows provided by operating activities

$             441.1


$           505.7

Cash flows used in investing activities

(617.6)


(314.7)

Cash flows used in financing activities

(239.8)


(877.7)

Net change in cash and cash equivalents

(416.3)


(686.7)

Cash and cash equivalents, beginning of period

1,783.5


2,203.6

Cash and cash equivalents, end of period

$          1,367.2


$        1,516.9

















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 June 30, 2024


Refining


Logistics


Corporate


 Eliminations


Consolidated
Total

Revenues

$      8,726.6


$           98.5


$              —


$           (89.0)


$         8,736.1

Depreciation and amortization expense

145.7


9.1


3.3



158.1

Income (loss) from operations

(46.9)


51.0


(78.7)



(74.6)

Interest (income) expense, net

(2.7)


(0.4)


20.4



17.3

Capital expenditures

330.3


0.6


2.5



333.4












Three Months Ended June 30, 2023


Refining


Logistics


Corporate


 Eliminations


Consolidated
Total

Revenues

$      9,148.4


$           94.0


$              —


$           (84.8)


$         9,157.6

Depreciation and amortization expense

133.0


9.2


2.3



144.5

Income from operations (1)

455.6


51.9


881.7



1,389.2

Interest (income) expense, net

(6.9)


0.1


20.6



13.8

Capital expenditures (2)

362.1


2.4


2.5



367.0












Six Months Ended June 30, 2024


Refining


Logistics


Corporate


 Eliminations


Consolidated
Total

Revenues

$     17,363.0


$         194.6


$              —


$         (175.9)


$       17,381.7

Depreciation and amortization expense

278.0


18.2


6.5



302.7

Income (loss) from operations (1)

123.7


96.1


(149.3)



70.5

Interest (income) expense, net

(6.8)


(1.0)


35.6



27.8

Capital expenditures (2)

613.4


1.7


3.0



618.1












Six Months Ended June 30, 2023


Refining


Logistics


Corporate


 Eliminations


Consolidated
Total

Revenues

$     18,433.9


$         192.5


$              —


$         (173.8)


$       18,452.6

Depreciation and amortization expense

265.9


18.2


4.2



288.3

Income from operations (1)

981.3


101.6


838.7



1,921.6

Interest (income) expense, net

(11.0)


3.8


39.7



32.5

Capital expenditures (2)

741.3


5.1


3.7



750.1



Balance at June 30, 2024


Refining


Logistics


Corporate


 Eliminations


Consolidated
Total

Total Assets (3)

$     12,295.2


$         789.3


$      1,030.4


$           (38.8)


$       14,076.1



Balance at December 31, 2023


Refining


Logistics


Corporate


 Eliminations


Consolidated
Total

Total Assets (3)

$     12,590.6


$         816.8


$      1,024.1


$           (43.7)


$       14,387.8











(1) Income (loss) from operations within Corporate for the six months ended June 30, 2024 includes an $8.7 million reduction
of the gain associated with the formation of the SBR equity method investment. Income from operations within Corporate for
both the three and six months ended June 30, 2023 includes the $968.9 million gain on formation of the SBR equity method
investment.

(2) For the six months ended June 30, 2024, the Company's refining segment included $5.6 million of capital expenditures
related to the Renewable Diesel Facility. For the three and six months ended June 30, 2023, the Company's refining segment
included 107.4 million and $265.3 million, respectively, of capital expenditures related to the Renewable Diesel Facility.

(3) As of June 30, 2024 and December 31, 2023, Corporate assets include the Company's Equity method investment in SBR of
$867.3 million and $881.0 million, respectively.


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)

2024


2023


2024


2023

Dated Brent crude oil

$     85.02


$     78.21


$     84.09


$     79.65

West Texas Intermediate (WTI) crude oil

$     80.82


$     73.56


$     78.95


$     74.76

Light Louisiana Sweet (LLS) crude oil

$     83.65


$     75.62


$     81.72


$     77.26

Alaska North Slope (ANS) crude oil

$     86.42


$     78.26


$     83.91


$     78.64

Crack Spreads:









Dated Brent (NYH) 2-1-1

$     21.46


$     28.66


$     21.26


$     30.09


WTI (Chicago) 4-3-1

$     19.48


$     27.82


$     18.33


$     28.44


LLS (Gulf Coast) 2-1-1

$     18.48


$     26.41


$     21.42


$     30.26


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

$     27.44


$     33.73


$     28.21


$     36.08


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

$     29.92


$     33.56


$     28.94


$     36.36

Crude Oil Differentials:









Dated Brent (foreign) less WTI

$       4.21


$       4.65


$       5.15


$       4.89


Dated Brent less Maya (heavy, sour)

$     12.14


$     14.70


$     12.53


$     16.58


Dated Brent less WTS (sour)

$       4.10


$       4.76


$       4.93


$       5.18


Dated Brent less ASCI (sour)

$       3.88


$       5.17


$       5.08


$       6.28


WTI less WCS (heavy, sour)

$     13.60


$     13.49


$     15.58


$     16.42


WTI less Bakken (light, sweet)

$       0.86


$      (1.74)


$       1.77


$      (2.32)


WTI less Syncrude (light, sweet)

$      (1.45)


$      (2.88)


$       1.17


$      (2.99)


WTI less LLS (light, sweet)

$      (2.84)


$      (2.05)


$      (2.77)


$      (2.50)


WTI less ANS (light, sweet)

$      (5.60)


$      (4.70)


$      (4.97)


$      (3.87)

Effective RIN basket price

$       3.38


$       7.68


$       3.53


$       7.93

Natural gas (dollars per MMBTU)

$       2.32


$       2.33


$       2.21


$       2.54














Key Operating Information








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

926.7


945.7


918.0


902.3

Crude oil and feedstocks throughput (bpd in thousands)

921.3


935.8


909.5


893.7

Total crude oil and feedstocks throughput (millions of barrels)

83.8


85.2


165.5


161.8

Consolidated gross margin per barrel of throughput

$      0.08


$       6.00


$      1.36


$       6.72

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

$      8.12


$     13.62


$      9.91


$     15.86

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

$      6.94


$       6.71


$      7.47


$       8.16

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









Heavy

34 %


27 %


29 %


27 %


Medium

34 %


35 %


39 %


34 %


Light

18 %


21 %


17 %


21 %


Other feedstocks and blends

14 %


17 %


15 %


18 %



Total throughput

100 %


100 %


100 %


100 %

Yield (% of total throughput)









Gasoline and gasoline blendstocks

46 %


48 %


47 %


48 %


Distillates and distillate blendstocks

33 %


33 %


33 %


33 %


Lubes

1 %


1 %


1 %


1 %


Chemicals

1 %


1 %


1 %


1 %


Other

20 %


18 %


19 %


18 %


Total yield


101 %


101 %


101 %


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,







2024


2023


2024


2023

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








Production (bpd in thousands)

313.7


300.2


311.1


312.3

Crude oil and feedstocks throughput (bpd in thousands)

319.7


304.1


316.2


315.2

Total crude oil and feedstocks throughput (millions of barrels)

29.0


27.7


57.5


57.1

Gross margin per barrel of throughput

$     (3.85)


$      1.56


$     (1.93)


$       5.59

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

$      2.52


$      8.09


$      5.09


$     13.28

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

$      4.95


$      4.96


$      5.64


$       6.27

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









Heavy

27 %


6 %


23 %


12 %


Medium

39 %


46 %


41 %


45 %


Light

16 %


21 %


17 %


19 %


Other feedstocks and blends

18 %


27 %


19 %


24 %


Total throughput


100 %


100 %


100 %


100 %

Yield (% of total throughput):









Gasoline and gasoline blendstocks

32 %


37 %


33 %


38 %


Distillates and distillate blendstocks

34 %


33 %


34 %


35 %


Lubes

2 %


2 %


2 %


2 %


Chemicals

1 %


1 %


1 %


1 %


Other

29 %


26 %


28 %


23 %


Total yield


98 %


99 %


98 %


99 %














Supplemental Operating Information - Mid-Continent (Toledo)








Production (bpd in thousands)

141.6


162.0


128.0


127.9

Crude oil and feedstocks throughput (bpd in thousands)

139.8


158.5


126.1


126.0

Total crude oil and feedstocks throughput (millions of barrels)

12.8


14.4


23.0


22.8

Gross margin per barrel of throughput

$      1.67


$       6.80


$       4.83


$       2.68

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

$      9.50


$     14.30


$     13.36


$     12.53

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

$      5.82


$       6.13


$       6.54


$       8.00

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









Medium

41 %


37 %


41 %


39 %


Light

56 %


62 %


56 %


60 %


Other feedstocks and blends

3 %


1 %


3 %


1 %



Total throughput

100 %


100 %


100 %


100 %

Yield (% of total throughput):









Gasoline and gasoline blendstocks

53 %


52 %


55 %


48 %


Distillates and distillate blendstocks

36 %


35 %


36 %


35 %


Chemicals

4 %


4 %


4 %


4 %


Other

8 %


11 %


7 %


15 %


Total yield


101 %


102 %


102 %


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,







2024


2023


2024


2023

Supplemental Operating Information - Gulf Coast (Chalmette)








Production (bpd in thousands)

164.8


170.7


169.1


170.3

Crude oil and feedstocks throughput (bpd in thousands)

165.1


169.3


168.0


169.2

Total crude oil and feedstocks throughput (millions of barrels)

14.9


15.4


30.5


30.6

Gross margin per barrel of throughput

$      2.32


$       5.96


$       4.18


$       9.17

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

$      8.66


$     12.54


$     10.54


$     16.23

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

$      5.42


$       5.68


$       5.48


$       6.05

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









Heavy

16 %


17 %


12 %


17 %


Medium

47 %


41 %


53 %


36 %


Light

19 %


21 %


16 %


29 %


Other feedstocks and blends

18 %


21 %


19 %


18 %



Total throughput

100 %


100 %


100 %


100 %

Yield (% of total throughput):









Gasoline and gasoline blendstocks

41 %


47 %


44 %


45 %


Distillates and distillate blendstocks

35 %


33 %


35 %


35 %


Chemicals

1 %


1 %


1 %


1 %


Other

23 %


20 %


21 %


20 %



Total yield

100 %


101 %


101 %


101 %














Supplemental Operating Information - West Coast (Torrance
and Martinez)








Production (bpd in thousands)

306.6


312.8


309.8


291.8

Crude oil and feedstocks throughput (bpd in thousands)

296.7


303.9


299.2


283.3

Total crude oil and feedstocks throughput (millions of barrels)

27.1


27.7


54.5


51.3

Gross margin per barrel of throughput

$       0.34


$       8.05


$      (0.05)


$       6.22

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

$     13.21


$     19.41


$     13.18


$     20.01

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

$     10.46


$       9.34


$     10.92


$     11.60

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









Heavy

68 %


66 %


58 %


63 %


Medium

18 %


20 %


28 %


19 %


Light

— %


1 %


— %


1 %


Other feedstocks and blends

14 %


13 %


14 %


17 %



Total throughput

100 %


100 %


100 %


100 %

Yield (% of total throughput):









Gasoline and gasoline blendstocks

59 %


58 %


60 %


59 %


Distillates and distillate blendstocks

28 %


31 %


29 %


30 %


Other

16 %


14 %


15 %


14 %


Total yield


103 %


103 %


104 %


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 June 30,








2024


2023

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

$    8,736.1


$     104.21


$     9,157.6


$     107.54

Less: Cost of sales

8,729.8


104.13


8,647.2


101.54

Consolidated gross margin

$           6.3


$         0.08


$        510.4


$         6.00

Reconciliation of consolidated gross margin to gross refining
margin:








Consolidated gross margin

$           6.3


$         0.08


$        510.4


$         6.00


Add: Logistics operating expense

35.1


0.41


30.2


0.34


Add: Logistics depreciation expense

9.1


0.11


9.2


0.11


Less: Logistics gross margin

(97.1)


(1.16)


(94.0)


(1.10)


Add: Refining operating expense

581.9


6.94


571.4


6.71


Add: Refining depreciation expense

145.8


1.74


133.0


1.56

Gross refining margin

$        681.1


$         8.12


$     1,160.2


$        13.62

Gross refining margin excluding special items

$        681.1


$         8.12


$     1,160.2


$        13.62






















Six Months Ended June 30,








2024


2023

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

$   17,381.7


$      105.02


$   18,452.6


$      114.07

Less: Cost of sales

17,157.2


103.66


17,365.8


107.35

Consolidated gross margin

$        224.5


$         1.36


$     1,086.8


$         6.72

Reconciliation of consolidated gross margin to gross refining
margin:








Consolidated gross margin

$        224.5


$         1.36


$     1,086.8


$         6.72


Add: Logistics operating expense

72.8


0.44


67.2


0.42


Add: Logistics depreciation expense

18.2


0.11


18.2


0.11


Less: Logistics gross margin

(190.8)


(1.15)


(192.5)


(1.19)


Add: Refining operating expense

1,236.6


7.47


1,320.4


8.16


Add: Refining depreciation expense

278.1


1.68


265.9


1.64

Gross refining margin

$     1,639.4


$         9.91


$     2,566.0


$        15.86

Gross refining margin excluding special items

$     1,639.4


$         9.91


$     2,566.0


$        15.86















See Footnotes to Earnings Release Tables

 

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

FOOTNOTES TO EARNINGS RELEASE TABLES


(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP
measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare
our results across the periods presented and facilitates an understanding of our operating results. We also use
these measures to evaluate our operating performance. These measures should not be considered a substitute for,
or superior to, measures of financial performance prepared in accordance with GAAP. The differences between
adjusted fully-converted and GAAP results are explained in footnotes 2 through 6
















(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 Class A common stock
















(3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of
approximately 26.0% for both the 2024 and 2023 periods, applied to net income (loss) attributable to
noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC
Series A Units as described in footnote 2
















(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special
items, income (loss) from operations excluding special items, EBITDA excluding special items and gross refining
margin excluding special items. Special items for the periods presented relate to our share of the SBR LCM
inventory reserve, net changes in fair value of contingent consideration, gain on land sales, and (gain) loss on the
formation of the SBR equity method investment, all as discussed further below. Additionally, the cumulative
effects of all current and prior period special items on equity are shown in footnote 13

 

Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful
supplemental information to investors regarding the results and performance of our business and allow for useful
period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and
not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP

 

Special Items:


SBR LCM inventory adjustment - The LCM adjustment is a GAAP requirement related to inventory valuation that
mandates inventory to be stated at the lower of cost or market. During the three and six months ended June 30,
2024, SBR recorded adjustments to value its inventory to the LCM which decreased its income from operations
by $4.1 million and increased its income from operations by $9.1 million, respectively. Our Equity loss in
investee includes our 50% share of these adjustments. During the three and six months ended June 30, 2024,
these LCM adjustments decreased our income from operations by $2.1 million and increased our income from
operations by $4.5 million, respectively ($1.6 million and $3.3 million, respectively, net of tax). There were no
such adjustments in any other periods presented
















Change in fair value of contingent consideration, net - During the six months ended June 30, 2024, we recorded a
net change in fair value of the Martinez Contingent Consideration which increased income from operations by
$3.3 million, or $2.4 million, net of tax. During the three and six months ended June 30, 2023, we recorded a
change in fair value of the Martinez Contingent Consideration, which increased income from operations by
$16.6 million and $32.9 million, respectively ($12.3 million and $24.3 million, respectively, net of tax). There
was no such change in the three months ended June 30, 2024
















(Gain) loss on formation of SBR equity method investment - During the six months ended June 30, 2024, we
recorded a reduction of our gain associated with the formation of the SBR equity method investment, which
decreased income from operations and net income by $8.7 million and $6.4 million, respectively. During the
three and six months ended June 30, 2023, we recorded a gain resulting from the difference between the carrying
value and the fair value of the assets associated with the contributed SBR business, which increased income from
operations and net income by $968.9 million and $717.0 million, respectively. There was no such (gain) loss
during the three months ended June 30, 2024
















Gain on land sales - During the six months ended June 30, 2023, we recorded a gain on the sale of a separate
parcel of real property acquired as part of the Torrance refinery, but not part of the refinery itself, which increased
income from operations and net income by $1.7 million and $1.3 million, respectively. There were no such gains
in any other periods presented
















Recomputed income tax on special items - The income tax impact on these special items is calculated using the
tax rate shown in (3) above
















(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of
existing PBF LLC Series A Units as described in footnote 2


(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 and six months ended June 30, 2024 and 2023,
respectively. Common stock equivalents exclude the effects of performance share units and options and warrants
to purchase 5,306,955 shares of PBF Energy Class A common stock and PBF LLC Series A units because they
are anti-dilutive for the three months ended June 30, 2024 (zero shares for the six months ended June 30, 2024).
Common stock equivalents exclude the effects of performance share units and options and warrants to purchase
1,057,673 and 1,130,197 shares of PBF Energy Class A common stock and PBF LLC Series A units because they
are anti-dilutive for the three and six months ended June 30, 2023, respectively. For periods showing a net loss,
all common stock equivalents and unvested restricted stock are considered anti-dilutive
















(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA
are supplemental measures of performance that are not required by, or presented in accordance with GAAP.
Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation
expense, change in the fair value of catalyst obligations, our share of the SBR LCM inventory adjustment, net
change in the fair value of contingent consideration, gain on land sales, (gain) loss on the formation of the SBR
equity method investment, and certain other non-cash items. We use these Non-GAAP financial measures as a
supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our
business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP
and should not be considered substitutes for net income as determined in accordance with GAAP. In addition,
because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not
necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted
EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as
substitutes for analysis of our results as reported under GAAP
















(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the
Refining and Logistics segments are included in Corporate. As of June 30, 2024, the Refining segment includes
the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey,
Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment
includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and
PBF LLC, which owns or leases, operates, develops and acquires crude oil and refined petroleum products
terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and
truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired
from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck
and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its
subsidiaries and third party customers through fee-based commercial agreements

 

PBFX currently does not generate significant third party revenue and intersegment related-party revenues are
eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the
Logistics segment as a whole without regard to any of PBFX's individual operating segments


(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported
by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on
information as reported by Argus


(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because
they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics
segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks
throughput. We believe they are important measures of operating performance and provide useful information to
investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin
benchmarks shown in the Market Indicators Tables, as the industry benchmarks do not include a charge for
refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining
margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin
per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation
or as substitutes for analysis of our results as reported under GAAP


(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation
and amortization, divided by total crude oil and feedstocks throughput
















(12) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24
degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light
crude oil as crude oil with API gravity higher than 35 degrees


(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity.
This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the
net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents
from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide
to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the
total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity

 












June 30,


December 31,





2024


2023



(in millions)

Total debt

$          1,251.5


$          1,245.9

Total equity

6,406.4


6,631.3

Total capitalization

$          7,657.9


$          7,877.2





Total debt

$          1,251.5


$          1,245.9

Total equity excluding special items

5,333.2


5,557.4

Total capitalization excluding special items

$          6,584.7


$          6,803.3








Total equity

$          6,406.4


$          6,631.3

  Special Items (Note 4)




Add: LCM inventory adjustment - SBR

34.2


38.7

Add: Change in fair value of contingent consideration, net

(62.1)


(58.8)

Add: Gain on land sales

(89.5)


(89.5)

Add: Gain on formation of SBR equity method investment

(916.4)


(925.1)

Add: Cumulative historical equity adjustments (a)

(404.4)


(404.4)

Less: Recomputed income tax on special items

365.0


365.2

       Net impact of special items

(1,073.2)


(1,073.9)

Total equity excluding special items

$          5,333.2


$          5,557.4








Total debt

$          1,251.5


$          1,245.9

    Less: Cash and cash equivalents

1,367.2


1,783.5

Net Debt




$            (115.7)


$            (537.6)








Total debt to capitalization ratio

16 %


16 %

Total debt to capitalization ratio, excluding special items

19 %


18 %

Net debt to capitalization ratio*

(2) %


(9) %

Net debt to capitalization ratio, excluding special items*

(2) %


(11) %








*Negative ratio exists as of June 30, 2024 and December 31, 2023 as cash is in excess of debt








(a) Refer to the Company's 2023 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's
Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative
historical equity adjustments prior to 2024

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-announces-second-quarter-2024-results-and-declares-dividend-of-0-25-per-share-302212105.html

SOURCE PBF Energy Inc.

FAQ

What were PBF Energy's Q2 2024 financial results?

PBF Energy reported a Q2 2024 loss from operations of $74.6 million and a net loss of $66.0 million, or $(0.56) per share.

How much did PBF Energy spend on share repurchases in Q2 2024?

PBF Energy spent approximately $100 million on share repurchases in Q2 2024, buying back about 2.0 million shares.

What dividend did PBF Energy declare for Q2 2024?

PBF Energy declared a quarterly dividend of $0.25 per share of Class A common stock.

What is PBF Energy's cash position as of Q2 2024?

PBF Energy reported a cash position of approximately $1.4 billion at the end of Q2 2024.

PBF ENERGY INC.

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