- First quarter income from operations of $532.4 million (excluding special items, first
quarter income from operations of $516.1
million)
- Increased share repurchase authorization to $1.0 billion
- Repurchased over 8.8 million shares for approximately
$346 million, to date
- Reduced consolidated debt by $525
million during the first quarter and $2.8 billion over the last 12 months
PARSIPPANY, N.J., May 5, 2023
/PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported first
quarter 2023 income from operations of $532.4 million as compared to income from
operations of $91.0 million for the
first quarter of 2022. Excluding special items, first quarter 2023
income from operations was $516.1
million as compared to income from operations of
$141.3 million for the first quarter
of 2022.
The company reported first quarter 2023 net income of
$385.9 million and net income
attributable to PBF Energy Inc. of $382.1
million or $2.86 per share.
This compares to a net loss of $3.3
million, and net loss attributable to PBF Energy Inc. of
$21.1 million or $(0.18) per share for the first quarter 2022.
Non-cash special items included in the first quarter 2023 results,
which increased net income by a net, after-tax benefit of
$13.3 million, or $0.10 per share, primarily consisted of net
changes in the fair value of contingent consideration. Adjusted
fully-converted net income for the first quarter 2023, excluding
special items, was $371.4 million, or
$2.76 per share on a fully-exchanged,
fully-diluted basis, as described below, compared to adjusted
fully-converted net income of $43.3
million or $0.35 per share,
for the first quarter 2022.
Tom Nimbley, PBF Energy's
Chairman and CEO, said, "The first quarter of 2023 continued to
build on the momentum generated in 2022. PBF remains focused on
operations and the continued improvement to our financial health.
During the first quarter, we conducted extensive turnaround work
across 75% of our regions. While executing this work, our
operations supported further gross debt reductions of $525 million, payment of our dividend and ongoing
execution of our increased share repurchase program, which will
continue through 2025." Mr. Nimbley continued, "The strength of our
business continues to support the strengthening of our balance
sheet and the opportunity for increasing shareholder returns."
Mr. Nimbley concluded, "Looking ahead, the markets have been
chaotic and, as we saw last year, chaos provides for opportunity.
While we cannot anticipate where or when, we expect to see market
dislocation moving forward. We are focused on ensuring that our
refineries are available when those opportunities present
themselves. We expect that the market in 2023 will continue to
support better than mid-cycle financial results for PBF."
PBF Energy Inc. Declares Dividend
The company
announced today that it will pay a quarterly dividend of
$0.20 per share of Class A common
stock on May 31, 2023, to holders of
record at the close of business on May 17,
2023.
St. Bernard Renewables Joint Venture
As announced
February 16, 2023, PBF and Eni
Sustainable Mobility ("Eni") have entered into definitive
agreements to partner in a 50-50 joint venture, St. Bernard
Renewables LLC ("SBR"), which will own the renewable diesel project
currently under construction co-located with PBF's Chalmette refinery in Louisiana. Upon consummation of the
transaction, which is subject to customary closing conditions,
including regulatory approvals, Eni will contribute capital
totaling $835 million, excluding
working capital, plus up to an additional $50 million that is subject to the achievement of
project milestones. PBF will continue to manage project execution
and will serve as the operator once construction is complete.
Transaction consummation is expected in the second or third quarter
of 2023.
Strategic Update and Outlook
PBF's operational and
financial performance in 2022, provided stable footing for 2023.
Our commitment to safe operations remains primary, and through
successful operational execution, the durable improvements and
strength of our balance sheet are the next priorities. At
quarter-end, we had approximately $1.6
billion of cash. We reduced gross debt during the first
quarter through the repayment of the $525
million PBF Logistics LP notes. Over the last twelve months,
PBF has reduced consolidated net debt by over $2.8 billion. Our net debt to capitalization was
effectively zero at the end of the first quarter. We reduced our
outstanding environmental credit payables by approximately
$300 million in the first quarter and
expect to continue to reduce our environmental credit payables to
more normalized levels over the next several quarters. We remain
active on the previously announced $500
million share repurchase program and increased the existing
authorization by $500 million to a
total repurchase authorization of $1
billion. The repurchase authorization has also been extended
for one year and will expire December 11,
2025. To date, we have repurchased approximately
$346 million of equity, including
$22 million in April and May. Our
operational execution and balance sheet improvements have generated
significant value for our investors in the near-term and, more
importantly, demonstrate our commitment to fiscal discipline,
long-term value and 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 2023 refining capital expenditures, excluding capital
expenditures related to SBR, to be in the $700 - $750 million
range.
The Renewable Diesel production unit of the SBR project is
mechanically complete, turned over to operations, and the first
feedstocks are being introduced in May. The pre-treatment unit
remains under construction and is expected to be complete in June.
Total projected capital costs for the SBR facility and related
project infrastructure are expected to be in the $650 - $700 million
range. Total project spend to date is approximately $544 million through the end of the first quarter
of 2023.
In 2023, PBF will continue to conduct extensive maintenance and
multiple turnarounds across our refining system. Our goal is to
sustain safe, reliable and environmentally responsible operations
to supply the markets with our vital products. For the remainder of
2023, our current turnaround schedule is as follows, subject to
change:
- East Coast - Delaware Coker and Hydrocracker (Spring)
- West Coast - Torrance Hydrocracker (Spring), Torrance FCC/Alky
(Fall)
Timing and throughput ranges provided reflect current
expectations and are subject to change based on market conditions
and other factors. Second quarter throughput expectations are
included in the table below.
Expected throughput
ranges (barrels per day)
|
|
Second Quarter
2023
|
|
Low
|
High
|
East Coast
|
260,000
|
280,000
|
Mid-continent
|
150,000
|
160,000
|
Gulf Coast
|
180,000
|
190,000
|
West Coast
|
310,000
|
330,000
|
Total
|
900,000
|
960,000
|
Guidance provided constitutes forward-looking information and is
based on current PBF Energy operating plans, company assumptions,
and company configuration. 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.
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 Friday, May 5,
2023, at 8:30 a.m. ET. The call is
being webcast and can be accessed at PBF Energy's website,
http://www.pbfenergy.com. The call can also be accessed by
dialing (877) 869-3847 or (201) 689-8261. The audio replay will be
available approximately two hours after the end of the call and
will be available through the company's website.
Forward-Looking Statements
Statements in this press
release relating to future plans, results, performance,
expectations, achievements and the like are considered
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, the company's expectations
with respect to the SBR joint venture transaction, including the
timing of the completion of the proposed transaction; the potential
joint venture's post-transaction plans, objectives, expectations
and intentions with respect to future earnings and operations of
SBR; and the conditions to the closing of the proposed transaction
and the possibility that the proposed transaction will not close.
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; the risk that our expansion
into the renewable fuels space, including renewable diesel
production, may not occur on expected timeframes or at all, and we
may not realize expected benefits from any such projects; 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.
|
EARNINGS RELEASE
TABLES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited, in
millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2023
|
|
2022
|
Revenues
|
|
$
9,295.0
|
|
$
9,141.7
|
Cost and
expenses:
|
|
|
|
|
|
Cost of products and
other
|
|
7,795.3
|
|
8,206.2
|
|
Operating expenses
(excluding depreciation and amortization expense as reflected
below)
|
|
781.4
|
|
620.4
|
|
Depreciation and
amortization expense
|
|
141.9
|
|
118.3
|
Cost of
sales
|
|
8,718.6
|
|
8,944.9
|
|
General and
administrative expenses (excluding depreciation and amortization
expense as reflected below)
|
|
60.0
|
|
53.5
|
|
Depreciation and
amortization expense
|
|
1.9
|
|
1.9
|
|
Change in fair value of
contingent consideration, net
|
|
(16.3)
|
|
50.3
|
|
(Gain) loss on sale of
assets
|
|
(1.6)
|
|
0.1
|
Total cost and
expenses
|
|
8,762.6
|
|
9,050.7
|
Income from
operations
|
|
532.4
|
|
91.0
|
Other income
(expense):
|
|
|
|
|
|
|
Interest expense,
net
|
|
(18.7)
|
|
(78.4)
|
|
Change in Tax
Receivable Agreement liability
|
|
—
|
|
(19.3)
|
|
Change in fair value of
catalyst obligations
|
|
0.7
|
|
(4.9)
|
|
Other non-service
components of net periodic benefit cost
|
|
|
0.3
|
|
2.2
|
|
Other income
(expense)
|
|
|
(2.3)
|
|
—
|
Income (loss) before
income taxes
|
|
512.4
|
|
(9.4)
|
Income tax expense
(benefit)
|
|
126.5
|
|
(6.1)
|
Net income
(loss)
|
|
385.9
|
|
(3.3)
|
|
Less: net income
attributable to noncontrolling interests
|
|
3.8
|
|
17.8
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
382.1
|
|
$
(21.1)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to Class A common stock per share:
|
|
|
|
|
|
Basic
|
|
$
2.97
|
|
$
(0.18)
|
|
Diluted
|
|
$
2.86
|
|
$
(0.18)
|
|
Weighted-average shares outstanding-basic
|
|
128,787,779
|
|
120,339,041
|
|
Weighted-average shares outstanding-diluted
|
|
134,499,277
|
|
120,339,041
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
|
$
0.20
|
|
$
—
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) and adjusted fully-converted net
income (loss) per fully exchanged, fully diluted shares outstanding
(Note 1):
|
|
|
|
|
|
Adjusted fully-converted net income (loss)
|
|
$
384.7
|
|
$
(21.1)
|
|
Adjusted fully-converted net income (loss) per fully
exchanged, fully diluted share
|
|
$
2.86
|
|
$
(0.18)
|
|
Adjusted fully-converted shares outstanding - diluted (Note
6)
|
|
134,499,277
|
|
123,549,205
|
|
|
|
|
|
|
|
|
|
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 EXCLUDING SPECIAL ITEMS
(Note 1)
|
|
Three Months
Ended
|
|
March
31,
|
|
2023
|
|
2022
|
Net income (loss)
attributable to PBF Energy Inc. stockholders
|
|
$
382.1
|
|
$
(21.1)
|
|
Less: Income allocated
to participating securities
|
|
—
|
|
—
|
Income (loss)
available to PBF Energy Inc. stockholders - basic
|
|
382.1
|
|
(21.1)
|
|
Add: Net income (loss)
attributable to noncontrolling interests (Note 2)
|
|
3.5
|
|
(0.1)
|
|
Less: Income tax
(expense) benefit (Note 3)
|
|
(0.9)
|
|
0.1
|
Adjusted
fully-converted net income (loss)
|
|
$
384.7
|
|
$
(21.1)
|
Special items (Note
4):
|
|
|
|
|
|
Add: Change in fair
value of contingent consideration, net
|
|
(16.3)
|
|
50.3
|
|
Add: Change in Tax
Receivable Agreement liability
|
|
—
|
|
19.3
|
|
Add: Gain on land
sales
|
|
(1.7)
|
|
—
|
|
Add: Net tax expense on
remeasurement of deferred tax assets
|
|
—
|
|
12.8
|
|
Less: Recomputed income
tax on special items (Note 3)
|
|
4.7
|
|
(18.0)
|
Adjusted
fully-converted net income excluding special items
|
|
$
371.4
|
|
$
43.3
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding of PBF Energy Inc.
|
|
128,787,779
|
|
120,339,041
|
Conversion of PBF LLC
Series A Units (Note 5)
|
|
910,457
|
|
927,990
|
Common stock
equivalents (Note 6)
|
|
4,801,041
|
|
2,282,174
|
Fully-converted
shares outstanding - diluted
|
|
134,499,277
|
|
123,549,205
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully-converted net income (loss) per fully exchanged, fully
diluted shares outstanding (Note 6)
|
|
$
2.86
|
|
$
(0.18)
|
|
Adjusted
fully-converted net income excluding special items per fully
exchanged, fully diluted shares outstanding (Note 4,
6)
|
|
$
2.76
|
|
$
0.35
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
RECONCILIATION OF
INCOME FROM OPERATIONS TO INCOME FROM OPERATIONS EXCLUDING SPECIAL
ITEMS
|
|
March
31,
|
|
2023
|
|
2022
|
Income from
operations
|
|
$
532.4
|
|
$
91.0
|
Special Items (Note
4):
|
|
|
|
|
|
Add: Change in fair
value of contingent consideration, net
|
|
(16.3)
|
|
50.3
|
Income from
operations excluding special items
|
|
$
516.1
|
|
$
141.3
|
|
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
|
|
|
March
31,
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL
ITEMS
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
385.9
|
|
$
(3.3)
|
Add: Depreciation and
amortization expense
|
|
143.8
|
|
120.2
|
Add: Interest expense,
net
|
|
18.7
|
|
78.4
|
Add: Income tax
expense (benefit)
|
|
126.5
|
|
(6.1)
|
EBITDA
|
|
|
$
674.9
|
|
$
189.2
|
Special Items (Note
4):
|
|
|
|
|
Add: Change in fair
value of contingent consideration, net
|
|
(16.3)
|
|
50.3
|
Add: Change in Tax
Receivable Agreement liability
|
|
—
|
|
19.3
|
Add: Gain on land
sales
|
|
(1.7)
|
|
—
|
EBITDA excluding
special items
|
|
$
656.9
|
|
$
258.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March
31,
|
RECONCILIATION OF
EBITDA TO ADJUSTED EBITDA
|
|
2023
|
|
2022
|
|
|
|
|
|
|
EBITDA
|
|
$
674.9
|
|
$
189.2
|
Add: Stock-based
compensation
|
|
9.2
|
|
7.7
|
Add: Change in fair
value of catalyst obligations
|
|
(0.7)
|
|
4.9
|
Add: Change in fair
value of contingent consideration, net (Note 4)
|
|
(16.3)
|
|
50.3
|
Add: Gain on land
sales (Note 4)
|
|
(1.7)
|
|
—
|
Add: Change in Tax
Receivable Agreement liability (Note 4)
|
|
—
|
|
19.3
|
Adjusted
EBITDA
|
|
|
$
665.4
|
|
$
271.4
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
2023
|
|
2022
|
Balance Sheet
Data:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,616.1
|
|
$
2,203.6
|
|
Inventories
|
2,854.9
|
|
2,763.6
|
|
Total
assets
|
13,139.1
|
|
13,549.1
|
|
Total debt
|
1,438.0
|
|
1,959.1
|
|
Total
equity
|
5,268.3
|
|
5,056.0
|
|
Total equity excluding
special items (Note 4, 13)
|
$
4,859.5
|
|
$
4,660.5
|
|
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio (Note 13)
|
21 %
|
|
28 %
|
|
Total debt to
capitalization ratio, excluding special items (Note 13)
|
23 %
|
|
30 %
|
|
Net debt to
capitalization ratio* (Note 13)
|
(3) %
|
|
(5) %
|
|
Net debt to
capitalization ratio, excluding special items* (Note 13)
|
(4) %
|
|
(6) %
|
|
|
|
|
|
|
|
|
|
*Negative ratio exists
at 3/31/2023 and 12/31/2022 as cash is in excess of
debt.
|
|
|
|
|
|
SUMMARIZED STATEMENT
OF CASH FLOW DATA
|
(Unaudited, in
millions)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2023
|
|
2022
|
Cash flows provided by
operating activities
|
$
437.6
|
|
$
312.3
|
Cash flows used in
investing activities
|
(378.7)
|
|
(225.5)
|
Cash flows (used in)
provided by financing activities
|
(646.4)
|
|
6.3
|
Net change in cash and
cash equivalents
|
(587.5)
|
|
93.1
|
Cash and cash
equivalents, beginning of period
|
2,203.6
|
|
1,341.5
|
Cash and cash
equivalents, end of period
|
$
1,616.1
|
|
$
1,434.6
|
|
|
|
|
|
|
|
|
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
March 31, 2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$ 9,285.5
|
|
$
98.5
|
|
$
—
|
|
$
(89.0)
|
|
$
9,295.0
|
Depreciation and
amortization expense
|
132.9
|
|
9.0
|
|
1.9
|
|
—
|
|
143.8
|
Income (loss) from
operations
|
525.7
|
|
49.7
|
|
(43.0)
|
|
—
|
|
532.4
|
Interest (income)
expense, net
|
(4.1)
|
|
3.7
|
|
19.1
|
|
—
|
|
18.7
|
Capital
expenditures
|
379.2
|
|
2.7
|
|
1.2
|
|
—
|
|
383.1
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2022
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Revenues
|
$ 9,128.2
|
|
$
89.4
|
|
$
—
|
|
$
(75.9)
|
|
$
9,141.7
|
Depreciation and
amortization expense
|
108.8
|
|
9.5
|
|
1.9
|
|
—
|
|
120.2
|
Income (loss) from
operations
|
146.1
|
|
46.4
|
|
(101.5)
|
|
—
|
|
91.0
|
Interest expense,
net
|
3.1
|
|
10.1
|
|
65.2
|
|
—
|
|
78.4
|
Capital
expenditures
|
223.1
|
|
1.4
|
|
1.0
|
|
—
|
|
225.5
|
|
|
Balance at March 31,
2023
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total
Assets
|
$
12,293.4
|
|
$
827.4
|
|
$
56.5
|
|
$
(38.2)
|
|
$ 13,139.1
|
|
|
|
Balance at December
31, 2022
|
|
Refining
|
|
Logistics
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
Total
|
Total
Assets
|
$
12,587.9
|
|
$
863.1
|
|
$
136.3
|
|
$
(38.2)
|
|
$ 13,549.1
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE TABLES
|
MARKET INDICATORS AND KEY OPERATING
INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
Market Indicators (dollars per barrel) (Note
9)
|
2023
|
|
2022
|
Dated Brent crude
oil
|
$ 81.09
|
|
$
101.75
|
West Texas Intermediate
(WTI) crude oil
|
$ 75.97
|
|
$ 95.22
|
Light Louisiana Sweet
(LLS) crude oil
|
$ 78.90
|
|
$ 97.50
|
Alaska North Slope
(ANS) crude oil
|
$ 79.01
|
|
$ 96.13
|
Crack
Spreads:
|
|
|
|
|
Dated Brent (NYH)
2-1-1
|
$ 31.53
|
|
$ 21.69
|
|
WTI (Chicago)
4-3-1
|
$ 29.07
|
|
$ 17.94
|
|
LLS (Gulf Coast)
2-1-1
|
$ 34.12
|
|
$ 24.14
|
|
ANS (West Coast-LA)
4-3-1
|
$ 38.45
|
|
$ 32.84
|
|
ANS (West Coast-SF)
3-2-1
|
$ 39.16
|
|
$ 29.39
|
Crude Oil
Differentials:
|
|
|
|
|
Dated Brent (foreign)
less WTI
|
$ 5.12
|
|
$ 6.54
|
|
Dated Brent less Maya
(heavy, sour)
|
$ 18.42
|
|
$ 12.24
|
|
Dated Brent less WTS
(sour)
|
$ 5.61
|
|
$ 6.74
|
|
Dated Brent less ASCI
(sour)
|
$ 7.39
|
|
$ 8.63
|
|
WTI less WCS (heavy,
sour)
|
$ 19.30
|
|
$ 15.31
|
|
WTI less Bakken (light,
sweet)
|
$
(2.90)
|
|
$
(3.49)
|
|
WTI less Syncrude
(light, sweet)
|
$
(3.04)
|
|
$ 0.18
|
|
WTI less LLS (light,
sweet)
|
$
(2.93)
|
|
$
(2.28)
|
|
WTI less ANS (light,
sweet)
|
$
(3.04)
|
|
$
(0.92)
|
Effective RIN basket
price
|
$ 8.19
|
|
$ 6.28
|
Natural gas (dollars
per MMBTU)
|
$ 2.74
|
|
$ 4.59
|
|
|
|
|
|
|
|
|
|
Key Operating Information
|
|
|
|
Production (barrels per
day ("bpd") in thousands)
|
859.2
|
|
844.3
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
851.2
|
|
832.6
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
76.6
|
|
74.9
|
Consolidated gross
margin per barrel of throughput
|
$ 7.53
|
|
$ 2.63
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 18.35
|
|
$ 11.36
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 9.78
|
|
$ 7.95
|
Crude and feedstocks (% of total throughput) (Note
12)
|
|
|
|
|
Heavy
|
28 %
|
|
34 %
|
|
Medium
|
33 %
|
|
32 %
|
|
Light
|
21 %
|
|
18 %
|
|
Other feedstocks and
blends
|
18 %
|
|
16 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total throughput)
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
47 %
|
|
48 %
|
|
Distillates and
distillate blendstocks
|
34 %
|
|
34 %
|
|
Lubes
|
1 %
|
|
1 %
|
|
Chemicals
|
1 %
|
|
2 %
|
|
Other
|
18 %
|
|
16 %
|
|
|
Total yield
|
101 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release
Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
SUPPLEMENTAL
OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2023
|
|
2022
|
Supplemental
Operating Information - East Coast Refining System (Delaware City
and Paulsboro)
|
|
|
|
Production (bpd in
thousands)
|
325.2
|
|
264.6
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
326.4
|
|
263.1
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
29.4
|
|
23.7
|
Gross margin per barrel
of throughput
|
$ 9.18
|
|
$ 1.93
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 18.16
|
|
$ 11.03
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 7.50
|
|
$ 7.34
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Heavy
|
17 %
|
|
31 %
|
|
Medium
|
44 %
|
|
31 %
|
|
Light
|
18 %
|
|
12 %
|
|
Other feedstocks and
blends
|
21 %
|
|
26 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
40 %
|
|
43 %
|
|
Distillates and
distillate blendstocks
|
37 %
|
|
35 %
|
|
Lubes
|
2 %
|
|
2 %
|
|
Chemicals
|
1 %
|
|
2 %
|
|
Other
|
20 %
|
|
19 %
|
|
|
Total yield
|
100 %
|
|
101 %
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - Mid-Continent (Toledo)
|
|
|
|
Production (bpd in
thousands)
|
93.5
|
|
139.4
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
93.2
|
|
136.7
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
8.4
|
|
12.3
|
Gross margin per barrel
of throughput
|
$
(4.40)
|
|
$ 0.08
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 9.49
|
|
$ 8.50
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 11.23
|
|
$ 6.67
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Medium
|
43 %
|
|
41 %
|
|
Light
|
56 %
|
|
53 %
|
|
Other feedstocks and
blends
|
1 %
|
|
6 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
42 %
|
|
54 %
|
|
Distillates and
distillate blendstocks
|
33 %
|
|
35 %
|
|
Chemicals
|
3 %
|
|
6 %
|
|
Other
|
22 %
|
|
7 %
|
|
|
Total yield
|
100 %
|
|
102 %
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF ENERGY INC. AND
SUBSIDIARIES
|
EARNINGS RELEASE
TABLES
|
SUPPLEMENTAL
OPERATING INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2023
|
|
2022
|
Supplemental
Operating Information - Gulf Coast (Chalmette)
|
|
|
|
Production (bpd in
thousands)
|
169.9
|
|
166.2
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
169.1
|
|
163.1
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
15.2
|
|
14.6
|
Gross margin per barrel
of throughput
|
$ 12.80
|
|
$ 4.63
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 19.96
|
|
$ 11.96
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 6.42
|
|
$ 6.62
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Heavy
|
17 %
|
|
16 %
|
|
Medium
|
30 %
|
|
43 %
|
|
Light
|
38 %
|
|
30 %
|
|
Other feedstocks and
blends
|
15 %
|
|
11 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
42 %
|
|
40 %
|
|
Distillates and
distillate blendstocks
|
37 %
|
|
39 %
|
|
Chemicals
|
2 %
|
|
1 %
|
|
Other
|
19 %
|
|
22 %
|
|
|
Total yield
|
100 %
|
|
102 %
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Information - West Coast (Torrance and
Martinez)
|
|
|
|
Production (bpd in
thousands)
|
270.6
|
|
274.1
|
Crude oil and
feedstocks throughput (bpd in thousands)
|
262.5
|
|
269.7
|
Total crude oil and
feedstocks throughput (millions of barrels)
|
23.6
|
|
24.3
|
Gross margin per barrel
of throughput
|
$ 4.08
|
|
$ 1.30
|
Gross refining margin,
excluding special items, per barrel of throughput (Note 4, Note
10)
|
$ 20.70
|
|
$ 12.75
|
Refinery operating
expense, per barrel of throughput (Note 11)
|
$ 14.25
|
|
$ 10.01
|
Crude and feedstocks (%
of total throughput) (Note 12):
|
|
|
|
|
Heavy
|
60 %
|
|
66 %
|
|
Medium
|
18 %
|
|
21 %
|
|
Other feedstocks and
blends
|
22 %
|
|
13 %
|
|
|
Total
throughput
|
100 %
|
|
100 %
|
Yield (% of total
throughput):
|
|
|
|
|
Gasoline and gasoline
blendstocks
|
60 %
|
|
58 %
|
|
Distillates and
distillate blendstocks
|
30 %
|
|
28 %
|
|
Other
|
13 %
|
|
16 %
|
|
|
Total yield
|
103 %
|
|
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
|
|
|
|
|
|
|
|
March 31,
2023
|
|
March 31,
2022
|
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
|
$ 9,295.0
|
|
$
121.34
|
|
$ 9,141.7
|
|
$
122.00
|
Less: Cost of
sales
|
8,718.6
|
|
113.81
|
|
8,944.9
|
|
119.37
|
Consolidated gross
margin
|
$
576.4
|
|
$
7.53
|
|
$
196.8
|
|
$
2.63
|
Reconciliation of
consolidated gross margin to gross refining margin:
|
|
|
|
|
|
|
|
Consolidated gross
margin
|
$
576.4
|
|
$
7.53
|
|
$
196.8
|
|
$
2.63
|
|
Add: PBFX operating
expense
|
37.0
|
|
0.48
|
|
29.3
|
|
0.39
|
|
Add: PBFX depreciation
expense
|
9.0
|
|
0.12
|
|
9.5
|
|
0.13
|
|
Less: Revenues of
PBFX
|
(98.5)
|
|
(1.29)
|
|
(89.4)
|
|
(1.19)
|
|
Add: Refinery operating
expense
|
749.0
|
|
9.78
|
|
595.6
|
|
7.95
|
|
Add: Refinery
depreciation expense
|
132.9
|
|
1.73
|
|
108.9
|
|
1.45
|
Gross refining
margin
|
$ 1,405.8
|
|
$
18.35
|
|
$
850.7
|
|
$
11.36
|
Gross refining
margin excluding special items
|
$ 1,405.8
|
|
$
18.35
|
|
$
850.7
|
|
$
11.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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's Class A common stock.
(3) Represents an adjustment to reflect PBF Energy's estimated
annualized statutory corporate tax rate of approximately 26.0% and
25.9% for the 2023 and 2022 periods, respectively, applied to net
income attributable to noncontrolling interests 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 three months ended March 31, 2023 and 2022 relate to net changes in
fair value of contingent consideration, changes in the Tax
Receivable Agreement liability, gain on land sales, net tax expense
on remeasurement of deferred tax assets, and recomputed income tax
on special items, 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:
Change in Fair Value of Contingent Consideration, net -
During the three months ended March 31,
2023, we recorded a net change in fair value of the Martinez
Contingent Consideration. This change resulted in an increase to
income from operations and net income by $16.3 million and $12.1
million, respectively. During the three months ended
March 31, 2022, we recorded a change in the estimated fair
value of the Martinez Contingent Consideration which decreased
income from operations and net income by $50.3 million and $37.3 million, respectively.
Gain on Land Sales - During the three months ended
March 31, 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 the three months ended March 31,
2022.
Change in Tax Receivable Agreement liability - During the
three months ended March 31, 2023,
there was no change in the Tax Receivable Agreement liability.
During the three months ended March 31, 2022, we recorded a
change in the Tax Receivable Agreement liability that decreased
income before income taxes and net income by $19.3 million and $14.3
million, respectively. The changes in the Tax Receivable
Agreement liability reflect charges or benefits attributable to
changes in PBF Energy's obligation under the Tax Receivable
Agreement due to factors out of our control such as changes in tax
rates, as well as periodic adjustments to our liability based, in
part, on an updated estimate of the amounts that we expect to pay,
using assumptions consistent with those used in our concurrent
estimate of the deferred tax asset valuation allowance.
Net Tax Expense on Remeasurement of Deferred Tax Assets -
The deferred tax valuation allowance was reduced to zero as of
December 31, 2022, therefore, there
was no impact to our financial statements related to remeasurement
of deferred tax assets as of March 31,
2023. During the three months ended March 31, 2022, we
recorded a deferred tax valuation allowance of $316.3 million in accordance with ASC 740
(an increase of $7.8 million
when compared to December 31, 2021,
which includes a tax benefit of approximately $5.0 million related to our net change in
the Tax Receivable Agreement liability and a net tax expense of
$12.8 million related to the
remeasurement of deferred tax assets).
(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 months ended March 31, 2023 and
2022, respectively. Common stock equivalents exclude the effects of
performance share units and options and warrants to purchase 29,500
and 14,804,565 shares of PBF Energy Class A common stock and PBF
LLC Series A units because they are anti-dilutive for the three
months ended March 31, 2023 and March 31, 2022,
respectively. For periods showing a net loss, all common stock
equivalents and unvested restricted stock are considered
anti-dilutive.
(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. Adjusted EBITDA is defined as EBITDA before adjustments
for items such as stock-based compensation expense, change in the
fair value of catalyst obligations, changes in the Tax Receivable
Agreement liability due to factors out of PBF Energy's control such
as changes in tax rates, net change in the fair value of contingent
consideration 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 March 31, 2023, 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 refinery
operating expenses, depreciation and amortization and gross margin
of PBFX. 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 refinery 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.
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2023
|
|
2022
|
|
|
(in
millions)
|
Total debt
|
$
1,438.0
|
|
$
1,959.1
|
Total equity
|
5,268.3
|
|
5,056.0
|
Total
capitalization
|
$
6,706.3
|
|
$
7,015.1
|
|
|
|
|
Total debt
|
$
1,438.0
|
|
$
1,959.1
|
Total equity excluding
special items
|
4,859.5
|
|
4,660.5
|
Total capitalization
excluding special items
|
$
6,297.5
|
|
$
6,619.6
|
|
|
|
|
|
|
|
Total equity
|
$
5,268.3
|
|
$
5,056.0
|
Special Items
(Note 4)
|
|
|
|
Add: Change in fair
value of contingent consideration, net
|
(29.3)
|
|
(13.0)
|
Add: Gain on land
sales
|
(89.5)
|
|
(87.8)
|
Add: Cumulative
historical equity adjustments (a)
|
(421.6)
|
|
(421.6)
|
Less: Recomputed
income tax on special items
|
131.6
|
|
126.9
|
Net impact of
special items
|
(408.8)
|
|
(395.5)
|
Total equity excluding
special items
|
$
4,859.5
|
|
$
4,660.5
|
|
|
|
|
|
|
|
Total debt
|
$
1,438.0
|
|
$
1,959.1
|
Less: Cash and cash equivalents
|
1,616.1
|
|
2,203.6
|
Net Debt
|
|
|
|
$
(178.1)
|
|
$
(244.5)
|
|
|
|
|
|
|
|
Total debt to
capitalization ratio
|
21 %
|
|
28 %
|
Total debt to
capitalization ratio, excluding special items
|
23 %
|
|
30 %
|
Net debt to
capitalization ratio*
|
(3) %
|
|
(5) %
|
Net debt to
capitalization ratio, excluding special items*
|
(4) %
|
|
(6) %
|
|
|
|
|
|
|
|
*Negative ratio exists
at 3/31/2023 and 12/31/2022 as cash is in excess of
debt.
|
|
|
|
|
|
|
|
(a) Refer to the
Company's 2022 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 2023.
|
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SOURCE PBF Energy Inc.