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. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. PBFX also sends its 48% share of distributions to PBF Energy, which can be used to cover a portion of the tax … Calculation of consolidated gross margin: Reconciliation of consolidated gross margin to gross refining margin: Gross refining margin excluding special items. 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. (17) For the three months ended December 31, 2018, the Logistics segment includes capital expenditures of $75.0 million related to the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. 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 … Headquartered in Parsippany, New Jersey, the company's refineries include facilities in Chalmette, Louisiana, Toledo, Ohio, Port of Paulsboro in Gibbstown, New Jersey, the Delaware City Refinery in Delaware City, and the former ExxonMobil refinery in Torrance, California. Special items for the periods presented relate to lower of cost or market ("LCM") inventory adjustments, gains on the sale of assets at our Torrance refinery, changes in the Tax Receivable Agreement liability and charges associated with the early return of certain leased railcars, as discussed further below. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between the prior period and the current period. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])-[]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])-[])+(+!![])+(!+[]-(!![]))+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!! (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. See insights on PBF Energy including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Headquartered in Parsippany, New Jersey, the company's refineries include facilities in Chalmette, Louisiana, Toledo, Ohio, Port of Paulsboro in Gibbstown, New Jersey, the Delaware City Refinery in … Relationship with PBF Energy: PBF Holding is an indirect subsidiary of PBF Energy Inc., a holding company with primary subsidiaries of PBF Holding and its 48% ownership in PBFX. (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 above. 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. (16) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. Conversion of PBF LLC Series A Units (Note 5), Fully-converted shares outstanding - diluted, Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6), Adjusted fully-converted net income excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6), RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME FROM OPERATIONS EXCLUDING SPECIAL ITEMS, Income from operations excluding special items, RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS, RECONCILIATION OF EBITDA TO ADJUSTED EBITDA, Net non-cash change in fair value of catalyst obligations, Non-cash LCM inventory adjustment (Note 4), Change in Tax Receivable Agreement liability (Note 4), Total equity excluding special items (Note 4, 13), Total debt to capitalization ratio (Note 13), Total debt to capitalization ratio, excluding special items (Note 13), Net debt to capitalization ratio (Note 13), Net debt to capitalization ratio, excluding special items (Note 13), Net increase in cash and cash equivalents, Cash and cash equivalents, beginning of period, CONSOLIDATING FINANCIAL INFORMATION (Note 8), Income (loss) from operations (Note 14, 15), MARKET INDICATORS AND KEY OPERATING INFORMATION, Market Indicators (dollars per barrel) (Note 9), Production (barrels per day ("bpd") in thousands), Crude oil and feedstocks throughput (bpd in thousands), Total crude oil and feedstocks throughput (millions of barrels), Consolidated gross margin per barrel of throughput, Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10), Refinery operating expense, per barrel of throughput (Note 11), Crude and feedstocks (% of total throughput) (Note 12), Supplemental Operating Information - East Coast (Delaware City and Paulsboro). PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. (12) We define heavy crude oil as crude oil with American Petroleum Institute (API) gravity less than 24 degrees. PBF Energy Inc. Declares DividendThe company announced today that it will pay a quarterly dividend of $0.30 per share of Class A common stock on March 17, 2020, to holders of record as of February 25, 2020. (4) The Non-GAAP measures presented include adjusted fully-converted net income excluding special items, income from operations excluding special items, EBITDA excluding special items and gross refining margin excluding special items. PBFX recorded a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. (Unaudited, in millions, except share and per share data), Operating expenses (excluding depreciation and amortization expense as reflected below), General and administrative expenses (excluding depreciation and amortization expense as reflected below), Change in Tax Receivable Agreement liability, Change in fair value of catalyst obligations, Other non-service components of net periodic benefit cost, Less: net income attributable to noncontrolling interests, Net income (loss) attributable to PBF Energy Inc. stockholders. +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!! The 157,000 barrel-per-day, dual-coking refinery is located on an 860-acre site in the City of Martinez, 30 miles northeast of San Francisco, California. As a result of its configuration and petroleum refinery processing units, Delaware City has the capability to process a diverse heavy slate of crudes with a high concentration of high sulfur crudes making it one of the largest and most complex refineries on the East Coast. PBF Energy is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. [4] In September 2010 Petroplus announced plans to sell its 32.62 percent stake to its partners for $91 million as PBF acquired the Paulsboro refinery from Valero Energy. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 6,734,276 and 6,765,526 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months and year ended December 31, 2019, respectively. 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. Recomputed Income taxes on special items - The income tax impact of the special items were calculated using the tax rates shown in footnote 3 above. LCM inventory adjustment - LCM is a GAAP requirement related to inventory valuation that mandates inventory to be stated at the lower of cost or market. Throughput GuidanceFor the first quarter 2020, we expect East Coast total throughput to average 345,000 to 365,000 barrels per day; Mid-Continent total throughput is expected to average 95,000 to 105,000 barrels per day; Gulf Coast total throughput is expected to average 165,000 to 175,000 barrels per day; and West Coast total throughput is expected to average 260,000 to 280,000 barrels per day. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding … PBF is committed to the preservation of the environment, protection of heritage and cultural landmarks, safe work environments, employee safety and respect for local residents. (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. PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. Our operations that are not included in the Refining and Logistics segments are included in Corporate. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. [9], In July 2016, PBF acquired the 155,000 BPD ExxonMobil refinery in Torrance, California for $537.5M. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![])+(+!![])+(!+[]-(!! EARNINGS RELEASE TABLES. Net income (loss) available to Class A common stock per share: Weighted-average shares outstanding-basic, Weighted-average shares outstanding-diluted. All forward-looking statements speak only as of the date hereof. (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.

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