– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
PARSIPPANY, N.J., April 28, 2022 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported first quarter 2022 income from operations of $91.0 million as compared to income from operations of $57.7 million for the first quarter of 2021. Excluding special items, first quarter 2022 income from operations was $141.3 million as compared to a loss from operations of $317.8 million for the first quarter of 2021. PBF Energy's financial results reflect the consolidation of PBF Logistics LP (NYSE: PBFX), a master limited partnership of which PBF Energy indirectly owns the general partner and approximately 48% of the limited partner interests as of quarter-end.
The company reported a first quarter 2022 net loss of $3.3 million and net loss attributable to PBF Energy Inc. of $21.1 million or $(0.18) per share. This compares to net loss of $22.2 million, and net loss attributable to PBF Energy Inc. of $41.3 million or $(0.34) per share for the first quarter 2021. Non-cash special items included in the first quarter 2022 results, which decreased net income by a net, after-tax expense of $64.4 million, or $0.53 per share, consisted of a change in fair value of the contingent consideration associated with earn-out provisions related primarily to the Martinez Acquisition, a change in the tax receivable agreement liability, and a net tax expense on remeasurement of deferred tax assets. Adjusted fully-converted net income for the first quarter 2022, excluding special items, was $43.3 million, or $0.35 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $315.5 million or $(2.61) per share, for the first quarter 2021.
Tom Nimbley, PBF Energy's Chairman and CEO, said, "Global supply and demand balances were tight coming into the year. Low product inventories have not recovered due to increasing demand and significant maintenance activity across the global refining system. In the first quarter, PBF completed nearly one third of our annual planned turnaround activities, advanced some planned activities due to a window provided by unplanned downtime and restarted limited secondary processing units on the East Coast. We are focused on putting our entire refining system in a position to run safely and reliably in anticipation of increasing seasonal demand."
Mr. Nimbley concluded, "Looking ahead, demand is continuing to grow. Global product inventories are tight across the board. With these factors as a backdrop, the outlook for refining in 2022 and beyond, especially domestic refining, is favorable. We expect that with solid operating performance, PBF will be able to generate incremental free cash flow that can be used to strengthen our balance sheet and reward our investors."
Liquidity and Financial PositionAs of March 31, 2022, our operational liquidity was more than $2.6 billion based on approximately $1.4 billion of cash and more than $1.2 billion of borrowing availability under our asset-based lending facility. In addition, PBF Logistics LP liquidity included $53.3 million in cash and approximately $421.5 million of availability under its revolving credit facility.
In April 2022, the company repurchased a combined total principal amount of approximately $30.0 million of its 2028 6.00% Senior Notes and 2025 7.25% Senior Notes for an aggregate cash amount of approximately $25.8 million. Combined with the $25.0 million of debt repayments made by PBF Logistics LP, consolidated debt for PBF was reduced by more than $55.0 million.
Strategic Update and OutlookWe remain focused on enhancing the profitability and reliability of our core operations. Our full-year refining capital expenditures in 2022 are expected to be in the $500 to $550 million range. We continue to focus on capital discipline, with turnaround and other mandatory spend accounting for over 96% of the total planned refining capital expenses for the year. Consistent with our prior year approach, we will be responsive with regards to the pace of capital expenditures and scope of turnarounds depending on market conditions. Our annual maintenance, environmental, regulatory and safety capital expenditures are consistently in the $150 to $200 million range. For the first half of 2022, we expect to incur turnaround-related capital expenditures of approximately $225 to $250 million.
PBF continues to advance our project for a renewable fuels production facility co-located at the Chalmette refinery. This strategically valuable project represents an initial step in PBF's pursuit of producing sustainable fuels. The project incorporates certain idled assets, including an idle hydrocracker, along with a newly-constructed pre-treatment unit to establish a 20,000 barrel per day renewable diesel production facility. During the first quarter of 2022, we invested $40 million to continue to progress and incubate the project with the goal of being in production in the first half of 2023. Concurrent with our activities to progress the project, we are continuing discussions with potential strategic and financial partners.
Expected throughput ranges (barrels per day) |
||||
Second Quarter 2022 |
Full-year 2022 |
|||
Low |
High |
Low |
High |
|
East Coast |
270,000 |
290,000 |
260,000 |
280,000 |
Mid-continent |
150,000 |
160,000 |
140,000 |
150,000 |
Gulf Coast |
180,000 |
190,000 |
175,000 |
185,000 |
West Coast |
290,000 |
310,000 |
290,000 |
310,000 |
Total |
890,000 |
950,000 |
865,000 |
925,000 |
Included in the throughput estimates above are the expected impacts of planned second quarter turnaround activity at our East Coast and West Coast facilities.
Adjusted Fully-Converted ResultsAdjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.
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 and Adjusted EBITDA. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call InformationPBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, April 28, 2022, 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 StatementsStatements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the company's filings with the SEC, as well as the risks disclosed in PBF Logistics LP's SEC filings and any impact PBF Logistics LP may have on the company's credit rating, cost of funds, employees, customers and vendors; risk relating to the securities markets generally; the supply, demand, prices and other market conditions for our products or crude oil; risk associated with the East Coast refining reconfiguration; our expectations with respect to our capital improvements and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; our ability to make, and realize the benefits from, acquisitions or investments, including in renewable diesel productions, on any announced time frame or at all; the effect of the COVID-19 pandemic and related governmental and consumer responses; our expectations regarding capital spending and the impact of market conditions on demand for the balance of 2022; and the impact of adverse market conditions affecting the company, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the company. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF Energy Inc. also currently indirectly owns the general partner and approximately 48% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).
EARNINGS RELEASE TABLES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Unaudited, in millions, except share and per share data) |
||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
2022 |
2021 |
|||||||
Revenues |
$ 9,141.7 |
$ 4,924.8 |
||||||
Cost and expenses: |
||||||||
Cost of products and other |
8,206.2 |
4,191.0 |
||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) |
620.4 |
481.3 |
||||||
Depreciation and amortization expense |
118.3 |
114.1 |
||||||
Cost of sales |
8,944.9 |
4,786.4 |
||||||
General and administrative expenses (excluding depreciation and amortization expense as |
53.5 |
47.8 |
||||||
Depreciation and amortization expense |
1.9 |
3.4 |
||||||
Change in fair value of contingent consideration |
50.3 |
30.1 |
||||||
Loss (gain) on sale of assets |
0.1 |
(0.6) |
||||||
Total cost and expenses |
9,050.7 |
4,867.1 |
||||||
Income from operations |
91.0 |
57.7 |
||||||
Other income (expense): |
||||||||
Interest expense, net |
(78.4) |
(80.3) |
||||||
Change in Tax Receivable Agreement liability |
(19.3) |
— |
||||||
Change in fair value of catalyst obligations |
(4.9) |
(10.0) |
||||||
Other non-service components of net periodic benefit cost |
2.2 |
2.0 |
||||||
Income (loss) before income taxes |
(9.4) |
(30.6) |
||||||
Income tax benefit |
(6.1) |
(8.4) |
||||||
Net income (loss) |
(3.3) |
(22.2) |
||||||
Less: net income attributable to noncontrolling interests |
17.8 |
19.1 |
||||||
Net income (loss) attributable to PBF Energy Inc. stockholders |
$ (21.1) |
$ (41.3) |
||||||
Net income (loss) available to Class A common stock per share: |
||||||||
Basic |
$ (0.18) |
$ (0.34) |
||||||
Diluted |
$ (0.18) |
$ (0.34) |
||||||
Weighted-average shares outstanding-basic |
120,339,041 |
119,926,267 |
||||||
Weighted-average shares outstanding-diluted |
120,339,041 |
120,905,716 |
||||||
Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) |
||||||||
Adjusted fully-converted net income (loss) |
$ (21.1) |
$ (41.6) |
||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share |
$ (0.18) |
$ (0.34) |
||||||
Adjusted fully-converted shares outstanding - diluted (Note 6) |
123,549,205 |
120,905,716 |
||||||
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 |
|||||||||
March 31, |
||||||||||
2022 |
2021 |
|||||||||
Net income (loss) attributable to PBF Energy Inc. stockholders |
$ (21.1) |
$ (41.3) |
||||||||
Less: Income allocated to participating securities |
— |
— |
||||||||
Income (loss) available to PBF Energy Inc. stockholders - basic |
(21.1) |
(41.3) |
||||||||
Add: Net income (loss) attributable to noncontrolling interest (Note 2) |
(0.1) |
(0.4) |
||||||||
Less: Income tax benefit (Note 3) |
0.1 |
0.1 |
||||||||
Adjusted fully-converted net income (loss) |
$ (21.1) |
$ (41.6) |
||||||||
Special items (Note 4): |
||||||||||
Add: Non-cash LCM inventory adjustment |
— |
(405.6) |
||||||||
Add: Change in fair value of contingent consideration |
50.3 |
30.1 |
||||||||
Add: Change in Tax Receivable Agreement liability |
19.3 |
— |
||||||||
Add: Net tax expense on remeasurement of deferred tax assets |
12.8 |
1.7 |
||||||||
Less: Recomputed income tax on special items (Note 3) |
(18.0) |
99.9 |
||||||||
Adjusted fully-converted net income (loss) excluding special items |
$ 43.3 |
$ (315.5) |
||||||||
Weighted-average shares outstanding of PBF Energy Inc. |
120,339,041 |
119,926,267 |
||||||||
Conversion of PBF LLC Series A Units (Note 5) |
927,990 |
979,449 |
||||||||
Common stock equivalents (Note 6) |
2,282,174 |
— |
||||||||
Fully-converted shares outstanding - diluted |
123,549,205 |
120,905,716 |
||||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) |
$ (0.18) |
$ (0.34) |
||||||||
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) |
$ 0.35 |
$ (2.61) |
||||||||
Three Months Ended |
||||||||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS |
March 31, |
|||||||||
2022 |
2021 |
|||||||||
Income from operations |
$ 91.0 |
$ 57.7 |
||||||||
Special Items (Note 4): |
||||||||||
Add: Non-cash LCM inventory adjustment |
— |
(405.6) |
||||||||
Add: Change in fair value of contingent consideration |
50.3 |
30.1 |
||||||||
Income (loss) from operations excluding special items |
$ 141.3 |
$ (317.8) |
||||||||
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 |
2022 |
2021 |
|||||||||
Net income (loss) |
$ (3.3) |
$ (22.2) |
|||||||||
Add: Depreciation and amortization expense |
120.2 |
117.5 |
|||||||||
Add: Interest expense, net |
78.4 |
80.3 |
|||||||||
Add: Income tax benefit |
(6.1) |
(8.4) |
|||||||||
EBITDA |
$ 189.2 |
$ 167.2 |
|||||||||
Special Items (Note 4): |
|||||||||||
Add: Non-cash LCM inventory adjustment |
— |
(405.6) |
|||||||||
Add: Change in fair value of contingent consideration |
50.3 |
30.1 |
|||||||||
Add: Change in Tax Receivable Agreement liability |
19.3 |
— |
|||||||||
EBITDA excluding special items |
$ 258.8 |
$ (208.3) |
|||||||||
Three Months Ended |
|||||||||||
March 31, |
|||||||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
2022 |
2021 |
|||||||||
EBITDA |
$ 189.2 |
$ 167.2 |
|||||||||
Add: Stock-based compensation |
7.7 |
7.4 |
|||||||||
Add: Change in fair value of catalyst obligations |
4.9 |
10.0 |
|||||||||
Add: Non-cash LCM inventory adjustment (Note 4) |
— |
(405.6) |
|||||||||
Add: Change in fair value of contingent consideration (Note 4) |
50.3 |
30.1 |
|||||||||
Add: Change in Tax Receivable Agreement liability (Note 4) |
19.3 |
— |
|||||||||
Adjusted EBITDA |
$ 271.4 |
$ (190.9) |
|||||||||
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, |
||||||
2022 |
2021 |
||||||
Balance Sheet Data: |
|||||||
Cash and cash equivalents |
$ 1,434.6 |
$ 1,341.5 |
|||||
Inventories |
2,893.5 |
2,505.1 |
|||||
Total assets |
12,948.3 |
11,641.4 |
|||||
Total debt |
4,278.6 |
4,295.8 |
|||||
Total equity |
2,526.1 |
2,532.8 |
|||||
Total equity excluding special items (Note 4, 13) |
$ 2,129.0 |
$ 2,071.3 |
|||||
Total debt to capitalization ratio (Note 13) |
63% |
63% |
|||||
Total debt to capitalization ratio, excluding special items (Note 13) |
67% |
67% |
|||||
Net debt to capitalization ratio (Note 13) |
53% |
54% |
|||||
Net debt to capitalization ratio, excluding special items (Note 13) |
57% |
59% |
|||||
SUMMARIZED STATEMENT OF CASH FLOW DATA |
|||||||
(Unaudited, in millions) |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
Cash flows provided by (used in) operating activities |
$ 312.3 |
$ (13.7) |
|||||
Cash flows used in investing activities |
(225.5) |
(60.5) |
|||||
Cash flows provided by financing activities |
6.3 |
5.9 |
|||||
Net change in cash and cash equivalents |
93.1 |
(68.3) |
|||||
Cash and cash equivalents, beginning of period |
1,341.5 |
1,609.5 |
|||||
Cash and cash equivalents, end of period |
$ 1,434.6 |
$ 1,541.2 |
|||||
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, 2022 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
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 |
||||
Three Months Ended March 31, 2021 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Revenues |
$ 4,913.2 |
$ 87.5 |
$ — |
$ (75.9) |
$ 4,924.8 |
||||
Depreciation and amortization expense |
104.7 |
9.4 |
3.4 |
— |
117.5 |
||||
Income (loss) from operations |
85.9 |
47.9 |
(76.1) |
— |
57.7 |
||||
Interest expense, net |
1.8 |
10.7 |
67.8 |
— |
80.3 |
||||
Capital expenditures |
58.1 |
1.3 |
1.1 |
— |
60.5 |
||||
Balance at March 31, 2022 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated Total |
|||||
Total Assets |
$ 12,049.8 |
$ 903.0 |
$ 47.4 |
$ (51.9) |
$ 12,948.3 |
||||
Balance at December 31, 2021 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated Total |
|||||
Total Assets |
$ 10,753.3 |
$ 901.3 |
$ 48.5 |
$ (61.7) |
$ 11,641.4 |
||||
See Footnotes to Earnings Release Tables |
|||||||||
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
|||||||||
March 31, |
|||||||||
Market Indicators (dollars per barrel) (Note 9) |
2022 |
2021 |
|||||||
Dated Brent crude oil |
$ 101.75 |
$ 61.16 |
|||||||
West Texas Intermediate (WTI) crude oil |
$ 95.22 |
$ 58.13 |
|||||||
Light Louisiana Sweet (LLS) crude oil |
$ 97.50 |
$ 60.26 |
|||||||
Alaska North Slope (ANS) crude oil |
$ 96.13 |
$ 61.07 |
|||||||
Crack Spreads: |
|||||||||
Dated Brent (NYH) 2-1-1 |
$ 21.69 |
$ 12.06 |
|||||||
WTI (Chicago) 4-3-1 |
$ 17.94 |
$ 11.56 |
|||||||
LLS (Gulf Coast) 2-1-1 |
$ 24.14 |
$ 12.05 |
|||||||
ANS (West Coast-LA) 4-3-1 |
$ 32.84 |
$ 15.75 |
|||||||
ANS (West Coast-SF) 3-2-1 |
$ 29.39 |
$ 12.92 |
|||||||
Crude Oil Differentials: |
|||||||||
Dated Brent (foreign) less WTI |
$ 6.54 |
$ 3.03 |
|||||||
Dated Brent less Maya (heavy, sour) |
$ 12.24 |
$ 4.53 |
|||||||
Dated Brent less WTS (sour) |
$ 6.74 |
$ 2.26 |
|||||||
Dated Brent less ASCI (sour) |
$ 8.63 |
$ 2.77 |
|||||||
WTI less WCS (heavy, sour) |
$ 15.31 |
$ 12.01 |
|||||||
WTI less Bakken (light, sweet) |
$ (3.49) |
$ 0.50 |
|||||||
WTI less Syncrude (light, sweet) |
$ 0.18 |
$ 0.97 |
|||||||
WTI less LLS (light, sweet) |
$ (2.28) |
$ (2.13) |
|||||||
WTI less ANS (light, sweet) |
$ (0.92) |
$ (2.94) |
|||||||
Natural gas (dollars per MMBTU) |
$ 4.59 |
$ 2.72 |
|||||||
Key Operating Information |
|||||||||
Production (barrels per day ("bpd") in thousands) |
844.3 |
758.2 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
832.6 |
745.5 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
74.9 |
67.1 |
|||||||
Consolidated gross margin per barrel of throughput |
$ 2.63 |
$ 2.07 |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.36 |
$ 3.65 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 7.95 |
$ 6.86 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12) |
|||||||||
Heavy |
34% |
36% |
|||||||
Medium |
32% |
31% |
|||||||
Light |
18% |
18% |
|||||||
Other feedstocks and blends |
16% |
15% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput) |
|||||||||
Gasoline and gasoline blendstocks |
48% |
54% |
|||||||
Distillates and distillate blendstocks |
34% |
30% |
|||||||
Lubes |
1% |
1% |
|||||||
Chemicals |
2% |
2% |
|||||||
Other |
16% |
15% |
|||||||
Total yield |
101% |
102% |
|||||||
See Footnotes to Earnings Release Tables |
|||||||||
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
SUPPLEMENTAL OPERATING INFORMATION |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
|||||||||
March 31, |
|||||||||
2022 |
2021 |
||||||||
Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro) |
|||||||||
Production (bpd in thousands) |
264.6 |
242.3 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
263.1 |
242.8 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
23.7 |
21.9 |
|||||||
Gross margin per barrel of throughput |
$ 1.93 |
$ (0.70) |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.03 |
$ 2.48 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 7.34 |
$ 5.91 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Heavy |
31% |
26% |
|||||||
Medium |
31% |
41% |
|||||||
Light |
12% |
9% |
|||||||
Other feedstocks and blends |
26% |
24% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
43% |
44% |
|||||||
Distillates and distillate blendstocks |
35% |
34% |
|||||||
Lubes |
2% |
2% |
|||||||
Chemicals |
2% |
2% |
|||||||
Other |
19% |
18% |
|||||||
Total yield |
101% |
100% |
|||||||
Supplemental Operating Information - Mid-Continent (Toledo) |
|||||||||
Production (bpd in thousands) |
139.4 |
120.0 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
136.7 |
117.2 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
12.3 |
10.5 |
|||||||
Gross margin per barrel of throughput |
$ 0.08 |
$ 7.88 |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 8.50 |
$ 5.18 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 6.67 |
$ 5.82 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Medium |
41% |
43% |
|||||||
Light |
53% |
54% |
|||||||
Other feedstocks and blends |
6% |
3% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
54% |
59% |
|||||||
Distillates and distillate blendstocks |
35% |
32% |
|||||||
Chemicals |
6% |
5% |
|||||||
Other |
7% |
6% |
|||||||
Total yield |
102% |
102% |
|||||||
See Footnotes to Earnings Release Tables |
|||||||||
PBF ENERGY INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
SUPPLEMENTAL OPERATING INFORMATION |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
|||||||||
March 31, |
|||||||||
2022 |
2021 |
||||||||
Supplemental Operating Information - Gulf Coast (Chalmette) |
|||||||||
Production (bpd in thousands) |
166.2 |
159.2 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
163.1 |
153.8 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
14.6 |
13.8 |
|||||||
Gross margin per barrel of throughput |
$ 4.63 |
$ 3.63 |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.96 |
$ 5.44 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 6.62 |
$ 5.38 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Heavy |
16% |
8% |
|||||||
Medium |
43% |
44% |
|||||||
Light |
30% |
31% |
|||||||
Other feedstocks and blends |
11% |
17% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
40% |
47% |
|||||||
Distillates and distillate blendstocks |
39% |
34% |
|||||||
Chemicals |
1% |
2% |
|||||||
Other |
22% |
21% |
|||||||
Total yield |
102% |
104% |
|||||||
Supplemental Operating Information - West Coast (Torrance and Martinez) |
|||||||||
Production (bpd in thousands) |
274.1 |
236.7 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
269.7 |
231.7 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
24.3 |
20.9 |
|||||||
Gross margin per barrel of throughput |
$ 1.30 |
$ (1.57) |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 12.75 |
$ 2.91 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 10.01 |
$ 9.36 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Heavy |
66% |
83% |
|||||||
Medium |
21% |
5% |
|||||||
Other feedstocks and blends |
13% |
12% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
58% |
64% |
|||||||
Distillates and distillate blendstocks |
28% |
24% |
|||||||
Other |
16% |
14% |
|||||||
Total yield |
102% |
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, 2022 |
March 31, 2021 |
||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS |
$ |
per barrel throughput |
$ |
per barrel throughput |
|||||||||
Calculation of consolidated gross margin: |
|||||||||||||
Revenues |
$ 9,141.7 |
$ 122.00 |
$ 4,924.8 |
$ 73.40 |
|||||||||
Less: Cost of sales |
8,944.9 |
119.37 |
4,786.4 |
71.33 |
|||||||||
Consolidated gross margin |
$ 196.8 |
$ 2.63 |
$ 138.4 |
$ 2.07 |
|||||||||
Reconciliation of consolidated gross margin to gross refining margin: |
|||||||||||||
Consolidated gross margin |
$ 196.8 |
$ 2.63 |
$ 138.4 |
$ 2.07 |
|||||||||
Add: PBFX operating expense |
29.3 |
0.39 |
25.0 |
0.37 |
|||||||||
Add: PBFX depreciation expense |
9.5 |
0.13 |
9.4 |
0.14 |
|||||||||
Less: Revenues of PBFX |
(89.4) |
(1.19) |
(87.5) |
(1.30) |
|||||||||
Add: Refinery operating expense |
595.6 |
7.95 |
460.2 |
6.86 |
|||||||||
Add: Refinery depreciation expense |
108.9 |
1.45 |
104.7 |
1.56 |
|||||||||
Gross refining margin |
$ 850.7 |
$ 11.36 |
$ 650.2 |
$ 9.70 |
|||||||||
Special Items (Note 4): |
|||||||||||||
Add: Non-cash LCM inventory adjustment |
— |
— |
(405.6) |
(6.05) |
|||||||||
Gross refining margin excluding special items |
$ 850.7 |
$ 11.36 |
$ 244.6 |
$ 3.65 |
|||||||||
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 25.9% and 26.6% for the 2022 and 2021 periods, respectively, 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 three months ended March 31, 2022 and 2021 relate to LCM inventory adjustments, change in fair value of contingent consideration, changes in the Tax Receivable Agreement liability, and net tax expense on the remeasurement of deferred tax assets, 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:
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. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") inventory valuation methodology, in which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. In periods where the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. 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. |
|||||||||
The following table includes the LCM inventory reserve as of each date presented (in millions): |
|||||||||
2022 |
2021 |
||||||||
January 1, |
$ — |
$ 669.6 |
|||||||
March 31, |
— |
264.0 |
|||||||
The following table includes the corresponding impact of changes in the LCM inventory reserve on income (loss) from operations and net income (loss) for the periods presented (in millions): |
|||||||||
Three Months Ended |
|||||||||
2022 |
2021 |
||||||||
Net LCM inventory adjustment benefit (charge) in income (loss) from operations |
$ — |
$ 405.6 |
|||||||
Net LCM inventory adjustment benefit (charge) in net income (loss) |
— |
297.7 |
|||||||
Change in Fair Value of Contingent Consideration - During the three months ended March 31, 2022, we recorded a change in fair value of the contingent consideration primarily related to the Martinez Contingent Consideration which decreased income from operations and net income by $50.3 million and $37.3 million, respectively. During the three months ended March 31, 2021, we recorded a change in the fair value of the contingent consideration primarily related to the Martinez Contingent Consideration which decreased income from operations and net income by $30.1 million and $22.1 million, respectively. |
|||||||||
Change in 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. There was no change to the Tax Receivable Agreement liability during the three months ended March 31, 2021. The changes in the Tax Receivable Agreement liability reflect charges or benefits attributable to changes in our 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 - 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 primarily to the remeasurement of deferred tax assets). During the three months ended March 31, 2021, we recorded an increase to our deferred tax valuation allowance of $1.7 million in accordance with ASC 740. |
|||||||||
(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, 2022 and 2021, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 14,804,565 and 11,699,893 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, 2022 and March 31, 2021, 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, the non-cash change in the fair value of catalyst obligations, the write down of inventory to the LCM, changes in the liability for Tax Receivable Agreement due to factors out of our control, such as changes in tax rates, 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, 2022, 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"), a growth-oriented master limited partnership 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) As reported by Platts. |
|||||||||
(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, |
|||||
2022 |
2021 |
|||||
(in millions) |
||||||
Total debt |
$ 4,278.6 |
$ 4,295.8 |
||||
Total equity |
2,526.1 |
2,532.8 |
||||
Total capitalization |
$ 6,804.7 |
$ 6,828.6 |
||||
Total debt |
$ 4,278.6 |
$ 4,295.8 |
||||
Total equity excluding special items |
2,129.0 |
2,071.3 |
||||
Total capitalization excluding special items |
$ 6,407.6 |
$ 6,367.1 |
||||
Total equity |
$ 2,526.1 |
$ 2,532.8 |
||||
Special Items (Note 4) |
||||||
Add: Non-cash LCM inventory adjustments |
— |
— |
||||
Add: Change in fair value of contingent consideration |
(11.0) |
(61.3) |
||||
Add: Gain on sale of hydrogen plants |
(471.1) |
(471.1) |
||||
Add: Gain on Torrance land sales |
(87.8) |
(87.8) |
||||
Add: Impairment expense |
98.8 |
98.8 |
||||
Add: LIFO inventory decrement |
83.0 |
83.0 |
||||
Add: Turnaround acceleration costs |
56.2 |
56.2 |
||||
Add: Severance and reconfiguration costs |
30.0 |
30.0 |
||||
Add: Early railcar return expense |
64.8 |
64.8 |
||||
Add: Gain on extinguishment of debt |
(32.2) |
(32.2) |
||||
Add: Change in Tax Receivable Agreement liability |
(596.3) |
(615.6) |
||||
Less: Recomputed income taxes on special items |
213.8 |
231.8 |
||||
Add: Net tax expense on remeasurement of deferred tax assets |
234.5 |
221.7 |
||||
Add: Net tax expense on TCJA related special items |
20.2 |
20.2 |
||||
Net equity impact related to special items |
(397.1) |
(461.5) |
||||
Total equity excluding special items |
$ 2,129.0 |
$ 2,071.3 |
||||
Total debt |
$ 4,278.6 |
$ 4,295.8 |
||||
Less: Cash and cash equivalents |
1,434.6 |
1,341.5 |
||||
Net Debt |
$ 2,844.0 |
$ 2,954.3 |
||||
Total debt to capitalization ratio |
63% |
63% |
||||
Total debt to capitalization ratio, excluding special items |
67% |
67% |
||||
Net debt to capitalization ratio |
53% |
54% |
||||
Net debt to capitalization ratio, excluding special items |
57% |
59% |
||||
SOURCE PBF Energy Inc.
ПАРСИППАНИ, Нью-Джерси, 28 апреля 2022 года /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) сегодня сообщила о доходах от операций в первом квартале 2022 года в размере 91,0 млн долларов по сравнению с доходом от операций в размере 57,7 млн долларов за первый квартал 2021 года. Без учета специальных статей доход от операционной деятельности в первом квартале 2022 года составил 141,3 миллиона долларов по сравнению с убытком от операционной деятельности в размере 317,8 миллиона долларов за первый квартал 2021 года. Финансовые результаты PBF Energy отражают консолидацию PBF Logistics LP (NYSE: PBFX), основного товарищества с ограниченной ответственностью, в котором PBF Energy косвенно владеет генеральным партнером и примерно 48% долей партнеров с ограниченной ответственностью по состоянию на конец квартала.
Компания сообщила о чистом убытке за первый квартал 2022 года в размере 3,3 миллиона долларов, а чистый убыток, относящийся к PBF Energy Inc., составил 21,1 миллиона долларов, или 0,18 доллара на акцию. Это сопоставимо с чистым убытком в размере 22,2 миллиона долларов и чистым убытком, относящимся к PBF Energy Inc., в размере 41,3 миллиона долларов или 0,34 доллара на акцию за первый квартал 2021 года. Неденежные специальные статьи, включенные в результаты первого квартала 2022 года, которые привели к снижению чистой прибыли на чистые расходы после налогообложения в размере 64,4 млн долларов США, или 0,53 доллара на акцию, состояли из изменения справедливой стоимости условного вознаграждения, связанного с резервами на выплату прибыли, связанными в основном с приобретением Martinez, изменение обязательства по соглашению о налогообложении дебиторской задолженности и чистые налоговые расходы на переоценку отложенных налоговых активов. Скорректированная полностью конвертированная чистая прибыль за первый квартал 2022 года, без учета специальных статей, составила 43,3 млн долларов, или 0,35 доллара на акцию на полностью обменной, полностью разводненной основе, как описано ниже, по сравнению с скорректированным полностью конвертированным чистым убытком в размере 315,5 млн долларов, или 2,61 доллара на акцию, за первый квартал 2021 года.
Том Нимбли, председатель и главный исполнительный директор PBF Energy, сказал: "Глобальный баланс спроса и предложения в начале года был напряженным. Низкие запасы продукции не восстановились из-за растущего спроса и значительных работ по техническому обслуживанию во всей глобальной нефтеперерабатывающей системе. В первом квартале PBF завершила почти треть наших ежегодных запланированных ремонтных работ, продвинула некоторые запланированные мероприятия из-за незапланированного простоя и перезапустила ограниченное количество вторичных технологических установок на Восточном побережье. Мы сосредоточены на том, чтобы вся наша нефтеперерабатывающая система работала безопасно и надежно в ожидании растущего сезонного спроса".
Г-н Нимбли заключил: "Заглядывая в будущее, можно сказать, что спрос продолжает расти. Глобальные товарные запасы по всем направлениям невелики. На фоне этих факторов перспективы нефтепереработки в 2022 году и в последующий период, особенно внутренней переработки, являются благоприятными. Мы ожидаем, что при хороших операционных показателях PBF сможет генерировать дополнительный свободный денежный поток, который может быть использован для укрепления нашего баланса и вознаграждения наших инвесторов".
Ликвидность и финансовое положение По состоянию на 31 марта 2022 года наша операционная ликвидность составляла более 2,6 миллиарда долларов США, исходя из примерно 1,4 миллиарда долларов наличных средств и более 1,2 миллиарда долларов доступных заимствований в рамках нашей кредитной линии, основанной на активах. Кроме того, ликвидность PBF Logistics LP включала 53,3 миллиона долларов наличными и примерно 421,5 миллиона долларов в рамках возобновляемой кредитной линии.
В апреле 2022 года компания выкупила на общую сумму основного долга около 30,0 млн долларов США своих Старших облигаций с 6,00% годовых на 2028 год и Старших облигаций с 7,25% годовых на 2025 год на общую сумму денежных средств около 25,8 млн долларов. В сочетании с погашением долга PBF Logistics LP в размере 25,0 млн. долл. США консолидированный долг PBF сократился более чем на 55,0 млн. долл. США.
Обновление стратегии и перспективы Мы по-прежнему сосредоточены на повышении прибыльности и надежности наших основных операций. Ожидается, что наши капитальные затраты на переработку в течение всего года в 2022 году составят от 500 до 550 миллионов долларов. Мы продолжаем уделять особое внимание капитальной дисциплине, при этом оборотные и другие обязательные расходы составляют более 96% от общих запланированных капитальных затрат на переработку в течение года. В соответствии с нашим подходом предыдущего года, мы будем реагировать на темпы капитальных затрат и масштабы изменений в зависимости от рыночных условий. Наши ежегодные капитальные затраты на техническое обслуживание, охрану окружающей среды, регулирование и безопасность неизменно находятся в диапазоне от 150 до 200 миллионов долларов. В первой половине 2022 года мы ожидаем, что капитальные затраты, связанные с ремонтом, составят примерно от 225 до 250 миллионов долларов.
PBF продолжает продвигать наш проект по производству возобновляемого топлива, расположенного на нефтеперерабатывающем заводе в Чалметте. Этот стратегически ценный проект представляет собой первый шаг в стремлении PBF производить экологически чистые виды топлива. Проект включает в себя некоторые простаивающие активы, в том числе простаивающий гидрокрекинг, а также недавно построенную установку предварительной обработки для создания установки по производству возобновляемого дизельного топлива мощностью 20 000 баррелей в день. В течение первого квартала 2022 года мы инвестировали 40 миллионов долларов, чтобы продолжить развитие и инкубацию проекта с целью запуска в производство в первой половине 2023 года. Параллельно с нашей деятельностью по продвижению проекта мы продолжаем переговоры с потенциальными стратегическими и финансовыми партнерами.
Expected throughput ranges (barrels per day) |
||||
Second Quarter 2022 |
Full-year 2022 |
|||
Low |
High |
Low |
High |
|
East Coast |
270,000 |
290,000 |
260,000 |
280,000 |
Mid-continent |
150,000 |
160,000 |
140,000 |
150,000 |
Gulf Coast |
180,000 |
190,000 |
175,000 |
185,000 |
West Coast |
290,000 |
310,000 |
290,000 |
310,000 |
Total |
890,000 |
950,000 |
865,000 |
925,000 |
В приведенные выше оценки пропускной способности включены ожидаемые последствия запланированных ремонтных работ во втором квартале на наших объектах на Восточном и Западном побережье.
Скорректированные полностью конвертированные результаты Скорректированные полностью конвертированные результаты предполагают обмен всех паев PBF Energy Company LLC серии A и разводняющих ценных бумаг на акции PBF Energy Inc. Обыкновенные акции класса А по принципу "один к одному", что приводит к исключению неконтролирующей доли участия и соответствующей корректировке налоговых обязательств компании.
Показатели, не относящиеся к GAAP Этот отчет о доходах и обсуждение во время телефонной конференции руководства могут включать ссылки на показатели, не относящиеся к GAAP (Общепринятым принципам бухгалтерского учета), включая Скорректированную Полностью Конвертированную Чистую Прибыль (Убыток), Скорректированную Полностью Конвертированную Чистую Прибыль (Убыток) без учета специальных статей, Скорректированную Полностью Конвертированную Чистую прибыль (Убыток). Доход (убыток) на полностью обмененную, полностью разводненную акцию, Доход (убыток) от операций без учета специальных статей, валовая маржа переработки, валовая маржа переработки без учета специальных статей, валовая маржа переработки на баррель пропускной способности, EBITDA (Прибыль до вычета процентов, налогов на прибыль, износа и амортизации), EBITDA без учета специальных статей. статей и скорректированной EBITDA. PBF считает, что финансовые показатели, не относящиеся к GAAP, предоставляют полезную информацию о его операционной деятельности и финансовых результатах. Однако эти показатели имеют важные ограничения в качестве аналитических инструментов и не должны рассматриваться изолированно или рассматриваться как альтернативы или превосходящие сопоставимые финансовые показатели GAAP. Финансовые показатели PBF, не относящиеся к GAAP, также могут отличаться от показателей с аналогичным названием, используемых другими компаниями. Смотрите прилагаемые таблицы и сноски в этом выпуске для получения дополнительной информации о показателях, не относящихся к GAAP, используемых в этом выпуске, и сверках с наиболее непосредственно сопоставимыми показателями GAAP.
Информация о телефонной конференции Высшее руководство PBF Energy проведет телефонную конференцию и веб-трансляцию, посвященную квартальным результатам и другим деловым вопросам, в четверг, 28 апреля 2022 года, в 8:30 утра по восточному времени. Вызов транслируется в Интернете, и доступ к нему можно получить на веб-сайте PBF Energy, http://www.pbfenergy.com . Вызов также можно получить, набрав (877) 869-3847 или (201) 689-8261. Аудиозапись будет доступна примерно через два часа после окончания разговора и будет доступна через веб-сайт компании.
Заявления прогнозного характера Заявления в настоящем пресс-релизе, касающиеся будущих планов, результатов, результатов деятельности, ожиданий, достижений и т.п., считаются "заявлениями прогнозного характера" по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти прогнозные заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, многие из которых могут находиться вне контроля компании, что может привести к тому, что фактические результаты будут существенно отличаться от любых будущих результатов, результатов или достижений, выраженных или подразумеваемых в прогнозных заявлениях. Факторы и неопределенности, которые могут привести к различию фактических результатов, включают, но не ограничиваются рисками, раскрытыми в заявках компании в SEC, а также рисками, раскрытыми в заявках PBF Logistics LP в SEC, и любым влиянием, которое PBF Logistics LP может оказать на кредитный рейтинг компании, стоимость средств, сотрудников, клиентов и поставщиков; риски, связанные с рынками ценных бумаг в целом; спрос, предложение, цены и другие рыночные условия на нашу продукцию или сырую нефть; риск, связанный с реконфигурацией нефтеперерабатывающего завода на Восточном побережье; наши ожидания в отношении наших капитальных вложений и проектов по модернизации; риски, связанные с нашим обязательством покупать возобновляемые источники энергии Идентификационные номера и связанные с ними рыночные риски, связанные с их волатильностью цен; наша способность осуществлять и реализовывать выгоды от приобретений или инвестиций, в том числе в производство возобновляемого дизельного топлива, в любые объявленные сроки или вообще; последствия пандемии COVID-19 и связанные с этим реакции правительства и потребителей; наши ожидания относительно капитальных затрат и влияния рыночных условий на спрос на остаток 2022 года; и влияние неблагоприятных рыночных условий, влияющих на компанию, непредвиденные события, одобрения регулирующих органов, изменения в законодательстве и другие события, которые негативно влияют на компанию. Все прогнозные заявления относятся только к дате настоящего Соглашения. Компания не берет на себя никаких обязательств по пересмотру или обновлению каких-либо прогнозных заявлений, за исключением случаев, когда это может потребоваться в соответствии с применимым законодательством.
О компании PBF Energy Inc.PBF Energy Inc. (NYSE:PBF) - одна из крупнейших независимых нефтеперерабатывающих компаний в Северной Америке, управляющая через свои дочерние компании нефтеперерабатывающими заводами и смежными объектами в Калифорнии, Делавэре, Луизиане, Нью-Джерси и Огайо. Наша миссия состоит в том, чтобы управлять нашими объектами безопасным, надежным и экологически ответственным образом, предоставлять сотрудникам безопасное и полезное рабочее место, оказывать положительное влияние на сообщества, в которых мы ведем бизнес, и обеспечивать высокую доходность для наших инвесторов.
PBF Energy Inc. также в настоящее время косвенно владеет генеральным партнером и примерно 48% долей в товариществе с ограниченной ответственностью PBF Logistics LP (NYSE: PBFX).
EARNINGS RELEASE TABLES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Unaudited, in millions, except share and per share data) |
||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
2022 |
2021 |
|||||||
Revenues |
$ 9,141.7 |
$ 4,924.8 |
||||||
Cost and expenses: |
||||||||
Cost of products and other |
8,206.2 |
4,191.0 |
||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) |
620.4 |
481.3 |
||||||
Depreciation and amortization expense |
118.3 |
114.1 |
||||||
Cost of sales |
8,944.9 |
4,786.4 |
||||||
General and administrative expenses (excluding depreciation and amortization expense as |
53.5 |
47.8 |
||||||
Depreciation and amortization expense |
1.9 |
3.4 |
||||||
Change in fair value of contingent consideration |
50.3 |
30.1 |
||||||
Loss (gain) on sale of assets |
0.1 |
(0.6) |
||||||
Total cost and expenses |
9,050.7 |
4,867.1 |
||||||
Income from operations |
91.0 |
57.7 |
||||||
Other income (expense): |
||||||||
Interest expense, net |
(78.4) |
(80.3) |
||||||
Change in Tax Receivable Agreement liability |
(19.3) |
— |
||||||
Change in fair value of catalyst obligations |
(4.9) |
(10.0) |
||||||
Other non-service components of net periodic benefit cost |
2.2 |
2.0 |
||||||
Income (loss) before income taxes |
(9.4) |
(30.6) |
||||||
Income tax benefit |
(6.1) |
(8.4) |
||||||
Net income (loss) |
(3.3) |
(22.2) |
||||||
Less: net income attributable to noncontrolling interests |
17.8 |
19.1 |
||||||
Net income (loss) attributable to PBF Energy Inc. stockholders |
$ (21.1) |
$ (41.3) |
||||||
Net income (loss) available to Class A common stock per share: |
||||||||
Basic |
$ (0.18) |
$ (0.34) |
||||||
Diluted |
$ (0.18) |
$ (0.34) |
||||||
Weighted-average shares outstanding-basic |
120,339,041 |
119,926,267 |
||||||
Weighted-average shares outstanding-diluted |
120,339,041 |
120,905,716 |
||||||
Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) |
||||||||
Adjusted fully-converted net income (loss) |
$ (21.1) |
$ (41.6) |
||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share |
$ (0.18) |
$ (0.34) |
||||||
Adjusted fully-converted shares outstanding - diluted (Note 6) |
123,549,205 |
120,905,716 |
||||||
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 |
|||||||||
March 31, |
||||||||||
2022 |
2021 |
|||||||||
Net income (loss) attributable to PBF Energy Inc. stockholders |
$ (21.1) |
$ (41.3) |
||||||||
Less: Income allocated to participating securities |
— |
— |
||||||||
Income (loss) available to PBF Energy Inc. stockholders - basic |
(21.1) |
(41.3) |
||||||||
Add: Net income (loss) attributable to noncontrolling interest (Note 2) |
(0.1) |
(0.4) |
||||||||
Less: Income tax benefit (Note 3) |
0.1 |
0.1 |
||||||||
Adjusted fully-converted net income (loss) |
$ (21.1) |
$ (41.6) |
||||||||
Special items (Note 4): |
||||||||||
Add: Non-cash LCM inventory adjustment |
— |
(405.6) |
||||||||
Add: Change in fair value of contingent consideration |
50.3 |
30.1 |
||||||||
Add: Change in Tax Receivable Agreement liability |
19.3 |
— |
||||||||
Add: Net tax expense on remeasurement of deferred tax assets |
12.8 |
1.7 |
||||||||
Less: Recomputed income tax on special items (Note 3) |
(18.0) |
99.9 |
||||||||
Adjusted fully-converted net income (loss) excluding special items |
$ 43.3 |
$ (315.5) |
||||||||
Weighted-average shares outstanding of PBF Energy Inc. |
120,339,041 |
119,926,267 |
||||||||
Conversion of PBF LLC Series A Units (Note 5) |
927,990 |
979,449 |
||||||||
Common stock equivalents (Note 6) |
2,282,174 |
— |
||||||||
Fully-converted shares outstanding - diluted |
123,549,205 |
120,905,716 |
||||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) |
$ (0.18) |
$ (0.34) |
||||||||
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) |
$ 0.35 |
$ (2.61) |
||||||||
Three Months Ended |
||||||||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS |
March 31, |
|||||||||
2022 |
2021 |
|||||||||
Income from operations |
$ 91.0 |
$ 57.7 |
||||||||
Special Items (Note 4): |
||||||||||
Add: Non-cash LCM inventory adjustment |
— |
(405.6) |
||||||||
Add: Change in fair value of contingent consideration |
50.3 |
30.1 |
||||||||
Income (loss) from operations excluding special items |
$ 141.3 |
$ (317.8) |
||||||||
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 |
2022 |
2021 |
|||||||||
Net income (loss) |
$ (3.3) |
$ (22.2) |
|||||||||
Add: Depreciation and amortization expense |
120.2 |
117.5 |
|||||||||
Add: Interest expense, net |
78.4 |
80.3 |
|||||||||
Add: Income tax benefit |
(6.1) |
(8.4) |
|||||||||
EBITDA |
$ 189.2 |
$ 167.2 |
|||||||||
Special Items (Note 4): |
|||||||||||
Add: Non-cash LCM inventory adjustment |
— |
(405.6) |
|||||||||
Add: Change in fair value of contingent consideration |
50.3 |
30.1 |
|||||||||
Add: Change in Tax Receivable Agreement liability |
19.3 |
— |
|||||||||
EBITDA excluding special items |
$ 258.8 |
$ (208.3) |
|||||||||
Three Months Ended |
|||||||||||
March 31, |
|||||||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
2022 |
2021 |
|||||||||
EBITDA |
$ 189.2 |
$ 167.2 |
|||||||||
Add: Stock-based compensation |
7.7 |
7.4 |
|||||||||
Add: Change in fair value of catalyst obligations |
4.9 |
10.0 |
|||||||||
Add: Non-cash LCM inventory adjustment (Note 4) |
— |
(405.6) |
|||||||||
Add: Change in fair value of contingent consideration (Note 4) |
50.3 |
30.1 |
|||||||||
Add: Change in Tax Receivable Agreement liability (Note 4) |
19.3 |
— |
|||||||||
Adjusted EBITDA |
$ 271.4 |
$ (190.9) |
|||||||||
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, |
||||||
2022 |
2021 |
||||||
Balance Sheet Data: |
|||||||
Cash and cash equivalents |
$ 1,434.6 |
$ 1,341.5 |
|||||
Inventories |
2,893.5 |
2,505.1 |
|||||
Total assets |
12,948.3 |
11,641.4 |
|||||
Total debt |
4,278.6 |
4,295.8 |
|||||
Total equity |
2,526.1 |
2,532.8 |
|||||
Total equity excluding special items (Note 4, 13) |
$ 2,129.0 |
$ 2,071.3 |
|||||
Total debt to capitalization ratio (Note 13) |
63% |
63% |
|||||
Total debt to capitalization ratio, excluding special items (Note 13) |
67% |
67% |
|||||
Net debt to capitalization ratio (Note 13) |
53% |
54% |
|||||
Net debt to capitalization ratio, excluding special items (Note 13) |
57% |
59% |
|||||
SUMMARIZED STATEMENT OF CASH FLOW DATA |
|||||||
(Unaudited, in millions) |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
Cash flows provided by (used in) operating activities |
$ 312.3 |
$ (13.7) |
|||||
Cash flows used in investing activities |
(225.5) |
(60.5) |
|||||
Cash flows provided by financing activities |
6.3 |
5.9 |
|||||
Net change in cash and cash equivalents |
93.1 |
(68.3) |
|||||
Cash and cash equivalents, beginning of period |
1,341.5 |
1,609.5 |
|||||
Cash and cash equivalents, end of period |
$ 1,434.6 |
$ 1,541.2 |
|||||
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, 2022 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
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 |
||||
Three Months Ended March 31, 2021 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated |
|||||
Revenues |
$ 4,913.2 |
$ 87.5 |
$ — |
$ (75.9) |
$ 4,924.8 |
||||
Depreciation and amortization expense |
104.7 |
9.4 |
3.4 |
— |
117.5 |
||||
Income (loss) from operations |
85.9 |
47.9 |
(76.1) |
— |
57.7 |
||||
Interest expense, net |
1.8 |
10.7 |
67.8 |
— |
80.3 |
||||
Capital expenditures |
58.1 |
1.3 |
1.1 |
— |
60.5 |
||||
Balance at March 31, 2022 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated Total |
|||||
Total Assets |
$ 12,049.8 |
$ 903.0 |
$ 47.4 |
$ (51.9) |
$ 12,948.3 |
||||
Balance at December 31, 2021 |
|||||||||
Refining |
Logistics |
Corporate |
Eliminations |
Consolidated Total |
|||||
Total Assets |
$ 10,753.3 |
$ 901.3 |
$ 48.5 |
$ (61.7) |
$ 11,641.4 |
||||
See Footnotes to Earnings Release Tables |
|||||||||
PBF Energy INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
|||||||||
March 31, |
|||||||||
Market Indicators (dollars per barrel) (Note 9) |
2022 |
2021 |
|||||||
Dated Brent crude oil |
$ 101.75 |
$ 61.16 |
|||||||
West Texas Intermediate (WTI) crude oil |
$ 95.22 |
$ 58.13 |
|||||||
Light Louisiana Sweet (LLS) crude oil |
$ 97.50 |
$ 60.26 |
|||||||
Alaska North Slope (ANS) crude oil |
$ 96.13 |
$ 61.07 |
|||||||
Crack Spreads: |
|||||||||
Dated Brent (NYH) 2-1-1 |
$ 21.69 |
$ 12.06 |
|||||||
WTI (Chicago) 4-3-1 |
$ 17.94 |
$ 11.56 |
|||||||
LLS (Gulf Coast) 2-1-1 |
$ 24.14 |
$ 12.05 |
|||||||
ANS (West Coast-LA) 4-3-1 |
$ 32.84 |
$ 15.75 |
|||||||
ANS (West Coast-SF) 3-2-1 |
$ 29.39 |
$ 12.92 |
|||||||
Crude Oil Differentials: |
|||||||||
Dated Brent (foreign) less WTI |
$ 6.54 |
$ 3.03 |
|||||||
Dated Brent less Maya (heavy, sour) |
$ 12.24 |
$ 4.53 |
|||||||
Dated Brent less WTS (sour) |
$ 6.74 |
$ 2.26 |
|||||||
Dated Brent less ASCI (sour) |
$ 8.63 |
$ 2.77 |
|||||||
WTI less WCS (heavy, sour) |
$ 15.31 |
$ 12.01 |
|||||||
WTI less Bakken (light, sweet) |
$ (3.49) |
$ 0.50 |
|||||||
WTI less Syncrude (light, sweet) |
$ 0.18 |
$ 0.97 |
|||||||
WTI less LLS (light, sweet) |
$ (2.28) |
$ (2.13) |
|||||||
WTI less ANS (light, sweet) |
$ (0.92) |
$ (2.94) |
|||||||
Natural gas (dollars per MMBTU) |
$ 4.59 |
$ 2.72 |
|||||||
Key Operating Information |
|||||||||
Production (barrels per day ("bpd") in thousands) |
844.3 |
758.2 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
832.6 |
745.5 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
74.9 |
67.1 |
|||||||
Consolidated gross margin per barrel of throughput |
$ 2.63 |
$ 2.07 |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.36 |
$ 3.65 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 7.95 |
$ 6.86 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12) |
|||||||||
Heavy |
34% |
36% |
|||||||
Medium |
32% |
31% |
|||||||
Light |
18% |
18% |
|||||||
Other feedstocks and blends |
16% |
15% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput) |
|||||||||
Gasoline and gasoline blendstocks |
48% |
54% |
|||||||
Distillates and distillate blendstocks |
34% |
30% |
|||||||
Lubes |
1% |
1% |
|||||||
Chemicals |
2% |
2% |
|||||||
Other |
16% |
15% |
|||||||
Total yield |
101% |
102% |
|||||||
See Footnotes to Earnings Release Tables |
|||||||||
PBF Energy INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
SUPPLEMENTAL OPERATING INFORMATION |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
|||||||||
March 31, |
|||||||||
2022 |
2021 |
||||||||
Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro) |
|||||||||
Production (bpd in thousands) |
264.6 |
242.3 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
263.1 |
242.8 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
23.7 |
21.9 |
|||||||
Gross margin per barrel of throughput |
$ 1.93 |
$ (0.70) |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.03 |
$ 2.48 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 7.34 |
$ 5.91 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Heavy |
31% |
26% |
|||||||
Medium |
31% |
41% |
|||||||
Light |
12% |
9% |
|||||||
Other feedstocks and blends |
26% |
24% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
43% |
44% |
|||||||
Distillates and distillate blendstocks |
35% |
34% |
|||||||
Lubes |
2% |
2% |
|||||||
Chemicals |
2% |
2% |
|||||||
Other |
19% |
18% |
|||||||
Total yield |
101% |
100% |
|||||||
Supplemental Operating Information - Mid-Continent (Toledo) |
|||||||||
Production (bpd in thousands) |
139.4 |
120.0 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
136.7 |
117.2 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
12.3 |
10.5 |
|||||||
Gross margin per barrel of throughput |
$ 0.08 |
$ 7.88 |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 8.50 |
$ 5.18 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 6.67 |
$ 5.82 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Medium |
41% |
43% |
|||||||
Light |
53% |
54% |
|||||||
Other feedstocks and blends |
6% |
3% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
54% |
59% |
|||||||
Distillates and distillate blendstocks |
35% |
32% |
|||||||
Chemicals |
6% |
5% |
|||||||
Other |
7% |
6% |
|||||||
Total yield |
102% |
102% |
|||||||
See Footnotes to Earnings Release Tables |
|||||||||
PBF Energy INC. AND SUBSIDIARIES |
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
SUPPLEMENTAL OPERATING INFORMATION |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
|||||||||
March 31, |
|||||||||
2022 |
2021 |
||||||||
Supplemental Operating Information - Gulf Coast (Chalmette) |
|||||||||
Production (bpd in thousands) |
166.2 |
159.2 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
163.1 |
153.8 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
14.6 |
13.8 |
|||||||
Gross margin per barrel of throughput |
$ 4.63 |
$ 3.63 |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.96 |
$ 5.44 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 6.62 |
$ 5.38 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Heavy |
16% |
8% |
|||||||
Medium |
43% |
44% |
|||||||
Light |
30% |
31% |
|||||||
Other feedstocks and blends |
11% |
17% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
40% |
47% |
|||||||
Distillates and distillate blendstocks |
39% |
34% |
|||||||
Chemicals |
1% |
2% |
|||||||
Other |
22% |
21% |
|||||||
Total yield |
102% |
104% |
|||||||
Supplemental Operating Information - West Coast (Torrance and Martinez) |
|||||||||
Production (bpd in thousands) |
274.1 |
236.7 |
|||||||
Crude oil and feedstocks throughput (bpd in thousands) |
269.7 |
231.7 |
|||||||
Total crude oil and feedstocks throughput (millions of barrels) |
24.3 |
20.9 |
|||||||
Gross margin per barrel of throughput |
$ 1.30 |
$ (1.57) |
|||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 12.75 |
$ 2.91 |
|||||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 10.01 |
$ 9.36 |
|||||||
Crude and feedstocks (% of total throughput) (Note 12): |
|||||||||
Heavy |
66% |
83% |
|||||||
Medium |
21% |
5% |
|||||||
Other feedstocks and blends |
13% |
12% |
|||||||
Total throughput |
100% |
100% |
|||||||
Yield (% of total throughput): |
|||||||||
Gasoline and gasoline blendstocks |
58% |
64% |
|||||||
Distillates and distillate blendstocks |
28% |
24% |
|||||||
Other |
16% |
14% |
|||||||
Total yield |
102% |
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, 2022 |
March 31, 2021 |
||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS |
$ |
per barrel throughput |
$ |
per barrel throughput |
|||||||||
Calculation of consolidated gross margin: |
|||||||||||||
Revenues |
$ 9,141.7 |
$ 122.00 |
$ 4,924.8 |
$ 73.40 |
|||||||||
Less: Cost of sales |
8,944.9 |
119.37 |
4,786.4 |
71.33 |
|||||||||
Consolidated gross margin |
$ 196.8 |
$ 2.63 |
$ 138.4 |
$ 2.07 |
|||||||||
Reconciliation of consolidated gross margin to gross refining margin: |
|||||||||||||
Consolidated gross margin |
$ 196.8 |
$ 2.63 |
$ 138.4 |
$ 2.07 |
|||||||||
Add: PBFX operating expense |
29.3 |
0.39 |
25.0 |
0.37 |
|||||||||
Add: PBFX depreciation expense |
9.5 |
0.13 |
9.4 |
0.14 |
|||||||||
Less: Revenues of PBFX |
(89.4) |
(1.19) |
(87.5) |
(1.30) |
|||||||||
Add: Refinery operating expense |
595.6 |
7.95 |
460.2 |
6.86 |
|||||||||
Add: Refinery depreciation expense |
108.9 |
1.45 |
104.7 |
1.56 |
|||||||||
Gross refining margin |
$ 850.7 |
$ 11.36 |
$ 650.2 |
$ 9.70 |
|||||||||
Special Items (Note 4): |
|||||||||||||
Add: Non-cash LCM inventory adjustment |
— |
— |
(405.6) |
(6.05) |
|||||||||
Gross refining margin excluding special items |
$ 850.7 |
$ 11.36 |
$ 244.6 |
$ 3.65 |
|||||||||
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 25.9% and 26.6% for the 2022 and 2021 periods, respectively, 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 three months ended March 31, 2022 and 2021 relate to LCM inventory adjustments, change in fair value of contingent consideration, changes in the Tax Receivable Agreement liability, and net tax expense on the remeasurement of deferred tax assets, 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:
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. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") inventory valuation methodology, in which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. In periods where the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. 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. |
|||||||||
The following table includes the LCM inventory reserve as of each date presented (in millions): |
|||||||||
2022 |
2021 |
||||||||
January 1, |
$ — |
$ 669.6 |
|||||||
March 31, |
— |
264.0 |
|||||||
The following table includes the corresponding impact of changes in the LCM inventory reserve on income (loss) from operations and net income (loss) for the periods presented (in millions): |
|||||||||
Three Months Ended |
|||||||||
2022 |
2021 |
||||||||
Net LCM inventory adjustment benefit (charge) in income (loss) from operations |
$ — |
$ 405.6 |
|||||||
Net LCM inventory adjustment benefit (charge) in net income (loss) |
— |
297.7 |
|||||||
Change in Fair Value of Contingent Consideration - During the three months ended March 31, 2022, we recorded a change in fair value of the contingent consideration primarily related to the Martinez Contingent Consideration which decreased income from operations and net income by $50.3 million and $37.3 million, respectively. During the three months ended March 31, 2021, we recorded a change in the fair value of the contingent consideration primarily related to the Martinez Contingent Consideration which decreased income from operations and net income by $30.1 million and $22.1 million, respectively. |
|||||||||
Change in 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. There was no change to the Tax Receivable Agreement liability during the three months ended March 31, 2021. The changes in the Tax Receivable Agreement liability reflect charges or benefits attributable to changes in our 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. |
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Net Tax Expense on Remeasurement of Deferred Tax Assets - 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 primarily to the remeasurement of deferred tax assets). During the three months ended March 31, 2021, we recorded an increase to our deferred tax valuation allowance of $1.7 million in accordance with ASC 740. |
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(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. |
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(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, 2022 and 2021, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 14,804,565 and 11,699,893 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, 2022 and March 31, 2021, respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. |
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(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, the non-cash change in the fair value of catalyst obligations, the write down of inventory to the LCM, changes in the liability for Tax Receivable Agreement due to factors out of our control, such as changes in tax rates, 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. |
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(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, 2022, 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"), a growth-oriented master limited partnership 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. |
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(9) As reported by Platts. |
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(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. |
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(11) Represents refinery operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput. |
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(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. |
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(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. |
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March 31, |
December 31, |
|||||
2022 |
2021 |
|||||
(in millions) |
||||||
Total debt |
$ 4,278.6 |
$ 4,295.8 |
||||
Total equity |
2,526.1 |
2,532.8 |
||||
Total capitalization |
$ 6,804.7 |
$ 6,828.6 |
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Total debt |
$ 4,278.6 |
$ 4,295.8 |
||||
Total equity excluding special items |
2,129.0 |
2,071.3 |
||||
Total capitalization excluding special items |
$ 6,407.6 |
$ 6,367.1 |
||||
Total equity |
$ 2,526.1 |
$ 2,532.8 |
||||
Special Items (Note 4) |
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Add: Non-cash LCM inventory adjustments |
— |
— |
||||
Add: Change in fair value of contingent consideration |
(11.0) |
(61.3) |
||||
Add: Gain on sale of hydrogen plants |
(471.1) |
(471.1) |
||||
Add: Gain on Torrance land sales |
(87.8) |
(87.8) |
||||
Add: Impairment expense |
98.8 |
98.8 |
||||
Add: LIFO inventory decrement |
83.0 |
83.0 |
||||
Add: Turnaround acceleration costs |
56.2 |
56.2 |
||||
Add: Severance and reconfiguration costs |
30.0 |
30.0 |
||||
Add: Early railcar return expense |
64.8 |
64.8 |
||||
Add: Gain on extinguishment of debt |
(32.2) |
(32.2) |
||||
Add: Change in Tax Receivable Agreement liability |
(596.3) |
(615.6) |
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Less: Recomputed income taxes on special items |
213.8 |
231.8 |
||||
Add: Net tax expense on remeasurement of deferred tax assets |
234.5 |
221.7 |
||||
Add: Net tax expense on TCJA related special items |
20.2 |
20.2 |
||||
Net equity impact related to special items |
(397.1) |
(461.5) |
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Total equity excluding special items |
$ 2,129.0 |
$ 2,071.3 |
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Total debt |
$ 4,278.6 |
$ 4,295.8 |
||||
Less: Cash and cash equivalents |
1,434.6 |
1,341.5 |
||||
Net Debt |
$ 2,844.0 |
$ 2,954.3 |
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Total debt to capitalization ratio |
63% |
63% |
||||
Total debt to capitalization ratio, excluding special items |
67% |
67% |
||||
Net debt to capitalization ratio |
53% |
54% |
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Net debt to capitalization ratio, excluding special items |
57% |
59% |
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