Expected throughput ranges (barrels per day) | ||||
First Quarter 2022 | Full-year 2022 | |||
Low | High | Low | High | |
East Coast | 260,000 | 280,000 | 260,000 | 280,000 |
Mid-continent | 130,000 | 140,000 | 140,000 | 150,000 |
Gulf Coast | 160,000 | 170,000 | 175,000 | 185,000 |
West Coast | 280,000 | 300,000 | 300,000 | 320,000 |
Total | 830,000 | 890,000 | 875,000 | 935,000 |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||
EARNINGS RELEASE TABLES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited, in millions, except share and per share data) | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenues | $ | 8,244.0 | $ | 3,655.1 | $ | 27,253.4 | $ | 15,115.9 |
Cost and expenses: | ||||||||
Cost of products and other | 7,160.4 | 3,180.6 | 23,826.8 | 14,275.6 | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 590.3 | 472.6 | 2,085.9 | 1,918.3 | ||||
Depreciation and amortization expense | 115.0 | 182.4 | 453.5 | 551.7 | ||||
Cost of sales | 7,865.7 | 3,835.6 | 26,366.2 | 16,745.6 | ||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 80.4 | 61.5 | 247.3 | 248.5 | ||||
Depreciation and amortization expense | 3.2 | 2.9 | 13.3 | 11.3 | ||||
Change in fair value of contingent consideration | 6.2 | (0.2) | 32.4 | (93.7) | ||||
Impairment expense | - | 91.8 | - | 98.8 | ||||
Gain on sale of assets | (2.6) | (8.4) | (3.0) | (477.8) | ||||
Total cost and expenses | 7,952.9 | 3,983.2 | 26,656.2 | 16,532.7 | ||||
Income (loss) from operations | 291.1 | (328.1) | 597.2 | (1,416.8) | ||||
Other income (expense): | ||||||||
Interest expense, net | (74.4) | (73.1) | (317.5) | (258.2) | ||||
Change in Tax Receivable Agreement liability | (48.3) | 132.9 | (48.3) | 373.5 | ||||
Change in fair value of catalyst obligations | (5.1) | (16.0) | 8.5 | (11.8) | ||||
Gain (loss) on extinguishment of debt | 19.6 | - | 79.9 | (22.2) | ||||
Other non-service components of net periodic benefit cost | 1.9 | 1.1 | 7.8 | 4.3 | ||||
Income (loss) before income taxes | 184.8 | (283.2) | 327.6 | (1,331.2) | ||||
Income tax (benefit) expense | (4.3) | 2.8 | 12.1 | 2.1 | ||||
Net income (loss) | 189.1 | (286.0) | 315.5 | (1,333.3) | ||||
Less: net income attributable to noncontrolling interests | 23.8 | 12.4 | 84.5 | 59.1 | ||||
Net income (loss) attributable to PBF Energy Inc. stockholders | $ | 165.3 | $ | (298.4) | $ | 231.0 | $ | (1,392.4) |
Net income (loss) available to Class A common stock per share: | ||||||||
Basic | $ | 1.37 | $ | (2.49) | $ | 1.92 | $ | (11.64) |
Diluted | $ | 1.36 | $ | (2.49) | $ | 1.90 | $ | (11.64) |
Weighted-average shares outstanding-basic | 120,268,614 | 119,786,599 | 120,240,009 | 119,617,998 | ||||
Weighted-average shares outstanding-diluted | 122,876,562 | 120,757,246 | 122,638,154 | 120,660,665 | ||||
Dividends per common share | $ | - | $ | - | $ | - | $ | 0.30 |
Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1): | ||||||||
Adjusted fully-converted net income (loss) | $ | 166.6 | $ | (301.0) | $ | 232.8 | $ | (1,405.0) |
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share | $ | 1.36 | $ | (2.49) | $ | 1.90 | $ | (11.64) |
Adjusted fully-converted shares outstanding - diluted (Note 6) | 122,876,562 | 120,757,246 | 122,638,154 | 120,660,665 | ||||
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 | Year Ended | ||||||
December 31, | December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) attributable to PBF Energy Inc. stockholders | $ | 165.3 | $ | (298.4) | $ | 231.0 | $ | (1,392.4) |
Less: Income allocated to participating securities | - | - | - | 0.1 | ||||
Income (loss) available to PBF Energy Inc. stockholders - basic | 165.3 | (298.4) | 231.0 | (1,392.5) | ||||
Add: Net income (loss) attributable to noncontrolling interest (Note 2) | 1.7 | (3.5) | 2.4 | (17.1) | ||||
Less: Income tax (expense) benefit (Note 3) | (0.4) | 0.9 | (0.6) | 4.6 | ||||
Adjusted fully-converted net income (loss) | $ | 166.6 | $ | (301.0) | $ | 232.8 | $ | (1,405.0) |
Special Items (Note 4): | ||||||||
Add: Non-cash LCM inventory adjustment | - | (423.5) | (669.6) | 268.0 | ||||
Add: Change in fair value of contingent consideration | 6.2 | (0.2) | 32.4 | (93.7) | ||||
Add: Gain on sale of hydrogen plants | - | - | - | (471.1) | ||||
Add: Gain on land sales | (2.8) | (8.1) | (2.8) | (8.1) | ||||
Add: Impairment expense | - | 91.8 | - | 98.8 | ||||
Add: LIFO inventory decrement | - | 83.0 | - | 83.0 | ||||
Add: Turnaround acceleration costs | - | 56.2 | - | 56.2 | ||||
Add: Severance and reconfiguration costs | - | 17.1 | - | 30.0 | ||||
Add: Early railcar return expense | - | 12.5 | - | 12.5 | ||||
Add: (Gain) loss on extinguishment of debt | (19.6) | - | (79.9) | 22.2 | ||||
Add: Change in Tax Receivable Agreement liability | 48.3 | (132.9) | 48.3 | (373.5) | ||||
Add: Net tax (benefit) expense on remeasurement of deferred tax assets | (33.6) | (23.2) | (37.4) | 259.1 | ||||
Less: Recomputed income tax on special items (Note 3) | (8.3) | 80.9 | 173.9 | 99.9 | ||||
Adjusted fully-converted net income (loss) excluding special items | $ | 156.8 | $ | (547.4) | $ | (302.3) | $ | (1,421.7) |
Weighted-average shares outstanding of PBF Energy Inc. | 120,268,614 | 119,786,599 | 120,240,009 | 119,617,998 | ||||
Conversion of PBF LLC Series A Units (Note 5) | 986,996 | 970,647 | 988,730 | 1,042,667 | ||||
Common stock equivalents (Note 6) | 1,620,952 | - | 1,409,415 | - | ||||
Fully-converted shares outstanding - diluted | 122,876,562 | 120,757,246 | 122,638,154 | 120,660,665 | ||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) | $ | 1.36 | $ | (2.49) | $ | 1.90 | $ | (11.64) |
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) | $ | 1.28 | $ | (4.53) | $ | (2.50) | $ | (11.78) |
Three Months Ended | Year Ended | |||||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS | December 31, | December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Income (loss) from operations | $ | 291.1 | $ | (328.1) | $ | 597.2 | $ | (1,416.8) |
Special Items (Note 4): | ||||||||
Add: Non-cash LCM inventory adjustment | - | (423.5) | (669.6) | 268.0 | ||||
Add: Change in fair value of contingent consideration | 6.2 | (0.2) | 32.4 | (93.7) | ||||
Add: Gain on sale of hydrogen plants | - | - | - | (471.1) | ||||
Add: Gain on land sales | (2.8) | (8.1) | (2.8) | (8.1) | ||||
Add: Impairment expense | - | 91.8 | - | 98.8 | ||||
Add: LIFO inventory decrement | - | 83.0 | - | 83.0 | ||||
Add: Turnaround acceleration costs | - | 56.2 | - | 56.2 | ||||
Add: Severance and reconfiguration costs | - | 17.1 | - | 30.0 | ||||
Add: Early railcar return expense | - | 12.5 | - | 12.5 | ||||
Income (loss) from operations excluding special items | $ | 294.5 | $ | (499.3) | $ | (42.8) | $ | (1,441.2) |
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 | Year Ended | |||||||
December 31, | December 31, | |||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS | 2021 | 2020 | 2021 | 2020 | ||||
Net income (loss) | $ | 189.1 | $ | (286.0) | $ | 315.5 | $ | (1,333.3) |
Add: Depreciation and amortization expense | 118.2 | 185.3 | 466.8 | 563.0 | ||||
Add: Interest expense, net | 74.4 | 73.1 | 317.5 | 258.2 | ||||
Add: Income tax (benefit) expense | (4.3) | 2.8 | 12.1 | 2.1 | ||||
EBITDA | $ | 377.4 | $ | (24.8) | $ | 1,111.9 | $ | (510.0) |
Special Items (Note 4): | ||||||||
Add: Non-cash LCM inventory adjustment | - | (423.5) | (669.6) | 268.0 | ||||
Add: Change in fair value of contingent consideration | 6.2 | (0.2) | 32.4 | (93.7) | ||||
Add: Gain on sale of hydrogen plants | - | - | - | (471.1) | ||||
Add: Gain on land sales | (2.8) | (8.1) | (2.8) | (8.1) | ||||
Add: Impairment expense | - | 91.8 | - | 98.8 | ||||
Add: LIFO inventory decrement | - | 83.0 | - | 83.0 | ||||
Add: Severance and reconfiguration costs | - | 17.1 | - | 30.0 | ||||
Add: Early railcar return expense | - | 12.5 | - | 12.5 | ||||
Add: (Gain) loss on extinguishment of debt | (19.6) | - | (79.9) | 22.2 | ||||
Add: Change in Tax Receivable Agreement liability | 48.3 | (132.9) | 48.3 | (373.5) | ||||
EBITDA excluding special items | $ | 409.5 | $ | (385.1) | $ | 440.3 | $ | (941.9) |
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | 2021 | 2020 | 2021 | 2020 | ||||
EBITDA | $ | 377.4 | $ | (24.8) | $ | 1,111.9 | $ | (510.0) |
Add: Stock-based compensation | 10.9 | 5.1 | 35.6 | 34.2 | ||||
Add: Change in fair value of catalyst obligations | 5.1 | 16.0 | (8.5) | 11.8 | ||||
Add: Non-cash LCM inventory adjustment (Note 4) | - | (423.5) | (669.6) | 268.0 | ||||
Add: Change in fair value of contingent consideration (Note 4) | 6.2 | (0.2) | 32.4 | (93.7) | ||||
Add: Gain on sale of hydrogen plants (Note 4) | - | - | - | (471.1) | ||||
Add: Gain on land sales (Note 4) | (2.8) | (8.1) | (2.8) | (8.1) | ||||
Add: Impairment expense (Note 4) | - | 91.8 | - | 98.8 | ||||
Add: LIFO inventory decrement (Note 4) | - | 83.0 | - | 83.0 | ||||
Add: Severance and reconfiguration costs (Note 4) | - | 17.1 | - | 30.0 | ||||
Add: Early railcar return expense (Note 4) | - | 12.5 | - | 12.5 | ||||
Add: (Gain) loss on extinguishment of debt (Note 4) | (19.6) | - | (79.9) | 22.2 | ||||
Add: Change in Tax Receivable Agreement liability (Note 4) | 48.3 | (132.9) | 48.3 | (373.5) | ||||
Adjusted EBITDA | $ | 425.5 | $ | (364.0) | $ | 467.4 | $ | (895.9) |
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||
EARNINGS RELEASE TABLES | ||||
CONSOLIDATED BALANCE SHEET DATA | ||||
(Unaudited, in millions) | ||||
December 31, | December 31, | |||
2021 | 2020 | |||
Balance Sheet Data: | ||||
Cash and cash equivalents | $ | 1,341.5 | $ | 1,609.5 |
Inventories | 2,505.1 | 1,686.2 | ||
Total assets | 11,641.4 | 10,499.8 | ||
Total debt | 4,295.8 | 4,661.0 | ||
Total equity | 2,532.8 | 2,202.3 | ||
Total equity excluding special items (Note 4, 13) | $ | 2,071.3 | $ | 2,275.9 |
Total debt to capitalization ratio (Note 13) | 63 | % | 68 | % |
Total debt to capitalization ratio, excluding special items (Note 13) | 67 | % | 67 | % |
Net debt to capitalization ratio (Note 13) | 54 | % | 58 | % |
Net debt to capitalization ratio, excluding special items (Note 13) | 59 | % | 57 | % |
SUMMARIZED STATEMENT OF CASH FLOW DATA | ||||
(Unaudited, in millions) | ||||
Year Ended December 31, | ||||
2021 | 2020 | |||
Cash flows provided by (used in) operations | $ | 477.3 | $ | (631.6) |
Cash flows used in investing activities | (388.5) | (1,026.5) | ||
Cash flows (used in) provided by financing activities | (356.8) | 2,452.7 | ||
Net change in cash and cash equivalents | (268.0) | 794.6 | ||
Cash and cash equivalents, beginning of period | 1,609.5 | 814.9 | ||
Cash and cash equivalents, end of period | $ | 1,341.5 | $ | 1,609.5 |
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 December 31, 2021 | ||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | ||||||
Revenues | $ | 8,232.3 | $ | 89.3 | $ | - | $ | (77.6) | $ | 8,244.0 |
Depreciation and amortization expense | 105.7 | 9.3 | 3.2 | - | 118.2 | |||||
Income (loss) from operations | 323.7 | 52.6 | (85.2) | - | 291.1 | |||||
Interest expense, net | 1.6 | 10.3 | 62.5 | - | 74.4 | |||||
Capital expenditures | 165.4 | 1.7 | 1.4 | - | 168.5 | |||||
Three Months Ended December 31, 2020 | ||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | ||||||
Revenues | $ | 3,636.7 | $ | 89.1 | $ | - | $ | (70.7) | $ | 3,655.1 |
Depreciation and amortization expense | 165.6 | 16.8 | 2.9 | - | 185.3 | |||||
Income (loss) from operations | (311.6) | 41.9 | (58.4) | - | (328.1) | |||||
Interest expense, net | 1.0 | 10.9 | 61.2 | - | 73.1 | |||||
Capital expenditures | 45.7 | 2.7 | 1.5 | - | 49.9 | |||||
Year Ended December 31, 2021 | ||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | ||||||
Revenues | $ | 27,202.0 | $ | 355.5 | $ | - | $ | (304.1) | $ | 27,253.4 |
Depreciation and amortization expense | 415.7 | 37.8 | 13.3 | - | 466.8 | |||||
Income (loss) from operations | 673.1 | 195.4 | (271.3) | - | 597.2 | |||||
Interest expense, net | 8.8 | 42.1 | 266.6 | - | 317.5 | |||||
Capital expenditures | 381.8 | 8.6 | 5.3 | - | 395.7 | |||||
Year Ended December 31, 2020 | ||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | ||||||
Revenues | $ | 15,045.0 | $ | 360.3 | $ | - | $ | (289.4) | $ | 15,115.9 |
Depreciation and amortization expense | 498.0 | 53.7 | 11.3 | - | 563.0 | |||||
Income (loss) from operations | (1,450.4) | 195.3 | (161.7) | - | (1,416.8) | |||||
Interest expense, net | 1.7 | 47.9 | 208.6 | - | 258.2 | |||||
Capital expenditures (Note 14) | 1,546.6 | 12.3 | 10.7 | - | 1,569.6 | |||||
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 |
Balance at December 31, 2020 | ||||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated Total | ||||||
Total Assets | $ | 9,565.0 | $ | 933.6 | $ | 54.4 | $ | (53.2) | $ | 10,499.8 |
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||
EARNINGS RELEASE TABLES | ||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
Market Indicators (dollars per barrel) (Note 9) | 2021 | 2020 | 2021 | 2020 | ||||
Dated Brent crude oil | $ | 79.89 | $ | 44.27 | $ | 70.89 | $ | 41.62 |
West Texas Intermediate (WTI) crude oil | $ | 77.32 | $ | 42.63 | $ | 68.10 | $ | 39.25 |
Light Louisiana Sweet (LLS) crude oil | $ | 78.42 | $ | 44.13 | $ | 69.59 | $ | 41.13 |
Alaska North Slope (ANS) crude oil | $ | 79.74 | $ | 44.82 | $ | 70.56 | $ | 42.20 |
Crack Spreads: | ||||||||
Dated Brent (NYH) 2-1-1 | $ | 19.09 | $ | 8.55 | $ | 16.84 | $ | 9.11 |
WTI (Chicago) 4-3-1 | $ | 15.14 | $ | 5.54 | $ | 16.34 | $ | 6.30 |
LLS (Gulf Coast) 2-1-1 | $ | 17.96 | $ | 7.00 | $ | 16.03 | $ | 7.59 |
ANS (West Coast-LA) 4-3-1 | $ | 21.70 | $ | 10.98 | $ | 20.10 | $ | 11.30 |
ANS (West Coast-SF) 3-2-1 | $ | 24.57 | $ | 10.68 | $ | 20.55 | $ | 9.99 |
Crude Oil Differentials: | ||||||||
Dated Brent (foreign) less WTI | $ | 2.57 | $ | 1.64 | $ | 2.80 | $ | 2.37 |
Dated Brent less Maya (heavy, sour) | $ | 8.20 | $ | 3.23 | $ | 6.47 | $ | 5.37 |
Dated Brent less WTS (sour) | $ | 2.93 | $ | 1.18 | $ | 2.63 | $ | 2.33 |
Dated Brent less ASCI (sour) | $ | 4.88 | $ | 1.27 | $ | 3.90 | $ | 1.81 |
WTI less WCS (heavy, sour) | $ | 17.60 | $ | 11.06 | $ | 14.19 | $ | 10.72 |
WTI less Bakken (light, sweet) | $ | (0.79) | $ | 1.95 | $ | (0.14) | $ | 2.41 |
WTI less Syncrude (light, sweet) | $ | 3.74 | $ | 3.75 | $ | 2.25 | $ | 2.13 |
WTI less LLS (light, sweet) | $ | (1.11) | $ | (1.50) | $ | (1.50) | $ | (1.88) |
WTI less ANS (light, sweet) | $ | (2.42) | $ | (2.19) | $ | (2.46) | $ | (2.95) |
Natural gas (dollars per MMBTU) | $ | 4.85 | $ | 2.76 | $ | 3.73 | $ | 2.13 |
Key Operating Information | ||||||||
Production (barrels per day ("bpd") in thousands) | 887.7 | 689.6 | 852.2 | 737.1 | ||||
Crude oil and feedstocks throughput (bpd in thousands) | 869.0 | 677.3 | 834.5 | 727.7 | ||||
Total crude oil and feedstocks throughput (millions of barrels) | 79.9 | 62.3 | 304.6 | 266.3 | ||||
Consolidated gross margin per barrel of throughput | $ | 4.73 | $ | (2.89) | $ | 2.91 | $ | (6.12) |
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 12.49 | $ | 0.98 | $ | 7.94 | $ | 3.23 |
Refinery operating expense, per barrel of throughput (Note 11) | $ | 7.12 | $ | 7.25 | $ | 6.56 | $ | 6.89 |
Crude and feedstocks (% of total throughput) (Note 12) | ||||||||
Heavy | 33 | % | 39 | % | 34 | % | 42 | % |
Medium | 37 | % | 28 | % | 31 | % | 26 | % |
Light | 10 | % | 18 | % | 18 | % | 17 | % |
Other feedstocks and blends | 20 | % | 15 | % | 17 | % | 15 | % |
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % |
Yield (% of total throughput) | ||||||||
Gasoline and gasoline blendstocks | 53 | % | 56 | % | 53 | % | 51 | % |
Distillate and distillate blendstocks | 32 | % | 28 | % | 30 | % | 30 | % |
Lubes | 1 | % | 1 | % | 1 | % | 1 | % |
Chemicals | 2 | % | 2 | % | 2 | % | 1 | % |
Other | 14 | % | 15 | % | 16 | % | 18 | % |
Total yield | 102 | % | 102 | % | 102 | % | 101 | % |
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||
EARNINGS RELEASE TABLES | ||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro) | ||||||||
Production (bpd in thousands) | 253.2 | 230.8 | 252.2 | 262.6 | ||||
Crude oil and feedstocks throughput (bpd in thousands) | 251.0 | 229.2 | 250.9 | 263.0 | ||||
Total crude oil and feedstocks throughput (millions of barrels) | 23.1 | 21.1 | 91.6 | 96.2 | ||||
Gross margin per barrel of throughput | $ | 0.03 | $ | (6.33) | $ | 3.15 | $ | (5.91) |
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 7.91 | $ | 0.09 | $ | 6.23 | $ | 3.56 |
Refinery operating expense, per barrel of throughput (Note 11) | $ | 6.27 | $ | 6.36 | $ | 5.60 | $ | 5.47 |
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||
Heavy | 18 | % | 30 | % | 23 | % | 27 | % |
Medium | 38 | % | 31 | % | 37 | % | 33 | % |
Light | 8 | % | 14 | % | 13 | % | 18 | % |
Other feedstocks and blends | 36 | % | 25 | % | 27 | % | 22 | % |
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % |
Yield (% of total throughput): | ||||||||
Gasoline and gasoline blendstocks | 45 | % | 52 | % | 44 | % | 47 | % |
Distillates and distillate blendstocks | 33 | % | 27 | % | 33 | % | 32 | % |
Lubes | 2 | % | 3 | % | 2 | % | 2 | % |
Chemicals | 1 | % | 2 | % | 2 | % | 2 | % |
Other | 20 | % | 17 | % | 20 | % | 17 | % |
Total yield | 101 | % | 101 | % | 101 | % | 100 | % |
Supplemental Operating Information - Mid-Continent (Toledo) | ||||||||
Production (bpd in thousands) | 124.9 | 113.9 | 136.9 | 98.3 | ||||
Crude oil and feedstocks throughput (bpd in thousands) | 122.7 | 111.2 | 134.1 | 96.7 | ||||
Total crude oil and feedstocks throughput (millions of barrels) | 11.2 | 10.2 | 48.9 | 35.4 | ||||
Gross margin per barrel of throughput | $ | (2.07) | $ | 0.50 | $ | 6.44 | $ | (10.34) |
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 8.30 | $ | 2.17 | $ | 8.25 | $ | 0.51 |
Refinery operating expense, per barrel of throughput (Note 11) | $ | 8.50 | $ | 5.31 | $ | 6.05 | $ | 6.54 |
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||
Medium | 44 | % | 41 | % | 38 | % | 39 | % |
Light | 53 | % | 54 | % | 60 | % | 58 | % |
Other feedstocks and blends | 3 | % | 5 | % | 2 | % | 3 | % |
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % |
Yield (% of total throughput): | ||||||||
Gasoline and gasoline blendstocks | 58 | % | 59 | % | 57 | % | 54 | % |
Distillate and distillate blendstocks | 32 | % | 32 | % | 31 | % | 30 | % |
Chemicals | 5 | % | 5 | % | 5 | % | 4 | % |
Other | 7 | % | 6 | % | 9 | % | 14 | % |
Total yield | 102 | % | 102 | % | 102 | % | 102 | % |
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||
EARNINGS RELEASE TABLES | ||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Supplemental Operating Information - Gulf Coast (Chalmette) | ||||||||
Production (bpd in thousands) | 183.5 | 122.6 | 167.4 | 141.2 | ||||
Crude oil and feedstocks throughput (bpd in thousands) | 179.5 | 118.8 | 163.3 | 137.7 | ||||
Total crude oil and feedstocks throughput (millions of barrels) | 16.5 | 10.9 | 59.6 | 50.4 | ||||
Gross margin per barrel of throughput | $ | 5.44 | $ | (3.19) | $ | 1.40 | $ | (4.25) |
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 11.82 | $ | (1.64) | $ | 7.71 | $ | 3.71 |
Refinery operating expense, per barrel of throughput (Note 11) | $ | 5.45 | $ | 6.35 | $ | 5.39 | $ | 5.43 |
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||
Heavy | 17 | % | 22 | % | 14 | % | 37 | % |
Medium | 38 | % | 40 | % | 39 | % | 36 | % |
Light | 30 | % | 26 | % | 27 | % | 16 | % |
Other feedstocks and blends | 15 | % | 12 | % | 20 | % | 11 | % |
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % |
Yield (% of total throughput): | ||||||||
Gasoline and gasoline blendstocks | 44 | % | 47 | % | 46 | % | 43 | % |
Distillate and distillate blendstocks | 37 | % | 30 | % | 34 | % | 33 | % |
Chemicals | 2 | % | 2 | % | 2 | % | 2 | % |
Other | 19 | % | 24 | % | 21 | % | 25 | % |
Total yield | 102 | % | 103 | % | 103 | % | 103 | % |
Supplemental Operating Information - West Coast (Torrance and Martinez) | ||||||||
Production (bpd in thousands) | 326.1 | 222.3 | 295.7 | 235.0 | ||||
Crude oil and feedstocks throughput (bpd in thousands) | 315.8 | 218.1 | 286.2 | 230.3 | ||||
Total crude oil and feedstocks throughput (millions of barrels) | 29.1 | 20.1 | 104.5 | 84.3 | ||||
Gross margin per barrel of throughput | $ | 8.84 | $ | (3.25) | $ | (0.14) | $ | (8.16) |
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ | 18.14 | $ | 2.72 | $ | 9.42 | $ | 3.71 |
Refinery operating expense, per barrel of throughput (Note 11) | $ | 8.20 | $ | 9.65 | $ | 8.32 | $ | 9.47 |
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||
Heavy | 67 | % | 77 | % | 71 | % | 81 | % |
Medium | 17 | % | 11 | % | 14 | % | 8 | % |
Other feedstocks and blends | 16 | % | 12 | % | 15 | % | 11 | % |
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % |
Yield (% of total throughput): | ||||||||
Gasoline and gasoline blendstocks | 63 | % | 63 | % | 63 | % | 61 | % |
Distillate and distillate blendstocks | 28 | % | 25 | % | 26 | % | 26 | % |
Other | 12 | % | 14 | % | 14 | % | 15 | % |
Total yield | 103 | % | 102 | % | 103 | % | 102 | % |
See Footnotes to Earnings Release Tables |
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | ||||||||
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10) | ||||||||
(Unaudited, in millions, except per barrel amounts) | ||||||||
Three Months Ended | Three Months Ended | |||||||
December 31, 2021 | December 31, 2020 | |||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS | $ |
per barrel of throughput | $ |
per barrel of throughput | ||||
Calculation of consolidated gross margin: | ||||||||
Revenues | $ | 8,244.0 | $ | 103.12 | $ | 3,655.1 | $ | 58.66 |
Less: Cost of sales | 7,865.7 | 98.39 | 3,835.6 | 61.55 | ||||
Consolidated gross margin | $ | 378.3 | $ | 4.73 | $ | (180.5) | $ | (2.89) |
Reconciliation of consolidated gross margin to gross refining margin: | ||||||||
Consolidated gross margin | $ | 378.3 | $ | 4.73 | $ | (180.5) | $ | (2.89) |
Add: PBFX operating expense | 25.7 | 0.32 | 24.4 | 0.39 | ||||
Add: PBFX depreciation expense | 9.3 | 0.12 | 16.8 | 0.27 | ||||
Less: Revenues of PBFX | (89.3) | (1.12) | (89.1) | (1.43) | ||||
Add: Refinery operating expense | 569.0 | 7.12 | 451.6 | 7.25 | ||||
Add: Refinery depreciation expense | 105.7 | 1.32 | 165.6 | 2.66 | ||||
Gross refining margin | $ | 998.7 | $ | 12.49 | $ | 388.8 | $ | 6.25 |
Special Items (Note 4): | ||||||||
Add: Non-cash LCM inventory adjustment | - | - | (423.5) | (6.80) | ||||
Add: LIFO inventory decrement | - | - | 83.0 | 1.33 | ||||
Add: Early railcar return expense | - | - | 12.5 | 0.20 | ||||
Gross refining margin excluding special items | $ | 998.7 | $ | 12.49 | $ | 60.8 | $ | 0.98 |
Year Ended | Year Ended | |||||||
December 31, 2021 | December 31, 2020 | |||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS | $ |
per barrel of throughput | $ |
per barrel of throughput | ||||
Calculation of consolidated gross margin: | ||||||||
Revenues | $ | 27,253.4 | $ | 89.46 | $ | 15,115.9 | $ | 56.76 |
Less: Cost of sales | 26,366.2 | 86.55 | 16,745.6 | 62.88 | ||||
Consolidated gross margin | $ | 887.2 | $ | 2.91 | $ | (1,629.7) | $ | (6.12) |
Reconciliation of consolidated gross margin to gross refining margin: | ||||||||
Consolidated gross margin | $ | 887.2 | $ | 2.91 | $ | (1,629.7) | $ | (6.12) |
Add: PBFX operating expense | 103.4 | 0.35 | 99.9 | 0.38 | ||||
Add: PBFX depreciation expense | 37.8 | 0.13 | 53.7 | 0.19 | ||||
Less: Revenues of PBFX | (355.5) | (1.17) | (360.3) | (1.35) | ||||
Add: Refinery operating expense | 1,999.1 | 6.56 | 1,835.2 | 6.89 | ||||
Add: Refinery depreciation expense | 415.7 | 1.36 | 498.0 | 1.87 | ||||
Gross refining margin | $ | 3,087.7 | $ | 10.14 | $ | 496.8 | $ | 1.86 |
Special Items (Note 4): | ||||||||
Add: Non-cash LCM inventory adjustment | (669.6) | (2.20) | 268.0 | 1.01 | ||||
Add: LIFO inventory decrement | - | - | 83.0 | 0.31 | ||||
Add: Early railcar return expense | - | - | 12.5 | 0.05 | ||||
Gross refining margin excluding special items | $ | 2,418.1 | $ | 7.94 | $ | 860.3 | $ | 3.23 |
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 annualized statutory corporate tax rate of approximately 25.9% and 26.6% for the 2021 and 2020 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 periods presented relate to LCM inventory adjustments, change in fair value of contingent consideration, gain on sale of hydrogen plants, gain on land sales, impairment expense, LIFO inventory decrement, turnaround acceleration costs, severance and reconfiguration costs, early railcar return expense, (gain) loss on extinguishment of debt, changes in the Tax Receivable Agreement liability, net tax (benefit) expense on remeasurement of deferred tax assets, and recomputed income tax on special items, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 13.
Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.
Special Items:
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 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): | ||||||||
2021 | 2020 | |||||||
January 1, | $ | 669.6 | $ | 401.6 | ||||
September 30, | - | 1,093.1 | ||||||
December 31, | - | 669.6 | ||||||
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 December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net LCM inventory adjustment benefit (charge) in income (loss) from operations | $ | - | $ | 423.5 | $ | 669.6 | $ | (268.0) |
Net LCM inventory adjustment benefit (charge) in net income (loss) | - | 310.8 | 496.2 | (196.7) | ||||
Change in Fair Value of Contingent Consideration - During the three months and year ended December 31, 2021, we recorded changes in fair value of contingent consideration related to estimated earn-out liabilities associated with the acquisition of the Martinez refinery and the PBFX acquisition of the East Coast Storage Assets. These changes in estimate decreased income from operations by $6.2 million and $32.4 million ($4.6 million and $24.0 million, net of tax), respectively. Change in fair value of contingent consideration during the three months and year ended December 31, 2020 increased income from operations by $0.2 million and $93.7 million ($0.1 million and $68.8 million, net of tax), respectively.
|
Gain on sale of Hydrogen Plants - During the year ended December 31, 2020, we recorded a gain on the sale of five hydrogen plants. The gain increased income from operations and net income by $471.1 million and $345.8 million, respectively. There were no such gains in any other periods presented.
|
Gain on land sales - During the three months and year ended December 31, 2021, we recorded a gain on the sale of PBFX real-property at the East Coast Terminals. The gain increased income from operations and net income by $2.8 million and $2.1 million, respectively. During the three months and year ended December 31, 2020, we recorded a gain on the sale of a separate parcel of real property acquired as part of the Torrance refinery, but not part of the refinery itself. The gain increased income from operations and net income by $8.1 million and $5.9 million, respectively.
|
Impairment expense - During the three months and year ended December 31, 2020, we recorded an impairment charge which decreased income from operations by $91.8 million and $98.8 million ($67.4 million and $72.5 million, net of tax), respectively, resulting from the write-down of certain assets associated with the East Coast Refining Reconfiguration, project abandonments and the write-down of certain PBFX long-lived assets. There were no such charges during the three months and year ended December 31, 2021.
|
LIFO inventory decrement- As part of our overall reduction in throughput in 2020 and our reduction in inventory volume as of December 31, 2020, we recorded a pre-tax charge to cost of materials and other related to a LIFO inventory layer decrement. The majority of the decrement related to our East Coast LIFO inventory layer and the reduction to our East Coast inventory experienced as part of the East Coast Refining Reconfiguration. These charges decreased income from operations and net income by $83.0 million and $60.9 million, respectively, for both the three months ended and the year ended December 31, 2020. There were no such decrements recorded in the three months and year ended December 31, 2021.
|
Turnaround acceleration costs- During the three months and year ended December 31, 2020, we accelerated the recognition of turnaround amortization associated with units that were temporarily idled as part of the East Coast Refining Reconfiguration. These costs decreased income from operations and net income by $56.2 million and $41.3 million, respectively. There were no such costs in the three months and year ended December 31, 2021.
|
Severance and Reconfiguration Costs - During the three months and year ended December 31, 2020, we recorded severance charges related to reductions in our workforce. These charges decreased income from operations by $11.8 million and $24.7 million ($8.7 million and $18.1 million, net of tax), respectively. There were no such costs in the three months and year ended December 31, 2021. During the three months and year ended December 31, 2020, we recorded reconfiguration charges related to the temporary idling of certain assets as part of the East Coast Refining System. These charges decreased income from operations and net income by $5.3 million and $3.9 million, respectively. There were no such costs in the three months and year ended December 31, 2021.
|
Early Return of Railcars- During the three months and year ended December 31, 2020, we recognized expenses within Cost of sales associated with the voluntary early return of certain leased railcars. These charges decreased income from operations and net income by $12.5 million and $9.2 million, respectively. There were no such costs in the three months and year ended December 31, 2021.
|
(Gain) Loss on Extinguishment of Debt - During the three months and year ended December 31, 2021, we recorded pre-tax gains on the extinguishment of debt related to repurchases of the 2028 Senior Notes and 2025 Senior Notes. These nonrecurring charges increased income before income taxes by $19.6 million and $79.9 million ($14.5 million and $59.2 million, net of tax), respectively. During the year ended December 31, 2020, we recorded a pre-tax loss on the extinguishment of debt of $22.2 million ($16.3 million net of tax) related to the repurchase of the 2023 Senior Notes.
|
Change in Tax Receivable Agreement liability - During the three months and year ended December 31, 2021, we recorded a change in the Tax Receivable Agreement liability that decreased income before income taxes and net income by $48.3 million and $35.8 million, respectively. During the three months and year ended December 31, 2020, we recorded a change in the Tax Receivable Agreement liability that increased income before income taxes by $132.9 million and $373.5 million ($97.5 million and $274.1 million, net of tax), respectively. The changes in the Tax Receivable Agreement liability reflect charges or benefits attributable to changes in PBF Energy's obligation under the Tax Receivable Agreement due to factors out of our control such as changes in tax rates, as well as periodic adjustments to our liability based, in part, on an updated estimate of the amounts that we expect to pay, using assumptions consistent with those used in our concurrent estimate of the deferred tax asset valuation allowance.
|
Net tax (benefit) expense on remeasurement of deferred tax assets - During the three months ended December 31, 2021, we recorded a decrease to the deferred tax valuation allowance of $46.1 million, which includes a tax benefit of approximately $12.5 million related to our net change in the Tax Receivable Agreement liability and a net tax benefit of $33.6 million related primarily to the remeasurement of deferred tax assets). During the year ended December 31, 2021, we recorded a decrease to the deferred tax valuation allowance of $49.9 million, which includes a tax benefit of approximately $12.5 million related to our net change in the Tax Receivable Agreement liability and a net tax benefit of $37.4 million related primarily to the remeasurement of deferred tax assets). During the three months ended December 31, 2020, we recorded a deferred tax valuation allowance of $12.1 million. This amount includes tax expense of approximately $35.3 million related to our net change in the Tax Receivable Agreement liability or a net tax benefit of $23.2 million related primarily to the remeasurement of deferred tax assets. During the year ended December 31, 2020, we recorded a deferred tax valuation allowance of $358.4 million. This amount includes tax expense of approximately $99.3 million related to our net change in the Tax Receivable Agreement liability or a net tax expense of $259.1 million related primarily to the remeasurement of deferred tax assets. The deferred tax valuation allowance is recorded in accordance with ASC 740, Income Taxes.
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Recomputed Income tax on special items - The income tax impact on special items was calculated using the tax rates shown in footnote 3 above.
|
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2 above. |
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three months and years ended December 31, 2021 and 2020, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 12,560,868 and 12,568,275 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, 2021, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 14,468,284 and 14,446,894 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, 2020, 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, gain on sale of hydrogen plants, the write down of inventory to the LCM, severance and one-time reconfiguration costs, changes in the liability for Tax Receivable Agreement due to factors out of our control such as changes in tax rates, debt extinguishment costs related to refinancing activities, 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 December 31, 2021, 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. | ||||
December 31, | December 31, | |||
2021 | 2020 | |||
(in millions) | ||||
Total debt | $ | 4,295.8 | $ | 4,661.0 |
Total equity | 2,532.8 | 2,202.3 | ||
Total capitalization | $ | 6,828.6 | $ | 6,863.3 |
Total debt | $ | 4,295.8 | $ | 4,661.0 |
Total equity excluding special items | 2,071.3 | 2,275.9 | ||
Total capitalization excluding special items | $ | 6,367.1 | $ | 6,936.9 |
Total equity | $ | 2,532.8 | $ | 2,202.3 |
Special Items (Note 4) | ||||
Add: Non-cash LCM inventory adjustments | - | 669.6 | ||
Add: Change in fair value of contingent consideration | (61.3) | (93.7) | ||
Add: Gain on sale of hydrogen plants | (471.1) | (471.1) | ||
Add: Gain on land sales | (87.8) | (85.0) | ||
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) loss on extinguishment of debt | (32.2) | 47.7 | ||
Add: Change in Tax Receivable Agreement liability | (615.6) | (663.9) | ||
Less: Recomputed income tax on special items | 231.8 | 57.9 | ||
Add: Net tax expense on remeasurement of deferred tax assets | 221.7 | 259.1 | ||
Add: Net tax expense on TCJA related special items | 20.2 | 20.2 | ||
Net impact of special items to equity | (461.5) | 73.6 | ||
Total equity excluding special items | $ | 2,071.3 | $ | 2,275.9 |
Total debt | $ | 4,295.8 | $ | 4,661.0 |
Less: Cash and cash equivalents | 1,341.5 | 1,609.5 | ||
Net debt | $ | 2,954.3 | $ | 3,051.5 |
Total debt to capitalization ratio | 63 | % | 68 | % |
Total debt to capitalization ratio, excluding special items | 67 | % | 67 | % |
Net debt to capitalization ratio | 54 | % | 58 | % |
Net debt to capitalization ratio, excluding special items | 59 | % | 57 | % |
(14) The Refining segment includes capital expenditures of $1,176.2 million for the acquisition of the Martinez refinery in the first quarter of 2020. |
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PBF Energy Inc. published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 13:02:02 UTC.