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03.08.2017 12:35
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PBF Energy Reports Second Quarter 2017 Results, Declares Dividend of $0.30 Per Share
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PR Newswire
PARSIPPANY, N.J., Aug. 3, 2017
PARSIPPANY, N.J., Aug. 3, 2017 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported second quarter 2017 loss from operations of $111.1 million as compared to income from operations of $234.8 million for the second quarter of 2016. Excluding special items, second quarter 2017 income from operations was $39.9 million as compared to income from operations of $77.0 million for the second quarter of 2016. Special items in the second quarter 2017 results include a net, non-cash, after-tax loss of $91.6 million, or $0.81 per share, lower-of-cost-or-market ("LCM") inventory adjustment which decreased operating income and an after-tax charge of $15.4 million, or $0.14 per share, as a result of debt extinguishment costs incurred from the retirement of PBF Holding Company LLC's 8.25% senior secured notes which were redeemed during the quarter.
The company reported a second quarter 2017 net loss of $104.2 million, and a net loss attributable to PBF Energy Inc. of $109.7 million or $1.01 per share. This compares to net income of $120.6 million, and net income attributable to PBF Energy Inc. of $103.5 million or $1.06 per share for the second quarter 2016. Adjusted fully-converted net loss for the second quarter 2017, excluding special items, was $6.9 million, or $0.06 per share on a fully-exchanged, fully-diluted basis, as described below, compared to an adjusted fully-converted net income of $13.9 million, or $0.14 per share, for the second quarter 2016. PBF Energy's financial results reflect the consolidation of PBF Logistics LP (NYSE: PBFX), a master limited partnership of which PBF indirectly owns the general partner and approximately 44.1% of the limited partner interests as of quarter-end.
Tom Nimbley, PBF Energy's Chairman and CEO, said, "Our main focus during the second quarter was to operate our assets safely and reliably and to complete the extensive turnarounds at our Torrance and Delaware City refineries. I am pleased to report that both turnarounds are complete and the refineries are operating well. When combined with the crude unit turnaround at Chalmette during the first quarter, we have successfully executed our major maintenance goals for 2017. Our second quarter results include the impact of this turnaround work and reflect the ongoing pressures of narrow crude differentials and headwinds from the flawed Renewable Fuels Standard." Mr. Nimbley continued, "Going into the second half of the year, we have five operating refineries, no significant turnaround activity and a refining environment supported by strong domestic and international demand. We are looking forward to the second half of 2017 and demonstrating the capabilities of our refining system."
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.30 per share of Class A common stock on August 31, 2017, to holders of record as of August 15, 2017.
Outlook
For the third quarter 2017, we expect East Coast total throughput to average 320,000 to 340,000 barrels per day; Mid-Continent total throughput is expected to average 150,000 to 160,000 barrels per day; Gulf Coast total throughput is expected to average 185,000 to 195,000 barrels per day and West Coast total throughput is expected to average 150,000 to 160,000 barrels per day.
For the full-year 2017, we expect East Coast total throughput to average 315,000 to 335,000 barrels per day; Mid-Continent total throughput is expected to average 140,000 to 150,000 barrels per day; Gulf Coast total throughput is expected to average 170,000 to 180,000 barrels per day and West Coast total throughput is expected to average 130,000 to 140,000 barrels per day.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA and projected EBITDA related to the refinery acquisitions. PBF believes that non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, August 3, 2017, at 8:30 a.m. ET. The webcast is available through PBF Energy's website, http://www.pbfenergy.com. The call can also be heard by dialing (888) 632-3384 or (785) 424-1675, conference ID: PBFQ217. The audio replay will be available two hours after the end of the call through August 17, 2017, by dialing (800) 839-2475 or (402) 220-7220.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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, customer and vendors; risk relating to the securities markets generally; 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 44.1% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).
| PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||||||
| EARNINGS RELEASE TABLES | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||||||||||||
| | | | | | | | | | | | ||||||||
| | | | | Three Months Ended | | Six Months Ended | ||||||||||||
| | | | | June 30, | | June 30, | ||||||||||||
| | | | | 2017 | | 2016 | | 2017 | | 2016 | ||||||||
| Revenues | $ | 5,017,225 | | | $ | 3,858,467 | | | $ | 9,771,698 | | | $ | 6,658,652 | | |||
| | | | | | | | | | | | ||||||||
| Costs and expenses: | | | | | | | | |||||||||||
| | Cost of products and other | 4,605,693 | | | 3,249,444 | | | 8,802,460 | | | 5,661,539 | | ||||||
| | Operating expenses (excluding depreciation of $62,683, $49,682, $121,852 and $103,918 for the periods presented, respectively) | 412,859 | | | 276,598 | | | 864,226 | | | 576,597 | | ||||||
| | General and administrative expenses | 41,090 | | | 43,373 | | | 84,920 | | | 80,955 | | ||||||
| | Loss on sale of assets | 29 | | | 3,222 | | | 912 | | | 3,222 | | ||||||
| | Depreciation and amortization expense | 68,703 | | | 51,060 | | | 129,635 | | | 106,993 | | ||||||
| | | | | 5,128,374 | | | 3,623,697 | | | 9,882,153 | | | 6,429,306 | | ||||
| | | | | | | | | | | | ||||||||
| Income (loss) from operations | (111,149) | | | 234,770 | | | (110,455) | | | 229,346 | | |||||||
| | | | | | | | | | | | ||||||||
| Other income (expenses): | | | | | | | | |||||||||||
| | Change in fair value of catalyst leases | 1,104 | | | (1,748) | | | (1,484) | | | (4,633) | | ||||||
| | Debt extinguishment costs | (25,451) | | | — | | | (25,451) | | | — | | ||||||
| | Interest expense, net | (40,698) | | | (35,940) | | | (77,881) | | | (73,467) | | ||||||
| Income (loss) before income taxes | (176,194) | | | 197,082 | | | (215,271) | | | 151,246 | | |||||||
| Income tax (benefit) expense | (72,043) | | | 76,434 | | | (91,090) | | | 53,934 | | |||||||
| Net income (loss) | (104,151) Werbung Mehr Nachrichten zur PBF Energy Aktie kostenlos abonnieren
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