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24.06.17
ROUNDUP/EZB greift durch: Insolvenz für zwei italienische Krisenbanken

PBF Logistics Increases Quarterly Cash Distribution to $0.45 per Unit and Announces Fourth Quarter Earnings Results

Donnerstag, 16.02.2017 12:30 von

PR Newswire

PARSIPPANY, N.J., Feb. 16, 2017 /PRNewswire/ -- PBF Logistics LP (NYSE: PBFX, the "Partnership") announced today fourth quarter 2016 net income attributable to the partnership of $24.7 million, or $0.57 per limited partner unit. During the fourth quarter, the Partnership generated earnings before interest, income taxes, depreciation, and amortization (EBITDA) of $36.4 million and distributable cash flow of $27.9 million. For the year-ended December 31, 2016, the Partnership reported net income of $81.0 million, or $2.01 per limited partner unit, and $121.9 million of EBITDA.

PBF Logistics Logo

As of December 31, 2016, the Partnership had liquidity of $231.4 million, including $64.2 million in cash and cash equivalents and $167.2 million of capacity under its existing revolving credit facility.

"The fourth quarter was another solid operational and financial quarter for PBFX that set the tone for a strong 2017. To that end, we are pleased to announce two organic growth projects which are expected to be complete by the fourth quarter of 2017. In light of our delivered growth and positive outlook, we are pleased that the board approved our ninth consecutive distribution increase to $0.45 per common unit, a 50% increase since our initial public offering," said PBF Logistics GP LLC Chief Executive Officer, Tom Nimbley.

The two organic growth projects include the construction of a 625,000 barrel tank at PBF Energy's Chalmette refinery and the development of a natural gas pipeline to supply PBF Energy's Paulsboro, New Jersey, refinery. PBF Logistics expects to invest approximately $82.1 million dollars to complete both projects, which represents a combined pro forma transaction multiple of 6.7x EBITDA. Importantly, both projects will be funded using existing liquidity and will be supported by long-term contracts with minimum volume commitments from PBF Energy.

PBF Logistics Announces Quarterly Distribution
The Board of Directors of PBF Logistics GP LLC, the Partnership's general partner, declared a regular quarterly cash distribution of $0.45 per unit. The distribution is payable on March 13, 2017, to unitholders of record at the close of business on February 27, 2017.

This release is intended to be a qualified notice to nominees under Treasury Regulations Section 1.1446-4(b). All of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.

Non-GAAP Financial Measures
PBF Logistics LP Reconciliation of Amounts under U.S. GAAP to Forecasted EBITDA (unaudited, in millions)

Reconciliation of two organic growth projects forecasted annual net income to forecasted EBITDA:

Forecasted net income


$

7.2






Add: Depreciation and amortization expense


4.1






Add: Interest expense, net and other financing costs


0.9






Forecasted EBITDA


$

12.2






 

The Partnership defines EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense. EBITDA is a non-GAAP supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or financing methods;
  • the ability of our assets to generate sufficient cash flow to make distributions to our unit holders;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

The Partnership's management believes that the presentation of EBITDA provides useful information to investors in assessing our financial condition and results of operations. EBITDA should not be considered an alternative to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect net income. Additionally, because EBITDA may be defined differently by other companies in our industry, our definition of EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. Due to the forward-looking nature of forecasted EBITDA, information to reconcile forecasted EBITDA to forecasted cash flow from operating activities is not available as management is unable to project working capital changes for future periods at this time.

Furthermore, this earnings release, and the discussion during the management conference call, may include references to non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures including, but not limited to, EBITDA, EBITDA attributable to PBFX and Distributable Cash Flow. PBFX's management believes that non-GAAP financial measures provide useful information about the Partnership's operating performance, financial results and the amount of cash generated by the Partnership's operations and the amount available for distribution to its unitholders. 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. PBFX'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 financial measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information
The Partnership's senior management will host a conference call and webcast regarding earnings results and other business matters on Thursday, February 16, 2017, at 11:00 a.m. ET. The call can also be heard by dialing (888) 632-3382 or (785) 424-1677, conference ID: PBFXQ416. The audio replay will be available two hours after the end of the call through March 6, 2017, by dialing (800) 283-4799 or (402) 220-0860. The call is being webcast and can be accessed at PBF Logistics' website, http://www.pbflogistics.com.

Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined under the federal securities laws) made by the Partnership and its management.  Such statements are based on current expectations, forecasts and projections, including, but not limited to, anticipated financial and operating results, plans, objectives, expectations and intentions that are not historical in nature.  Forward-looking statements should not be read as a guarantee of future performance or results, and may not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved.  Forward-looking statements are based on information available at the time, and are subject to various risks and uncertainties, including risks relating to the securities markets generally, the impact of adverse market conditions impacting PBFX's logistics and other assets and other risks inherent in PBFX's business including but not limited to ability to consummate pending acquisitions, the timing for the closing of any such acquisition and our plans for financing any acquisition; unforeseen liabilities associated with any pending acquisition; inability to successfully integrate acquired assets or other acquired businesses or operations; effects of existing and future laws and governmental regulations, including environmental, health and safety regulations; and various other factors. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see PBFX's filings with the Securities and Exchange Commission. Forward-looking statements reflect information, facts and circumstances only as of the date they are made.  PBFX assumes no responsibility or obligation to update forward-looking statements except as may be required by law.

PBF Logistics LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

Results of Operations (Unaudited)

Factors Affecting Comparability

The following tables present our results of operations, related operational information, and reconciliations of net income and net cash provided by operating activity to EBITDA and distributable cash flows (both as defined below) of PBFX for the three months and years ended December 31, 2016 and 2015. The financial information presented contains the financial results of PBFX, Delaware City Products Pipeline and Truck Rack (as defined below) prior to our acquisition on May 14, 2015 and Torrance Valley Pipeline (as defined below) prior to our acquisition on August 31, 2016.

On May 14, 2015, we acquired from PBF Energy Company LLC ("PBF LLC") a 23.4 mile, 16-inch interstate petroleum products pipeline with capacity in excess of 125,000 barrels per day ("bpd") (the "Delaware City Products Pipeline") and a 15-lane, 76,000 bpd capacity truck loading rack (the "Delaware City Truck Rack") located at PBF Holding's Delaware City, Delaware refinery. The Delaware City Products Pipeline and the Delaware City Truck Rack are collectively referred to as the "Delaware City Products Pipeline and Truck Rack." The Delaware City Products Pipeline is the only asset that recorded revenue for transactions with PBF Energy prior to our acquisition.

On August 31, 2016, our wholly-owned subsidiary, PBFX Operating Company LP ("PBFX Op Co"), acquired from PBF LLC a 50% equity interest in Torrance Valley Pipeline Company LLC ("TVPC"), with the other 50% equity interest continuing to be held by a subsidiary of PBF LLC, TVP Holding Company LLC ("TVP Holding") (the "TVPC Acquisition"). TVPC owns the 189-mile San Joaquin Valley Pipeline system with capacity of approximately 110,000 bpd (the "Torrance Valley Pipeline"), which supports PBF Holding's Torrance refinery. The Torrance Valley Pipeline consists of the M55, M1 and M70 pipeline systems, including 11 pipeline stations with storage capacity and truck unloading capability at two of the stations. We consolidate the financial results of TVPC, and record a noncontrolling interest for the 50% economic interest in TVPC held by TVP Holding.

The Delaware City Products Pipeline and Truck Rack and Torrance Valley Pipeline acquisitions were transfers between entities under common control. These transactions, along with other transactions with PBF LLC completed prior to 2015, are collectively referred to as "Acquisitions from PBF." The Torrance Valley Pipeline was acquired by PBF Energy on July 1, 2016 in connection with the acquisition of the Torrance refinery and related logistical assets and was not operated by PBF Energy prior to its acquisition. Accordingly, the financial information contained herein has been adjusted in the current year to include the historical results of the Torrance Valley Pipeline prior to the acquisition by PBFX from July 1, 2016 through August 31, 2016. We present the historical results of the Torrance Valley Pipeline prior to our acquisition in the following tables as "Torrance Valley Pipeline Company LLC."

On April 29, 2016, our wholly-owned subsidiary, PBF Logistics Products Terminals LLC ("PLPT"), purchased four refined product terminals (the "East Coast Terminals"), including a storage facility to service the East Coast Terminals, from an affiliate of Plains All American Pipeline, L.P. (the "Plains Asset Purchase") which has subsequently generated third party revenues. Prior to the Plains Asset Purchase, we did not record third-party revenue, except for third party revenue generated by the Delaware City Products Pipeline prior to August 2013. Additionally, our results may not be comparable to prior periods due to incremental revenue, operating and maintenance expense and general and administrative expense associated with the East Coast Terminals.

As a result of the factors above, the information included in the following tables is not necessarily comparable on a year-over-year basis.

Non-GAAP Financial Measures

We define EBITDA as net income (loss) before interest expense, income tax expense, depreciation and amortization expense. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense, income tax expense, depreciation  and amortization expense attributable to PBFX, which excludes the results of Acquisitions from PBF prior to the effective dates of such transactions. We define distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less net cash paid for interest, maintenance capital expenditures and income taxes. Distributable cash flow will not reflect changes in working capital balances. We use distributable cash flow to calculate a measure we refer to as our coverage ratio. Our coverage ratio is distributable cash flow divided by total distribution declared. EBITDA, EBITDA attributable to PBFX and distributable cash flow are not financial measures prescribed by U.S. generally accepted accounting principles ("GAAP").

While EBITDA, EBITDA attributable to PBFX and distributable cash flow are not financial measures prescribed by U.S. GAAP ("non-GAAP"), they are supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
  • the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of EBITDA and EBITDA attributable to PBFX provides useful information to investors in assessing our financial condition and results of operations. We believe that the presentation of distributable cash flow provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance, as it provides investors with an enhanced perspective of the operating performance of our assets and the cash our business is generating. However, EBITDA, EBITDA attributable to PBFX and distributable cash flow should not be considered alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP.

EBITDA, EBITDA attributable to PBFX and distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. EBITDA, EBITDA attributable to PBFX and distributable cash flow are reconciled to their most directly comparable financial measures calculated and presented in accordance with GAAP in the Earnings Release Tables included herein.

These non-GAAP financial measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other partnerships, because they may be defined differently by other partnerships in our industry, thereby limiting their utility.

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except unit and per unit data)





Three Months Ended
December 31,


Year Ended
December 31,

2016


2015


2016


2015









Revenue: (a)









Affiliate

$

57,092



$

37,306



$

175,448



$

142,102



Third-Party

4,602





11,887




Total revenue

61,694



37,306



187,335



142,102










Costs and expenses:









Operating and maintenance expenses (a)

17,607



7,090



44,162



25,255



General and administrative expenses (b)

3,069



4,091



16,962



13,889



Depreciation and amortization expense

5,234



1,663



14,156



6,582


Total costs and expenses

25,910



12,844



75,280



45,726










Income from operations

35,784



24,462



112,055



96,376










Other expense:









Interest expense, net

(7,457)



(6,765)



(28,755)



(19,939)



Amortization of loan fees

(417)



(424)



(1,678)



(1,315)


Net income

27,910



17,273



81,622



75,122



Less: Net (loss) income attributable to Predecessor

(886)





(5,017)



1,274



Less: Net income attributable to noncontrolling interest

4,058





5,679




Net income attributable to the Partnership

$

24,738



$

17,273



$

80,960



$

73,848










Net income per limited partner unit:









Common units - basic

$

0.57



$

0.50



$

2.01



$

2.18



Common units - diluted

0.57



0.50



2.01



2.18



Subordinated units - basic and diluted

0.57



0.50



2.01



2.18










Weighted-average limited partner units outstanding:









Common units - basic

25,843,839



18,466,598



22,288,118



17,956,152



Common units - diluted

25,993,145



18,466,855



22,338,784



17,956,152



Subordinated units - basic and diluted

15,886,553



15,886,553



15,886,553



15,886,553










See Footnotes to Earnings Release Tables

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except unit and per unit data)






Year Ended December 31, 2016



PBF Logistics LP


Torrance Valley Pipeline Company LLC*


Consolidated Results








Revenue:







Affiliate


$

175,448



$



$

175,448


Third-party


11,887





11,887


Total revenue


187,335





187,335









Costs and expenses:







Operating and maintenance expenses


41,317



2,845



44,162


General and administrative expenses


16,609



353



16,962


Depreciation and amortization


12,337



1,819



14,156


Total costs and expenses


70,263



5,017



75,280









Income (loss) from operations


117,072



(5,017)



112,055









Other expense:







Interest expense, net


(28,755)





(28,755)


Amortization of loan fees


(1,678)





(1,678)


Net income (loss)


86,639



(5,017)



81,622


Less: Net loss attributable to Predecessor




(5,017)



(5,017)


Less: Net income attributable to noncontrolling interest


5,679





5,679


Net income attributable to the Partnership


$

80,960



$



$

80,960









See Footnotes to Earnings Release Tables




*     

Reflects the results of Torrance Valley Pipeline Company LLC prior to our acquisition for the period from July 1, 2016 (i.e., the date on which PBF Energy acquired the Torrance Valley Pipeline) through August 31, 2016.

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except unit and per unit data)






Year Ended December 31, 2015



PBF Logistics LP


Delaware City
Products Pipeline
and Truck Rack*


Consolidated Results








Revenue:







Affiliate


$

138,719



$

3,383



$

142,102


Third-party







Total revenue


138,719



3,383



142,102









Costs and expenses:







Operating and maintenance expenses


23,890



1,365



25,255


General and administrative expenses


13,408



481



13,889


Depreciation and amortization


6,306



276



6,582


Total costs and expenses


43,604



2,122



45,726









Income (loss) from operations


95,115



1,261



96,376









Other income (expense):







Interest expense, net


(19,952)



13



(19,939)


Amortization of loan fees


(1,315)





(1,315)


Net income (loss)


73,848



1,274



75,122


Less: Net income attributable to Predecessor




1,274



1,274


Net income attributable to the Partnership


$

73,848



$



$

73,848









See Footnotes to Earnings Release Tables





*     

Reflects the results of Delaware City Products Pipeline and Truck Rack prior to our acquisition on May 14, 2015.

 

 


 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

KEY OPERATING AND FINANCIAL INFORMATION

(Unaudited, amounts in thousands except as indicated)













Three Months Ended
December 31,


Year Ended
December 31,



2016


2015


2016


2015










Transportation and Terminaling Segment










Terminals










Total throughput (bpd) (i)(d)



167,028



95,561



164,210



106,091


Lease tank capacity (average lease capacity barrels per month)



1,979,133



N/A



2,023,304



N/A


Pipelines










Total throughput (bpd) (i)(d)



153,033



48,079



149,831



46,065


Lease tank capacity (average lease capacity barrels per month)



1,427,922



N/A



1,439,846



N/A












Storage Segment










Storage capacity reserved (average shell capacity barrels per month)



3,656,833



3,522,193



3,635,236



3,558,745










Cash Flow Information:








Net cash provided by (used in):








   Operating activities

$

30,999



$

15,157



$

99,618



$

78,546


   Investing activities

8,314



(864)



79,564



(1,349)


   Financing activities

(19,363)



(13,851)



(133,639)



(72,684)


      Net change in cash



$

19,950



$

442



$

45,543



$

4,513










Other Financial Information:









EBITDA attributable to PBFX (c)

$

36,436



$

26,125



$

121,911



$

101,421



Distributable cash flow (c)

$

27,949



$

20,347



$

94,507



$

83,922



Quarterly distribution declared per unit (e)

$

0.45



$

0.41



$

1.74



$

1.52



Distribution: (e)











Common units - public

$

10,726



$

6,694



$

37,755



$

24,843




Common units - PBF LLC

1,158



1,055



4,477



3,911




Subordinated units - PBF LLC

7,149



6,514



27,642



24,148




IDR holder - PBF LLC

1,266



583



4,031



1,118





Total distribution

$

20,299



$

14,846



$

73,905



$

54,020





Coverage ratio (c)



1.38x



1.37x



1.28x



1.55x



Capital expenditures (f)

$

11,653



$

864



$

114,680



$

2,046












See Footnotes to Earnings Release Tables

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

KEY OPERATING AND FINANCIAL INFORMATION

(Unaudited, amounts in thousands)
















December 31,


 December 31,

Balance Sheet Information:


2016


2015







Cash, cash equivalents and marketable securities (g)

$

104,245



$

252,936



Property, plant and equipment, net

600,071



145,548



Total assets

748,130



422,902



Total debt (g)

571,675



599,635



Total liabilities

601,790



608,577



Partners' equity

(33,542)



(185,675)



Noncontrolling interest (h)

179,882





Total liabilities and equity

748,130



422,902










See Footnotes to Earnings Release Tables

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

TO EBITDA AND DISTRIBUTABLE CASH FLOW

(Unaudited, in thousands)






















Three months ended
December 31,


Year ended
December 31,








2016


2015


2016


2015















Reconciliation of net income to EBITDA
and distributable cash flow (c):









 Net income

$

27,910



$

17,273



$

81,622



$

75,122




Interest expense, net

7,457



6,765



28,755



19,939




Amortization of loan fees

417



424



1,678



1,315




Depreciation and amortization

5,234



1,663



14,156



6,582



 EBITDA

41,018



26,125



126,211



102,958




Less: Predecessor EBITDA

(849)





(3,198)



1,537




Less: Noncontrolling interest EBITDA (h)

5,431





7,498





 EBITDA attributable to PBFX

36,436



26,125



121,911



101,421




Non-cash unit-based compensation expense

687



1,851



4,360



4,279




Cash interest

(7,546)



(6,765)



(28,844)



(19,952)




Maintenance capital expenditures

(1,628)



(864)



(2,920)



(1,826)





 Distributable cash flow

$

27,949



$

20,347



$

94,507



$

83,922
















Reconciliation of net cash provided by operating activities to EBITDA and distributable cash flow (c):









 Net cash provided by operating activities

$

30,999



$

15,157



$

99,618



$

78,546




Change in current assets and liabilities

3,249



6,054



2,198



8,752




Interest expense, net

7,457



6,765



28,755



19,939




Non-cash unit-based compensation expense

(687)



(1,851)



(4,360)



(4,279)



 EBITDA

41,018



26,125



126,211



102,958




Less: Predecessor EBITDA

(849)





(3,198)



1,537




Less: Noncontrolling interest EBITDA (h)

5,431





7,498





 EBITDA attributable to PBFX

36,436



26,125



121,911



101,421




Non-cash unit-based compensation expense

687



1,851



4,360



4,279




Cash interest

(7,546)



(6,765)



(28,844)



(19,952)




Maintenance capital expenditures

(1,628)



(864)



(2,920)



(1,826)





 Distributable cash flow

$

27,949



$

20,347



$

94,507



$

83,922
















See Footnotes to Earnings Release Tables

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

SEGMENT FINANCIAL INFORMATION

(Unaudited, in thousands)












Three months ended December 31, 2016



Transportation
and Terminaling


Storage


Corporate


Consolidated Total

Revenues (a)


$

56,209



$

5,485



$



$

61,694


Depreciation and amortization expense


4,636



598





5,234


Income (loss) from operations


35,908



2,945



(3,069)



35,784


Interest expense, net and amortization of loan fees






7,874



7,874


Capital expenditures


10,186



1,467





11,653













Three months ended December 31, 2015



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Revenues (a)


$

32,023



$

5,283



$



$

37,306


Depreciation and amortization expense


979



684





1,663


Income (loss) from operations


26,592



1,961



(4,091)



24,462


Interest expense, net and amortization of loan fees






7,189



7,189


Capital expenditures


21



843





864













Year ended December 31, 2016



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Revenues (a)


$

165,524



$

21,811



$



$

187,335


Depreciation and amortization expense


11,728



2,428





14,156


Income (loss) from operations


118,322



10,695



(16,962)



112,055


Interest expense, net and amortization of loan fees






30,433



30,433


Capital expenditures (f)


111,921



2,759





114,680

















Year ended December 31, 2015



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Revenues (a)


$

120,750



$

21,352



$



$

142,102


Depreciation and amortization expense


3,943



2,639





6,582


Income (loss) from operations


99,730



10,535



(13,889)



96,376


Interest expense, net and amortization of loan fees






21,254



21,254


 Capital expenditures


246



1,800





2,046

















Balance at December 31, 2016



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Total assets


$

598,167



$

57,375



$

92,588



$

748,130





















Balance at December 31, 2015



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Total assets


$

112,826



$

56,846



$

253,230



$

422,902











See Footnotes to Earnings Release Tables

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

FOOTNOTES TO EARNINGS RELEASE TABLES

(Unaudited)













(a)


See discussion of the factors affecting comparability noted on page 4. Our results of operations may not be comparable to the historical results of operations for the reasons described below:                                                                                              .
 
Revenues - Delaware City Products Pipeline was the only asset that recorded revenue for transactions with PBF Energy prior to our acquisitions of the Delaware City Products Pipeline and Truck Rack from PBF LLC, as discussed under "Factors Affecting Comparability." Commercial agreements with PBF Energy for the Delaware Products Pipeline and Truck Rack commenced subsequent to our acquisition on May 14, 2015.                                                                                . 
 
On April 29, 2016, our wholly-owned subsidiary, PLPT, purchased the East Coast Terminals, which has subsequently generated third party revenues. Prior to the Plains Asset Purchase, we did not record third-party revenue, except for third party revenue generated by Delaware City Products Pipeline prior to August 2013. Additionally, our results may not be comparable due to incremental revenue associated with the East Coast Terminals subsequent to the close of the acquisition. 
 
The Torrance Valley Pipeline was acquired by PBF Energy on July 1, 2016 in connection with the acquisition of the Torrance refinery and related logistical assets and was not operated by PBF Energy prior to its acquisition. Accordingly, the financial information contained herein has been adjusted in the current year to include the historical results of the Torrance Valley Pipeline prior to our acquisition from July 1, 2016 through August 31, 2016. Commercial agreements with PBF Energy for the Torrance Valley Pipeline commenced subsequent to our acquisition on August 31, 2016. As a result, our revenues are not comparative to prior periods.                                                                                                                        . 
 
Operating and maintenance expenses - As a result of the Plains Asset Purchase and the TVPC Acquisition, our operating expenses are not comparative to prior periods due to expenses associated with these acquisitions.













(b)


General and administrative expenses include transaction costs related to the Acquisitions from PBF of $0.1 million and $0.3 million in the three months ended December 31, 2016 and 2015, respectively, and $4.0 million and $0.8 million in the years ended December 31, 2016 and 2015, respectively.













(c)


See "Non-GAAP Financial Measures" on page 5 for a definition of EBITDA, EBITDA attributable to PBFX, distributable cash flow and coverage ratio.













(d)


Operating information pertains to assets which are included in the Transportation and Terminaling segment. Throughput information reflects activity subsequent to execution of the commercial agreements in connection with the acquisition of the Torrance Valley Pipeline and the Delaware City Products Pipeline and Truck Rack from PBF and activity subsequent to the Plains Asset Purchase.




(e)


On February 16, 2017, we declared a quarterly cash distribution of $0.45 per limited partner unit for the fourth quarter of 2016.




(f)


Capital expenditures include the Plains Asset Purchase of $98.4 million for the year ended December 31, 2016.













(g)


Management also utilizes net debt as a metric in assessing our leverage. Net debt is a non-GAAP measure calculated by subtracting cash and cash equivalents and marketable securities from total debt. We believe this measurement is also useful to investors since our marketable securities fully collateralize our Term Loan and 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. This non-GAAP financial measure should not be considered in isolation or as a substitute for analysis of our debt levels as reported under GAAP. Our definition of net debt may not be comparable to similarly titled measures of other partnerships, because it may be defined differently by other partnerships in our industry, thereby limiting its utility. Our net debt as of December 31, 2016 and December 31, 2015 was $467.4 million and $346.7 million, respectively.













(h)


Our subsidiary, PBFX Op Co, holds a 50% controlling interest in TVPC, with the other 50% interest in TVPC owned by TVP Holding, an indirect subsidiary of PBF Holding. PBFX Op Co is also the sole managing member of TVPC. We, through our ownership of PBFX Op Co, consolidate the financial results of TVPC, and record a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding.













(i)


Calculated as the sum of the average throughput per day for each Terminal and Pipeline asset for the periods presented.

 

 

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SOURCE PBF Logistics LP