Top-News
PBF Energy Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.275 per Share
- Fourth quarter loss from operations of $383.2 million (excluding special items, fourth quarter loss from operations of $427.9 million)
- Full year loss from operations of $699.0 million (excluding special items, full year loss from operations of $588.0 million)
- Declares quarterly dividend of $0.275 per share
- Returned more than $60 million to stockholders through dividends and share buybacks in the fourth quarter and approximately $450 million in the year
PARSIPPANY, N.J., Feb. 13, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported fourth quarter 2024 loss from operations of $383.2 million as compared to loss from operations of $47.2 million for the fourth quarter of 2023. Excluding special items, fourth quarter 2024 loss from operations was $427.9 million as compared to loss from operations of $46.1 million for the fourth quarter of 2023.
The Company reported fourth quarter 2024 net loss of $292.6 million and net loss attributable to PBF Energy Inc. of $289.3 million or $(2.54) per share. This compares to net loss of $48.4 million, and net loss attributable to PBF Energy Inc. of $48.4 million or $(0.40) per share for the fourth quarter of 2023. Special items in the fourth quarter 2024 results, which decreased our loss by a net, after-tax benefit of $33.0 million, or $0.28 per share, primarily consisted of a lower-of-cost-or-market ("LCM") inventory adjustment and our share of the St. Bernard Renewables LLC ("SBR") LCM inventory adjustment, partially offset by a LIFO decrement. Adjusted fully-converted net loss for the fourth quarter 2024, excluding special items, was $324.5 million, or $(2.82) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $49.4 million or $(0.41) per share, for the fourth quarter 2023.
PBF's President and Chief Executive Officer Matthew Lucey said, "Throughout 2024, we invested significantly in our refineries and our dedicated employees ensured our assets remained available to supply the markets with our essential products. We entered the year in strong financial condition, and the strength of our balance sheet provided the support to navigate challenging market conditions."
Mr. Lucey stated, "On February 1, 2025, there was a fire at the Martinez refinery as workers were preparing for planned maintenance. We are grateful to the first responders, internal and external, that successfully brought the event under control. We are committed to safe, responsible and reliable operations and earning the trust of the communities in which we operate." Mr. Lucey continued, "By concentrating on safety, reliability and equipment availability, we will put our refineries in position to more effectively capture anticipated market opportunities." Mr. Lucey concluded, "Global refining markets remain structurally tight, and capacity rationalization and demand growth are expected to exceed new refinery additions. In this environment, PBF's complex, predominantly coastal refining system, is well-positioned for the next cycle."
Loss from operations was $699.0 million for the year ended December 31, 2024 as compared to income from operations of $2,951.5 million for the year ended December 31, 2023. Excluding special items, loss from operations was $588.0 million for the year ended December 31, 2024 as compared to income from operations of $2,017.6 million for the year ended December 31, 2023. Adjusted fully-converted net loss for the year ended December 31, 2024, excluding special items, was $456.1 million, or $(3.89) per share on a fully-exchanged, fully-diluted basis, as compared to an adjusted fully-converted net income, excluding special items, of $1,477.3 million, or $11.32 per share, for the year ended December 31, 2023.
PBF Energy Inc. Declares Dividend
The Company announced today that it will pay a quarterly dividend of $0.275 per share of Class A Common Stock on March 14, 2025, to shareholders of record at the close of business on February 27, 2025.
Renewable Diesel
SBR averaged approximately 17,000 barrels per day of renewable diesel production in the fourth quarter. Renewable diesel production for the first quarter is expected to average approximately 10,000 to 12,000 barrels per day while the facility undergoes a catalyst change.
Strategic Update and Outlook
PBF ended 2024 on solid operational footing following the extensive maintenance and turnaround work completed at our refineries. However, on February 1, 2025, a fire occurred at our Martinez refinery during preliminary turnaround activities, which resulted in the temporary shutdown of refinery operations. We are assessing the extent of the property damage, recoveries from insurance coverage, and the overall operational and financial impact of the event. At this time, the cost of repairs, and the length of the shutdown arising from the incident cannot be reasonably estimated. As such, our forward-looking guidance excludes Martinez operations beyond January 31, 2025. Additionally, the scope and timing of our planned turnaround at Martinez may be impacted.
At year-end, we had approximately $536 million of cash and approximately $921 million of net debt. We paid approximately $119 million in dividends in 2024 and continued to execute on our share repurchase program, finishing the year with over $1 billion in total program-to-date share repurchases, including approximately $330 million repurchased in 2024. We believe these measures have generated significant value for our investors in the near-term and, more importantly, demonstrate our commitment to fiscal discipline and long-term value creation.
In 2025, PBF is committed to conducting extensive maintenance and multiple turnarounds across our refining system. In addition to the planned turnaround at our Martinez refinery that is delayed due to the fire, our current turnaround schedule for the first half of 2025 is as follows, subject to change:
- East Coast - Delaware City Hydrocracker
- Gulf Coast - FCC HDT, Catalyst Change
Timing and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. First quarter throughput expectations are included in the table below.
| Expected throughput ranges (barrels per day) | ||
| | First Quarter 2025 | |
| | Low | High |
| East Coast | 250,000 | 270,000 |
| Mid-continent | 135,000 | 145,000 |
| Gulf Coast | 155,000 | 165,000 |
| West Coast | 200,000 | 210,000 |
| | ||
Guidance constitutes forward-looking information and is based on current PBF Energy operating plans, Company assumptions and configuration. The throughput table above excludes Martinez operations beyond January 31, 2025, for the West Coast. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as Company strategic decision-making and overall Company performance.
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, 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, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. 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, February 13, 2025, 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 (800) 579-2543 or (785) 424-1789. 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 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 include, the Company's expectations with respect to its plans, objectives, expectations, and intentions with respect to future earnings and operations, including those of our 50-50 equity method investment in SBR. 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, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations and other events that could 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 is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.
Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8981
| 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, | ||||
| | | | | | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues | | $ 7,351.3 | | $ 9,138.7 | | $ 33,115.3 | | $ 38,324.8 | |||
| | | | | | | | | | | | |
| Cost and expenses: | | | | | | | | | |||
| | Cost of products and other | | 6,844.1 | | 8,247.7 | | 30,266.7 | | 32,671.3 | ||
| | Operating expenses (excluding depreciation and amortization expense as reflected below) | | 655.8 | | 671.2 | | 2,606.2 | | 2,694.9 | ||
| | Depreciation and amortization expense | | 159.9 | | 135.8 | | 614.6 | | 560.0 | ||
| | Cost of sales | | | 7,659.8 | | 9,054.7 | | 33,487.5 | | 35,926.2 | |
| | General and administrative expenses (excluding depreciation and amortization expense as reflected below) | | 66.8 | | 105.4 | | 260.4 | | 362.5 | ||
| | Depreciation and amortization expense | | 3.4 | | 3.5 | | 13.2 | | 11.5 | ||
| | Change in fair value of contingent consideration, net | | — | | (78.2) | | (3.3) | | (45.8) | ||
| | Equity loss in investee | | 4.8 | | 59.9 | | 47.4 | | 45.3 | ||
| | Loss (gain) on formation of SBR equity method investment | | — | | 40.6 | | 8.7 | | (925.1) | ||
| | (Gain) loss on sale of assets | | (0.3) | | — | | 0.4 | | (1.3) | ||
| Total cost and expenses | | 7,734.5 | | 9,185.9 | | 33,814.3 | | 35,373.3 | |||
| Income (loss) from operations | | (383.2) | | (47.2) | | (699.0) | | 2,951.5 | |||
| Other income (expense): | | | | | | | | | |||
| | Interest expense (net of interest income of $7.7, $21.9, $51.2, and $75.0, respectively) | | (22.8) | | (8.6) | | (72.0) | | (63.8) | ||
| | Change in Tax Receivable Agreement liability | | — | | 2.0 | | — | | 2.0 | ||
| | Change in fair value of catalyst obligations | | — | | — | | — | | 1.1 | ||
| | Loss on extinguishment of debt | | — | | — | | — | | (5.7) | ||
| | Other non-service components of net periodic benefit cost | | 0.7 | | 0.2 | | 2.4 | | 0.7 | ||
| Income (loss) before income taxes | | (405.3) | | (53.6) | | (768.6) | | 2,885.8 | |||
| Income tax (benefit) expense | | (112.7) | | (5.2) | | (228.4) | | 723.8 | |||
| Net income (loss) | | (292.6) | | (48.4) | | (540.2) | | 2,162.0 | |||
| | Less: net income (loss) attributable to noncontrolling interests | | (3.3) | | — | | (6.4) | | 21.5 | ||
| Net income (loss) attributable to PBF Energy Inc. stockholders | | $ (289.3) | | $ (48.4) | | $ (533.8) | | $ 2,140.5 | |||
| | | | | | | | | | | | |
| Net income (loss) available to Class A common stock per share: | | | | | | | | | |||
| | | Basic | | $ (2.54) | | $ (0.40) | | $ (4.59) | | $ 17.13 | |
| | | Diluted | | $ (2.54) | | $ (0.40) | | $ (4.60) | | $ 16.52 | |
| | | Weighted-average shares outstanding-basic | | 114,087,570 | | 120,999,329 | | 116,248,827 | | 124,953,858 | |
| | | Weighted-average shares outstanding-diluted | | 114,950,350 | | 121,866,353 | | 117,111,607 | | 130,509,448 | |
| | | | | | | | | | | | |
| Dividends per common share | | $ 0.275 | | $ 0.25 | | $ 1.025 | | $ 0.85 | |||
| | | | | | | | | | | | |
| 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) | | $ (291.5) | | $ (48.7) | | $ (538.3) | | $ 2,155.7 | |
| | | Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share | | $ (2.54) | | $ (0.40) | | $ (4.60) | | $ 16.52 | |
| | | Adjusted fully-converted shares outstanding - diluted (Note 6) | | 114,950,350 | | 121,866,353 | | 117,111,607 | | 130,509,448 | |
| | | | | | | | | | | | |
| See Footnotes to Earnings Release Tables | |||||||||||
| PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||
| RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (Note 7) | ||||||||||||||
| (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, | |||||||||||
| | 2024 | | 2023 | | 2024 | | 2023 | |||||||
| Net income (loss) attributable to PBF Energy Inc. stockholders | | $ (289.3) | | $ (48.4) | | $ (533.8) | | $ 2,140.5 | ||||||
| | | Less: Income allocated to participating securities | | 0.1 | | — | | 0.1 | | — | ||||
| Income (loss) available to PBF Energy Inc. stockholders - basic | | (289.4) | | (48.4) | | (533.9) | | 2,140.5 | ||||||
| | | Add: Net income (loss) attributable to noncontrolling interest (Note 2) | | (3.0) | | (0.5) | | (6.0) | | 20.5 | ||||
| | | Less: Income tax benefit (expense) (Note 3) | | 0.9 | | 0.2 | | 1.6 | | (5.3) | ||||
| Adjusted fully-converted net income (loss) | | $ (291.5) | | $ (48.7) | | $ (538.3) | | $ 2,155.7 | ||||||
| | Special Items (Note 4): | | | | | | | | | |||||
| | | Add: LCM inventory adjustment | | (154.5) | | — | | — | | — | ||||
| | | Add: LCM inventory adjustment - SBR | | (14.7) | | 38.7 | | (18.9) | | 38.7 | ||||
| | | Add: LIFO inventory decrement | | 124.5 | | — | | 124.5 | | — | ||||
| | | Add: Change in fair value of contingent consideration, net | | — | | (78.2) | | (3.3) | | (45.8) | ||||
| | | Add: Loss (gain) on formation of SBR equity method investment | | — | | 40.6 | | 8.7 | | (925.1) | ||||
| | | Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement | | — | | — | | — | | 19.2 | ||||
| | | Add: Gain on land sales | | — | | — | | — | | (1.7) | ||||
| | | Add: Change in Tax Receivable Agreement liability | | — | | (2.0) | | — | | (2.0) | ||||
| | | Less: Recomputed income tax on special items (Note 3) | | 11.7 | | 0.2 | | (28.8) | | 238.3 | ||||
| Adjusted fully-converted net income (loss) excluding special items | | $ (324.5) | | $ (49.4) | | $ (456.1) | | $ 1,477.3 | ||||||
| | | | | | | | | | | | | | | |
| Weighted-average shares outstanding of PBF Energy Inc. | | 114,087,570 | | 120,999,329 | | 116,248,827 | | 124,953,858 | ||||||
| Conversion of PBF LLC Series A Units (Note 5) | | 862,780 | | 867,024 | | 862,780 | | 899,519 | ||||||
| Common stock equivalents (Note 6) | | — | | — | | — | | 4,656,071 | ||||||
| Fully-converted shares outstanding - diluted | | 114,950,350 | | 121,866,353 | | 117,111,607 | | 130,509,448 | ||||||
| | | | | | | | | | | | | | | |
| Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) | | $ (2.54) | | $ (0.40) | | $ (4.60) | | $ 16.52 | ||||||
| | ||||||||||||||
| Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) | | $ (2.82) | | $ (0.41) | | $ (3.89) | | $ 11.32 | ||||||
| | ||||||||||||||
| | | | | | | | | | | | ||||
| RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS | | Three Months Ended | | Year Ended | ||||||||||
| | December 31, | | December 31, | |||||||||||
| | 2024 | | 2023 | | 2024 | | 2023 | |||||||
| Income (loss) from operations | | $ (383.2) | | $ (47.2) | | $ (699.0) | | $ 2,951.5 | ||||||
| | Special Items (Note 4): | | | | | | | | | |||||
| | | Add: LCM inventory adjustment | | (154.5) | | — | | — | | — | ||||
| | | Add: LCM inventory adjustment - SBR | | (14.7) | | 38.7 | | (18.9) | | 38.7 | ||||
| | | Add: LIFO inventory decrement | | 124.5 | | — | | 124.5 | | — | ||||
| | | Add: Change in fair value of contingent consideration, net | | — | | (78.2) | | (3.3) | | (45.8) | ||||
| | | Add: Loss (gain) on formation of SBR equity method investment | | — | | 40.6 | | 8.7 | | (925.1) | ||||
| | | Add: Gain on land sales | | — | | — | | — | | (1.7) | ||||
| Income (loss) from operations excluding special items | | $ (427.9) | | $ (46.1) | | $ (588.0) | | $ 2,017.6 | ||||||
| | ||||||||||||||
| 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 | | 2024 | | 2023 | | 2024 | | 2023 | ||||||
| Net income (loss) | | $ (292.6) | | $ (48.4) | | $ (540.2) | | $ 2,162.0 | ||||||
| | Add: Depreciation and amortization expense | | 163.3 | | 139.3 | | 627.8 | | 571.5 | |||||
| | Add: Interest expense, net | | 22.8 | | 8.6 | | 72.0 | | 63.8 | |||||
| | Add: Income tax (benefit) expense | | (112.7) | | (5.2) | | (228.4) | | 723.8 | |||||
| EBITDA | | | $ (219.2) | | $ 94.3 | | $ (68.8) | | $ 3,521.1 | |||||
| Special Items (Note 4): | | | | | | | | | ||||||
| | Add: LCM inventory adjustment | | (154.5) | | — | | — | | — | |||||
| | Add: LCM inventory adjustment - SBR | | (14.7) | | 38.7 | | (18.9) | | 38.7 | |||||
| | Add: LIFO inventory decrement | | 124.5 | | — | | 124.5 | | — | |||||
| | Add: Change in fair value of contingent consideration, net | | — | | (78.2) | | (3.3) | | (45.8) | |||||
| | Add: Loss (gain) on formation of SBR equity method investment | | — | | 40.6 | | 8.7 | | (925.1) | |||||
| | Add: Loss on extinguishment of debt | | — | | — | | — | | 5.7 | |||||
| | Add: Gain on land sales | | — | | — | | — | | (1.7) | |||||
| | Add: Change in Tax Receivable Agreement liability | | — | | (2.0) | | — | | (2.0) | |||||
| EBITDA excluding special items | | $ (263.9) | | $ 93.4 | | $ 42.2 | | $ 2,590.9 | ||||||
| | | | | | | | | | | | | | | |
| | | | | | | | | Three Months Ended | | Year Ended | ||||
| | | | | | | | | December 31, | | December 31, | ||||
| RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | | 2024 | | 2023 | | 2024 | | 2023 | ||||||
| EBITDA | | $ (219.2) | | $ 94.3 | | $ (68.8) | | $ 3,521.1 | ||||||
| | Add: Stock-based compensation | | 14.2 | | 23.8 | | 44.3 | | 51.5 | |||||
| | Add: Change in fair value of catalyst obligations | | — | | — | | — | | (1.1) | |||||
| Special Items (Note 4): | | | | | | | | | ||||||
| | Add: LCM inventory adjustment | | (154.5) | | — | | — | | — | |||||
| | Add: LCM inventory adjustment - SBR | | (14.7) | | 38.7 | | (18.9) | | 38.7 | |||||
| | Add: LIFO inventory decrement | | 124.5 | | — | | 124.5 | | — | |||||
| | Add: Change in fair value of contingent consideration, net | | — | | (78.2) | | (3.3) | | (45.8) | |||||
| | Add: Loss (gain) on formation of SBR equity method investment | | — | | 40.6 | | 8.7 | | (925.1) | |||||
| | Add: Loss on extinguishment of debt | | — | | — | | — | | 5.7 | |||||
| | Add: Gain on land sales | | — | | — | | — | | (1.7) | |||||
| | Add: Change in Tax Receivable Agreement liability | | — | | (2.0) | | — | | (2.0) | |||||
| Adjusted EBITDA | | | $ (249.7) | | $ 117.2 | | $ 86.5 | | $ 2,641.3 | |||||
| | ||||||||||||||
| 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, |
| | | | | | 2024 | | 2023 |
| Balance Sheet Data: | | | | | |||
| | Cash and cash equivalents | $ 536.1 | | $ 1,783.5 | |||
| | Inventories | 2,595.3 | | 3,183.1 | |||
| | Total assets | 12,703.2 | | 14,387.8 | |||
| | Total debt | 1,457.3 | | 1,245.9 | |||
| | Total equity | 5,678.6 | | 6,631.3 | |||
| | Total equity excluding special items (Note 4, 13) | 4,686.8 | | 5,557.4 | |||
| | | | | | | | |
| | Total debt to capitalization ratio (Note 13) | 20 % | | 16 % | |||
| | Total debt to capitalization ratio, excluding special items (Note 13) | 24 % | | 18 % | |||
| | Net debt to capitalization ratio* (Note 13) | 14 % | | (9) % | |||
| | Net debt to capitalization ratio, excluding special items* (Note 13) | 16 % | | (11) % | |||
| | * Negative ratio exists at December 31, 2023, as cash was in excess of debt. | ||||||
| | | | | | | | |
| SUMMARIZED STATEMENT OF CASH FLOW DATA | |||||||
| (Unaudited, in millions) | |||||||
| | | | | | | | |
| | | | | | Year Ended December 31, | ||
| | | | | | 2024 | | 2023 |
| Cash flows provided by operations | $ 43.4 | | $ 1,338.5 | ||||
| Cash flows used in investing activities | (1,041.5) | | (338.6) | ||||
| Cash flows used in financing activities | (249.3) | | (1,420.0) | ||||
| Net change in cash and cash equivalents | (1,247.4) | | (420.1) | ||||
| Cash and cash equivalents, beginning of period | 1,783.5 | | 2,203.6 | ||||
| Cash and cash equivalents, end of period | $ 536.1 | | $ 1,783.5 | ||||
| | | | | ||||
| 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, 2024 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 7,342.1 | | $ 97.6 | | $ — | | $ (88.4) | | $ 7,351.3 |
| Cost of products and other | 6,923.6 | | 4.5 | | — | | (84.0) | | 6,844.1 |
| Operating expenses | 629.8 | | 30.4 | | — | | (4.4) | | 655.8 |
| Depreciation and amortization expense | 150.8 | | 9.1 | | 3.4 | | — | | 163.3 |
| Other segment expenses, net (1) (2) | — | | 1.9 | | 69.4 | | — | | 71.3 |
| Income (loss) from operations (2) | (362.0) | | 51.7 | | (72.9) | | — | | (383.2) |
| Interest (income) expense, net | (4.1) | | (0.4) | | 27.3 | | — | | 22.8 |
| Capital expenditures (3) | 230.5 | | 3.9 | | 3.0 | | — | | 237.4 |
| | | | | | | | | | |
| | Three Months Ended December 31, 2023 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 9,129.3 | | $ 96.8 | | $ — | | $ (87.4) | | $ 9,138.7 |
| Cost of products and other | 8,330.7 | | — | | — | | (83.0) | | 8,247.7 |
| Operating expenses | 645.1 | | 30.5 | | — | | (4.4) | | 671.2 |
| Depreciation and amortization expense | 126.8 | | 9.0 | | 3.5 | | — | | 139.3 |
| Other segment expenses, net (1) (2) | — | | 2.5 | | 125.2 | | — | | 127.7 |
| Income (loss) from operations (2) | 26.6 | | 54.9 | | (128.7) | | — | | (47.2) |
| Interest (income) expense, net | (3.9) | | (0.6) | | 13.1 | | — | | 8.6 |
| Capital expenditures (3) | 227.9 | | 3.4 | | 2.0 | | — | | 233.3 |
| | | | | | | | | | |
| | Year Ended December 31, 2024 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 33,077.9 | | $ 386.8 | | $ — | | $ (349.4) | | $ 33,115.3 |
| Cost of products and other | 30,590.4 | | 8.3 | | — | | (332.0) | | 30,266.7 |
| Operating expenses | 2,487.8 | | 135.8 | | — | | (17.4) | | 2,606.2 |
| Depreciation and amortization expense | 578.4 | | 36.2 | | 13.2 | | — | | 627.8 |
| Other segment expenses, net (1) (2) | 0.9 | | 7.3 | | 305.4 | | — | | 313.6 |
| Income (loss) from operations (2) | (579.5) | | 199.1 | | (318.6) | | — | | (699.0) |
| Interest (income) expense, net | (14.1) | | (1.9) | | 88.0 | | — | | 72.0 |
| Capital expenditures (3) | 994.8 | | 6.5 | | 7.0 | | — | | 1,008.3 |
| | | | | | | | | | |
| | Year Ended December 31, 2023 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 38,288.5 | | $ 384.1 | | $ — | | $ (347.8) | | $ 38,324.8 |
| Cost of products and other | 33,000.8 | | — | | — | | (329.5) | | 32,671.3 |
| Operating expenses | 2,581.3 | | 131.9 | | — | | (18.3) | | 2,694.9 |
| Depreciation and amortization expense | 523.9 | | 36.1 | | 11.5 | | — | | 571.5 |
| Other segment (income) expenses, net (1) (2) | (1.1) | | 10.0 | | (573.3) | | — | | (564.4) |
| Income from operations (2) | 2,183.6 | | 206.1 | | 561.8 | | — | | 2,951.5 |
| Interest (income) expense, net | (4.8) | | 2.3 | | 66.3 | | — | | 63.8 |
| Capital expenditures (3) | 1,152.9 | | 11.9 | | 8.8 | | — | | 1,173.6 |
| | | | | | | | | | |
| | Balance at December 31, 2024 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Total Assets (4) | $ 10,945.5 | | $ 781.9 | | $ 1,015.4 | | $ (39.6) | | $ 12,703.2 |
| | | | | | | | | | |
| | Balance at December 31, 2023 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Total Assets (4) | $ 12,590.6 | | $ 816.8 | | $ 1,024.1 | | $ (43.7) | | $ 14,387.8 |
| | | | | | | | | | |
| (1) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expense), Change in fair value of contingent consideration, net, Equity loss in investee, Loss (gain) on formation of SBR equity method investment, and Loss (gain) on sale of assets. | |||||||||
| (2) Income (loss) from operations within Corporate for the year ended December 31, 2024, includes a $8.7 million reduction of the gain associated with the formation of the SBR equity method investment. Income from operations within Corporate for the three months and year ended December 31, 2023 includes a loss of $40.6 million and a gain of $925.1 million, respectively, associated with the formation of the SBR equity method investment. | |||||||||
| (3) For the year ended December 31, 2024, the Company's refining segment includes $5.6 million of capital expenditures related to the construction of the biorefinery co-located with the Chalmette refinery in Louisiana (the "Renewable Diesel Facility"). For the three months ended and year ended December 31, 2023, the Company's refining segment includes $12.4 million and $312.7 million, respectively, of capital expenditures related to the construction of the Renewable Diesel Facility. | |||||||||
| (4) As of December 31, 2024 and December 31, 2023, Corporate assets include the Company's Equity method investment in SBR of $866.8 million and $881.0 million, respectively. | |||||||||
| | | | | | | | | | |
| 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) | 2024 | | 2023 | | 2024 | | 2023 | |||||
| Dated Brent crude oil | $ 74.80 | | $ 84.24 | | $ 80.72 | | $ 82.64 | |||||
| West Texas Intermediate (WTI) crude oil | $ 70.42 | | $ 78.60 | | $ 75.87 | | $ 77.67 | |||||
| Light Louisiana Sweet (LLS) crude oil | $ 72.60 | | $ 81.13 | | $ 78.33 | | $ 80.14 | |||||
| Alaska North Slope (ANS) crude oil | $ 74.28 | | $ 84.23 | | $ 80.24 | | $ 82.36 | |||||
| Crack Spreads: | | | | | | | | |||||
| | Dated Brent (NYH) 2-1-1 | $ 14.32 | | $ 22.98 | | $ 18.24 | | $ 29.67 | ||||
| | WTI (Chicago) 4-3-1 | $ 11.01 | | $ 11.83 | | $ 16.27 | | $ 23.71 | ||||
| | LLS (Gulf Coast) 2-1-1 | $ 14.07 | | $ 19.82 | | $ 18.21 | | $ 29.13 | ||||
| | ANS (West Coast-LA) 4-3-1 | $ 17.90 | | $ 25.13 | | $ 23.36 | | $ 36.88 | ||||
| | ANS (West Coast-SF) 3-2-1 | $ 17.81 | | $ 25.96 | | $ 24.62 | | $ 36.89 | ||||
| Crude Oil Differentials: | | | | | | | | |||||
| | Dated Brent (foreign) less WTI | $ 4.38 | | $ 5.64 | | $ 4.84 | | $ 4.97 | ||||
| | Dated Brent less Maya (heavy, sour) | $ 12.66 | | $ 12.11 | | $ 12.31 | | $ 13.71 | ||||
| | Dated Brent less WTS (sour) | $ 4.72 | | $ 5.79 | | $ 4.85 | | $ 4.99 | ||||
| | Dated Brent less ASCI (sour) | $ 4.93 | | $ 6.11 | | $ 5.23 | | $ 5.73 | ||||
| | WTI less WCS (heavy, sour) | $ 12.92 | | $ 23.54 | | $ 14.82 | | $ 18.32 | ||||
| | WTI less Bakken (light, sweet) | $ 1.17 | | $ 1.48 | | $ 1.39 | | $ (1.28) | ||||
| | WTI less Syncrude (light, sweet) | $ 1.08 | | $ 4.87 | | $ 0.75 | | $ (0.91) | ||||
| | WTI less LLS (light, sweet) | $ (2.18) | | $ (2.53) | | $ (2.45) | | $ (2.48) | ||||
| | WTI less ANS (light, sweet) | $ (3.86) | | $ (5.63) | | $ (4.36) | | $ (4.70) | ||||
| Effective RIN basket price | $ 4.05 | | $ 4.78 | | $ 3.75 | | $ 7.02 | |||||
| Natural gas (dollars per MMBTU) | $ 2.98 | | $ 2.92 | | $ 2.41 | | $ 2.66 | |||||
| | | | | | | | | | | | | |
| Key Operating Information | | | | | | | | |||||
| Production (barrels per day ("bpd") in thousands) | 871.1 | | 884.9 | | 913.1 | | 918.3 | |||||
| Crude oil and feedstocks throughput (bpd in thousands) | 862.0 | | 878.2 | | 904.0 | | 909.4 | |||||
| Total crude oil and feedstocks throughput (millions of barrels) | 79.3 | | 80.8 | | 330.9 | | 329.0 | |||||
| Consolidated gross margin per barrel of throughput | $ (3.89) | | $ 1.04 | | $ (1.13) Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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