PBF Energy Reports Fourth Quarter and Full Year 2023 Results, Declares Dividend of $0.25 per Share and Announces Increased Share Repurchase Authorization
- Fourth quarter loss from operations of
$47.2 million (excluding special items, fourth quarter loss from operations of$46.1 million ) - Full year income from operations of
$2,951.5 million (excluding special items, full year income from operations of$2,017.6 million ) - Year-ending consolidated cash balance of approximately
$1.8 billion - Returned more than
$180 million to stockholders through dividends and share buybacks in the fourth quarter and approximately$640 million in the year - Increased total outstanding share repurchase authorization to over
$1 billion with new$750 million approval
The company reported fourth quarter 2023 net loss of
PBF's President and Chief Executive Officer
Income from operations was
The company announced today that it will pay a quarterly dividend of
Renewable Diesel
SBR averaged approximately 12,000 barrels per day of renewable diesel production in the fourth quarter. Production in the fourth quarter was impacted primarily by a renewable diesel unit catalyst change performed during the quarter.
Strategic Update and Outlook
PBF's operational and financial performance in 2023 allowed the company to cement the work to establish a firm foundation upon which we can build a sustainable and diversified future. At year-end, we had approximately
In 2024, PBF is committed to conducting extensive maintenance and multiple turnarounds across our refining system. Our goal is to sustain safe, reliable and environmentally responsible operations to supply the markets with our vital products. Our current turnaround schedule for the first half of 2024 is as follows, subject to change:
-
East Coast - Delaware City FCC (Q1) - Mid-Continent - Hydrocracker, Crude and UDEX (Q1)
-
West Coast - Martinez Hydrocracker (Q2)
Timing and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. PBF's total refining system throughput for full-year 2024 is expected to be approximately 895,000 to 955,000 barrels per day. First quarter throughput expectations are included in the table below.
Expected throughput ranges (barrels per day) |
||
|
First Quarter 2024 |
|
|
Low |
High |
East Coast |
270,000 |
290,000 |
Mid-continent |
100,000 |
110,000 |
Gulf Coast |
170,000 |
180,000 |
West Coast |
290,000 |
310,000 |
Total |
830,000 |
890,000 |
|
Guidance provided constitutes forward-looking information and is based on current
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
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
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, without limitation, the Company's expectations with respect to its strategic update and outlook, including its planned maintenance schedule and throughput ranges, and its future earnings and operations. 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
About
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Unaudited, in millions, except share and per share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
|
$ 9,138.7 |
|
$ 10,846.3 |
|
$ 38,324.8 |
|
$ 46,830.3 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses: |
|
|
|
|
|
|
|
|
||||
|
Cost of products and other |
|
8,247.7 |
|
9,045.1 |
|
32,671.3 |
|
39,049.1 |
|||
|
Operating expenses (excluding depreciation and amortization expense as reflected below) |
|
671.2 |
|
695.0 |
|
2,694.9 |
|
2,599.0 |
|||
|
Depreciation and amortization expense |
|
135.8 |
|
137.1 |
|
560.0 |
|
503.6 |
|||
Cost of sales |
|
9,054.7 |
|
9,877.2 |
|
35,926.2 |
|
42,151.7 |
||||
|
General and administrative expenses (excluding depreciation and amortization expense as reflected below) |
|
105.4 |
|
93.8 |
|
362.5 |
|
468.7 |
|||
|
Depreciation and amortization expense |
|
3.5 |
|
1.7 |
|
11.5 |
|
7.5 |
|||
|
Change in fair value of contingent consideration, net |
|
(78.2) |
|
(82.6) |
|
(45.8) |
|
48.3 |
|||
|
Equity loss in investee |
|
59.9 |
|
— |
|
45.3 |
|
— |
|||
|
Loss (gain) on formation of SBR equity method investment |
|
40.6 |
|
— |
|
(925.1) |
|
— |
|||
|
Loss (gain) on sale of assets |
|
— |
|
0.6 |
|
(1.3) |
|
0.9 |
|||
Total cost and expenses |
|
9,185.9 |
|
9,890.7 |
|
35,373.3 |
|
42,677.1 |
||||
Income (loss) from operations |
|
(47.2) |
|
955.6 |
|
2,951.5 |
|
4,153.2 |
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|||
|
Interest expense, net |
|
(8.6) |
|
(29.4) |
|
(63.8) |
|
(246.0) |
|||
|
Change in Tax Receivable Agreement liability |
|
2.0 |
|
(2.1) |
|
2.0 |
|
(290.3) |
|||
|
Change in fair value of catalyst obligations |
|
— |
|
(1.7) |
|
1.1 |
|
(2.0) |
|||
|
Loss on extinguishment of debt |
|
— |
|
— |
|
(5.7) |
|
(66.1) |
|||
|
Other non-service components of net periodic benefit cost |
|
|
0.2 |
|
2.2 |
|
0.7 |
|
8.8 |
||
Income (loss) before income taxes |
|
(53.6) |
|
924.6 |
|
2,885.8 |
|
3,557.6 |
||||
Income tax (benefit) expense |
|
(5.2) |
|
268.5 |
|
723.8 |
|
584.8 |
||||
Net income (loss) |
|
(48.4) |
|
656.1 |
|
2,162.0 |
|
2,972.8 |
||||
|
Less: net income attributable to noncontrolling interests |
|
— |
|
18.3 |
|
21.5 |
|
96.0 |
|||
Net income (loss) attributable to |
|
$ (48.4) |
|
$ 637.8 |
|
$ 2,140.5 |
|
$ 2,876.8 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to Class A common stock per share: |
|
|
|
|
|
|
|
|
||||
|
|
Basic |
|
$ (0.40) |
|
$ 5.04 |
|
$ 17.13 |
|
$ 23.47 |
||
|
|
Diluted |
|
$ (0.40) |
|
$ 4.86 |
|
$ 16.52 |
|
$ 22.84 |
||
|
|
Weighted-average shares outstanding-basic |
|
120,999,329 |
|
126,450,787 |
|
124,953,858 |
|
122,598,076 |
||
|
|
Weighted-average shares outstanding-diluted |
|
121,866,353 |
|
132,099,338 |
|
130,509,448 |
|
126,860,106 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share |
|
$ 0.25 |
|
$ 0.20 |
|
$ 0.85 |
|
$ 0.20 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
$ (48.7) |
|
$ 642.6 |
|
$ 2,155.7 |
|
$ 2,897.5 |
||
|
|
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share |
|
$ (0.40) |
|
$ 4.86 |
|
$ 16.52 |
|
$ 22.84 |
||
|
|
Adjusted fully-converted shares outstanding - diluted (Note 6) |
|
121,866,353 |
|
132,099,338 |
|
130,509,448 |
|
126,860,106 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables |
|
||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER |
||||||||||||||
(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 |
||||||||||
|
|
|
|
|||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||
Net income (loss) attributable to |
|
$ (48.4) |
|
$ 637.8 |
|
$ 2,140.5 |
|
$ 2,876.8 |
||||||
|
|
Less: Income allocated to participating securities |
|
— |
|
— |
|
— |
|
— |
||||
Income (loss) available to |
|
(48.4) |
|
637.8 |
|
2,140.5 |
|
2,876.8 |
||||||
|
|
Add: Net income (loss) attributable to noncontrolling interest (Note 2) |
|
(0.5) |
|
6.5 |
|
20.5 |
|
27.9 |
||||
|
|
Less: Income tax benefit (expense) (Note 3) |
|
0.2 |
|
(1.7) |
|
(5.3) |
|
(7.2) |
||||
Adjusted fully-converted net income (loss) |
|
$ (48.7) |
|
$ 642.6 |
|
$ 2,155.7 |
|
$ 2,897.5 |
||||||
|
Special Items (Note 4): |
|
|
|
|
|
|
|
|
|||||
|
|
Add: LCM inventory adjustment - SBR |
|
38.7 |
|
— |
|
38.7 |
|
— |
||||
|
|
Add: Change in fair value of contingent consideration, net |
|
(78.2) |
|
(82.6) |
|
(45.8) |
|
48.3 |
||||
|
|
Add: Gain on land sales |
|
— |
|
— |
|
(1.7) |
|
— |
||||
|
|
Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement |
|
— |
|
— |
|
19.2 |
|
66.1 |
||||
|
|
Add: Change in Tax Receivable Agreement liability |
|
(2.0) |
|
2.1 |
|
(2.0) |
|
290.3 |
||||
|
|
Add: Loss (gain) on formation of SBR equity method investment |
|
40.6 |
|
— |
|
(925.1) |
|
— |
||||
|
|
Add: Net tax benefit on remeasurement of deferred tax assets |
|
— |
|
— |
|
— |
|
(233.8) |
||||
|
|
Less: Recomputed income tax on special items (Note 3) |
|
0.2 |
|
20.8 |
|
238.3 |
|
(104.9) |
||||
Adjusted fully-converted net income (loss) excluding special items |
|
$ (49.4) |
|
$ 582.9 |
|
$ 1,477.3 |
|
$ 2,963.5 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding of |
|
120,999,329 |
|
126,450,787 |
|
124,953,858 |
|
122,598,076 |
||||||
Conversion of |
|
867,024 |
|
910,457 |
|
899,519 |
|
917,991 |
||||||
Common stock equivalents (Note 6) |
|
— |
|
4,738,094 |
|
4,656,071 |
|
3,344,039 |
||||||
Fully-converted shares outstanding - diluted |
|
121,866,353 |
|
132,099,338 |
|
130,509,448 |
|
126,860,106 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) |
|
$ (0.40) |
|
$ 4.86 |
|
$ 16.52 |
|
$ 22.84 |
||||||
|
||||||||||||||
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) |
|
$ (0.41) |
|
$ 4.41 |
|
$ 11.32 |
|
$ 23.36 |
||||||
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS |
|
|
|
|
||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||
Income (loss) from operations |
|
$ (47.2) |
|
$ 955.6 |
|
$ 2,951.5 |
|
$ 4,153.2 |
||||||
|
Special Items (Note 4): |
|
|
|
|
|
|
|
|
|||||
|
|
Add: LCM inventory adjustment - SBR |
|
38.7 |
|
— |
|
38.7 |
|
— |
||||
|
|
Add: Change in fair value of contingent consideration, net |
|
(78.2) |
|
(82.6) |
|
(45.8) |
|
48.3 |
||||
|
|
Add: Gain on land sales |
|
— |
|
— |
|
(1.7) |
|
— |
||||
|
|
Add: Loss (gain) on formation of SBR equity method investment |
|
40.6 |
|
— |
|
(925.1) |
|
— |
||||
Income (loss) from operations excluding special items |
|
$ (46.1) |
|
$ 873.0 |
|
$ 2,017.6 |
|
$ 4,201.5 |
||||||
|
||||||||||||||
See Footnotes to Earnings Release Tables |
|
||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER |
||||||||||||||
EBITDA RECONCILIATIONS (Note 7) |
||||||||||||||
(Unaudited, in millions) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||
Net income (loss) |
|
$ (48.4) |
|
$ 656.1 |
|
$ 2,162.0 |
|
$ 2,972.8 |
||||||
|
Add: Depreciation and amortization expense |
|
139.3 |
|
138.8 |
|
571.5 |
|
511.1 |
|||||
|
Add: Interest expense, net |
|
8.6 |
|
29.4 |
|
63.8 |
|
246.0 |
|||||
|
Add: Income tax (benefit) expense |
|
(5.2) |
|
268.5 |
|
723.8 |
|
584.8 |
|||||
EBITDA |
|
|
$ 94.3 |
|
$ 1,092.8 |
|
$ 3,521.1 |
|
$ 4,314.7 |
|||||
Special Items (Note 4): |
|
|
|
|
|
|
|
|
||||||
|
Add: LCM inventory adjustment - SBR |
|
38.7 |
|
— |
|
38.7 |
|
— |
|||||
|
Add: Change in fair value of contingent consideration, net |
|
(78.2) |
|
(82.6) |
|
(45.8) |
|
48.3 |
|||||
|
Add: Gain on land sales |
|
— |
|
— |
|
(1.7) |
|
— |
|||||
|
Add: Loss on extinguishment of debt |
|
— |
|
— |
|
5.7 |
|
66.1 |
|||||
|
Add: Change in Tax Receivable Agreement liability |
|
(2.0) |
|
2.1 |
|
(2.0) |
|
290.3 |
|||||
|
Add: Loss (gain) on formation of SBR equity method investment |
|
40.6 |
|
— |
|
(925.1) |
|
— |
|||||
EBITDA excluding special items |
|
$ 93.4 |
|
$ 1,012.3 |
|
$ 2,590.9 |
|
$ 4,719.4 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||
EBITDA |
|
$ 94.3 |
|
$ 1,092.8 |
|
$ 3,521.1 |
|
$ 4,314.7 |
||||||
|
Add: Stock-based compensation |
|
23.8 |
|
29.4 |
|
51.5 |
|
54.3 |
|||||
|
Add: Change in fair value of catalyst obligations |
|
— |
|
1.7 |
|
(1.1) |
|
2.0 |
|||||
|
Add: LCM inventory adjustment - SBR (Note 4) |
|
38.7 |
|
— |
|
38.7 |
|
— |
|||||
|
Add: Change in fair value of contingent consideration, net (Note 4) |
|
(78.2) |
|
(82.6) |
|
(45.8) |
|
48.3 |
|||||
|
Add: Gain on land sales (Note 4) |
|
— |
|
— |
|
(1.7) |
|
— |
|||||
|
Add: Loss on extinguishment of debt (Note 4) |
|
— |
|
— |
|
5.7 |
|
66.1 |
|||||
|
Add: Change in Tax Receivable Agreement liability (Note 4) |
|
(2.0) |
|
2.1 |
|
(2.0) |
|
290.3 |
|||||
|
Add: Loss (gain) on formation of SBR equity method investment (Note 4) |
|
40.6 |
|
— |
|
(925.1) |
|
— |
|||||
Adjusted EBITDA |
|
|
$ 117.2 |
|
$ 1,043.4 |
|
$ 2,641.3 |
|
$ 4,775.7 |
|||||
|
||||||||||||||
See Footnotes to Earnings Release Tables |
|
|||||||
EARNINGS RELEASE TABLES |
|||||||
CONSOLIDATED BALANCE SHEET DATA |
|||||||
(Unaudited, in millions) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
Balance Sheet Data: |
|
|
|
|
|||
|
Cash and cash equivalents |
$ 1,783.5 |
|
$ 2,203.6 |
|||
|
Inventories |
3,183.1 |
|
2,763.6 |
|||
|
Total assets |
14,387.8 |
|
13,549.1 |
|||
|
Total debt |
1,245.9 |
|
1,959.1 |
|||
|
Total equity |
6,631.3 |
|
5,056.0 |
|||
|
Total equity excluding special items (Note 4, 13) |
$ 5,557.4 |
|
$ 4,660.5 |
|||
|
|
|
|
|
|
|
|
|
Total debt to capitalization ratio (Note 13) |
16 % |
|
28 % |
|||
|
Total debt to capitalization ratio, excluding special items (Note 13) |
18 % |
|
30 % |
|||
|
Net debt to capitalization ratio* (Note 13) |
(9) % |
|
(5) % |
|||
|
Net debt to capitalization ratio, excluding special items* (Note 13) |
(11) % |
|
(6) % |
|||
|
* Negative ratio exists at |
||||||
|
|
|
|
|
|
|
|
SUMMARIZED STATEMENT OF CASH FLOW DATA |
|||||||
(Unaudited, in millions) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||
|
|
|
|
|
2023 |
|
2022 |
Cash flows provided by operations |
$ 1,338.5 |
|
$ 4,772.0 |
||||
Cash flows used in investing activities |
(338.6) |
|
(1,010.9) |
||||
Cash flows used in financing activities |
(1,420.0) |
|
(2,899.0) |
||||
Net change in cash and cash equivalents |
(420.1) |
|
862.1 |
||||
Cash and cash equivalents, beginning of period |
2,203.6 |
|
1,341.5 |
||||
Cash and cash equivalents, end of period |
$ 1,783.5 |
|
$ 2,203.6 |
||||
|
|
|
|
||||
See Footnotes to Earnings Release Tables |
|
|||||||||
EARNINGS RELEASE TABLES |
|||||||||
CONSOLIDATING FINANCIAL INFORMATION (Note 8) |
|||||||||
(Unaudited, in millions) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 9,129.3 |
|
$ 96.8 |
|
$ — |
|
$ (87.4) |
|
$ 9,138.7 |
Depreciation and amortization expense |
126.8 |
|
9.0 |
|
3.5 |
|
— |
|
139.3 |
Income (loss) from operations (1) |
26.6 |
|
54.9 |
|
(128.7) |
|
— |
|
(47.2) |
Interest expense, net |
(3.9) |
|
(0.6) |
|
13.1 |
|
— |
|
8.6 |
Capital expenditures (2) |
227.9 |
|
3.4 |
|
2.0 |
|
— |
|
233.3 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 10,836.1 |
|
$ 96.9 |
|
$ — |
|
$ (86.7) |
|
$ 10,846.3 |
Depreciation and amortization expense |
128.0 |
|
9.1 |
|
1.7 |
|
— |
|
138.8 |
Income (loss) from operations |
914.0 |
|
43.3 |
|
(1.7) |
|
— |
|
955.6 |
Interest expense, net |
(0.9) |
|
9.5 |
|
20.8 |
|
— |
|
29.4 |
Capital expenditures |
322.0 |
|
3.3 |
|
1.9 |
|
— |
|
327.2 |
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 38,288.5 |
|
$ 384.1 |
|
$ — |
|
$ (347.8) |
|
$ 38,324.8 |
Depreciation and amortization expense |
523.9 |
|
36.1 |
|
11.5 |
|
— |
|
571.5 |
Income (loss) from operations (1) |
2,183.6 |
|
206.1 |
|
561.8 |
|
— |
|
2,951.5 |
Interest expense, net |
(4.8) |
|
2.3 |
|
66.3 |
|
— |
|
63.8 |
Capital expenditures (2) |
1,152.9 |
|
11.9 |
|
8.8 |
|
— |
|
1,173.6 |
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 46,780.6 |
|
$ 369.3 |
|
$ — |
|
$ (319.6) |
|
$ 46,830.3 |
Depreciation and amortization expense |
466.9 |
|
36.7 |
|
7.5 |
|
— |
|
511.1 |
Income (loss) from operations |
4,466.4 |
|
183.7 |
|
(496.9) |
|
— |
|
4,153.2 |
Interest expense, net |
10.9 |
|
39.5 |
|
195.6 |
|
— |
|
246.0 |
Capital expenditures |
994.9 |
|
7.9 |
|
8.1 |
|
— |
|
1,010.9 |
|
|
|
|
|
|
|
|
|
|
|
Balance at |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Total Assets (3) |
$ 12,590.6 |
|
$ 816.8 |
|
$ 1,024.1 |
|
$ (43.7) |
|
$ 14,387.8 |
|
|
|
|
|
|
|
|
|
|
|
Balance at |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Total Assets |
$ 12,587.9 |
|
$ 863.1 |
|
$ 136.3 |
|
$ (38.2) |
|
$ 13,549.1 |
|
(1) Income from operations within Corporate for the three months and year ended |
(2) For the three months ended and year ended |
(3) Corporate assets include our Equity method investment in SBR of |
|
See Footnotes to Earnings Release Tables |
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
||||
Market Indicators (dollars per barrel) (Note 9) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
Dated Brent crude oil |
$ 84.24 |
|
$ 88.93 |
|
$ 82.64 |
|
$ 101.27 |
|||||
West Texas Intermediate (WTI) crude oil |
$ 78.60 |
|
$ 82.82 |
|
$ 77.67 |
|
$ 94.58 |
|||||
Light Louisiana Sweet (LLS) crude oil |
$ 81.13 |
|
$ 85.47 |
|
$ 80.14 |
|
$ 96.81 |
|||||
Alaska North Slope (ANS) crude oil |
$ 84.23 |
|
$ 87.89 |
|
$ 82.36 |
|
$ 98.76 |
|||||
Crack Spreads: |
|
|
|
|
|
|
|
|||||
|
Dated Brent (NYH) 2-1-1 |
$ 22.98 |
|
$ 46.68 |
|
$ 29.67 |
|
$ 40.26 |
||||
|
WTI ( |
$ 11.83 |
|
$ 28.32 |
|
$ 23.71 |
|
$ 31.56 |
||||
|
LLS ( |
$ 19.82 |
|
$ 36.90 |
|
$ 29.13 |
|
$ 37.56 |
||||
|
ANS (West Coast-LA) 4-3-1 |
$ 25.13 |
|
$ 33.11 |
|
$ 36.88 |
|
$ 41.64 |
||||
|
ANS (West Coast-SF) 3-2-1 |
$ 25.96 |
|
$ 33.85 |
|
$ 36.89 |
|
$ 41.89 |
||||
Crude Oil Differentials: |
|
|
|
|
|
|
|
|||||
|
Dated Brent (foreign) less WTI |
$ 5.64 |
|
$ 6.11 |
|
$ 4.97 |
|
$ 6.68 |
||||
|
Dated Brent less Maya (heavy, sour) |
$ 12.11 |
|
$ 17.42 |
|
$ 13.71 |
|
$ 13.95 |
||||
|
Dated Brent less WTS (sour) |
$ 5.79 |
|
$ 7.26 |
|
$ 4.99 |
|
$ 6.98 |
||||
|
Dated Brent less ASCI (sour) |
$ 6.11 |
|
$ 10.06 |
|
$ 5.73 |
|
$ 9.68 |
||||
|
WTI less WCS (heavy, sour) |
$ 23.54 |
|
$ 29.30 |
|
$ 18.32 |
|
$ 21.30 |
||||
|
WTI less Bakken (light, sweet) |
$ 1.48 |
|
$ (3.94) |
|
$ (1.28) |
|
$ (4.05) |
||||
|
WTI less Syncrude (light, sweet) |
$ 4.78 |
|
$ (1.38) |
|
$ (0.91) |
|
$ (3.04) |
||||
|
WTI less LLS (light, sweet) |
$ (2.53) |
|
$ (2.65) |
|
$ (2.48) |
|
$ (2.22) |
||||
|
WTI less ANS (light, sweet) |
$ (5.63) |
|
$ (5.07) |
|
$ (4.70) |
|
$ (4.17) |
||||
Effective RIN basket price |
$ 4.78 |
|
$ 8.54 |
|
$ 7.02 |
|
$ 7.66 |
|||||
Natural gas (dollars per MMBTU) |
$ 2.92 |
|
$ 6.09 |
|
$ 2.66 |
|
$ 6.54 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating Information |
|
|
|
|
|
|
|
|||||
Production (barrels per day ("bpd") in thousands) |
884.9 |
|
947.5 |
|
918.3 |
|
937.1 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
878.2 |
|
939.0 |
|
909.4 |
|
925.1 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
80.8 |
|
86.4 |
|
329.0 |
|
337.7 |
|||||
Consolidated gross margin per barrel of throughput |
$ 1.04 |
|
$ 11.22 |
|
$ 7.29 |
|
$ 13.85 |
|||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 9.88 |
|
$ 19.78 |
|
$ 16.07 |
|
$ 22.00 |
|||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 7.98 |
|
$ 7.71 |
|
$ 7.85 |
|
$ 7.39 |
|||||
Crude and feedstocks (% of total throughput) (Note 12) |
|
|
|
|
|
|
|
|||||
|
Heavy |
25 % |
|
30 % |
|
27 % |
|
32 % |
||||
|
Medium |
39 % |
|
38 % |
|
35 % |
|
36 % |
||||
|
Light |
18 % |
|
18 % |
|
20 % |
|
18 % |
||||
|
Other feedstocks and blends |
18 % |
|
14 % |
|
18 % |
|
14 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput) |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
46 % |
|
47 % |
|
47 % |
|
47 % |
||||
|
Distillate and distillate blendstocks |
34 % |
|
35 % |
|
34 % |
|
35 % |
||||
|
Lubes |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Chemicals |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Other |
19 % |
|
17 % |
|
18 % |
|
17 % |
||||
|
|
Total yield |
101 % |
|
101 % |
|
101 % |
|
101 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables |
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
SUPPLEMENTAL OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Supplemental Operating Information - East Coast Refining System ( |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
325.7 |
|
323.6 |
|
324.0 |
|
298.7 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
329.2 |
|
326.1 |
|
327.6 |
|
300.3 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
30.3 |
|
30.0 |
|
116.7 |
|
109.6 |
|||||
Gross margin per barrel of throughput |
$ 4.63 |
|
$ 17.58 |
|
$ 6.73 |
|
$ 14.69 |
|||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 11.29 |
|
$ 25.02 |
|
$ 13.82 |
|
$ 22.20 |
|||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 5.35 |
|
$ 6.21 |
|
$ 5.69 |
|
$ 6.19 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Heavy |
22 % |
|
16 % |
|
16 % |
|
22 % |
||||
|
Medium |
42 % |
|
57 % |
|
42 % |
|
50 % |
||||
|
Light |
12 % |
|
8 % |
|
17 % |
|
8 % |
||||
|
Other feedstocks and blends |
24 % |
|
19 % |
|
25 % |
|
20 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
40 % |
|
39 % |
|
39 % |
|
39 % |
||||
|
Distillates and distillate blendstocks |
35 % |
|
36 % |
|
35 % |
|
37 % |
||||
|
Lubes |
2 % |
|
2 % |
|
2 % |
|
2 % |
||||
|
Chemicals |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Other |
21 % |
|
21 % |
|
22 % |
|
20 % |
||||
|
|
Total yield |
99 % |
|
99 % |
|
99 % |
|
99 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - Mid-Continent ( |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
143.0 |
|
137.9 |
|
138.6 |
|
151.0 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
140.4 |
|
136.0 |
|
136.4 |
|
148.5 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
13.0 |
|
12.5 |
|
49.8 |
|
54.2 |
|||||
Gross margin per barrel of throughput |
$ (1.08) |
|
$ 10.82 |
|
$ 3.82 |
|
$ 12.93 |
|||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 6.94 |
|
$ 19.53 |
|
$ 12.47 |
|
$ 20.93 |
|||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 6.48 |
|
$ 6.97 |
|
$ 7.01 |
|
$ 6.40 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Medium |
42 % |
|
38 % |
|
39 % |
|
36 % |
||||
|
Light |
54 % |
|
58 % |
|
59 % |
|
61 % |
||||
|
Other feedstocks and blends |
4 % |
|
4 % |
|
2 % |
|
3 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
52 % |
|
50 % |
|
50 % |
|
51 % |
||||
|
Distillate and distillate blendstocks |
40 % |
|
36 % |
|
37 % |
|
36 % |
||||
|
Chemicals |
4 % |
|
3 % |
|
4 % |
|
5 % |
||||
|
Other |
6 % |
|
12 % |
|
11 % |
|
10 % |
||||
|
|
Total yield |
102 % |
|
101 % |
|
102 % |
|
102 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables |
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
SUPPLEMENTAL OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Supplemental Operating Information - |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
175.8 |
|
168.5 |
|
175.9 |
|
183.2 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
174.0 |
|
167.6 |
|
174.2 |
|
180.7 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
15.9 |
|
15.4 |
|
63.5 |
|
65.9 |
|||||
Gross margin per barrel of throughput |
$ 4.72 |
|
$ 7.17 |
|
$ 8.95 |
|
$ 11.39 |
|||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 10.89 |
|
$ 14.22 |
|
$ 15.36 |
|
$ 18.16 |
|||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 5.31 |
|
$ 5.78 |
|
$ 5.52 |
|
$ 5.71 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Heavy |
9 % |
|
14 % |
|
15 % |
|
14 % |
||||
|
Medium |
46 % |
|
31 % |
|
39 % |
|
40 % |
||||
|
Light |
21 % |
|
35 % |
|
26 % |
|
29 % |
||||
|
Other feedstocks and blends |
24 % |
|
20 % |
|
20 % |
|
17 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
50 % |
|
47 % |
|
47 % |
|
44 % |
||||
|
Distillate and distillate blendstocks |
32 % |
|
34 % |
|
34 % |
|
36 % |
||||
|
Chemicals |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Other |
18 % |
|
19 % |
|
19 % |
|
20 % |
||||
|
|
Total yield |
101 % |
|
101 % |
|
101 % |
|
101 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
240.4 |
|
317.5 |
|
279.8 |
|
304.2 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
234.6 |
|
309.3 |
|
271.2 |
|
295.6 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
21.6 |
|
28.5 |
|
99.0 |
|
108.0 |
|||||
Gross margin per barrel of throughput |
$ (8.12) |
|
$ 4.96 |
|
$ 6.45 |
|
$ 13.02 |
|||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 8.93 |
|
$ 17.38 |
|
$ 20.99 |
|
$ 24.67 |
|||||
Refinery operating expense, per barrel of throughput (Note 11) |
$ 14.56 |
|
$ 10.67 |
|
$ 12.30 |
|
$ 10.14 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Heavy |
55 % |
|
67 % |
|
60 % |
|
68 % |
||||
|
Medium |
29 % |
|
21 % |
|
22 % |
|
19 % |
||||
|
Light |
1 % |
|
— % |
|
1 % |
|
— % |
||||
|
Other feedstocks and blends |
15 % |
|
12 % |
|
17 % |
|
13 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
47 % |
|
54 % |
|
56 % |
|
56 % |
||||
|
Distillate and distillate blendstocks |
31 % |
|
35 % |
|
30 % |
|
32 % |
||||
|
Other |
24 % |
|
14 % |
|
17 % |
|
15 % |
||||
|
|
Total yield |
102 % |
|
103 % |
|
103 % |
|
103 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables |
|
|||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER |
|||||||||||||
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 |
||||
|
|
|
|
|
|
|
|
|
|
||||
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 |
$ 9,138.7 |
|
$ 113.14 |
|
$ 10,846.3 |
|
$ 125.55 |
||||||
Less: Cost of sales |
9,054.7 |
|
112.10 |
|
9,877.2 |
|
114.33 |
||||||
Consolidated gross margin |
$ 84.0 |
|
$ 1.04 |
|
$ 969.1 |
|
$ 11.22 |
||||||
Reconciliation of consolidated gross margin to gross refining margin: |
|
|
|
|
|
|
|
||||||
Consolidated gross margin |
$ 84.0 |
|
$ 1.04 |
|
$ 969.1 |
|
$ 11.22 |
||||||
|
Add: PBFX operating expense |
30.5 |
|
0.38 |
|
33.5 |
|
0.38 |
|||||
|
Add: PBFX depreciation expense |
9.0 |
|
0.11 |
|
9.1 |
|
0.11 |
|||||
|
Less: Revenues of PBFX |
(96.8) |
|
(1.20) |
|
(96.9) |
|
(1.12) |
|||||
|
Add: Refinery operating expense |
645.1 |
|
7.98 |
|
666.1 |
|
7.71 |
|||||
|
Add: Refinery depreciation expense |
126.8 |
|
1.57 |
|
128.0 |
|
1.48 |
|||||
Gross refining margin |
$ 798.6 |
|
$ 9.88 |
|
$ 1,708.9 |
|
$ 19.78 |
||||||
Gross refining margin excluding special items |
$ 798.6 |
|
$ 9.88 |
|
$ 1,708.9 |
|
$ 19.78 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
|
||||
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 |
$ 38,324.8 |
|
$ 116.48 |
|
$ 46,830.3 |
|
$ 138.69 |
||||||
Less: Cost of sales |
35,926.2 |
|
109.19 |
|
42,151.7 |
|
124.84 |
||||||
Consolidated gross margin |
$ 2,398.6 |
|
$ 7.29 |
|
$ 4,678.6 |
|
$ 13.85 |
||||||
Reconciliation of consolidated gross margin to gross refining margin: |
|
|
|
|
|
|
|
||||||
Consolidated gross margin |
$ 2,398.6 |
|
$ 7.29 |
|
$ 4,678.6 |
|
$ 13.85 |
||||||
|
Add: PBFX operating expense |
131.9 |
|
0.40 |
|
121.4 |
|
0.36 |
|||||
|
Add: PBFX depreciation expense |
36.1 |
|
0.11 |
|
36.7 |
|
0.11 |
|||||
|
Less: Revenues of PBFX |
(384.1) |
|
(1.17) |
|
(369.3) |
|
(1.09) |
|||||
|
Add: Refinery operating expense |
2,581.3 |
|
7.85 |
|
2,495.6 |
|
7.39 |
|||||
|
Add: Refinery depreciation expense |
523.9 |
|
1.59 |
|
466.9 |
|
1.38 |
|||||
Gross refining margin |
$ 5,287.7 |
|
$ 16.07 |
|
$ 7,429.9 |
|
$ 22.00 |
||||||
Gross refining margin excluding special items |
$ 5,287.7 |
|
$ 16.07 |
|
$ 7,429.9 |
|
$ 22.00 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables |
|
||||||||||||||
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 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Represents an adjustment to reflect |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 our share of the SBR LCM inventory reserve, net changes in fair value of contingent consideration, loss on extinguishment of debt and costs associated with the early termination of the Inventory Intermediation Agreement, changes in the Tax Receivable Agreement liability, gain on land sale, changes in our gain on the formation of the SBR equity method investment, and a net tax benefit on remeasurement of deferred tax assets, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 13.
Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items: Lower of cost or market ("LCM") Adjustment is a GAAP requirement related to inventory valuation that mandates inventory to be stated at the lower of cost or market.
SBR LCM inventory adjustment - For 2023, an LCM write down of |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration, net - During the three months and year ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment of debt and termination of Inventory Intermediation Agreement - During the year ended
During the year ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on land sales - During the year ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on formation of SBR equity method investment - During the three months ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Tax Receivable Agreement liability - During the three months and year ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tax Benefit on Remeasurement of Deferred Tax Assets - The deferred tax valuation allowance was reduced to zero as of |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recomputed Income Tax on Special Items - The income tax impact on special items, other than the net tax benefit special item discussed above, 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 |
||||||||||||||
|
||||||||||||||
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") 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, change in the fair value of catalyst obligations, changes in the Tax Receivable Agreement liability due to factors out of our control such as changes in tax rates, net change in the fair value of contingent consideration, gain on land sale, loss on extinguishment of debt, changes in the gain on the formation of the SBR equity method investment 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
PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a |
||||||||||||||
|
||||||||||||||
(9) As reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on information as reported by |
||||||||||||||
|
||||||||||||||
(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) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12) We define heavy crude oil as crude oil with |
||||||||||||||
|
(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. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
(in millions) |
||||
Total debt |
$ 1,245.9 |
|
$ 1,959.1 |
|||
Total equity |
6,631.3 |
|
5,056.0 |
|||
Total capitalization |
$ 7,877.2 |
|
$ 7,015.1 |
|||
|
|
|
|
|||
Total debt |
$ 1,245.9 |
|
$ 1,959.1 |
|||
Total equity excluding special items |
5,557.4 |
|
4,660.5 |
|||
Total capitalization excluding special items |
$ 6,803.3 |
|
$ 6,619.6 |
|||
|
|
|
|
|||
Total equity |
$ 6,631.3 |
|
$ 5,056.0 |
|||
Special Items (Note 4) |
|
|
|
|||
Add: LCM inventory adjustment - SBR |
38.7 |
|
— |
|||
Add: Net changes in fair value of contingent consideration |
(58.8) |
|
(13.0) |
|||
Add: Gain on land sales |
(89.5) |
|
(87.8) |
|||
Add: Gain on formation of SBR equity method investment |
(925.1) |
|
— |
|||
Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement |
53.1 |
|
33.9 |
|||
Add: Change in Tax Receivable Agreement liability |
(327.3) |
|
(325.3) |
|||
Add: Cumulative historical equity adjustments (a) |
(130.2) |
|
(130.2) |
|||
Less: Recomputed income tax on special items |
365.2 |
|
126.9 |
|||
Net impact of special items to equity |
(1,073.9) |
|
(395.5) |
|||
Total equity excluding special items |
$ 5,557.4 |
|
$ 4,660.5 |
|||
|
|
|
|
|
|
|
Total debt |
$ 1,245.9 |
|
$ 1,959.1 |
|||
Less: Cash and cash equivalents |
1,783.5 |
|
2,203.6 |
|||
Net debt |
|
|
|
$ (537.6) |
|
$ (244.5) |
|
|
|
|
|
|
|
Total debt to capitalization ratio |
16 % |
|
28 % |
|||
Total debt to capitalization ratio, excluding special items |
18 % |
|
30 % |
|||
Net debt to capitalization ratio* |
(9) % |
|
(5) % |
|||
Net debt to capitalization ratio, excluding special items* |
(11) % |
|
(6) % |
|||
* Negative ratio exists at |
||||||
|
|
|
|
|
|
|
(a) Refer to the Company's 2022 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2023. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-reports-fourth-quarter-and-full-year-2023-results-declares-dividend-of-0-25-per-share-and-announces-increased-share-repurchase-authorization-302062745.html
SOURCE