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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
(Mark one)
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| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: March 31, 2023
or | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-35764
Commission File Number: 333-206728-02
PBF ENERGY INC.
PBF ENERGY COMPANY LLC
(Exact name of registrant as specified in its charter) | | | | | | | | |
Delaware | 45-3763855 |
Delaware | 61-1622166 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | |
| One Sylvan Way, Second Floor | |
| Parsippany | New Jersey | 07054 |
| (Address of principal executive offices) | (Zip Code) |
(973) 455-7500
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act. | | | | | | | | | | | |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock | par value $.001 | PBF | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
PBF Energy Inc. Yes [x] No [ ]
PBF Energy Company LLC Yes [ ] No [x]
(Note: PBF Energy Company LLC is a voluntary filer of reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 and has filed during the preceding 12 months all reports it would have been required to file by Section 13 or 15(d) of the Securities Exchange Act of 1934 if the registrant had been subject to one of such Sections.)
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
PBF Energy Inc. Yes [x] No [ ]
PBF Energy Company LLC Yes [x] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PBF Energy Inc. | Large accelerated filer | ☑ | Accelerated filer | o | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
| PBF Energy Company LLC | Large accelerated filer | ☐ | Accelerated filer | o | Non-accelerated filer | ☑ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
PBF Energy Inc. ☐
PBF Energy Company LLC ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
PBF Energy Inc. Yes ☐ No ☑
PBF Energy Company LLC Yes ☐ No ☑
As of April 28, 2023, PBF Energy Inc. had 126,097,058 shares of Class A common stock and 13 shares of Class B common stock outstanding. PBF Energy Inc. is the sole managing member of, and owner of an equity interest representing approximately 99.3% of the outstanding economic interest in PBF Energy Company LLC as of March 31, 2023. There is no trading in the membership interest of PBF Energy Company LLC and therefore an aggregate market value based on such is not determinable. PBF Energy Company LLC has no common stock outstanding.
PBF ENERGY INC. AND PBF ENERGY COMPANY LLC
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023
TABLE OF CONTENTS
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| CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS | |
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| | ITEM 1. | | |
| | PBF Energy Inc. | |
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| | PBF Energy Company LLC | |
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| | ITEM 2. | | |
| | ITEM 3. | | |
| | ITEM 4. | | |
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| | ITEM 1. | | |
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| | ITEM 6. | | |
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EXPLANATORY NOTE
This combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (this “Form 10-Q”) is filed by PBF Energy Inc. (“PBF Energy”) and PBF Energy Company LLC (“PBF LLC”). Each Registrant hereto is filing on its own behalf all of the information contained in this report that relates to such Registrant. Each Registrant hereto is not filing any information that does not relate to such Registrant, and therefore makes no representation as to any such information. PBF Energy is a holding company whose primary asset is an equity interest in PBF LLC. PBF Energy is the sole managing member of, and owner of an equity interest representing approximately 99.3% of the outstanding economic interests in PBF LLC as of March 31, 2023. PBF Energy operates and controls all of the business and affairs and consolidates the financial results of PBF LLC and its subsidiaries. PBF LLC is a holding company for the companies that directly and indirectly own and operate our business. PBF Holding Company LLC (“PBF Holding”) is a wholly-owned subsidiary of PBF LLC and is the parent company for our refining operations. PBF Finance Corporation (“PBF Finance”) is a wholly-owned subsidiary of PBF Holding. PBF Logistics LP (“PBFX”) is an indirect wholly-owned subsidiary of PBF Energy and PBF LLC that owns and operates logistics assets that support our refining operations. Collectively, PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding, and PBFX are referred to hereinafter as the “Company” unless the context otherwise requires. Discussions or areas of this report that either apply only to PBF Energy or PBF LLC are clearly noted in such sections. Unless the context indicates otherwise, the terms “we,” “us,” and “our” refer to both PBF Energy and PBF LLC and its consolidated subsidiaries.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains certain “forward-looking statements”, as defined in the Private Securities Litigation Reform Act of 1995 (“PSLRA”), of expected future developments that involve risks and uncertainties. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates” or similar expressions that relate to our strategy, plans or intentions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to our strategies, objectives, intentions, resources and expectations regarding future industry trends are forward-looking statements made under the safe harbor provisions of the PSLRA except to the extent such statements relate to the operations of a partnership or limited liability company. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results.
Important factors that could cause actual results to differ materially from our expectations, which we refer to as “cautionary statements,” are disclosed under “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Form 10-Q, the Annual Report on Form 10-K for the year ended December 31, 2022 of PBF Energy and PBF LLC, which we refer to as our 2022 Annual Report on Form 10-K, and in our other filings with the U.S. Securities and Exchange Commission. All forward-looking information in this Quarterly Report on Form 10-Q and subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Some of the factors that we believe could affect our results include:
•supply, demand, prices and other market conditions for our products or crude oil, including volatility in commodity prices or constraints arising from federal, state or local governmental actions or environmental and/or social activists that reduce crude oil production or availability in the regions in which we operate our pipelines and facilities;
•rate of inflation and its impacts on supply and demand, pricing, and supply chain disruption;
•the effects related to, or resulting from, Russia's military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environment;
•the effectiveness of our crude oil sourcing strategies, including our crude by rail strategy and related commitments;
•our obligation to buy Renewable Identification Numbers (“RINs”) and market risks related to the volatility in the price of RINs required to comply with the Renewable Fuel Standard (“RFS”) and greenhouse gas (“GHG”) emission credits required to comply with various GHG emission programs, such as Assembly Bill 32 (“AB 32”);
•our ability to operate our businesses efficiently, manage capital expenditures and costs (including general and administrative expenses) and generate earnings and cash flow;
•our expectations with respect to our capital spending and turnaround projects;
•the impact of current and future laws, rulings and governmental regulations, including restrictions on the exploration and/or production of crude oil in the state of California, the implementation of rules and regulations regarding transportation of crude oil by rail or in response to the potential impacts of climate change, decarbonization and future energy transition;
•adverse impacts related to legislation by the federal government lifting the restrictions on exporting U.S. crude oil or subjecting us to trade and sanctions laws, which change frequently as a result of foreign policy developments, and which may necessitate changes to our crude oil acquisition activities;
•our ability to target and execute expense reduction measures and achieve opportunities to improve our liquidity, including continued repurchases of our outstanding debt securities or otherwise further reducing our debt, and/or potential sales of non-operating assets or other real property;
•political pressure and influence of environmental groups and other stakeholders on decisions and policies related to the refining and processing of crude oil and refined products, and the related adverse impacts from changes in our regulatory environment, such as the effects of compliance with AB 32, or from actions taken by environmental interest groups;
•the risk of cyber-attacks;
•our increased dependence on technology;
•the effects of competition in our markets;
•the possibility that we might reduce or not pay dividends in the future;
•the inability of our subsidiaries to freely make distributions to us;
•our ability to make acquisitions or investments, including in renewable diesel production, such as our pending 50-50 joint venture, St. Bernard Renewables LLC (“SBR”), which will own the renewable diesel facility that is currently under construction at our Chalmette refinery, with Eni Sustainable Mobility, a subsidiary of Eni SpA (“Eni”), on any announced time frame or at all, and to realize the benefits from such acquisitions or investments;
•our ability to successfully manage SBR’s operations together with our joint venture partner, Eni, upon consummation of our pending joint venture transaction;
•the possibility that the expected synergies and value creation from the Merger Transaction (as defined in “Factors Affecting Comparability Between Periods”) will not be realized, or will not be realized within the expected time period;
•liabilities arising from recent acquisitions or investments, that are unforeseen or exceed our expectations;
•our expectations and timing with respect to our acquisition activity and whether such acquisitions are accretive or dilutive to shareholders;
•adverse developments in our relationship with both our key employees and unionized employees;
•our indebtedness, including the impact of potential downgrades to our corporate credit rating and/or unsecured notes;
•changes in currency exchange rates, interest rates and capital costs;
•restrictive covenants in our indebtedness that may adversely affect our operational flexibility;
•counterparty credit and performance risk exposure related to our supply and inventory intermediation arrangements;
•termination of our third amended and restated inventory intermediation agreement (“Third Inventory Intermediation Agreement”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), which is scheduled to expire in December 2024 and could have a material adverse effect on our liquidity, as we would be required to finance our crude oil, intermediate and refined products inventory covered by the agreement. Additionally, we are obligated to repurchase from J. Aron certain crude oil, intermediates and finished products (the “J. Aron Products”) upon termination of the agreement;
•payments by PBF Energy to the current and former holders of PBF LLC Series A Units and PBF LLC Series B Units under PBF Energy’s tax receivable agreement entered with the PBF LLC Series A and PBF LLC Series B unitholders (the “Tax Receivable Agreement”) for certain tax benefits we may claim;
•our assumptions regarding payments arising under PBF Energy’s Tax Receivable Agreement and other arrangements relating to our organizational structure are subject to change due to various factors, including, among other factors, the timing of exchanges of PBF LLC Series A Units for shares of PBF Energy Class A common stock as contemplated by the Tax Receivable Agreement, the price of PBF Energy Class A common stock at the time of such exchanges, the extent to which such exchanges are taxable, and the amount and timing of our income; and
•the impact of disruptions to crude or feedstock supply to any of our refineries or with third-party logistics infrastructure or operations, including pipeline, marine and rail transportation;
We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Form 10-Q may not in fact occur. Accordingly, investors should not place undue reliance on those statements.
Our forward-looking statements speak only as of the date of this Form 10-Q. Except as required by applicable law, including the securities laws of the United States, we do not intend to update or revise any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
PBF ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except share and per share data) | | | | | | | | | | | |
| March 31,
2023 | | December 31,
2022 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 1,616.1 | | | $ | 2,203.6 | |
| Accounts receivable | 1,184.1 | | | 1,456.3 | |
| Inventories | 2,854.9 | | | 2,763.6 | |
| Prepaid and other current assets | 211.6 | | | 122.8 | |
| Total current assets | 5,866.7 | | | 6,546.3 | |
| Property, plant and equipment, net | 5,516.8 | | | 5,361.0 | |
| | | |
| Lease right of use assets | 703.4 | | | 679.1 | |
| | | |
| Deferred charges and other assets, net | 1,052.2 | | | 962.7 | |
| Total assets | $ | 13,139.1 | | | $ | 13,549.1 | |
| LIABILITIES AND EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 750.2 | | | $ | 854.6 | |
| Accrued expenses | 3,637.2 | | | 3,720.8 | |
| Payable pursuant to Tax Receivable Agreement | 61.1 | | | — | |
| | | |
| Deferred revenue | 74.1 | | | 40.6 | |
| | | |
| Current operating lease liabilities | 74.2 | | | 60.5 | |
| | | |
| Current debt | — | | | 524.2 | |
| Total current liabilities | 4,596.8 | | | 5,200.7 | |
| | | |
| Long-term debt | 1,438.0 | | | 1,434.9 | |
| Payable pursuant to Tax Receivable Agreement | 277.5 | | | 338.6 | |
| Deferred tax liabilities | 577.8 | | | 535.4 | |
| Long-term operating lease liabilities | 566.4 | | | 552.7 | |
| Long-term financing lease liabilities | 55.0 | | | 57.9 | |
| Other long-term liabilities | 359.3 | | | 372.9 | |
| Total liabilities | 7,870.8 | | | 8,493.1 | |
| Commitments and contingencies (Note 7) | | | |
| Equity: | | | |
| PBF Energy Inc. equity | | | |
Class A common stock, $0.001 par value, 1,000,000,000 shares authorized, 126,543,857 shares outstanding at March 31, 2023, 129,639,307 shares outstanding at December 31, 2022 | 0.1 | | | 0.1 | |
Class B common stock, $0.001 par value, 1,000,000 shares authorized, 13 shares outstanding at March 31, 2023, 13 shares outstanding at December 31, 2022 | — | | | — | |
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at March 31, 2023 and December 31, 2022 | — | | | — | |
Treasury stock, at cost, 15,000,026 shares outstanding at March 31, 2023 and 10,937,916 shares outstanding at December 31, 2022 | (496.4) | | | (327.0) | |
| Additional paid in capital | 3,223.2 | | | 3,201.6 | |
| Retained earnings | 2,412.1 | | | 2,056.0 | |
| Accumulated other comprehensive loss | (1.1) | | | (1.5) | |
| Total PBF Energy Inc. equity | 5,137.9 | | | 4,929.2 | |
| Noncontrolling interest | 130.4 | | | 126.8 | |
| Total equity | 5,268.3 | | | 5,056.0 | |
| Total liabilities and equity | $ | 13,139.1 | | | $ | 13,549.1 | |
See notes to condensed consolidated financial statements.
7
PBF ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per share data)
| | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2023 | | 2022 |
| Revenues | | | | | $ | 9,295.0 | | | $ | 9,141.7 | |
| Cost and expenses: | | | | | | | |
| Cost of products and other | | | | | 7,795.3 | | | 8,206.2 | |
| Operating expenses (excluding depreciation and amortization expense as reflected below) | | | | | 781.4 | | | 620.4 | |
| Depreciation and amortization expense | | | | | 141.9 | | | 118.3 | |
| Cost of sales | | | | | 8,718.6 | | | 8,944.9 | |
| General and administrative expenses (excluding depreciation and amortization expense as reflected below) | | | | | 60.0 | | | 53.5 | |
| Depreciation and amortization expense | | | | | 1.9 | | | 1.9 | |
| Change in fair value of contingent consideration, net | | | | | (16.3) | | | 50.3 | |
| | | | | | | |
| (Gain) loss on sale of assets | | | | | (1.6) | | | 0.1 | |
| Total cost and expenses | | | | | 8,762.6 | | | 9,050.7 | |
| Income from operations | | | | | 532.4 | | | 91.0 | |
| Other income (expense): | | | | | | | |
| Interest expense, net | | | | | (18.7) | | | (78.4) | |
| Change in Tax Receivable Agreement liability | | | | | — | | | (19.3) | |
| Change in fair value of catalyst obligations | | | | | 0.7 | | | (4.9) | |
| | | | | | | |
| Other non-service components of net periodic benefit cost | | | | | 0.3 | | | 2.2 | |
| Other income (expense) | | | | | (2.3) | | | — | |
| Income (loss) before income taxes | | | | | 512.4 | | | (9.4) | |
| Income tax expense (benefit) | | | | | 126.5 | | | (6.1) | |
| Net income (loss) | | | | | 385.9 | | | (3.3) | |
| Less: net income attributable to noncontrolling interests | | | | | 3.8 | | | 17.8 | |
| Net income (loss) attributable to PBF Energy Inc. stockholders | | | | | $ | 382.1 | | | $ | (21.1) | |
| | | | | | | |
| Weighted-average shares of Class A common stock outstanding | | | | | | | |
| Basic | | | | | 128,787,779 | | | 120,339,041 | |
| Diluted | | | | | 134,499,277 | | | 120,339,041 | |
| Net income (loss) available to Class A common stock per share: | | | | | | | |
| Basic | | | | | $ | 2.97 | | | $ | (0.18) | |
| Diluted | | | | | $ | 2.86 | | | $ | (0.18) | |
See notes to condensed consolidated financial statements.
8
PBF ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in millions)
| | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2023 | | 2022 |
| Net income (loss) | | | | | $ | 385.9 | | | $ | (3.3) | |
| Other comprehensive income (loss): | | | | | | | |
| Unrealized gain (loss) on available for sale securities | | | | | 0.4 | | | (1.1) | |
| | | | | | | |
| Net gain on pension and other post-retirement benefits | | | | | — | | | 0.1 | |
| Total other comprehensive income (loss) | | | | | 0.4 | | | (1.0) | |
| Comprehensive income (loss) | | | | | 386.3 | | | (4.3) | |
| Less: comprehensive income attributable to noncontrolling interests | | | | | 3.8 | | | 17.8 | |
| Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | | | | | $ | 382.5 | | | $ | (22.1) | |
See notes to condensed consolidated financial statements.
9
PBF ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited, in millions, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A
Common Stock | Class B
Common Stock | Additional
Paid-in
Capital | Retained
Earnings (Accumulated Deficit) | Accumulated
Other
Comprehensive
Income (Loss) | Treasury Stock | Noncontrolling
Interest | Total
Equity |
| | Shares | Amount | Shares | Amount | Shares | Amount |
| Balance, December 31, 2022 | 129,639,307 | | $ | 0.1 | | 13 | | $ | — | | $ | 3,201.6 | | $ | 2,056.0 | | $ | (1.5) | | 10,937,916 | | $ | (327.0) | | $ | 126.8 | | $ | 5,056.0 | |
| Comprehensive income | — | | — | | — | | — | | — | | 382.1 | | 0.4 | | — | | — | | 3.8 | | 386.3 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Dividends ($0.20 per common share) | — | | — | | — | | — | | — | | (26.0) | | — | | — | | — | | (0.2) | | (26.2) | |
| Stock-based compensation expense | — | | — | | — | | — | | 6.5 | | — | | — | | — | | — | | — | | 6.5 | |
| Transactions in connection with stock-based compensation plans | 966,660 | | — | | — | | — | | 14.4 | | — | | — | | — | | — | | — | | 14.4 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Treasury stock purchases | (4,062,110) | | — | | — | | — | | 0.6 | | — | | — | | 4,062,110 | | (169.4) | | — | | (168.8) | |
| Other | — | | — | | — | | — | | 0.1 | | — | | — | | — | | — | | — | | 0.1 | |
Balance, March 31, 2023 | 126,543,857 | | 0.1 | | 13 | | — | | 3,223.2 | | 2,412.1 | | (1.1) | | 15,000,026 | | (496.4) | | 130.4 | | 5,268.3 | |
| | | | | | | | | | | |
| Balance, December 31, 2021 | 120,319,577 | | $ | 0.1 | | 15 | | $ | — | | $ | 2,874.0 | | $ | (796.1) | | $ | 17.3 | | 6,676,809 | | $ | (169.1) | | $ | 606.6 | | $ | 2,532.8 | |
| Comprehensive income (loss) | — | | — | | — | | — | | — | | (21.1) | | (1.0) | | — | | — | | 17.8 | | (4.3) | |
| | | | | | | | | | | |
| Distributions to PBF Logistics LP public unitholders | — | | — | | — | | — | | — | | — | | — | | — | | — | | (10.0) | | (10.0) | |
| Stock-based compensation expense | — | | — | | — | | — | | 6.6 | | — | | — | | — | | — | | 0.7 | | 7.3 | |
| Transactions in connection with stock-based compensation plans | 341,765 | | — | | — | | — | | 0.6 | | — | | — | | — | | — | | — | | 0.6 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation | — | | — | | — | | — | | (0.3) | | — | | — | | — | | — | | — | | (0.3) | |
| Exchange of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock | 11,244 | | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | |
| Treasury stock purchases | (54,938) | | — | | — | | — | | 1.1 | | — | | — | | 54,938 | | (1.1) | | — | | — | |
| | | | | | | | | | | |
Balance, March 31, 2022 | 120,617,648 | | $ | 0.1 | | 15 | | $ | — | | $ | 2,882.0 | | $ | (817.2) | | $ | 16.3 | | 6,731,747 | | $ | (170.2) | | $ | 615.1 | | $ | 2,526.1 | |
See notes to condensed consolidated financial statements.
10
PBF ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2023 | | 2022 |
| Cash flows from operating activities: | | | |
| Net income (loss) | $ | 385.9 | | | $ | (3.3) | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
| Depreciation and amortization | 150.1 | | | 124.6 | |
| | | |
| Stock-based compensation | 9.2 | | | 7.7 | |
| Change in fair value of catalyst obligations | (0.7) | | | 4.9 | |
| Deferred income taxes | 42.4 | | | (6.1) | |
| Change in Tax Receivable Agreement liability | — | | | 19.3 | |
| Non-cash change in inventory repurchase obligations | (4.2) | | | (40.7) | |
| | | |
| | | |
| Change in fair value of contingent consideration, net | (16.3) | | | 50.3 | |
| | | |
| Pension and other post-retirement benefit costs | 12.0 | | | 11.9 | |
| (Gain) loss on sale of assets | (1.6) | | | 0.1 | |
| | | |
| Changes in operating assets and liabilities: | | | |
| Accounts receivable | 272.3 | | | (537.5) | |
| Inventories | (91.3) | | | (388.4) | |
| Prepaid and other current assets | (93.8) | | | (161.1) | |
| Accounts payable | (102.4) | | | 683.8 | |
| Accrued expenses | (149.1) | | | 545.7 | |
| Deferred revenue | 33.5 | | | 13.2 | |
| | | |
| Other assets and liabilities | (8.4) | | | (12.1) | |
| Net cash provided by operating activities | $ | 437.6 | | | $ | 312.3 | |
| | | |
| Cash flows from investing activities: | | | |
| Expenditures for property, plant and equipment | (239.8) | | | (118.3) | |
| Expenditures for deferred turnaround costs | (127.7) | | | (82.2) | |
| Expenditures for other assets | (15.6) | | | (25.0) | |
| Proceeds from sale of assets | 4.4 | | | — | |
| Net cash used in investing activities | $ | (378.7) | | | $ | (225.5) | |
See notes to condensed consolidated financial statements.
11
PBF ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(unaudited, in millions)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2023 | | 2022 |
| Cash flows from financing activities: | | | |
| | | |
| | | |
| Dividend payments | $ | (25.8) | | | $ | — | |
| Distributions to PBFX public unitholders | — | | | (9.8) | |
| Distributions to PBF Energy Company LLC members other than PBF Energy | (0.2) | | | — | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Repayments of PBFX revolver borrowings | — | | | (25.0) | |
| Redemption of PBFX 2023 Senior Notes | (525.0) | | | — | |
| | | |
| | | |
| Payments on financing leases | (2.9) | | | (3.0) | |
| Proceeds from insurance premium financing | 61.2 | | | 47.3 | |
| | | |
| Payments of contingent consideration | — | | | (2.6) | |
| Transactions in connection with stock-based compensation plans, net | 14.4 | | | — | |
| Purchase of treasury stock | (167.6) | | | — | |
| Deferred financing costs and other, net | (0.5) | | | (0.6) | |
| Net cash (used in) provided by financing activities | $ | (646.4) | | | $ | 6.3 | |
| | | |
| Net change in cash and cash equivalents | (587.5) | | | 93.1 | |
| Cash and cash equivalents, beginning of period | 2,203.6 | | | 1,341.5 | |
| Cash and cash equivalents, end of period | $ | 1,616.1 | | | $ | 1,434.6 | |
| | | |
| Supplemental cash flow disclosures | | | |
| Non-cash activities: | | | |
| Accrued and unpaid capital expenditures | $ | 171.2 | | | $ | 120.6 | |
| Assets acquired or remeasured under operating and financing leases | 51.4 | | | (24.5) | |
| | | |
| Cash paid during the period for: | | | |
Interest (net of capitalized interest of $12.7 million and $4.2 million in 2023 and 2022, respectively) | $ | 32.0 | | | $ | 34.6 | |
| Income taxes | 3.5 | | | 0.1 | |
See notes to condensed consolidated financial statements.
12
PBF ENERGY COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except unit and per unit data)
| | | | | | | | | | | |
| March 31,
2023 | | December 31,
2022 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 1,615.8 | | | $ | 2,201.8 | |
| Accounts receivable | 1,180.3 | | | 1,456.3 | |
| Inventories | 2,854.9 | | | 2,763.6 | |
| | | |
| Prepaid and other current assets | 211.6 | | | 122.8 | |
| Total current assets | 5,862.6 | | | 6,544.5 | |
| Property, plant and equipment, net | 5,516.8 | | | 5,361.0 | |
| Lease right of use assets | 703.4 | | | 679.1 | |
| | | |
| Deferred charges and other assets, net | 1,052.2 | | | 962.7 | |
| Total assets | $ | 13,135.0 | | | $ | 13,547.3 | |
| LIABILITIES AND EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 750.2 | | | $ | 853.4 | |
| Accrued expenses | 3,604.6 | | | 3,768.3 | |
| Deferred revenue | 74.1 | | | 40.6 | |
| | | |
| Current operating lease liabilities | 74.2 | | | 60.5 | |
| | | |
| Current debt | — | | | 524.2 | |
| Total current liabilities | 4,503.1 | | | 5,247.0 | |
| Long-term debt | 1,438.0 | | | 1,434.9 | |
| Affiliate note payable | 1,463.4 | | | 1,445.7 | |
| Deferred tax liabilities | 21.3 | | | 21.0 | |
| Long-term operating lease liabilities | 566.4 | | | 552.7 | |
| Long-term financing lease liabilities | 55.0 | | | 57.9 | |
| Other long-term liabilities | 359.3 | | | 372.9 | |
| Total liabilities | 8,406.5 | | | 9,132.1 | |
| Commitments and contingencies (Note 7) | | | |
Series B Units, 1,000,000 issued and outstanding, no par or stated value | 5.1 | | | 5.1 | |
| PBF Energy Company LLC equity: | | | |
Series A Units, 910,457 and 910,457 issued and outstanding at March 31, 2023 and December 31, 2022, no par or stated value | 17.4 | | | 17.4 | |
Series C Units, 126,565,088 and 129,660,538 issued and outstanding at March 31, 2023 and December 31, 2022, no par or stated value | 2,497.5 | | | 2,491.9 | |
| Treasury stock, at cost | (496.4) | | | (327.0) | |
| Retained earnings | 2,696.4 | | | 2,220.0 | |
| Accumulated other comprehensive loss | (4.0) | | | (4.4) | |
| Total PBF Energy Company LLC equity | 4,710.9 | | | 4,397.9 | |
| Noncontrolling interest | 12.5 | | | 12.2 | |
| Total equity | 4,723.4 | | | 4,410.1 | |
| Total liabilities, Series B units and equity | $ | 13,135.0 | | | $ | 13,547.3 | |
See notes to condensed consolidated financial statements.
13
PBF ENERGY COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions)
| | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2023 | | 2022 |
| Revenues | | | | | $ | 9,295.0 | | | $ | 9,141.7 | |
| Cost and expenses: | | | | | | | |
| Cost of products and other | | | | | 7,795.3 | | | 8,206.2 | |
| Operating expenses (excluding depreciation and amortization expense as reflected below) | | | | | 781.4 | | | 620.4 | |
| Depreciation and amortization expense | | | | | 141.9 | | | 118.3 | |
| Cost of sales | | | | | 8,718.6 | | | 8,944.9 | |
| General and administrative expenses (excluding depreciation and amortization expense as reflected below) | | | | | 59.7 | | | 53.1 | |
| Depreciation and amortization expense | | | | | 1.9 | | | 1.9 | |
| Change in fair value of contingent consideration, net | | | | | (16.3) | | | 50.3 | |
| | | | | | | |
| (Gain) loss on sale of assets | | | | | (1.6) | | | 0.1 | |
| Total cost and expenses | | | | | 8,762.3 | | | 9,050.3 | |
| Income from operations | | | | | 532.7 | | | 91.4 | |
| Other income (expense): | | | | | | | |
| Interest expense, net | | | | | (28.1) | | | (81.0) | |
| Change in fair value of catalyst obligations | | | | | 0.7 | | | (4.9) | |
| | | | | | | |
| Other non-service components of net periodic benefit cost | | | | | 0.3 | | | 2.2 | |
| Other income (expense) | | | | | (2.3) | | | — | |
| Income before income taxes | | | | | 503.3 | | | 7.7 | |
| Income tax expense (benefit) | | | | | 0.4 | | | (8.1) | |
| Net income | | | | | 502.9 | | | 15.8 | |
| Less: net income attributable to noncontrolling interests | | | | | 0.3 | | | 17.8 | |
| Net income (loss) attributable to PBF Energy Company LLC | | | | | $ | 502.6 | | | $ | (2.0) | |
See notes to condensed consolidated financial statements.
14
PBF ENERGY COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in millions)
| | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2023 | | 2022 |
| Net income | | | | | $ | 502.9 | | | $ | 15.8 | |
| Other comprehensive income (loss): | | | | | | | |
| Unrealized gain (loss) on available for sale securities | | | | | 0.4 | | | (1.1) | |
| Net gain on pension and other post-retirement benefits | | | | | — | | | 0.1 | |
| Total other comprehensive income (loss) | | | | | 0.4 | | | (1.0) | |
| Comprehensive income | | | | | 503.3 | | | 14.8 | |
| Less: comprehensive income attributable to noncontrolling interests | | | | | 0.3 | | | 17.8 | |
| Comprehensive income (loss) attributable to PBF Energy Company LLC | | | | | $ | 503.0 | | | $ | (3.0) | |
See notes to condensed consolidated financial statements.
15
PBF ENERGY COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited, in millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A | Series C | Accumulated
Other
Comprehensive Income (Loss) | Retained
Earnings (Accumulated Deficit) | Noncontrolling
Interest | Treasury Stock | Total Member’s
Equity |
| Units | Amount | Units | Amount |
| Balance, December 31, 2022 | 910,457 | | $ | 17.4 | | 129,660,538 | | $ | 2,491.9 | | $ | (4.4) | | $ | 2,220.0 | | $ | 12.2 | | $ | (327.0) | | $ | 4,410.1 | |
| Comprehensive income | — | | — | | — | | — | | 0.4 | | 502.6 | | 0.3 | | — | | 503.3 | |
| | | | | | | | | |
| | | | | | | | | |
| Distribution to members | — | | — | | — | | — | | — | | (26.2) | | — | | — | | (26.2) | |
| | | | | | | | | |
| | | | | | | | | |
| Stock-based compensation expense | — | | — | | — | | 6.5 | | — | | — | | — | | — | | 6.5 | |
| Transactions in connection with stock-based compensation plans | — | | — | | 966,660 | | (1.5) | | — | | — | | — | | — | | (1.5) | |
| Treasury stock purchases | — | | — | | (4,062,110) | | 0.6 | | — | | — | | — | | (169.4) | | (168.8) | |
| | | | | | | | | |
| | | | | | | | | |
Balance, March 31, 2023 | 910,457 | | $ | 17.4 | | 126,565,088 | | $ | 2,497.5 | | $ | (4.0) | | $ | 2,696.4 | | $ | 12.5 | | $ | (496.4) | | $ | 4,723.4 | |
| | | | | | | | | |
| Balance, December 31, 2021 | 927,990 | | $ | 17.6 | | 120,340,808 | | $ | 2,245.0 | | $ | 20.3 | | $ | (390.9) | | $ | 511.2 | | $ | (169.1) | | $ | 2,234.1 | |
| Comprehensive income (loss) | — | | — | | — | | — | | (1.0) | | (2.0) | | 17.8 | | — | | 14.8 | |
| | | | | | | | | |
| Exchange of Series A units for PBF Energy Class A common stock | (11,244) | | — | | 11,244 | | — | | — | | — | | — | | — | | — | |
| Distribution to members | — | | — | | — | | — | | — | | — | | (10.0) | | — | | (10.0) | |
| | | | | | | | | |
| Stock-based compensation expense | — | | — | | — | | 6.6 | | — | | — | | 0.7 | | — | | 7.3 | |
| | | | | | | | | |
| Transactions in connection with stock-based compensation plans | 11,244 | | — | | 341,765 | | (1.3) | | — | | — | | — | | — | | (1.3) | |
| Treasury stock purchases | — | | — | | (54,938) | | 1.1 | | — | | — | | — | | (1.1) | | — | |
| | | | | | | | | |
| | | | | | | | | |
Balance, March 31, 2022 | 927,990 | | $ | 17.6 | | 120,638,879 | | $ | 2,251.4 | | $ | 19.3 | | $ | (392.9) | | $ | 519.7 | | $ | (170.2) | | $ | 2,244.9 | |
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