PBF Energy Inc. [PBF] Filings

10-Q 1 pbf-20220331.htm 10-Q pbf-20220331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2022


☐			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 [x] No [ ]

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

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

PBF Energy Company LLC

Large accelerated filer

☐

Accelerated filer

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 22, 2022, PBF Energy Inc. had 120,827,502 shares of Class A common stock and 15 shares of Class B common stock outstanding. PBF Energy Inc. is the sole managing member of, and owner of an equity interest representing approximately 99.2% of the outstanding economic interest in PBF Energy Company LLC as of March 31, 2022. 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, 2022

TABLE OF CONTENTS

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

PART I – FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

PBF Energy Inc.

Condensed Consolidated Balance Sheets as of March 3 1 , 202 2 and December 31, 2021

Condensed Consolidated Statements of Operations for the three months ended March 3 1 , 202 2 and 202 1

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 3 1 , 202 2 and 202 1

Condensed Consolidated Statements of Changes in Equity for the three months ended March 3 1 , 202 2 and 202 1

Condensed Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 2 and 202 1

PBF Energy Company LLC

Condensed Consolidated Balance Sheets as of March 3 1 , 202 2 and December 31, 202 1

Consolidated Statements of Operations for the three months ended March 3 1 , 202 2 and 202 1

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 3 1 , 202 2 and 202 1

Condensed Consolidated Statements of Changes in Equity for the three months ended March 3 1 , 202 2 and 202 1

Condensed Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 2 and 202 1

Notes to PBF Energy Inc. and PBF Energy Company LLC Condensed Consolidated Financial Statements

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

ITEM 4.

Controls and Procedures

PART II – OTHER INFORMATION

ITEM 1.

Legal Proceedings

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 6.

Exhibits

SIGNATURES

EXPLANATORY NOTE

This combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (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 99.2% of the outstanding economic interests in PBF LLC as of March 31, 2022. 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 PBF Finance Corporation (“PBF Finance”) is a wholly-owned subsidiary of PBF Holding. As of March 31, 2022, PBF LLC also holds a 47.9% limited partner interest and a non-economic general partner interest in PBF Logistics LP (“PBFX”), a publicly traded master limited partnership (“MLP”). PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX and its subsidiaries and records a noncontrolling interest in its consolidated financial statements representing the economic interests of PBFX’s unitholders other than PBF LLC. 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,” or “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, 2021 of PBF Energy and PBF LLC, which we refer to as our 2021 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;

•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 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 improvement and turnaround projects;

•the effect of the coronavirus (“COVID-19”) pandemic, including resurgences and variants of the virus, as well as related governmental and consumer responses on our business, financial condition and results of operations;

•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 may not reinstate dividend payments;

•the inability of our subsidiaries to freely pay dividends or make distributions to us;

•our ability to make acquisitions or investments, including in renewable diesel production, on any announced time frame or at all, and to realize the benefits from such acquisitions or investments;

•liabilities arising from recent acquisitions or investments that are unforeseen or exceeded our expectation;

•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 substantial indebtedness, including the impact of potential downgrades to our corporate credit rating, secured notes and 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;

•the impact of disruptions to crude or feedstock supply to any of our refineries, including disruptions related to PBFX or with third-party logistics infrastructure or operations, including pipeline, marine and rail transportation;

•risks associated with the operation of PBFX as a separate, publicly-traded entity;

•potential tax consequences related to our investment in PBFX; and

•any decisions we continue to make with respect to our energy-related logistics assets that may be transferred to PBFX.

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, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents (PBFX: $53.3 and $33.9, respectively)	$	1,434.6	$	1,341.5
Accounts receivable	1,815.1		1,277.6
Inventories	2,893.5		2,505.1
Prepaid and other current assets	236.4		75.0
Total current assets	6,379.6		5,199.2
Property, plant and equipment, net (PBFX: $779.4 and $787.3, respectively)	4,955.2		4,902.2

Lease right of use assets	719.7		717.1

Deferred charges and other assets, net	893.8		822.9
Total assets	$	12,948.3	$	11,641.4
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,625.1	$	911.7
Accrued expenses	3,304.2		2,740.4


Deferred revenue	56.0		42.7

Current operating lease liabilities	70.5		64.9

Current debt	29.9		—
Total current liabilities	5,085.7		3,759.7

Long-term debt (PBFX: $598.0 and $622.5, respectively)	4,248.7		4,295.8
Payable to related parties pursuant to Tax Receivable Agreement	67.6		48.3
Deferred tax liabilities	105.6		111.4
Long-term operating lease liabilities	572.5		570.4
Long-term financing lease liabilities	66.7		70.6
Other long-term liabilities	275.4		252.4
Total liabilities	10,422.2		9,108.6
Commitments and contingencies (Note 8)
Equity:
PBF Energy Inc. equity
Class A common stock, $0.001 par value, 1,000,000,000 shares authorized, 120,617,648 shares outstanding at March 31, 2022, 120,319,577 shares outstanding at December 31, 2021	0.1		0.1
Class B common stock, $0.001 par value, 1,000,000 shares authorized, 15 shares outstanding at March 31, 2022, 15 shares outstanding at December 31, 2021	—		—
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at March 31, 2022 and December 31, 2021	—		—
Treasury stock, at cost, 6,731,747 shares outstanding at March 31, 2022 and 6,676,809 shares outstanding at December 31, 2021	(170.2)		(169.1)
Additional paid in capital	2,882.0		2,874.0
Retained earnings (accumulated deficit)	(817.2)		(796.1)
Accumulated other comprehensive income	16.3		17.3
Total PBF Energy Inc. equity	1,911.0		1,926.2
Noncontrolling interest	615.1		606.6
Total equity	2,526.1		2,532.8
Total liabilities and equity	$	12,948.3	$	11,641.4

See notes to condensed consolidated financial statements.

PBF ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except share and per share data)


	Three Months Ended March 31,
		2022		2021
Revenues		$	9,141.7	$	4,924.8
Cost and expenses:
Cost of products and other		8,206.2		4,191.0
Operating expenses (excluding depreciation and amortization expense as reflected below)		620.4		481.3
Depreciation and amortization expense		118.3		114.1
Cost of sales		8,944.9		4,786.4
General and administrative expenses (excluding depreciation and amortization expense as reflected below)		53.5		47.8
Depreciation and amortization expense		1.9		3.4
Change in fair value of contingent consideration		50.3		30.1

Loss (gain) on sale of assets		0.1		(0.6)
Total cost and expenses		9,050.7		4,867.1
Income from operations		91.0		57.7
Other income (expense):
Interest expense, net		(78.4)		(80.3)
Change in Tax Receivable Agreement liability		(19.3)		—
Change in fair value of catalyst obligations		(4.9)		(10.0)

Other non-service components of net periodic benefit cost		2.2		2.0
Income (loss) before income taxes		(9.4)		(30.6)
Income tax benefit		(6.1)		(8.4)
Net income (loss)		(3.3)		(22.2)
Less: net income attributable to noncontrolling interests		17.8		19.1
Net income (loss) attributable to PBF Energy Inc. stockholders		$	(21.1)	$	(41.3)

Weighted-average shares of Class A common stock outstanding
Basic		120,339,041		119,926,267
Diluted		120,339,041		120,905,716
Net income (loss) available to Class A common stock per share:
Basic		$	(0.18)	$	(0.34)
Diluted		$	(0.18)	$	(0.34)

See notes to condensed consolidated financial statements.

PBF ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions)


	Three Months Ended March 31,
		2022		2021
Net income (loss)		$	(3.3)	$	(22.2)
Other comprehensive income (loss):
Unrealized loss on available for sale securities		(1.1)		(0.6)

Net gain on pension and other post-retirement benefits		0.1		0.2
Total other comprehensive income (loss)		(1.0)		(0.4)
Comprehensive income (loss)		(4.3)		(22.6)
Less: comprehensive income attributable to noncontrolling interests		17.8		19.1
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders		$	(22.1)	$	(41.7)

See notes to condensed consolidated financial statements.

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, 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

Balance, December 31, 2020	120,101,641	$	0.1	16	$	—	$	2,846.2	$	(1,027.1)	$	(9.1)	6,549,449	$	(167.3)	$	559.5	$	2,202.3
Comprehensive income (loss)	—	—		—	—		—		(41.3)		(0.4)		—	—		19.1		(22.6)

Distributions to PBF Logistics LP public unitholders	—	—		—	—		—		—		—		—	—		(10.0)		(10.0)
Stock-based compensation expense	—	—		—	—		5.9		—		—		—	—		1.0		6.9
Transactions in connection with stock-based compensation plans	106,882	—		—	—		(0.5)		—		—		—	—		—		(0.5)



Exchange of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock	38,024	—		—	—		0.2		—		—		—	—		(0.2)		—
Treasury stock purchases	(65,558)	—		—	—		0.9		—		—		65,558	(0.9)		—		—

Balance, March 31, 2021	120,180,989	$	0.1	16	$	—	$	2,852.7	$	(1,068.4)	$	(9.5)	6,615,007	$	(168.2)	$	569.4	$	2,176.1

See notes to condensed consolidated financial statements.

PBF ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)


	Three Months Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income (loss)	$	(3.3)	$	(22.2)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	124.6		121.7

Stock-based compensation	7.7		7.4
Change in fair value of catalyst obligations	4.9		10.0
Deferred income taxes	(6.1)		(7.7)
Change in Tax Receivable Agreement liability	19.3		—
Non-cash change in inventory repurchase obligations	(40.7)		8.0

Non-cash lower of cost or market inventory adjustment	—		(405.6)
Change in fair value of contingent consideration	50.3		30.1

Pension and other post-retirement benefit costs	11.9		12.8
Loss (gain) on sale of assets	0.1		(0.6)

Changes in operating assets and liabilities:
Accounts receivable	(537.5)		(350.6)
Inventories	(388.4)		(220.6)
Prepaid and other current assets	(161.1)		(78.9)
Accounts payable	683.8		293.0
Accrued expenses	545.7		638.0
Deferred revenue	13.2		(25.5)

Other assets and liabilities	(12.1)		(23.0)
Net cash provided by (used in) operating activities	$	312.3	$	(13.7)

Cash flows from investing activities:
Expenditures for property, plant and equipment	(118.3)		(37.4)
Expenditures for deferred turnaround costs	(82.2)		(16.8)
Expenditures for other assets	(25.0)		(6.3)

Net cash used in investing activities	$	(225.5)	$	(60.5)

See notes to condensed consolidated financial statements.

PBF ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(unaudited, in millions)


	Three Months Ended March 31,
	2022		2021
Cash flows from financing activities:



Distributions to PBFX public unitholders	$	(9.8)	$	(9.7)










Repayments of PBFX revolver borrowings	(25.0)		(15.0)
Repayments of PBF Rail Term Loan	—		(1.8)


Payments on financing leases	(3.0)		(3.5)
Proceeds from insurance premium financing	47.3		48.9

Payments of contingent consideration	(2.6)		(12.2)


Deferred financing costs and other	(0.6)		(0.8)
Net cash provided by financing activities	$	6.3	$	5.9

Net change in cash and cash equivalents	93.1		(68.3)
Cash and cash equivalents, beginning of period	1,341.5		1,609.5
Cash and cash equivalents, end of period	$	1,434.6	$	1,541.2

Supplemental cash flow disclosures
Non-cash activities:
Accrued and unpaid capital expenditures	$	120.6	$	45.4
Assets acquired or remeasured under operating and financing leases	24.5		(152.8)

Cash paid during the period for:
Interest (net of capitalized interest of $4.2 million and $2.2 million in 2022 and 2021, respectively)	$	34.6	$	41.2
Income taxes	0.1		1.9

See notes to condensed consolidated financial statements.

PBF ENERGY COMPANY LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions, except unit and per unit data)


	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents (PBFX: $53.3 and $33.9, respectively)	$	1,434.6	$	1,339.8
Accounts receivable	1,815.1		1,277.6
Inventories	2,893.5		2,505.1

Prepaid and other current assets	236.4		75.0
Total current assets	6,379.6		5,197.5
Property, plant and equipment, net (PBFX: $779.4 and $787.3, respectively)	4,955.2		4,902.2
Lease right of use assets	719.7		717.1

Deferred charges and other assets, net	893.8		822.9
Total assets	$	12,948.3	$	11,639.7
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,625.1	$	911.7
Accrued expenses	3,357.7		2,792.6
Deferred revenue	56.0		42.7

Current operating lease liabilities	70.5		64.9

Current debt	29.9		—
Total current liabilities	5,139.2		3,811.9
Long-term debt (PBFX: $598.0 and $622.5, respectively)	4,248.7		4,295.8
Affiliate note payable	379.7		375.2
Deferred tax liabilities	16.1		24.2
Long-term operating lease liabilities	572.5		570.4
Long-term financing lease liabilities	66.7		70.6
Other long-term liabilities	275.4		252.4
Total liabilities	10,698.3		9,400.5
Commitments and contingencies (Note 8)
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, 927,990 and 927,990 issued and outstanding at March 31, 2022 and December 31, 2021, no par or stated value	17.6		17.6
Series C Units, 120,638,879 and 120,340,808 issued and outstanding at March 31, 2022 and December 31, 2021, no par or stated value	2,251.4		2,245.0
Treasury stock, at cost	(170.2)		(169.1)
Retained earnings (accumulated deficit)	(392.9)		(390.9)
Accumulated other comprehensive income	19.3		20.3
Total PBF Energy Company LLC equity	1,725.2		1,722.9
Noncontrolling interest	519.7		511.2
Total equity	2,244.9		2,234.1
Total liabilities, Series B units and equity	$	12,948.3	$	11,639.7

See notes to condensed consolidated financial statements.

PBF ENERGY COMPANY LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions)


	Three Months Ended March 31,
		2022		2021
Revenues		$	9,141.7	$	4,924.8
Cost and expenses:
Cost of products and other		8,206.2		4,191.0
Operating expenses (excluding depreciation and amortization expense as reflected below)		620.4		481.3
Depreciation and amortization expense		118.3		114.1
Cost of sales		8,944.9		4,786.4
General and administrative expenses (excluding depreciation and amortization expense as reflected below)		53.1		47.5
Depreciation and amortization expense		1.9		3.4
Change in fair value of contingent consideration		50.3		30.1

Loss (gain) on sale of assets		0.1		(0.6)
Total cost and expenses		9,050.3		4,866.8
Income from operations		91.4		58.0
Other income (expense):
Interest expense, net		(81.0)		(82.9)
Change in fair value of catalyst obligations		(4.9)		(10.0)

Other non-service components of net periodic benefit cost		2.2		2.0
Income (loss) before income taxes		7.7		(32.9)
Income tax benefit		(8.1)		(10.6)
Net income (loss)		15.8		(22.3)
Less: net income attributable to noncontrolling interests		17.8		19.5
Net income (loss) attributable to PBF Energy Company LLC		$	(2.0)	$	(41.8)

See notes to condensed consolidated financial statements.

PBF ENERGY COMPANY LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions)


	Three Months Ended March 31,
		2022		2021
Net income (loss)		$	15.8	$	(22.3)
Other comprehensive income (loss):
Unrealized loss on available for sale securities		(1.1)		(0.6)
Net gain on pension and other post-retirement benefits		0.1		0.2
Total other comprehensive income (loss)		(1.0)		(0.4)
Comprehensive income (loss)		14.8		(22.7)
Less: comprehensive income attributable to noncontrolling interests		17.8		19.5
Comprehensive income (loss) attributable to PBF Energy Company LLC		$	(3.0)	$	(42.2)

See notes to condensed consolidated financial statements.

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, 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

Balance, December 31, 2020	970,647	$	17.6	120,122,872	$	2,220.3	$	(6.1)	$	(690.5)	$	466.1	$	(167.3)	$	1,840.1
Comprehensive income (loss)	—	—		—	—		(0.4)		(41.8)		19.5		—		(22.7)

Exchange of Series A units for PBF Energy Class A common stock	(38,024)	(0.2)		38,024	0.2		—		—		—		—		—
Distribution to members	—	—		—	—		—		—		(10.0)		—		(10.0)

Stock-based compensation expense	—	—		—	5.9		—		—		1.0		—		6.9

Transactions in connection with stock-based compensation plans	61,324	0.3		106,882	(0.8)		—		—		—		—		(0.5)
Treasury stock purchases	—	—		(65,558)	0.9		—		—		—		(0.9)		—


Balance, March 31, 2021	993,947	$	17.7	120,202,220	$

PBF Energy Inc. [PBF] Filings
10-Q	[2022-04-28]
10-K	[2022-02-17]
10-Q	[2021-10-28]
10-Q	[2021-07-29]
10-Q	[2021-04-29]
10-K	[2021-02-18]
10-Q	[2020-10-29]
10-Q	[2020-07-31]
10-Q	[2020-05-15]
10-K	[2020-02-20]
10-Q	[2019-10-31]
10-Q	[2019-08-01]
10-Q	[2019-05-01]
10-K	[2019-02-21]
10-Q	[2018-10-31]
10-Q	[2018-08-02]
10-Q	[2018-05-03]
10-K	[2018-02-23]
10-Q	[2017-11-02]
10-Q	[2017-08-03]
10-Q	[2017-05-04]
10-K	[2017-02-24]
10-Q	[2016-11-04]
10-Q	[2016-08-04]
10-Q	[2016-05-05]
10-K	[2016-02-29]
10-Q	[2015-11-05]
10-Q	[2015-08-06]
10-Q	[2015-05-07]
10-K	[2015-02-26]
10-Q	[2014-11-07]
10-Q	[2014-08-07]
10-Q	[2014-05-07]
10-K	[2014-02-21]
10-Q	[2013-11-07]
S-1	[2013-08-20]
10-Q	[2013-08-08]
S-1	[2013-05-24]
10-Q	[2013-05-09]
10-K	[2013-02-28]