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PARSIPPANY, N.J., May 2, 2024 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported first quarter 2024 income from operations of $145.1 million as compared to income from operations of $532.4 million for the first quarter of 2023. Excluding special items, first quarter 2024 income from operations was $143.9 million as compared to income from operations of $514.4 million for the first quarter of 2023.
The company reported first quarter 2024 net income of $107.5 million and net income attributable to PBF Energy Inc. of $106.6 million or $0.86 per share. This compares to net income of $385.9 million, and net income attributable to PBF Energy Inc. of $382.1 million or $2.86 per share for the first quarter 2023. Non-cash special items included in the first quarter 2024 results, which increased net income by a net, after-tax benefit of $0.9 million, or $0.01 per share, primarily consisted of a change in fair value of the contingent consideration associated with the acquisition of the Martinez refinery and related logistics assets and our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment, partially offset by a decrease to our gain on formation of our SBR equity method investment. Adjusted fully-converted net income for the first quarter 2024, excluding special items, was $106.4 million, or $0.85 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $371.4 million or $2.76 per share, for the first quarter 2023.
Matt Lucey, PBF Energy's President and CEO, said, "2024 is off to a positive start. We undertook significant planned maintenance in our East Coast and Mid-continent regions and, following that work, have a clean run at those refineries for the remainder of the year. In the near-term, we have planned maintenance during the second quarter in California."
Mr. Lucey continued, "Looking ahead, our balance sheet and the safe, reliable operations of all our assets remain our primary focus. We experienced somewhat normal seasonality in the product markets at the end of 2023 and through the early part of the first quarter. Industry maintenance and seasonal shifts in demand have improved market conditions as we approach the summer driving season. We continue to prioritize capital allocation to the opportunities that promote the greatest long-term shareholder value and, to that end, we announced a $0.25 per share dividend and bought back $125 million of shares in the first quarter."
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.25 per share of Class A common stock on May 30, 2024, to holders of record at the close of business on May 16, 2024.
St. Bernard Renewables
SBR averaged approximately 18,000 barrels per day of renewable diesel production in the first quarter. In March, SBR's Provisional Application to CARB was approved and SBR is now benefiting from a Provisional Carbon Intensity ("CI") scores that reflect the lower-CI feedstocks being processed. This will result in improved project economics related to the California market.
PBF Strategic Update and Outlook
PBF remains committed to the safety and reliability of our operations. Through successful operational execution, we seek to maintain the quality of our balance sheet and preserve the ability of our assets to continue supporting our long-term strategic goal of increasing the value of our company. At quarter-end, we had approximately $1.4 billion of cash and approximately $1.2 billion of total debt.
Our operational execution and balance sheet improvements have generated significant value for our investors in the near-term and, more importantly, demonstrate our commitment to fiscal discipline, long-term value and shareholder returns.
As always, the safety and reliability of our core operations are paramount. We continue investing in all our assets and expect full-year 2024 refining capital expenditures to be in the $800 to $850 million range. We are currently completing our East Coast and Mid-Continent turnarounds and have an upcoming turnaround at Martinez in the second quarter.
Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Second quarter throughput expectations are included in the table below.
Expected throughput ranges (barrels per day) | ||
Second Quarter 2024 | ||
Low | High | |
East Coast | 260,000 | 280,000 |
Mid-continent | 140,000 | 150,000 |
Gulf Coast | 170,000 | 180,000 |
West Coast | 300,000 | 320,000 |
Total | 870,000 | 930,000 |
Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income, Adjusted Fully-Converted Net Income excluding special items, Adjusted Fully-Converted Net Income per fully-exchanged, fully-diluted share, Income from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, May 2, 2024, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 579-2543 or (785) 424-1789; Conference ID: PBF1Q. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, expectations and intentions with respect to future earnings and operations, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF ENERGY INC. AND SUBSIDIARIES | ||||||
EARNINGS RELEASE TABLES | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
(Unaudited, in millions, except share and per share data) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2024 | 2023 | |||||
Revenues | $ 8,645.6 | $ 9,295.0 | ||||
Cost and expenses: | ||||||
Cost of products and other | 7,597.9 | 7,795.3 | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 688.1 | 781.4 | ||||
Depreciation and amortization expense | 141.4 | 141.9 | ||||
Cost of sales | 8,427.4 | 8,718.6 | ||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 63.2 | 60.0 | ||||
Depreciation and amortization expense | 3.2 | 1.9 | ||||
Change in fair value of contingent consideration, net | (3.3) | (16.3) | ||||
Equity loss in investee | 0.8 | — | ||||
Loss on formation of SBR equity method investment | 8.7 | — | ||||
Loss (gain) on sale of assets | 0.5 | (1.6) | ||||
Total cost and expenses | 8,500.5 | 8,762.6 | ||||
Income from operations | 145.1 | 532.4 | ||||
Other income (expense): | ||||||
Interest expense (net of interest income of $17.8 million and $17.2 million, respectively) | (10.5) | (18.7) | ||||
Change in fair value of catalyst obligations | — | 0.7 | ||||
Other non-service components of net periodic benefit cost | 0.6 | 0.3 | ||||
Other expense | — | (2.3) | ||||
Income before income taxes | 135.2 | 512.4 | ||||
Income tax expense | 27.7 | 126.5 | ||||
Net income | 107.5 | 385.9 | ||||
Less: net income attributable to noncontrolling interest | 0.9 | 3.8 | ||||
Net income attributable to PBF Energy Inc. stockholders | $ 106.6 | $ 382.1 | ||||
Net income available to Class A common stock per share: | ||||||
Basic | $ 0.89 | $ 2.97 | ||||
Diluted | $ 0.86 | $ 2.86 | ||||
Weighted-average shares outstanding-basic | 119,864,653 | 128,787,779 | ||||
Weighted-average shares outstanding-diluted | 124,670,049 | 134,499,277 | ||||
Dividends per common share | $ 0.25 | $ 0.20 | ||||
Adjusted fully-converted net income and adjusted fully-converted net income per fully exchanged, fully diluted shares outstanding (Note 1): | ||||||
Adjusted fully-converted net income | $ 107.3 | $ 384.7 | ||||
Adjusted fully-converted net income per fully exchanged, fully diluted share | $ 0.86 | $ 2.86 | ||||
Adjusted fully-converted shares outstanding - diluted (Note 6) | 124,670,049 | 134,499,277 | ||||
See Footnotes to Earnings Release Tables | ||||||
PBF ENERGY INC. AND SUBSIDIARIES | |||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | |||||||||
(Unaudited, in millions, except share and per share data) | |||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED FULLY-CONVERTED NET INCOME AND ADJUSTED FULLY-CONVERTED NET INCOME EXCLUDING SPECIAL ITEMS (Note 1) | Three Months Ended | ||||||||
March 31, | |||||||||
2024 | 2023 | ||||||||
Net income attributable to PBF Energy Inc. stockholders | $ 106.6 | $ 382.1 | |||||||
Less: Income allocated to participating securities | — | — | |||||||
Income available to PBF Energy Inc. stockholders - basic | 106.6 | 382.1 | |||||||
Add: Net income attributable to noncontrolling interest (Note 2) | 0.9 | 3.5 | |||||||
Less: Income tax expense (Note 3) | (0.2) | (0.9) | |||||||
Adjusted fully-converted net income | $ 107.3 | $ 384.7 | |||||||
Special items (Note 4): | |||||||||
Add: LCM inventory adjustment - SBR | (6.6) | — | |||||||
Add: Change in fair value of contingent consideration, net | (3.3) | (16.3) | |||||||
Add: Gain on land sales | — | (1.7) | |||||||
Add: Loss on formation of SBR equity method investment | 8.7 | — | |||||||
Less: Recomputed income tax on special items (Note 3) | 0.3 | 4.7 | |||||||
Adjusted fully-converted net income excluding special items | $ 106.4 | $ 371.4 | |||||||
Weighted-average shares outstanding of PBF Energy Inc. | 119,864,653 | 128,787,779 | |||||||
Conversion of PBF LLC Series A Units (Note 5) | 862,780 | 910,457 | |||||||
Common stock equivalents (Note 6) | 3,942,616 | 4,801,041 | |||||||
Fully-converted shares outstanding - diluted | 124,670,049 | 134,499,277 | |||||||
Adjusted fully-converted net income per fully exchanged, fully diluted shares outstanding (Note 6) | $ 0.86 | $ 2.86 | |||||||
Adjusted fully-converted net income excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) | $ 0.85 | $ 2.76 | |||||||
Three Months Ended | |||||||||
RECONCILIATION OF INCOME FROM OPERATIONS TO INCOME FROM OPERATIONS EXCLUDING SPECIAL ITEMS | March 31, | ||||||||
2024 | 2023 | ||||||||
Income from operations | $ 145.1 | $ 532.4 | |||||||
Special Items (Note 4): | |||||||||
Add: LCM inventory adjustment - SBR | (6.6) | — | |||||||
Add: Change in fair value of contingent consideration, net | (3.3) | (16.3) | |||||||
Add: Gain on land sales | — | (1.7) | |||||||
Add: Loss on formation of SBR equity method investment | 8.7 | — | |||||||
Income from operations excluding special items | $ 143.9 | $ 514.4 | |||||||
See Footnotes to Earnings Release Tables | |||||||||
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | ||||||||||
EBITDA RECONCILIATIONS (Note 7) | ||||||||||
(Unaudited, in millions) | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
RECONCILIATION OF NET INCOME TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS | 2024 | 2023 | ||||||||
Net income | $ 107.5 | $ 385.9 | ||||||||
Add: Depreciation and amortization expense | 144.6 | 143.8 | ||||||||
Add: Interest expense, net | 10.5 | 18.7 | ||||||||
Add: Income tax expense | 27.7 | 126.5 | ||||||||
EBITDA | $ 290.3 | $ 674.9 | ||||||||
Special Items (Note 4): | ||||||||||
Add: LCM inventory adjustment - SBR | (6.6) | — | ||||||||
Add: Change in fair value of contingent consideration, net | (3.3) | (16.3) | ||||||||
Add: Gain on land sales | — | (1.7) | ||||||||
Add: Loss on formation of SBR equity method investment | 8.7 | — | ||||||||
EBITDA excluding special items | $ 289.1 | $ 656.9 | ||||||||
