PBF Energy Announces Second Quarter 2024 Results and Declares Dividend of $0.25 per Share
- Second quarter loss from operations of
$74.6 million (excluding special items, second quarter loss from operations of$72.5 million ) - Announces quarterly dividend of
$0.25 per share - Second quarter 2024 share repurchases of approximately 2.0 million shares for approximately
$100 million
The company reported second quarter 2024 net loss of
The company announced today that it will pay a quarterly dividend of
PBF Strategic Update and Outlook
PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. At quarter-end, we had approximately
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
Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current third quarter throughput expectations are included in the table below.
Expected throughput ranges (barrels per day) |
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Third Quarter 2024 |
|
|
Low |
High |
|
285,000 |
305,000 |
Mid-continent |
145,000 |
155,000 |
|
165,000 |
175,000 |
|
290,000 |
310,000 |
Total |
885,000 |
945,000 |
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.
St. Bernard Renewables
SBR averaged approximately 16,500 barrels per day of renewable diesel production in the second quarter. During the third quarter, SBR operations will reflect a catalyst change beginning in late July and scheduled for completion in late August. Renewable diesel production for the third quarter is expected to average approximately 12,500 barrels per day.
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 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
About
Contacts:
ir@pbfenergy.com
Tel: 973.455.7578
mediarelations@pbfenergy.com
Tel: 973.455.8994
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EARNINGS RELEASE TABLES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited, in millions, except share and per share data) |
|||||||||||
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Three Months Ended |
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Six Months Ended |
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2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues |
$ 8,736.1 |
|
$ 9,157.6 |
|
$ 17,381.7 |
|
$ 18,452.6 |
||||
Cost and expenses: |
|
|
|
|
|
|
|
||||
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Cost of products and other |
7,962.4 |
|
7,908.0 |
|
15,560.3 |
|
15,703.3 |
|||
|
Operating expenses (excluding depreciation and amortization |
612.6 |
|
597.0 |
|
1,300.7 |
|
1,378.4 |
|||
|
Depreciation and amortization expense |
154.8 |
|
142.2 |
|
296.2 |
|
284.1 |
|||
Cost of sales |
8,729.8 |
|
8,647.2 |
|
17,157.2 |
|
17,365.8 |
||||
|
General and administrative expenses (excluding depreciation |
65.0 |
|
104.2 |
|
128.2 |
|
164.2 |
|||
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Depreciation and amortization expense |
3.3 |
|
2.3 |
|
6.5 |
|
4.2 |
|||
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Change in fair value of contingent consideration, net |
— |
|
(16.6) |
|
(3.3) |
|
(32.9) |
|||
|
Equity loss in investee |
12.4 |
|
— |
|
13.2 |
|
— |
|||
|
(Gain) loss on formation of SBR equity method investment |
— |
|
(968.9) |
|
8.7 |
|
(968.9) |
|||
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Loss (gain) on sale of assets |
0.2 |
|
0.2 |
|
0.7 |
|
(1.4) |
|||
Total cost and expenses |
8,810.7 |
|
7,768.4 |
|
17,311.2 |
|
16,531.0 |
||||
Income (loss) from operations |
(74.6) |
|
1,389.2 |
|
70.5 |
|
1,921.6 |
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|||
|
Interest expense (net of interest income of |
(17.3) |
|
(13.8) |
|
(27.8) |
|
(32.5) |
|||
|
Change in fair value of catalyst obligations |
— |
|
0.5 |
|
— |
|
1.2 |
|||
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Other non-service components of net periodic benefit cost |
0.6 |
|
0.1 |
|
1.2 |
|
0.4 |
|||
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Other expense |
|
— |
|
2.3 |
|
— |
|
— |
||
Income (loss) before income taxes |
(91.3) |
|
1,378.3 |
|
43.9 |
|
1,890.7 |
||||
Income tax (benefit) expense |
(25.3) |
|
347.9 |
|
2.4 |
|
474.4 |
||||
Net income (loss) |
(66.0) |
|
1,030.4 |
|
41.5 |
|
1,416.3 |
||||
|
Less: net income (loss) attributable to noncontrolling interest |
(0.8) |
|
10.0 |
|
0.1 |
|
13.8 |
|||
Net income (loss) attributable to |
$ (65.2) |
|
$ 1,020.4 |
|
$ 41.4 |
|
$ 1,402.5 |
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Net income (loss) available to Class A common stock per |
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|
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|
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Basic |
$ (0.56) |
|
$ 8.14 |
|
$ 0.35 |
|
$ 11.04 |
||
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Diluted |
$ (0.56) |
|
$ 7.88 |
|
$ 0.33 |
|
$ 10.67 |
||
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Weighted-average shares outstanding-basic |
117,043,158 |
|
125,288,452 |
|
118,965,510 |
|
127,028,449 |
||
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Weighted-average shares outstanding-diluted |
117,905,938 |
|
130,446,002 |
|
124,195,155 |
|
132,428,607 |
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Dividends per common share |
$ 0.25 |
|
$ 0.20 |
|
$ 0.50 |
|
$ 0.40 |
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Adjusted fully-converted net income (loss) and adjusted |
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Adjusted fully-converted net income (loss) |
$ (65.8) |
|
$ 1,027.7 |
|
$ 41.5 |
|
$ 1,412.4 |
||
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Adjusted fully-converted net income (loss) per fully |
$ (0.56) |
|
$ 7.88 |
|
$ 0.33 |
|
$ 10.67 |
||
|
|
Adjusted fully-converted shares outstanding - diluted (Note 6) |
117,905,938 |
|
130,446,002 |
|
124,195,155 |
|
132,428,607 |
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See Footnotes to Earnings Release Tables |
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RECONCILIATION OF AMOUNTS REPORTED UNDER |
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(Unaudited, in millions, except share and per share data) |
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RECONCILIATION OF NET INCOME (LOSS) TO |
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Three Months Ended |
|
Six Months Ended |
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|
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Net income (loss) attributable to |
|
$ (65.2) |
|
$ 1,020.4 |
|
$ 41.4 |
|
$ 1,402.5 |
|||||
|
Less: Income allocated to participating securities |
|
— |
|
— |
|
— |
|
— |
||||
Income (loss) available to |
|
(65.2) |
|
1,020.4 |
|
41.4 |
|
1,402.5 |
|||||
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Add: Net income (loss) attributable to noncontrolling interest |
|
(0.8) |
|
9.9 |
|
0.1 |
|
13.4 |
||||
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Less: Income tax benefit (expense) (Note 3) |
|
0.2 |
|
(2.6) |
|
— |
|
(3.5) |
||||
Adjusted fully-converted net income (loss) |
|
$ (65.8) |
|
$ 1,027.7 |
|
$ 41.5 |
|
$ 1,412.4 |
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Special items (Note 4): |
|
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|
|
|
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|
|||||
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Add: LCM inventory adjustment - SBR |
|
2.1 |
|
— |
|
(4.5) |
|
— |
||||
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Add: Change in fair value of contingent consideration, net |
|
— |
|
(16.6) |
|
(3.3) |
|
(32.9) |
||||
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Add: Gain on land sales |
|
— |
|
— |
|
— |
|
(1.7) |
||||
|
Add: (Gain) loss on formation of SBR equity method |
|
— |
|
(968.9) |
|
8.7 |
|
(968.9) |
||||
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Less: Recomputed income tax on special items (Note 3) |
|
(0.5) |
|
256.1 |
|
(0.2) |
|
260.9 |
||||
Adjusted fully-converted net income (loss) excluding |
|
$ (64.2) |
|
$ 298.3 |
|
$ 42.2 |
|
$ 669.8 |
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Weighted-average shares outstanding of |
|
117,043,158 |
|
125,288,452 |
|
118,965,510 |
|
127,028,449 |
|||||
Conversion of |
|
862,780 |
|
910,457 |
|
862,780 |
|
910,457 |
|||||
Common stock equivalents (Note 6) |
|
— |
|
4,247,093 |
|
4,366,865 |
|
4,489,701 |
|||||
Fully-converted shares outstanding - diluted |
|
117,905,938 |
|
130,446,002 |
|
124,195,155 |
|
132,428,607 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted fully-converted net income (loss) per fully |
|
$ (0.56) |
|
$ 7.88 |
|
$ 0.33 |
|
$ 10.67 |
|||||
|
|||||||||||||
Adjusted fully-converted net income (loss) excluding |
|
$ (0.54) |
|
$ 2.29 |
|
$ 0.34 |
|
$ 5.06 |
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|
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|
Three Months Ended |
|
Six Months Ended |
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RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM |
|
|
|
|
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Income (loss) from operations |
|
$ (74.6) |
|
$ 1,389.2 |
|
$ 70.5 |
|
$ 1,921.6 |
|||||
Special Items (Note 4): |
|
|
|
|
|
|
|
|
|||||
|
Add: LCM inventory adjustment -SBR |
|
2.1 |
|
— |
|
(4.5) |
|
— |
||||
|
Add: Change in fair value of contingent consideration, net |
|
— |
|
(16.6) |
|
(3.3) |
|
(32.9) |
||||
|
Add: Gain on land sales |
|
— |
|
— |
|
— |
|
(1.7) |
||||
|
Add: (Gain) loss on formation of SBR equity method investment |
|
— |
|
(968.9) |
|
8.7 |
|
(968.9) |
||||
Income (loss) from operations excluding special items |
|
$ (72.5) |
|
$ 403.7 |
|
$ 71.4 |
|
$ 918.1 |
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See Footnotes to Earnings Release Tables |
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RECONCILIATION OF AMOUNTS REPORTED UNDER |
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EBITDA RECONCILIATIONS (Note 7) |
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(Unaudited, in millions) |
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Three Months Ended |
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Six Months Ended |
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|
||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ (66.0) |
|
$ 1,030.4 |
|
$ 41.5 |
|
$ 1,416.3 |
||||||
Add: Depreciation and amortization expense |
|
158.1 |
|
144.5 |
|
302.7 |
|
288.3 |
||||||
Add: Interest expense, net |
|
17.3 |
|
13.8 |
|
27.8 |
|
32.5 |
||||||
Add: Income tax expense (benefit) |
|
(25.3) |
|
347.9 |
|
2.4 |
|
474.4 |
||||||
EBITDA |
|
|
$ 84.1 |
|
$ 1,536.6 |
|
$ 374.4 |
|
$ 2,211.5 |
|||||
Special Items (Note 4): |
|
|
|
|
|
|
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|
||||||
Add: LCM inventory adjustment -SBR |
|
2.1 |
|
— |
|
(4.5) |
|
— |
||||||
Add: Change in fair value of contingent consideration, net |
|
— |
|
(16.6) |
|
(3.3) |
|
(32.9) |
||||||
Add: Gain on land sales |
|
— |
|
— |
|
— |
|
(1.7) |
||||||
Add: (Gain) loss on formation of SBR equity method investment |
|
— |
|
(968.9) |
|
8.7 |
|
(968.9) |
||||||
EBITDA excluding special items |
|
$ 86.2 |
|
$ 551.1 |
|
$ 375.3 |
|
$ 1,208.0 |
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Three Months Ended |
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Six Months Ended |
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|
||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
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|
|||||
EBITDA |
|
$ 84.1 |
|
$ 1,536.6 |
|
$ 374.4 |
|
$ 2,211.5 |
||||||
Add: Stock-based compensation |
|
8.6 |
|
9.7 |
|
21.0 |
|
18.9 |
||||||
Add: Change in fair value of catalyst obligations |
|
— |
|
(0.5) |
|
— |
|
(1.2) |
||||||
Add: LCM inventory adjustment -SBR (Note 4) |
|
2.1 |
|
— |
|
(4.5) |
|
— |
||||||
Add: Change in fair value of contingent consideration, net (Note 4) |
|
— |
|
(16.6) |
|
(3.3) |
|
(32.9) |
||||||
Add: Gain on land sales (Note 4) |
|
— |
|
— |
|
— |
|
(1.7) |
||||||
Add: (Gain) loss on formation of SBR equity method investment (Note 4) |
|
— |
|
(968.9) |
|
8.7 |
|
(968.9) |
||||||
Adjusted EBITDA |
|
|
$ 94.8 |
|
$ 560.3 |
|
$ 396.3 |
|
$ 1,225.7 |
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|
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See Footnotes to Earnings Release Tables |
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EARNINGS RELEASE TABLES |
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CONDENSED CONSOLIDATED BALANCE SHEET DATA |
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(Unaudited, in millions) |
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|
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|
2024 |
|
2023 |
Balance Sheet Data: |
|
|
|
|
|||
|
Cash and cash equivalents |
$ 1,367.2 |
|
$ 1,783.5 |
|||
|
Inventories |
2,864.2 |
|
3,183.1 |
|||
|
Total assets |
14,076.1 |
|
14,387.8 |
|||
|
Total debt |
1,251.5 |
|
1,245.9 |
|||
|
Total equity |
6,406.4 |
|
6,631.3 |
|||
|
Total equity excluding special items (Note 4, 13) |
$ 5,333.2 |
|
$ 5,557.4 |
|||
|
|
|
|
|
|
|
|
|
Total debt to capitalization ratio (Note 13) |
16 % |
|
16 % |
|||
|
Total debt to capitalization ratio, excluding special items (Note 13) |
19 % |
|
18 % |
|||
|
Net debt to capitalization ratio* (Note 13) |
(2) % |
|
(9) % |
|||
|
Net debt to capitalization ratio, excluding special items* (Note 13) |
(2) % |
|
(11) % |
|||
|
|
|
|
|
|
|
|
|
* Negative ratio exists as of |
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|
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|
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|
|||
SUMMARIZED STATEMENT OF CASH FLOW DATA |
|||||||
(Unaudited, in millions) |
|||||||
|
|
|
|
|
Six Months Ended |
||
|
|
|
|
|
2024 |
|
2023 |
Cash flows provided by operating activities |
$ 441.1 |
|
$ 505.7 |
||||
Cash flows used in investing activities |
(617.6) |
|
(314.7) |
||||
Cash flows used in financing activities |
(239.8) |
|
(877.7) |
||||
Net change in cash and cash equivalents |
(416.3) |
|
(686.7) |
||||
Cash and cash equivalents, beginning of period |
1,783.5 |
|
2,203.6 |
||||
Cash and cash equivalents, end of period |
$ 1,367.2 |
|
$ 1,516.9 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ 8,726.6 |
|
$ 98.5 |
|
$ — |
|
$ (89.0) |
|
$ 8,736.1 |
Depreciation and amortization expense |
145.7 |
|
9.1 |
|
3.3 |
|
— |
|
158.1 |
Income (loss) from operations |
(46.9) |
|
51.0 |
|
(78.7) |
|
— |
|
(74.6) |
Interest (income) expense, net |
(2.7) |
|
(0.4) |
|
20.4 |
|
— |
|
17.3 |
Capital expenditures |
330.3 |
|
0.6 |
|
2.5 |
|
— |
|
333.4 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 9,148.4 |
|
$ 94.0 |
|
$ — |
|
$ (84.8) |
|
$ 9,157.6 |
Depreciation and amortization expense |
133.0 |
|
9.2 |
|
2.3 |
|
— |
|
144.5 |
Income from operations (1) |
455.6 |
|
51.9 |
|
881.7 |
|
— |
|
1,389.2 |
Interest (income) expense, net |
(6.9) |
|
0.1 |
|
20.6 |
|
— |
|
13.8 |
Capital expenditures (2) |
362.1 |
|
2.4 |
|
2.5 |
|
— |
|
367.0 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 17,363.0 |
|
$ 194.6 |
|
$ — |
|
$ (175.9) |
|
$ 17,381.7 |
Depreciation and amortization expense |
278.0 |
|
18.2 |
|
6.5 |
|
— |
|
302.7 |
Income (loss) from operations (1) |
123.7 |
|
96.1 |
|
(149.3) |
|
— |
|
70.5 |
Interest (income) expense, net |
(6.8) |
|
(1.0) |
|
35.6 |
|
— |
|
27.8 |
Capital expenditures (2) |
613.4 |
|
1.7 |
|
3.0 |
|
— |
|
618.1 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Revenues |
$ 18,433.9 |
|
$ 192.5 |
|
$ — |
|
$ (173.8) |
|
$ 18,452.6 |
Depreciation and amortization expense |
265.9 |
|
18.2 |
|
4.2 |
|
— |
|
288.3 |
Income from operations (1) |
981.3 |
|
101.6 |
|
838.7 |
|
— |
|
1,921.6 |
Interest (income) expense, net |
(11.0) |
|
3.8 |
|
39.7 |
|
— |
|
32.5 |
Capital expenditures (2) |
741.3 |
|
5.1 |
|
3.7 |
|
— |
|
750.1 |
|
|||||||||
|
Balance at |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Total Assets (3) |
$ 12,295.2 |
|
$ 789.3 |
|
$ 1,030.4 |
|
$ (38.8) |
|
$ 14,076.1 |
|
|||||||||
|
Balance at |
||||||||
|
Refining |
|
Logistics |
|
Corporate |
|
Eliminations |
|
Consolidated |
Total Assets (3) |
$ 12,590.6 |
|
$ 816.8 |
|
$ 1,024.1 |
|
$ (43.7) |
|
$ 14,387.8 |
|
|
|
|
|
|
|
|
|
|
(1) Income (loss) from operations within Corporate for the six months ended |
|||||||||
(2) For the six months ended |
|||||||||
(3) As of |
|||||||||
|
|||||||||
See Footnotes to Earnings Release Tables |
|
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
|
|
|
|
|
||||
Market Indicators (dollars per barrel) (Note 9) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Dated Brent crude oil |
$ 85.02 |
|
$ 78.21 |
|
$ 84.09 |
|
$ 79.65 |
|||||
West Texas Intermediate (WTI) crude oil |
$ 80.82 |
|
$ 73.56 |
|
$ 78.95 |
|
$ 74.76 |
|||||
Light Louisiana Sweet (LLS) crude oil |
$ 83.65 |
|
$ 75.62 |
|
$ 81.72 |
|
$ 77.26 |
|||||
Alaska North Slope (ANS) crude oil |
$ 86.42 |
|
$ 78.26 |
|
$ 83.91 |
|
$ 78.64 |
|||||
Crack Spreads: |
|
|
|
|
|
|
|
|||||
|
Dated Brent (NYH) 2-1-1 |
$ 21.46 |
|
$ 28.66 |
|
$ 21.26 |
|
$ 30.09 |
||||
|
WTI ( |
$ 19.48 |
|
$ 27.82 |
|
$ 18.33 |
|
$ 28.44 |
||||
|
LLS ( |
$ 18.48 |
|
$ 26.41 |
|
$ 21.42 |
|
$ 30.26 |
||||
|
ANS (West Coast-LA) 4-3-1 |
$ 27.44 |
|
$ 33.73 |
|
$ 28.21 |
|
$ 36.08 |
||||
|
ANS (West Coast-SF) 3-2-1 |
$ 29.92 |
|
$ 33.56 |
|
$ 28.94 |
|
$ 36.36 |
||||
Crude Oil Differentials: |
|
|
|
|
|
|
|
|||||
|
Dated Brent (foreign) less WTI |
$ 4.21 |
|
$ 4.65 |
|
$ 5.15 |
|
$ 4.89 |
||||
|
Dated Brent less Maya (heavy, sour) |
$ 12.14 |
|
$ 14.70 |
|
$ 12.53 |
|
$ 16.58 |
||||
|
Dated Brent less WTS (sour) |
$ 4.10 |
|
$ 4.76 |
|
$ 4.93 |
|
$ 5.18 |
||||
|
Dated Brent less ASCI (sour) |
$ 3.88 |
|
$ 5.17 |
|
$ 5.08 |
|
$ 6.28 |
||||
|
WTI less WCS (heavy, sour) |
$ 13.60 |
|
$ 13.49 |
|
$ 15.58 |
|
$ 16.42 |
||||
|
WTI less Bakken (light, sweet) |
$ 0.86 |
|
$ (1.74) |
|
$ 1.77 |
|
$ (2.32) |
||||
|
WTI less Syncrude (light, sweet) |
$ (1.45) |
|
$ (2.88) |
|
$ 1.17 |
|
$ (2.99) |
||||
|
WTI less LLS (light, sweet) |
$ (2.84) |
|
$ (2.05) |
|
$ (2.77) |
|
$ (2.50) |
||||
|
WTI less ANS (light, sweet) |
$ (5.60) |
|
$ (4.70) |
|
$ (4.97) |
|
$ (3.87) |
||||
Effective RIN basket price |
$ 3.38 |
|
$ 7.68 |
|
$ 3.53 |
|
$ 7.93 |
|||||
Natural gas (dollars per MMBTU) |
$ 2.32 |
|
$ 2.33 |
|
$ 2.21 |
|
$ 2.54 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Operating Information |
|
|
|
|
|
|
|
|||||
Production (barrels per day ("bpd") in thousands) |
926.7 |
|
945.7 |
|
918.0 |
|
902.3 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
921.3 |
|
935.8 |
|
909.5 |
|
893.7 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
83.8 |
|
85.2 |
|
165.5 |
|
161.8 |
|||||
Consolidated gross margin per barrel of throughput |
$ 0.08 |
|
$ 6.00 |
|
$ 1.36 |
|
$ 6.72 |
|||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) |
$ 8.12 |
|
$ 13.62 |
|
$ 9.91 |
|
$ 15.86 |
|||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 6.94 |
|
$ 6.71 |
|
$ 7.47 |
|
$ 8.16 |
|||||
Crude and feedstocks (% of total throughput) (Note 12) |
|
|
|
|
|
|
|
|||||
|
Heavy |
34 % |
|
27 % |
|
29 % |
|
27 % |
||||
|
Medium |
34 % |
|
35 % |
|
39 % |
|
34 % |
||||
|
Light |
18 % |
|
21 % |
|
17 % |
|
21 % |
||||
|
Other feedstocks and blends |
14 % |
|
17 % |
|
15 % |
|
18 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput) |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
46 % |
|
48 % |
|
47 % |
|
48 % |
||||
|
Distillates and distillate blendstocks |
33 % |
|
33 % |
|
33 % |
|
33 % |
||||
|
Lubes |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Chemicals |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Other |
20 % |
|
18 % |
|
19 % |
|
18 % |
||||
|
Total yield |
|
101 % |
|
101 % |
|
101 % |
|
101 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables |
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
SUPPLEMENTAL OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Supplemental Operating Information - East Coast Refining |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
313.7 |
|
300.2 |
|
311.1 |
|
312.3 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
319.7 |
|
304.1 |
|
316.2 |
|
315.2 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
29.0 |
|
27.7 |
|
57.5 |
|
57.1 |
|||||
Gross margin per barrel of throughput |
$ (3.85) |
|
$ 1.56 |
|
$ (1.93) |
|
$ 5.59 |
|||||
Gross refining margin, excluding special items, per barrel of |
$ 2.52 |
|
$ 8.09 |
|
$ 5.09 |
|
$ 13.28 |
|||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 4.95 |
|
$ 4.96 |
|
$ 5.64 |
|
$ 6.27 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Heavy |
27 % |
|
6 % |
|
23 % |
|
12 % |
||||
|
Medium |
39 % |
|
46 % |
|
41 % |
|
45 % |
||||
|
Light |
16 % |
|
21 % |
|
17 % |
|
19 % |
||||
|
Other feedstocks and blends |
18 % |
|
27 % |
|
19 % |
|
24 % |
||||
|
Total throughput |
|
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
32 % |
|
37 % |
|
33 % |
|
38 % |
||||
|
Distillates and distillate blendstocks |
34 % |
|
33 % |
|
34 % |
|
35 % |
||||
|
Lubes |
2 % |
|
2 % |
|
2 % |
|
2 % |
||||
|
Chemicals |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Other |
29 % |
|
26 % |
|
28 % |
|
23 % |
||||
|
Total yield |
|
98 % |
|
99 % |
|
98 % |
|
99 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - Mid-Continent ( |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
141.6 |
|
162.0 |
|
128.0 |
|
127.9 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
139.8 |
|
158.5 |
|
126.1 |
|
126.0 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
12.8 |
|
14.4 |
|
23.0 |
|
22.8 |
|||||
Gross margin per barrel of throughput |
$ 1.67 |
|
$ 6.80 |
|
$ 4.83 |
|
$ 2.68 |
|||||
Gross refining margin, excluding special items, per barrel of |
$ 9.50 |
|
$ 14.30 |
|
$ 13.36 |
|
$ 12.53 |
|||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 5.82 |
|
$ 6.13 |
|
$ 6.54 |
|
$ 8.00 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Medium |
41 % |
|
37 % |
|
41 % |
|
39 % |
||||
|
Light |
56 % |
|
62 % |
|
56 % |
|
60 % |
||||
|
Other feedstocks and blends |
3 % |
|
1 % |
|
3 % |
|
1 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
53 % |
|
52 % |
|
55 % |
|
48 % |
||||
|
Distillates and distillate blendstocks |
36 % |
|
35 % |
|
36 % |
|
35 % |
||||
|
Chemicals |
4 % |
|
4 % |
|
4 % |
|
4 % |
||||
|
Other |
8 % |
|
11 % |
|
7 % |
|
15 % |
||||
|
Total yield |
|
101 % |
|
102 % |
|
102 % |
|
102 % |
|||
|
||||||||||||
See Footnotes to Earnings Release Tables |
|
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
SUPPLEMENTAL OPERATING INFORMATION |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Supplemental Operating Information - |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
164.8 |
|
170.7 |
|
169.1 |
|
170.3 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
165.1 |
|
169.3 |
|
168.0 |
|
169.2 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
14.9 |
|
15.4 |
|
30.5 |
|
30.6 |
|||||
Gross margin per barrel of throughput |
$ 2.32 |
|
$ 5.96 |
|
$ 4.18 |
|
$ 9.17 |
|||||
Gross refining margin, excluding special items, per barrel of |
$ 8.66 |
|
$ 12.54 |
|
$ 10.54 |
|
$ 16.23 |
|||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 5.42 |
|
$ 5.68 |
|
$ 5.48 |
|
$ 6.05 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Heavy |
16 % |
|
17 % |
|
12 % |
|
17 % |
||||
|
Medium |
47 % |
|
41 % |
|
53 % |
|
36 % |
||||
|
Light |
19 % |
|
21 % |
|
16 % |
|
29 % |
||||
|
Other feedstocks and blends |
18 % |
|
21 % |
|
19 % |
|
18 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
41 % |
|
47 % |
|
44 % |
|
45 % |
||||
|
Distillates and distillate blendstocks |
35 % |
|
33 % |
|
35 % |
|
35 % |
||||
|
Chemicals |
1 % |
|
1 % |
|
1 % |
|
1 % |
||||
|
Other |
23 % |
|
20 % |
|
21 % |
|
20 % |
||||
|
|
Total yield |
100 % |
|
101 % |
|
101 % |
|
101 % |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Information - |
|
|
|
|
|
|
|
|||||
Production (bpd in thousands) |
306.6 |
|
312.8 |
|
309.8 |
|
291.8 |
|||||
Crude oil and feedstocks throughput (bpd in thousands) |
296.7 |
|
303.9 |
|
299.2 |
|
283.3 |
|||||
Total crude oil and feedstocks throughput (millions of barrels) |
27.1 |
|
27.7 |
|
54.5 |
|
51.3 |
|||||
Gross margin per barrel of throughput |
$ 0.34 |
|
$ 8.05 |
|
$ (0.05) |
|
$ 6.22 |
|||||
Gross refining margin, excluding special items, per barrel of |
$ 13.21 |
|
$ 19.41 |
|
$ 13.18 |
|
$ 20.01 |
|||||
Refining operating expense, per barrel of throughput (Note 11) |
$ 10.46 |
|
$ 9.34 |
|
$ 10.92 |
|
$ 11.60 |
|||||
Crude and feedstocks (% of total throughput) (Note 12): |
|
|
|
|
|
|
|
|||||
|
Heavy |
68 % |
|
66 % |
|
58 % |
|
63 % |
||||
|
Medium |
18 % |
|
20 % |
|
28 % |
|
19 % |
||||
|
Light |
— % |
|
1 % |
|
— % |
|
1 % |
||||
|
Other feedstocks and blends |
14 % |
|
13 % |
|
14 % |
|
17 % |
||||
|
|
Total throughput |
100 % |
|
100 % |
|
100 % |
|
100 % |
|||
Yield (% of total throughput): |
|
|
|
|
|
|
|
|||||
|
Gasoline and gasoline blendstocks |
59 % |
|
58 % |
|
60 % |
|
59 % |
||||
|
Distillates and distillate blendstocks |
28 % |
|
31 % |
|
29 % |
|
30 % |
||||
|
Other |
16 % |
|
14 % |
|
15 % |
|
14 % |
||||
|
Total yield |
|
103 % |
|
103 % |
|
104 % |
|
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 |
||||||
|
|
|
|
|
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2024 |
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2023 |
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RECONCILIATION OF CONSOLIDATED GROSS MARGIN |
$ |
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per barrel |
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$ |
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per barrel |
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Calculation of consolidated gross margin: |
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Revenues |
$ 8,736.1 |
|
$ 104.21 |
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$ 9,157.6 |
|
$ 107.54 |
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Less: Cost of sales |
8,729.8 |
|
104.13 |
|
8,647.2 |
|
101.54 |
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Consolidated gross margin |
$ 6.3 |
|
$ 0.08 |
|
$ 510.4 |
|
$ 6.00 |
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Reconciliation of consolidated gross margin to gross refining |
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Consolidated gross margin |
$ 6.3 |
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$ 0.08 |
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$ 510.4 |
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$ 6.00 |
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Add: Logistics operating expense |
35.1 |
|
0.41 |
|
30.2 |
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0.34 |
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Add: Logistics depreciation expense |
9.1 |
|
0.11 |
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9.2 |
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0.11 |
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Less: Logistics gross margin |
(97.1) |
|
(1.16) |
|
(94.0) |
|
(1.10) |
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Add: Refining operating expense |
581.9 |
|
6.94 |
|
571.4 |
|
6.71 |
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Add: Refining depreciation expense |
145.8 |
|
1.74 |
|
133.0 |
|
1.56 |
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Gross refining margin |
$ 681.1 |
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$ 8.12 |
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$ 1,160.2 |
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$ 13.62 |
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Gross refining margin excluding special items |
$ 681.1 |
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$ 8.12 |
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$ 1,160.2 |
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$ 13.62 |
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Six Months Ended |
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2024 |
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2023 |
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RECONCILIATION OF CONSOLIDATED GROSS MARGIN |
$ |
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per barrel |
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$ |
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per barrel |
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Calculation of consolidated gross margin: |
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Revenues |
$ 17,381.7 |
|
$ 105.02 |
|
$ 18,452.6 |
|
$ 114.07 |
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Less: Cost of sales |
17,157.2 |
|
103.66 |
|
17,365.8 |
|
107.35 |
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Consolidated gross margin |
$ 224.5 |
|
$ 1.36 |
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$ 1,086.8 |
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$ 6.72 |
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Reconciliation of consolidated gross margin to gross refining |
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Consolidated gross margin |
$ 224.5 |
|
$ 1.36 |
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$ 1,086.8 |
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$ 6.72 |
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Add: Logistics operating expense |
72.8 |
|
0.44 |
|
67.2 |
|
0.42 |
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Add: Logistics depreciation expense |
18.2 |
|
0.11 |
|
18.2 |
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0.11 |
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Less: Logistics gross margin |
(190.8) |
|
(1.15) |
|
(192.5) |
|
(1.19) |
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Add: Refining operating expense |
1,236.6 |
|
7.47 |
|
1,320.4 |
|
8.16 |
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Add: Refining depreciation expense |
278.1 |
|
1.68 |
|
265.9 |
|
1.64 |
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Gross refining margin |
$ 1,639.4 |
|
$ 9.91 |
|
$ 2,566.0 |
|
$ 15.86 |
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Gross refining margin excluding special items |
$ 1,639.4 |
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$ 9.91 |
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$ 2,566.0 |
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$ 15.86 |
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See Footnotes to Earnings Release Tables |
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EARNINGS RELEASE TABLES |
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FOOTNOTES TO EARNINGS RELEASE TABLES |
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(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP |
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(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of |
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(3) Represents an adjustment to reflect |
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(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special
Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful
Special Items: |
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SBR LCM inventory adjustment
- The LCM adjustment is a GAAP requirement related to inventory valuation that |
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Change in fair value of contingent consideration, net
- During the six months ended |
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(Gain) loss on formation of SBR equity method investment
- During the six months ended |
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Gain on land sales
- During the six months ended |
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Recomputed income tax on special items
- The income tax impact on these special items is calculated using the |
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(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of |
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(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock |
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(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA |
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(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the
PBFX currently does not generate significant third party revenue and intersegment related-party revenues are |
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(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported |
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(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because |
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(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation |
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(12) We define heavy crude oil as crude oil with |
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(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. |
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2024 |
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2023 |
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(in millions) |
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Total debt |
$ 1,251.5 |
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$ 1,245.9 |
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Total equity |
6,406.4 |
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6,631.3 |
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Total capitalization |
$ 7,657.9 |
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$ 7,877.2 |
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Total debt |
$ 1,251.5 |
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$ 1,245.9 |
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Total equity excluding special items |
5,333.2 |
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5,557.4 |
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Total capitalization excluding special items |
$ 6,584.7 |
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$ 6,803.3 |
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Total equity |
$ 6,406.4 |
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$ 6,631.3 |
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Special Items (Note 4) |
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Add: LCM inventory adjustment - SBR |
34.2 |
|
38.7 |
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Add: Change in fair value of contingent consideration, net |
(62.1) |
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(58.8) |
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Add: Gain on land sales |
(89.5) |
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(89.5) |
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Add: Gain on formation of SBR equity method investment |
(916.4) |
|
(925.1) |
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Add: Cumulative historical equity adjustments (a) |
(404.4) |
|
(404.4) |
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Less: Recomputed income tax on special items |
365.0 |
|
365.2 |
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Net impact of special items |
(1,073.2) |
|
(1,073.9) |
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Total equity excluding special items |
$ 5,333.2 |
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$ 5,557.4 |
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Total debt |
$ 1,251.5 |
|
$ 1,245.9 |
|||
Less: Cash and cash equivalents |
1,367.2 |
|
1,783.5 |
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Net Debt |
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$ (115.7) |
|
$ (537.6) |
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Total debt to capitalization ratio |
16 % |
|
16 % |
|||
Total debt to capitalization ratio, excluding special items |
19 % |
|
18 % |
|||
Net debt to capitalization ratio* |
(2) % |
|
(9) % |
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Net debt to capitalization ratio, excluding special items* |
(2) % |
|
(11) % |
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*Negative ratio exists as of |
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(a) Refer to the Company's 2023 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's |
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