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PBF Energy Reports 2012 Fourth Quarter And Full Year Results, Announces Board Approval For Rail Expansion Project, Declares Fourth Quarter 2012 Dividend Of $0.30 Per Share And Provides Other Updates

PBF Energy Inc. (NYSE: PBF) today reported 2012 fourth quarter operating income of $284.9 million versus an operating loss of $165.6 million for the fourth quarter 2011. Adjusted Pro Forma Net Income for the fourth quarter 2012 was $165.7 million, or $1.70 per share on a fully exchanged, fully diluted basis, as described below, compared to a loss of $111.7 million, or $1.15 per share, for the fourth quarter 2011. Net income attributable to PBF Energy Inc. was $2.0 million, or $0.08 per share, which reflects PBF Energy Inc.'s share of earnings from December 18, 2012, the date of completion of the company’s IPO, through December 31, 2012.

Adjusted Pro Forma results assume the exchange of all PBF Holdings 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 entity’s tax provision. In addition, Adjusted Pro Forma results eliminate certain non-recurring charges relating to the company’s initial public offering.

For the year ended December 31, 2012, operating income was $920.4 million, compared to $305.7 million for the corresponding period in 2011. Adjusted Pro Forma net income for the year was $492.5 million, or $5.07 per share on a fully exchanged, fully diluted basis, compared to $146.9 million, or $1.51 per share, for the corresponding period in 2011.

PBF Energy’s full-year results include twelve months of operations of the Paulsboro, Toledo, including the impact of a 30-day hydrocracker turnaround, and Delaware City refineries as compared to 2011, which includes twelve months of operations of the Paulsboro refinery, ten months of operations of the Toledo Refinery and activities to reconfigure and restart the Delaware City refinery. Delaware City was fully operational in October of 2011.

Tom Nimbley, PBF Energy’s CEO, said, “PBF’s fourth quarter and full year results are reflective of our commitment to safety and our ability to run our refineries reliably and efficiently. During the fourth quarter, we were able to take advantage of positive market conditions and, importantly, we began to realize the initial benefits of our crude-by-rail strategy at our east coast refineries.”

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