PBF Energy Inc. (NYSE: PBF) today reported second quarter 2013 Operating Income of $133.0 million versus Operating Income of $579.5 million for the second quarter of 2012. Adjusted Pro Forma Net Income for the second quarter 2013 was $71.5 million, or $0.73 per share on a fully exchanged, fully diluted basis, as described below, compared to $336.2 million, or $3.45 per share, for the second quarter 2012. Net Income attributable to PBF Energy Inc. for the quarter was $16.8 million.
Adjusted Pro Forma 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.
Throughput for the quarter averaged approximately 464,600 barrels per day. Throughput in the Mid-continent averaged approximately 147,300 barrels per day and throughput on the East Coast averaged approximately 317,300 barrels per day.
For the second quarter 2013, the company’s gross refining margin averaged $9.04 per barrel of throughput, with the Mid-continent contributing $17.42 per barrel and the East Coast contributing $5.16 per barrel. Operating expenses on a company-wide basis were $4.79 per barrel, with the Mid-continent and the East Coast both averaging $4.79 per barrel.
PBF continues to make progress on its rail initiatives and expects, as previously announced, to reach its full capacity of rail-delivered crude by the end of 2014. During the second quarter 2013, the company ran approximately 91,000 barrels per day of rail-delivered crudes through its East Coast system.
Tom Nimbley, PBF Energy’s CEO, said, “While our refineries operated as expected in the second quarter, our results were negatively impacted by unfavorable movements in crude oil differentials, such as the WTI-Syncrude and Brent-ASCI differentials, high flat prices for feedstocks and increasing costs related to compliance with the Renewable Fuels Standard.”