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PBF Energy Reports Third Quarter 2013 Results, Declares Dividend Of $0.30 Per Share

Stocks in this article: PBF

PBF Energy Inc. (NYSE:PBF) today reported a third quarter 2013 Operating Loss of $55.6 million versus Operating Income of $220.1 million for the third quarter of 2012. Adjusted Pro Forma Net Loss for the third quarter 2013 was $46.9 million, or $0.48 per share on a fully exchanged, fully diluted basis, as described below, compared to Adjusted Pro Forma Net Income of $112.9 million, or $1.17 per share, for the third quarter 2012. Net Loss attributable to PBF Energy Inc. for the quarter was $19.8 million.

Embedded in our reported earnings is an approximately $96 million non-cash LIFO charge related to the rising cost of our combined hydrocarbon inventory over the quarter. Based on commodity prices as of October 30, 2013, the majority of the third quarter non-cash LIFO charge has been recovered. Depending on rising or falling commodity prices, LIFO accounting can result in either a charge or benefit as the change in the current cost of PBF's combined crude and product inventory is reflected in the current period's earnings.

Throughput for the quarter averaged approximately 446,000 barrels per day, which was the low end of our guidance for the quarter. Throughput in the Mid-continent averaged approximately 147,900 barrels per day and throughput on the East Coast averaged approximately 298,100 barrels per day.

During the third quarter 2013, the company ran approximately 94,300 barrels per day of rail-delivered crudes through its East Coast system. The company did not use its full existing rail capacity of approximately 140,000 barrels per day due to a contraction of differentials during August and September on both Bakken sweet crude and Canadian heavy crudes.

Tom Nimbley, PBF Energy's CEO, said, “East Coast market conditions were the big negative during the quarter. Bakken crude traded at less than a $10 discount to Dated Brent, while the WCS discount to Brent moved to less than $20 per barrel during the quarter. The fourth quarter to date shows a completely different picture with Bakken trading at about $20 under Dated Brent and WCS once again being offered at discounts of over $40 to Dated Brent.” Mr. Nimbley continued, “Our Toledo refinery also suffered high crude oil costs with Syncrude within a narrow range of WTI during the third quarter. Fourth quarter to date Syncrude is trading, on average, at approximately a $7 discount to WTI. The move in differentials thus far in the fourth quarter has been very positive and we are positioning our refineries to benefit from these conditions.”

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