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PBF Energy Inc. (NYSE:PBF) today reported fourth quarter 2013 Operating Income of $142.3 million versus Operating Income of $284.9 million for the fourth quarter of 2012. Adjusted Pro Forma Net Income for the fourth quarter 2013 was $73.6 million, or $0.76 per share on a fully exchanged, fully diluted basis, as described below, compared to Adjusted Pro Forma Net Income of $165.7 million, or $1.70 per share, for the fourth quarter 2012. Net Income attributable to PBF Energy Inc. for the quarter was $31.2 million.
Embedded in our reported earnings is an approximately $113 million LIFO benefit related to the declining cost of our combined hydrocarbon inventory over the quarter, which puts the full-year 2013 LIFO charge at $24 million. 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 fourth quarter averaged approximately 458,800 barrels per day, which was at the low end of our guidance for the quarter. Throughput in the Mid-continent averaged approximately 151,700 barrels per day and throughput on the East Coast averaged approximately 307,100 barrels per day.
During the fourth quarter 2013, the company ran approximately 114,900 barrels per day of rail-delivered crudes through its East Coast system, of which 95,700 barrels per day was Bakken crude oil. The company did not use its full existing rail capacity of approximately 145,000 barrels per day as the planned turnaround of the Delaware City Refinery's coker complex, and other associated units, limited the amount of heavy crude oil that could be processed by the plant.
Tom Nimbley, PBF Energy's CEO, said, “PBF finished a challenging year with a strong quarter and is positioned well to start 2014 as crude differentials have improved from the third quarter of 2013.” Mr. Nimbley continued, “Looking ahead, our continued focus on operational excellence, environmental stewardship and safety will position the company to benefit from opportunities that the market may present in 2014.”