PBF Energy Inc. (NYSE:PBF) today reported first quarter 2014 Operating Income of $260.2 million versus Operating Income of $100.1 million for the first quarter of 2013. Adjusted Pro Forma Net Income for the first quarter 2014 was $140.7 million, or $1.44 per share on a fully exchanged, fully diluted basis, as described below, compared to Adjusted Pro Forma Net Income of $46.7 million, or $0.48 per share, for the first quarter 2013. Net Income attributable to PBF Energy Inc. for the quarter was $77.4 million.
Throughput for the quarter averaged approximately 430,900 barrels per day, which was below guidance for the quarter. Throughput on the East Coast averaged approximately 292,700 barrels per day and throughput in the Mid-continent averaged approximately 138,200 barrels per day. Throughput was negatively impacted by the cold weather experienced during the quarter which, among other things, caused a freeze-related, unplanned shutdown at our Paulsboro refinery in January.
During the first quarter 2014, the company ran approximately 102,400 barrels per day of rail-delivered crudes through its East Coast system, of which 40,100 barrels per day were heavy crude oil. The severity of the weather in the mid-continent during the quarter negatively impacted the ability to load crude oil onto the trains and transit times also increased. Depending on economics, we expect that our total volumes of rail-delivered crudes will increase in the second quarter. The company is currently expanding its existing rail capacity of approximately 145,000 barrels per day to a total of 210,000 barrels per day and expects this increased capacity to be in service by the end of the third quarter.
Tom Nimbley, PBF Energy's CEO, said, “Our strong results are representative of the success of our ongoing efforts to enhance our feedstock sourcing flexibility and procure the most economic barrels for processing at our facilities. In conjunction with relatively stable operations, given the sometimes adverse operating conditions, the landed cost of crude, especially on the East Coast, was the single largest driver of our strong results for the quarter. Broader market conditions were favorable, with strong benchmark cracks and crude oil differentials benefiting all of our refineries. Bakken traded at a discount to Brent of $13 and WCS averaged a discount to Brent of more than $31 per barrel and we were able to land these crudes, and some price-advantaged waterborne barrels, into our East Coast system at attractive economics.” Mr. Nimbley continued, “Moving into the second quarter, crude differentials have narrowed somewhat but product cracks have remained strong. We expect that our landed cost of crude will continue to support strong operating results and we are positioning our refineries to benefit from these continuing favorable market conditions.”