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PBF Energy Reports Second Quarter 2014 Results, Announces Completion Of Rail Facility Expansion And Declares Dividend Of $0.30 Per Share

Stocks in this article: PBF

PBF Energy Inc. (NYSE:PBF) today reported second quarter 2014 Operating Income of $87.9 million versus Operating Income of $133.0 million for the second quarter of 2013. Adjusted Pro Forma Net Income for the second quarter 2014 was $34.2 million, or $0.35 per share on a fully exchanged, fully diluted basis, as described below, compared to Adjusted Pro Forma Net Income of $71.5 million, or $0.73 per share, for the second quarter 2013. Net Income attributable to PBF Energy Inc. for the quarter was $21.0 million. PBF Energy's financial results reflect the consolidation of the financial results of PBF Logistics LP (NYSE:PBFX), a master limited partnership of which PBF Energy indirectly owns the general partner and approximately 50.2% of the limited partnership interests.

Embedded in our reported earnings is a pre-tax LIFO ("Last In, First Out") charge of approximately $46.2 million, or $0.28 per share on an Adjusted Pro Forma basis, reflecting the rising commodity price environment during the quarter.

Throughput for the quarter averaged approximately 470,400 barrels per day, which was in-line with total guidance for the quarter. Throughput on the East Coast averaged approximately 323,800 barrels per day and throughput in the Mid-continent averaged approximately 146,600 barrels per day. Throughput in Toledo was slightly lower than expected due to an unplanned shutdown of the FCC in late June.

Tom Nimbley, PBF Energy's CEO, said, “This is PBF's third successive quarter of positive results, including a positive first six months for the East Coast. We continue to enhance our feedstock sourcing flexibility and procure the most economic barrels for processing at our facilities.” Mr. Nimbley continued, “Operations were relatively stable with only the issue at the Toledo FCC in June. The big differences in our results for this quarter versus the first quarter of 2014 were the narrower crude oil differentials and higher flat prices for feedstocks experienced in the second quarter. The narrower differentials resulted in higher or more expensive landed costs for our crude oils across all our refineries and the higher flat price environment negatively impacted the margins on our low-value products.”

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