Slide 1: PBF Energy
PBF Energy March 2017 1 Private and Confidential – For Internal Use Only
Slide 2: Safe Harbor Statements
Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. (“PBF Energy”), the indirect parent of PBF Logistics LP (“PBFX”, or “Partnership”, and together with PBF Energy, the “Companies”, or “PBF”), and their management teams. Such statements are based on c
Slide 3: PBF – A Compelling Investment
PBF – A Compelling Investment Second most complex independent refiner with regionally-advantaged asset base Attractive Significantly advantaged crude and feedstock optionality provides access to most Asset Base economic input slate Strategic relationship with PBF Logistics (NYSE:PBFX) provides
Slide 4: Attractive Asset Diversification and Growth
Attractive Asset Diversification and Growth PBF's core strategy is to operate safely, reliably and responsibly and to grow our Toledo business through acquisitions PADD 4 PADD Paulsboro Diversified asset base with five refineries and 5 PADD 2 884,000 barrels per day of processing capacity PADD
Slide 5: Implementing System-wide Commercial Optimization
Implementing System-wide Commercial Optimization Crude sourcing flexibility and optionality Refining Group Crude Slate Breakdown PBF uses its complex crude processing 100% capacity to source lowest cost input slate PBF is benefiting from the global over- 80% supply of crude which is driving in
Slide 6: Chalmette Refinery – Optimization Underway
Chalmette Refinery – Optimization Underway Completed first turnaround under PBF ownership in February of 2017 Investing in margin improvement projects associated with optimization of existing assets Restarting idled naphtha hydrotreater, reformer and light-ends recovery plant to allow for prod
Slide 7: Torrance Refinery – Focus on Operations
Torrance Refinery – Focus on Operations Focus on stable and reliable operations Working with local partners to ensure reliable power supply to refinery Executing first major turnarounds in the second quarter Targeting $50 million operating cost reductions over the next two years Putting th
Slide 8: East Coast and Mid-Continent Opportunity
East Coast and Mid-Continent Opportunity Focus on operational excellence and cost control Paulsboro is our leader in turnaround execution and we are sharing that expertise across our system Expanding feedstock optionality Mid-Continent infrastructure build-out has eliminated bottlenecks In
Slide 9: PBFX – A Strategic and Valuable Partner
PBFX – A Strategic and Valuable Partner PBF indirectly owns 100% of the general partner and ~44% of the limited partner interests of PBF Summary of Executed Drop-Downs* Logistics LP (NYSE: PBFX), and 100% of the PBFX Projected Projected Gross incentive distribution rights (“IDRs”) Announcement Dat
Slide 10: PBFX Growing Asset Base is Ideally Situated
PBFX Growing Asset Base is Ideally Situated PBF Logistics assets directly support the PBF Logistics Mid-Continent Assets operations of the Toledo, Delaware City, Toledo Storage Facility Toledo LPG Truck Rack Paulsboro and Torrance refineries Toledo Truck Terminal Approximately 255 million
Slide 11: Regulatory Outlook
Regulatory Outlook RINs – change is likely – we’ve seen RINs drop more than 50% Corporate Tax Reform – Potentially lowers our corporate rate Border Adjustment Tax – doubtful whether it passes in its current form but could have a major impact on the economy, oil movements and product flows and reg
Slide 12: Appendix
PBE Appendix >
Slide 13: Refinery Cost, $/Complexity-Barrel
Disciplined Growth Strategy $1,800 $1,600 $1,400 Refinery Cost, $/Complexity-Barrel $1,200 $1,000 $800 $600 $400 $200 $0 Denotes PBF Refinery 13
Slide 14: PBF Energy 2017 Initial Guidance
PBF Energy 2017 Initial Guidance (Figures in millions except per barrel Q1-2017E (Revised) amounts) East Coast Throughput 290,000 – 310,000 bpd Mid-Continent Throughput 115,000 – 125,000 bpd Gulf Coast Throughput 145,000 – 155,000 bpd West Coast Throughput 130,000 – 140,000 bpd Total Throughput 680,
Slide 15: PBFX 2017 Initial Guidance
PBFX 2017 Initial Guidance All figures are based on estimates using minimum volume commitments for currently owned assets under existing long-term agreements. ($ in millions) FY 2017 Initial Guidance Revenues $252.1 Operating expenses $78.4 SG&A $15.7 D&A $16.8 Interest expense, net $33.1 Net Income
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our management uses EBITDA (earnings before interest, income taxes, depreciation and amortization) as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for p
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures PBF Logistics LP Reconciliation of amounts under US GAAP to Forecasted EBITDA (unaudited, in millions) Reconciliation of Net Income to estimated EBITDA: ($ in millions) FY 2017 Initial Guidance Net Income $108.1 Add: Interest expense, net $33.1 Add: Depreciation and amort