Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (September 2018)
16 slides from Pbf Energy's investor presentation, September 2018
Slide 1: PBF Energy
PBF Energy PB September 2018
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 Geographically diverse, high-complexity independent refiner Attractive Asset Base Crude and feedstock optionality provides access to most economic input slate Strategic relationship with PBF Logistics (NYSE:PBFX) provides growth partnership Proven track record o
Slide 4: Attractive Asset Diversification and Growth
Attractive Asset Diversification and Growth PBF's core strategy is to operate safely, reliably and responsibly Toledo PADD Pursue disciplined growth strategy through PADD 4 Paulsboro strategic refining and logistics acquisitions PADD 5 2 and development of organic projects PADD 1 Delaware City
Slide 5: PBFX is a Strategic Growth Partner
PBFX is a Strategic Growth Partner PBF indirectly owns 100% of the general Mid-Continent Assets Knoxville Terminals partner and ~44% of the limited partner Toledo Storage Facility Toledo LPG Truck Rack interests of PBF Logistics LP (NYSE: PBFX) Toledo Truck Terminal Toledo Terminal Tol
Slide 6: Mid-Continent and East Coast Refining Operations
Mid-Continent and East Coast Refining Operations Toledo, Ohio • Processes WTI-based light crude oil and Canadian Mid-Continent syncrude which produces a high-value clean product yield including gasoline, ultra-low sulfur diesel and a variety of petrochemicals including nonene, xylene, tetramer and
Slide 7: Chalmette Refinery – Optimization Continues
Chalmette Refinery – Optimization Continues Continuing to enhance the asset Invested ~$100 million in margin improvement projects • Restarted idled reformer, hydrotreater and light-ends recovery plant • Upgrades unfinished naphtha to high- value clean products • Completed crude storage project i
Slide 8: Torrance Refinery – Focus on Operations
Torrance Refinery – Focus on Operations Focus on stable and reliable operations • Successfully executed first major turnarounds in the second quarter of 2017 • Augmented leadership team Reliability improvements have driven increased profitability and operating expense reductions Margin enhance
Slide 9: Torrance beginning to deliver on expectations
Torrance beginning to deliver on expectations Prior Six Months 2017 Turnarounds Six Months After 143,000 bpd Throughput 172,000 bpd $61 million EBITDA(1) $224 million $8.54/bbl Opex per barrel(2) $6.62/bbl ($76) million Lost profit opportunities(3) ($14) million (1) EBITIDA is a non-GAAP measure. Fo
Slide 10: Macro Landscape
Macro Landscape Tailwinds from regulatory Global Refinery Utilization reform 84% 79% Global refinery utilization is 74% high, US utilization is higher 5-Year Range Utilization Global Total Product Demand (Mbpd) Global product demand 105,000 100,000 expected to outpace refinery 95,000 capacity uti
Slide 11: IMO is a “Step Change” for PBF
IMO is a “Step Change” for PBF International Maritime Organization Coking Capacity (IMO) low-sulfur-fuels requirements (percentage of crude throughput) scheduled to take effect January 1, 2020 20% No required capital investments 18% 16% Investment opportunities to capture 14% incremental benef
Slide 12: Appendix
PBE Appendix >
Slide 13: 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 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of amounts under U.S. GAAP to EBITDA (unaudited, millions) for Torrance refinery results: Figures in $ millions 6 months prior to 2017 6 months post 2017 Turnarounds Turnarounds Net Income $56.8 $198.4 Depreciation and amortization 4.6 27.5 Interest expense
Slide 15: PBF Energy 2018 Guidance
PBF Energy 2018 Guidance (Figures in millions except per barrel amounts) FY 2018E Q3-2018E East Coast Throughput 340,000 – 360,000 bpd 340,000 – 360,000 bpd Mid-Continent Throughput 140,000 – 150,000 bpd 145,000 – 155,000 bpd Gulf Coast Throughput 180,000 – 190,000 bpd 180,000 – 190,000 bpd West Coa
Slide 16: PBF Logistics 2018 Guidance
PBF Logistics 2018 Guidance ($ in millions, rounded) FY 2018 FY 2018 Initial Guidance Updated Guidance Revenues $276 $282 Operating expenses $87 $88 SG&A (includes stock-based comp. expense for $16 $17 outstanding awards) D&A $26 $28 Interest expense, net $39 $42 Net Income $108 $106 EBITDA attribut