Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (January 2019)
15 slides from Pbf Energy's investor presentation, January 2019
Slide 1: PBF Energy
PBF Energy January 2019 1
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 – Investment Overview
PBF – Investment Overview Geographically diverse, high-complexity five-refinery system Pure-play Refiner Crude and feedstock optionality provides access to advantaged North with Attractive American and international feedstocks Asset Base Strategic partnership with PBF Logistics (NYSE:PBFX) T
Slide 4: Environmental, Social, Governance
Environmental, Social, Governance Providing a wide variety of clean fuels to multiple industries across the United States and internationally Commitment from the Board and the entire organization to run our facilities safely, reliably and environmentally responsibly Pursuing advanced processes
Slide 5: Attractive Asset Diversification and Growth
Attractive Asset Diversification and Growth PBF's core strategy is to operate safely, reliably and environmentally responsibly Toledo PADD Pursue disciplined growth through PADD 4 Paulsboro strategic refining and logistics acquisitions PADD 5 2 and development of organic projects PADD 1 Delaware
Slide 6: 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 7: Mid-Continent and East Coast Refining Operations
Mid-Continent and East Coast Refining Operations Toledo, Ohio • Processes WTI-based light crude oil and advantaged Mid-Continent Canadian syncrude which produces a high-value clean product yield including gasoline, ultra-low sulfur diesel and a variety of petrochemicals including nonene, xylene, t
Slide 8: Chalmette Refinery – Focus on Optimization
Chalmette Refinery – Focus on Optimization Continuing to enhance the asset and commercial flexibility Invested ~$100 million in margin improvement projects • Restarted idled reformer, hydrotreater and light-ends recovery plant • Upgrades unfinished naphtha to high- value clean products • Complet
Slide 9: Torrance Refinery – Focus on Reliability
Torrance Refinery – Focus on Reliability Focus on stable and reliable operations • Successfully executed first major turnarounds in the second quarter of 2017 with significant reliability improvement since completion Reliability improvements have driven increased profitability and operating expe
Slide 10: Macro Landscape
Macro Landscape Global Distillate Days Cover Distillate continues to drive 29 global product demand and 24 inventories are at 5-year lows 5-Year Range Days Cover Global product demand 104 Global Product Demand (MMbpd) 102 expected to outpace refinery 100 capacity utilization and 98 96 additions 94
Slide 11: IMO is a Differentiator for PBF – Rewards Complexity
IMO is a Differentiator for PBF – Rewards Complexity International Maritime Organization (IMO) low-sulfur-fuels requirements Coking Capacity scheduled to take effect January 1, 2020 (percentage of crude throughput) 20% Complexity and conversion capacity will 18% be beneficiaries 16% PBF has no
Slide 12: Appendix
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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: PBF Energy 2019 Guidance
PBF Energy 2019 Guidance (Figures in millions except per barrel amounts) FY 2019E Q1-2019E East Coast Throughput 330,000 – 350,000 bpd 320,000 – 340,000 bpd Mid-Continent Throughput 150,000 – 160,000 bpd 140,000 – 150,000 bpd Gulf Coast Throughput 200,000 – 210,000 bpd 190,000 – 200,000 bpd West Coa
Slide 15: PBF Logistics 2019 Guidance
PBF Logistics 2019 Guidance ($ in millions, rounded) FY 2019 Initial Guidance Revenues $337 Operating expenses $122 SG&A (includes stock-based comp. expense for $17 outstanding awards) D&A $35 Interest expense, net $46 Net Income $115 EBITDA $198 EBITDA attributable to non-controlling interest $21 E