Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (January 2016)
18 slides from Pbf Energy's investor presentation, January 2016
Slide 1: PBF Energy Inc. Investor Presentation January 2016
PBF Energy Inc. (NYSE: PBF) Investor Presentation January 2016
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” and together with PBF Energy, the “Companies”, or “PBF”), and their management teams. Such statements are based on current expectations
Slide 3: PBF Energy Company Profile
PBF Energy Company Profile Market capitalization of ~$3.8 billion(1) Toledo PADD BB / Ba3 credit ratings – upgraded by S&P in Q4-15 4 PADD PADD 2 5 Paulsboro Currently operates four oil refineries in Ohio, PADD 1 Delaware, New Jersey and Louisiana, and has Torrance entered into an agreement to
Slide 4: Investment Highlights
Investment Highlights Fourth largest independent refiner with significantly enhanced asset base 884,000 bpd of crude oil capacity across five refineries¹ Recent acquisition of Chalmette and pending Torrance acquisition demonstrate Enhanced Asset Base disciplined growth Geographic diversity w
Slide 5: PBF's Growing Industry Position
PBF’s Growing Industry Position High-quality, diversified asset base Second most complex independent refining system in the U.S. (2) Exposure to West Coast, Gulf Coast, Mid-continent and East Coast Markets(2) Increased scale provides commercial opportunities and resilience 2,177 Total Throug
Slide 6: Attractive Purchase Price of Recent Acquisitions
Attractive Purchase Price of Recent Acquisitions (1) $1,800 $1,600 $1,400 Refinery Cost, $/Complexity-Barrel $1,200 $1,000 $800 $600 $400 $200 $0 Denotes PBF Refinery ___________________________ 6 1. Includes the Torrance Acquisition, which is expected to close Q2-16.
Slide 7: Chalmette Refinery – PADD 3
Chalmette Refinery – PADD 3 189,000 bpd high-complexity, high-conversion refinery Crude Supply Agreement with PDVSA Product off-take agreements with Exxon Mobil and other first-class counterparties 12.7 Nelson Complexity The Chalmette Refinery generated YTD 9/30/2015 EBITDA of ~$329 millio
Slide 8: Torrance Acquisition Highlights – PADD 5
Torrance Acquisition Highlights – PADD 5 $537.5 million purchase price for Torrance Refinery and associated logistics assets Assets to be acquired include 155,000 bpd high-complexity Torrance Refinery, multiple crude and product pipelines, two product terminals, and crude oil and product storage
Slide 9: PBF's Focus on Margin Improvement Investments
PBF’s Focus on Margin Improvement Investments PBF has a history of making disciplined, high-return investments in its facilities Created East Coast refining system to optimize hardware at both Delaware City and Paulsboro; invested capital to increase the production of high-value product Upgrad
Slide 10: Refinery Complexity Advantage
Refinery Complexity Advantage Illustrative Heavy / Sour COGS Advantage Crude cost advantages for complex, medium and $10 heavy, sour refineries like Delaware City, Paulsboro $9 ($0.75) and Chalmette translate to increased profitability $8 $9.00 Coking refineries, such as PBF’s three coastal $7 (
Slide 11: Strong Balance Sheet
Strong Balance Sheet Available Liquidity ($mm) PBF maintains a strong balance sheet with significant liquidity Ability to withstand commodity price fluctuations $1,136 Positioned for growth through strategic acquisitions $120 Q4 2011 Pro Forma Chalmette¹,² >800% increase in liquidity since 2
Slide 12: PBFX is a Strategic and Valuable Partner to PBF
PBFX is a Strategic and Valuable Partner to PBF Vehicle allows PBF to drop down logistics assets and to Summary of Executed Drop-Downs use the net proceeds to reinvest in refining or de-lever Announcement Projected Annual Gross Sale Asset Date EBITDA ($mm) Price ($mm) Since PBFX's IPO in May 201
Slide 13: Appendix
Appendix
Slide 14: PBF Energy 2016 Guidance
PBF Energy 2016 Guidance (Figures in millions except per FY 2016E Q1-2016E barrel amounts) East Coast Throughput 340,000 – 360,000 bpd 340,000 – 360,000 bpd Mid-Continent Throughput 155,000 – 165,000 bpd 155,000 – 165,000 bpd Gulf Coast Throughput 175,000 – 185,000 bpd 175,000 – 185,000 bpd Total Th
Slide 15: Toledo Refinery – PADD 2
Toledo Refinery – PADD 2 170,000 bpd light, sweet crude refinery located on a 282- acre site near Toledo, Ohio 9.2 Nelson Complexity Refined products include a high percentage of gasoline and diesel (USLD) High-conversion refinery; ~88% distillate and gasoline yield High-value petrochemica
Slide 16: Delaware City Refinery – PADD 1
Delaware City Refinery – PADD 1 190,000 bpd refinery situated on a 5,000-acre site adjacent to the Delaware River 11.3 Nelson Complexity Refined products include gasoline, diesel (ULSD), heating oil, jet fuel, LPG’s, petrochemicals and petroleum coke Connected to major Northeast pipeline sys
Slide 17: Paulsboro Refinery – PADD 1
Paulsboro Refinery – PADD 1 180,000 bpd refinery located on 950 acres adjacent to the Delaware River Complex refinery; 13.2 Nelson Complexity Refined products include gasoline, jet fuel and heating oil, asphalt, as well as Group I lubricating oil Group I lubricant production of ~7,000 bpd; l
Slide 18: 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