Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (January 2018)
19 slides from Pbf Energy's investor presentation, Jan 9, 2018
Slide 1: Investor Presentation January 2018
Investor Presentation January 2018
Slide 2: Safe Harbor Statements
2 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Logistics LP (“PBFX”), PBF Energy Inc. (“PBF Energy” and together with PBFX, the “Companies”), PBF Holding Company LLC, and their subsidiaries, and their management teams. Such statements are based on current
Slide 3: PBF Logistics LP Overview
3 Over 90% of revenue supported by long-term, take- or-pay agreements No direct commodity price exposure Highly integrated assets Focused on movement and storage of refinery feedstocks and finished products Strong alignment with PBF Energy Financial Flexibility Long-term capital struct
Slide 4: Revenue Growth and Diversification
4 $10.2 $65.5 Revenue Growth Revenue Growth and Diversification Storage Transportation and Terminaling Storage Transportation and Terminaling 2014 Segment Revenue Current Segment Revenue
Slide 5: Delivering Strong Distribution Growth
5 $0.260 $0.310 $0.360 $0.410 $0.460 $0.510 Q2-14* Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 MQD Incremental Delivering Strong Distribution Growth *Represents the annualized minimum quarterly distribution (MQD) for Q2-14, actual distribution of $0.16 equal to pror
Slide 6: PBFX Growing Asset Base is Ideally Situated
6 PBFX Growing Asset Base is Ideally Situated PBFX is targeting logistics assets for feedstock movement and product distribution that complement its existing operations Developing organic growth opportunities to enhance asset base and diversify revenue streams Strategic third-party acquisition
Slide 7: Organic Projects Deliver Incremental Growth
7 Organic Projects Deliver Incremental Growth Two organic projects Total project costs of ~$82 million Expected to contribute ~$12 million in annualized EBITDA 625,000 barrel crude oil storage tank being constructed at PBF Energy’s Chalmette Refinery In service as of November 1, 2017 24-
Slide 8: Third-Party Acquisitions Expand Asset Base
8 Third-party transactions diversify PBFX asset and customer base Provide synergy opportunities with PBF Energy Extends PBF Logistics growth path by supplementing drop-down inventory Acquired the East Coast Terminals from Plains All American in April 2016 at a pro forma EBITDA multiple of ~7
Slide 9: Torrance Valley Pipeline Drop-Down Acquisition
9 Drop-down transactions remain one of the pillars of PBF Logistics future growth trajectory Completed acquisition of a controlling 50% interest in the Torrance Valley Pipeline Company LLC (“TVPC”) from PBF Energy at a pro forma EBITDA multiple of ~8.75x Purchase price of ~$175 million partial
Slide 10: PBF Energy as Sponsor
10 PBF's core strategy is to operate safely and responsibly and grow and diversify through acquisitions Fifth largest and second most complex independent refiner in the United States Diversified asset base with five refineries and 884,000 barrels per day of processing capacity PBF indirectly
Slide 11: Strong Connection with PBF Energy
11 Strong Connection with PBF Energy Fee-based, long-term contracts provide PBFX with stable earnings Conservative financial profile with strong liquidity provides flexibility to grow Demonstrated access to capital markets Experienced management team Focused on safety and operational excel
Slide 12: PBFX's Investment Highlights
12 PBFX’s Investment Highlights Focus on Stable, Take-or-Pay Business Maintain stable cash flow generation through predominantly long-term contracts with minimum volume commitments Commitment to safe and reliable operations No direct commodity price exposure Target 1.15x annual coverage rati
Slide 13: Appendix
Appendix
Slide 14: PBFX 2018 Initial Guidance
14 PBFX 2018 Initial Guidance Initial guidance provided constitutes forward-looking information and is based on current PBF Logistics operating plans using minimum volume commitments, assumptions and configuration. Revenues, operating expenses, general and administrative expenses, depreciation and a
Slide 15: Non-GAAP Financial Measures
15 Non-GAAP Financial Measures The Partnership defines EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense, income tax expense,
Slide 16: Non-GAAP Financial Measures
16 Non-GAAP Financial Measures PBF Logistics LP reconciliation of amounts under U.S. GAAP to estimated run-rate annualized EBITDA (unaudited, in millions) Reconciliation of combined Toledo Terminal and announced organic projects estimated annualized net income to estimated run-rate EBITDA: Estimated
Slide 17: Segment Assets
17 Segment Assets Transportation and Terminaling Capacity Products Handled DCR Rail Terminal 130,000 bpd unloading capacity Crude Toledo Truck Terminal 22,500 bpd unloading capacity Crude DCR West Rack 40,000 bpd throughput capacity Crude Toledo Storage Facility - loading facility 11,000 bpd through
Slide 18: Commercial Agreements with PBF Energy
18 Commercial Agreements with PBF Energy (a) PBF Holding has the option to extend the agreements for up to two additional five-year terms (b) The Toledo Storage Facility Storage and Terminaling Services Agreement- Terminaling Facility and the Toledo Storage Facility Storage and Terminaling Services
Slide 19: Slide 19