Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (January 2014)
22 slides from Pbf Energy's investor presentation, Jan 6, 2014
Slide 1: PBF Energy Inc.
Exhibit 99.1 PBF Energy Inc. January 2014
Slide 2: Legal Notice / Forward-Looking Statements
Legal Notice / Forward-Looking Statements This presentation contains forward-looking statements made by PBF Energy Inc. (the “Company” or “PBF”) and its management. Such statements are based on current expectations, forecasts and projections, including, but not limited to, anticipated financial and
Slide 3: U.S. Refining Industry Strengths
U.S. Refining Industry Strengths Why will the U.S. refining industry prosper for the next 5 years? North American Secular growth in North American crude oil production Crude Favorable price dislocations between North American crude Oil Production and rest of world Growth in supply driving decline in
Slide 4: Summary Company Profile
Summary Company Profile PBF owns three oil refineries located in Ohio, Toledo Delaware and New Jersey Aggregate throughput capacity of approximately 540,000 barrels per day Weighted average Nelson Complexity of 11.3 Paulsboro Fifth largest U.S. independent refiner Cushing East Coast rail infrastruct
Slide 5: Increasing East Coast access to currently cost-advantaged North American crude oil
Increasing East Coast access to currently cost-advantaged North American crude oil PBF’s onsite rail-infrastructure at Delaware City provides the opportunity to save approximately $3/bbl on delivered Bakken barrels versus using 3 rd party facilities 5
Slide 6: North American Crude Production
North American Crude Production U.S. crude production is estimated to grow by 55% (3 million bpd) from 2010 through 2014 Pushes barrels South (via water, pipeline and rail), East and West (primarily by rail) Ultimately displaces USGC imports Canadian crude production is expected to grow by 32% (900
Slide 7: PBF Rail Deliveries of Light Crude to East Coast
PBF Rail Deliveries of Light Crude to East Coast Light crude discharge capacity is over 100,000 bpd with a project to increase capacity to 120,000 – 130,000 bpd by Q3-2014 PBF is able to deliver Bakken barrels to Delaware City at a cost of approximately $12 per barrel 7
Slide 8: PBF Rail Deliveries of Canadian Heavy Crude to East Coast
PBF Rail Deliveries of Canadian Heavy Crude to East Coast PBF’s heavy crude unloading capacity is expected to double from approximately 40,000 bpd to approximately 80,000 bpd by Q3-2014 as PBF completes its ongoing rail expansion project and infrastructure projects are completed in Canada Deliveries
Slide 9: Crude-by-Rail Pipeline
Crude-by-Rail Pipeline Planned Leased or Owned Railcars 6,000 1,300 1,300 5,000 1,300 4,000 1,300 1,300 3,000 1,283 1,300 1,300 4,516 4,600 2,000 3,800 3,100 2,625 1,000 1,808 1,966 2,023 - 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Coiled & Insulated General Purpose Note: Schedule is subject to change
Slide 10: Widening Crude Differentials
Widening Crude Differentials Crude differentials widened out during the fourth quarter of 2013 and PBF expects to realize the benefits of the wider differentials as crude purchased during the fourth quarter is processed at our refineries in the latter part of Q4-13 and the beginning of Q1-14 Q1 – Q3
Slide 11: Brent versus WTI
Brent versus WTI Widening Brent – WTI differential positively impacts cost-advantage of North American produced crude oils WTI - Brent 10.00 5.00 - (5.00) (10.00) (15.00) (20.00) (25.00) (30.00) (35.00) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max (07 to 11) 2013 2012 Average (07 to 11) S
Slide 12: WCS versus Brent
WCS versus Brent Expanding differentials positively impact rail economics for Canadian Heavy crude oil processed at PBF’s East Coast refineries WCS - Brent 10.00 - (10.00) (20.00) (30.00) (40.00) (50.00) (60.00) (70.00) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max (07 to 11) 2013 2012 Ave
Slide 13: Bakken versus Brent
Bakken versus Brent Expanding differentials positively impact rail economics for Mid-continent light-sweet crude oil processed at PBF’s East Coast refineries Bakken - Brent - (5.00) (10.00) (15.00) (20.00) (25.00) (30.00) (35.00) (40.00) (45.00) (50.00) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov De
Slide 14: ASCI Differential versus Brent
ASCI Differential versus Brent ASCI is an indicator for medium-sour barrels processed at PBF’s East Coast facilities ASCI - Brent 5.00 - (5.00) (10.00) (15.00) (20.00) (25.00) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max (07 to 11) 2013 2012 Average (07 to 11) Source: Platts, Argus 14
Slide 15: PBF’s Key Mid-continent differential versus WTI
PBF’s Key Mid-continent differential versus WTI Toledo processes approximately 35% to 40% Syncrude Syncrude - WTI 20.00 15.00 10.00 5.00 - (5.00) (10.00) (15.00) (20.00) (25.00) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max (07 to 11) 2013 2012 Average (07 to 11) Source: Platts 15
Slide 16: PBF’s East Coast Benchmark Crack
PBF’s East Coast Benchmark Crack NYH 2:1:1 = ((–2*Dated Brent) + (1*NY RBOB) + (1*NO.2 Heating Oil))/2 NYH 2:1:1 30.00 25.00 20.00 15.00 10.00 5.00 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max (07 to 11) 2013 2012 Average (07 to 11) Source: Platts 16
Slide 17: PBF’s Mid-continent Benchmark Crack
PBF’s Mid-continent Benchmark Crack Chicago 4:3:1 = ((–4*WTI) + (3*Chic CBOB pipe) + (0.5*Chic ULSD Pipe) + (0.5*USGC Jet Kero 54))/4 Chicago 4:3:1 55.00 45.00 35.00 25.00 15.00 5.00 (5.00) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max (07 to 11) 2013 2012 Average (07 to 11) Source: Platts
Slide 18: PBF MLP
PBF MLP Submitted confidential registration statement in August 2013 PBF has identified a pool of assets that could be contributed to a logistics-focused Master Limited Partnership (MLP) Possible MLP assets include but are not limited to: Rail terminals and railcars Refinery truck terminals Pipeline
Slide 19: PBF’s Strong Financial Position
PBF’s Strong Financial Position No near-term debt maturities $675.5 million 8.25% Senior Secured Notes due 2020 Net Debt/Net Cap was approximately 29% as of September 30, 2013 ($MM, Unless PBF Financial Snapshot – September 30, 2013 Otherwise Noted) Capitalization Table Actual Cash and Cash Equivale
Slide 20: PBF’s Fourth Quarter 2013 Cash Highlights
PBF’s Fourth Quarter 2013 Cash Highlights All figures displayed below are estimates, unaudited, subject to change, are provided for information purposes only and are not indicative of the actual earnings of the company for the period In Q4-13, PBF generated an estimated $125-$150 million of cash fro
Slide 21: 2014 Full Year Guidance
2014 Full Year Guidance Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions and company configuration. All figures are subject to change based on market and macroeconomic factors, as well as company strategic decision-maki
Slide 22: PBE
PBE