Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (November 2023)
23 slides from Pbf Energy's investor presentation, November 2023
Slide 1: PBF Energy Investor Presentation
PBF Energy Investor Presentation November 2023 1
Slide 2: Safe Harbor Statements
Safe Harbor Statements Statements in this presentation relating to future plans, results, performance, expectations, achievements and the like are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements invo
Slide 3: Hydrocarbon Refining Provides the Building Blocks of Everyday Life
Hydrocarbon Refining Provides the Building Blocks of Everyday Life Major petrochemicals derived from oil and natural gas are essential to the manufacturing of +6,000 products we use and depend on every day 3 Source: U.S Department of Energy https://www.energy.gov/fecm/downloads/infographic-products-
Slide 4: PBF – Building a Stronger Future
PBF – Building a Stronger Future Independent Established Disciplined Future refiner with investment capital growth attractive asset track record allocation opportunities base Demonstrated history of Maintain conservative Refining, logistics, Geographically diverse, focused investing in margin- balan
Slide 5: Advancing Our ESG Journey
Advancing Our ESG Journey Our mission is to safely and environmentally responsibly provide a wide variety of clean fuels and raw materials to multiple industries across the U.S. and internationally Committed to: Actively pursuing: ▪ Running safe, reliable and ▪ Development of renewable and environme
Slide 6: Attractive Asset Diversification and Growth
Attractive Asset Diversification and Growth Toledo PADD 5 PADD 4 Paulsboro PADD 2 PADD 1 Martinez Delaware City ▪ PBF's core strategy is to operate safely, reliably and environmentally responsibly Torrance PADD 3 ▪ Diversified, high-complexity asset base with 12.7 Nelson Complexity ▪ Focus on core b
Slide 7: FY-22 Diversified Slate of Refinery Inputs
FY-22 Diversified Slate of Refinery Inputs PBF System Other 14% Heavy Crude 32% Heavy Crude Light Crude 18% Medium Crude Light Crude Other Medium Crude 36% East Coast Mid-Continent Gulf Coast West Coast 3% 20% 22% 17% 14% 13% 36% 8% 19% 61% 29% 40% 68% 50% 7
Slide 8: FY-22 Refined Products
FY-22 Refined Products PBF System Other 17% Chemicals 1% Lubes Gasoline 1% Gasoline Distillate 46% Lubes Chemicals Other Distillate 35% East Coast Mid-Continent Gulf Coast West Coast 5% 10% 15% 20% 20% 1% 1% 39% 44% 2% 51% 32% 56% 36% 37% 36% 8
Slide 9: Renewable Diesel at Chalmette
Renewable Diesel at Chalmette Strategic diversification and partnership opportunities to expand renewables ▪ St. Bernard Renewables LLC established in 2022 (“SBR”) • Commenced production of commercial renewable fuels in July 2023 ▪ Strategic partnership with Eni* • 50-50 joint venture partnership •
Slide 10: East Coast Clean Hydrogen
East Coast Clean Hydrogen Opportunity to develop clean energy hub at strategic east coast location ▪ Part of MACH2 (“Mid-Atlantic Clean Hydrogen Hub”) a broad consortium exploring the development of a clean energy and logistics hub on 2,500 acres adjacent to PBF’s Delaware City refinery, supporting
Slide 11: PBF’s Path Forward
PBF’s Path Forward
Slide 12: PBF’s Balance Sheet Sets the Foundation for Long-term Value
PBF’s Balance Sheet Sets the Foundation for Long-term Value Net Debt to Net Capitalization* 65% 55% 45% 35% 25% 15% 5% -5% -15% ▪ PBF’s fiscal discipline strengthened the balance sheet, setting the foundation for future opportunities and shareholder returns ▪ At 9/30/23, PBF had cash in excess of de
Slide 13: Path to Increased Value – Capitalizing on Strong Market Dynamics
Path to Increased Value – Capitalizing on Strong Market Dynamics 4 5 3 Diversify Increase 2 Simplify and pursue growth shareholder returns structure opportunities De-lever 1 by reducing total debt Operate refineries reliably to generate cash COMPLETE IN PROGRESS ONGOING 13
Slide 14: Macro Environment Overview
Macro Environment Overview
Slide 15: Constructive Macro Environment Backdrop
Constructive Macro Environment Backdrop ▪ Domestic refining rationalization has reduced U.S. domestic refining capacity by more than 1 million barrels per day ▪ Demand is resilient. Domestic and international consumers continue to call for incremental refined products ▪ Global clean product stocks a
Slide 16: Vehicle-Miles Traveled in the U.S. Resumed an Upward Growth Trend
Vehicle-Miles Traveled in the U.S. Resumed an Upward Growth Trend VMT (seasonally-adjusted) 3.3 3.2 3.1 Miles (billions) 3.0 2.9 2.8 2.7 16 Source: Bloomberg
Slide 17: Air Traveler Numbers Continue to Support Jet Fuel Demand
Air Traveler Numbers Continue to Support Jet Fuel Demand TSA Checkpoint Flow 3,000,000 2,500,000 2,000,000 Passengers 1,500,000 1,000,000 500,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2022 2021 2019 17 Source: Bloomberg
Slide 18: Inventory Levels Remain Tight to Historical Ranges
Inventory Levels Remain Tight to Historical Ranges Crude Stocks (x.SPR) Finished Gas Stocks 550,000 30,000 530,000 28,000 510,000 26,000 490,000 24,000 470,000 22,000 BBLs (M) BBLs (M) 450,000 20,000 430,000 18,000 410,000 16,000 390,000 14,000 370,000 12,000 350,000 10,000 Jan Feb Mar Apr May Jun J
Slide 19: Key Products Days of Forward Cover Are In-line with Historical Averages
Key Products Days of Forward Cover Are In-line with Historical Averages at High Industry Utilization Days of Gasoline Cover 50 45 40 Days 35 30 25 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Days of Distillate Cover 55 50 45 40 Days 35 30 25 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 20: Regional RIN-Adjusted Crack Spreads Trend Elevated
Regional RIN-Adjusted Crack Spreads Trend Elevated East Coast 2:1:1 Chicago 4:3:1 70 60 60 50 40 50 30 40 ($/bbl) ($/bbl) 20 30 10 20 - 10 (10) - (20) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Gulf Coast 2:1:1 West Coast 4:3:1 70 120 60 100 50 80
Slide 21: Appendix
Appendix
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA - 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 meas
Slide 23: PBF Energy Regional Benchmark Indicators
PBF Energy Regional Benchmark Indicators ▪ Indicative calculation of regional refining benchmarks(1) in dollars per barrel: • East Coast • Dated Brent (NYH) 2-1-1 • Calculated as: (1*RBOB) + (1*ULSD) – (2*Dated Brent) • Mid-Continent • WTI (Chicago) 4-3-1 • Calculated as: (3*CBOB) + (0.5*ULSD) + (0.