Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Investor Presentation (January 2017)
15 slides from Pbf Energy's investor presentation, January 2017
Slide 1: PBF Energy Inc. January 2017 Investor Presentation
PBF Energy Inc. (NYSE: PBF) January 2017 Investor Presentation
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 – A Compelling Investment
PBF – A Compelling Investment Fourth largest and second most complex independent refiner with regionally- advantaged asset base Attractive Significantly advantaged crude and feedstock optionality provides access to Asset Base lowest-cost feedstocks Strategic relationship with PBF Logistics (NY
Slide 4: Attractive Asset Diversification and Growth
Attractive Asset Diversification and Growth PBF's core strategy is to operate safely and responsibly and to grow and diversify Toledo through acquisitions PADD 4 PADD PADD 2 5 Paulsboro Fourth largest independent refiner in United PADD States with five refineries 1 Increased refining throughpu
Slide 5: Chalmette Refinery – Optimization Underway
Chalmette Refinery – Optimization Underway Acquired in November 2015 for $322 million Investing ~$100 million in margin improvement projects associated with optimization of existing assets and restart of idled units Progressing with restart of idled naphtha hydrotreater, reformer and light-end
Slide 6: Torrance Refinery – Focus on Operations
Torrance Refinery – Focus on Operations Acquired in July 2016 for $537.5 million Completed drop down of 50% interest in Torrance Valley Pipeline for $175 million Targeting $50 million operating cost reductions over the next two years Focus on stable and reliable operations, working with loca
Slide 7: System-wide Commercial Optimization
System-wide Commercial Optimization Crude sourcing flexibility and optionality Refining Group Crude Slate Breakdown 100% PBF uses its complex crude processing capacity to source lowest cost input slate 80% PBF is benefiting from the over-supply of 60% waterborne crude which is driving increase
Slide 8: PBFX is a Strategic and Valuable Partner to PBF
PBFX is a Strategic and Valuable Partner to PBF PBF indirectly owns 100% of the general partner and Summary of Executed Drop-Downs* ~44% of the limited partner interests of PBF Logistics Projected Projected Gross LP (NYSE: PBFX), and 100% of the PBFX incentive Announcement Asset Annual Net Annual
Slide 9: PBFX Growing Asset Base is Ideally Situated
PBFX Growing Asset Base is Ideally Situated PBF Logistics assets directly support the operations PBF Logistics Mid-Continent Assets Toledo Storage Facility of the Toledo, Delaware City, Paulsboro and Toledo LPG Truck Rack Toledo Truck Terminal Torrance refineries Approximately 255 million
Slide 10: Appendix
Appendix ae
Slide 11: Disciplined Growth Strategy: Refinery Cost per Complexity-Barrel
Disciplined Growth Strategy $1,800 $1,600 $1,400 Refinery Cost, $/Complexity-Barrel $1,200 $1,000 $800 $600 $400 $200 $0 Denotes PBF Refinery 11
Slide 12: PBF Energy 2017 Initial Guidance
PBF Energy 2017 Initial Guidance (Figures in millions except per barrel FY 2017E Q1-2017E amounts) East Coast Throughput 330,000 – 350,000 bpd 315,000 – 335,000 bpd Mid-Continent Throughput 150,000 – 160,000 bpd 135,000 – 145,000 bpd Gulf Coast Throughput 175,000 – 185,000 bpd 155,000 – 165,000 bpd
Slide 13: PBFX 2017 Initial Guidance
PBFX 2017 Initial Guidance All figures are based on estimates using minimum volume commitments for currently owned assets under existing long-term agreements. ($ in millions) FY 2017 Initial Guidance Revenues $252.1 Operating expenses $78.4 SG&A $15.7 D&A $16.8 Interest expense, net $33.1 Net Income
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our management uses EBITDA (earnings before interest, income taxes, depreciation and amortization) as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for p
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures PBF Logistics LP Reconciliation of amounts under US GAAP to Forecasted EBITDA (unaudited, in millions) Reconciliation of Net Income to estimated EBITDA: ($ in millions) FY 2017 Initial Guidance Net Income $108.1 Add: Interest expense, net $33.1 Add: Depreciation and amort