Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Barclays CEO Energy-Power Conference 2016
15 slides from Pbf Energy's conference presentation, September 2016
Slide 1: PBF Energy Inc. (NYSE: PBF) – Barclays CEO Energy-Power Conference
PBF Energy Inc. (NYSE: PBF) Barclays CEO Energy-Power Conference September 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”, 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 independent refiner with regionally-advantaged asset base Second most complex refiner in the U.S. with average Nelson Complexity of 12.2 Attractive Coastal crude optionality Asset Base Strategic relationship with PBF Logistics (NYSE:PBFX) provides
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: Profitable Growth Since 2012 IPO
Profitable Growth Since 2012 IPO We believe that PBF is significantly undervalued 12.2 11.3 884 5 540 483 3 265 # of Refineries Throughput (kbpd) Nelson Complexity (Avg.) $ EV per Complexity Barrel (1) IPO 2016 ___________________________ 5 1. Pro forma for the Torrance transaction; market data as o
Slide 6: Chalmette Refinery – Optimization Underway
Chalmette Refinery – Optimization Underway Acquired in November 2015 For $322 million Executing margin improvement projects associated with optimization of existing assets and restart of idled units Progressing with restart of idled naphtha hydrotreater, reformer and light-ends recovery plant
Slide 7: Torrance Refinery – First Sixty Days
Torrance Refinery – First Sixty Days Acquired in July 2016 for $537.5 million Targeting $50 million operating cost reductions Focus on stable and reliable operations Processes an advantaged mix of low-quality crudes (~88% heavy/medium) resulting in 103% product yield or volume expansion ~9
Slide 8: Coastal Refinery Complexity Advantage
Coastal Refinery Complexity Advantage Illustrative Heavy / Sour COGS Advantage(1) Crude cost advantages exist for complex refineries $10.00 like Torrance, Chalmette, Paulsboro and Delaware $9.00 ($0.75) $8.00 City as they have the flexibility to run a wide $7.00 variety of crudes $6.00 ($4.50) $5.
Slide 9: Commercial Optimization
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 increased 40% compet
Slide 10: 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* ~45% 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 11: PBFX Growing Asset Base is Ideally Situated
PBFX Growing Asset Base is Ideally Situated PBF Logistics Mid-Continent Assets PBF Logistics assets directly support the Toledo Storage Facility Toledo LPG Truck Rack operations of the Toledo, Delaware City, Toledo Truck Terminal Paulsboro and Torrance refineries Approximately 255 million
Slide 12: Appendix
Appendix ae
Slide 13: Refinery Cost, $/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 13
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 Non-GAAP Measures PBF Logistics LP Reconciliation of amounts under US GAAP to Forecasted EBITDA (unaudited, in millions) Reconciliation of fifty percent TVPC acquired interest estimated Net Income to estimated EBITDA: Estimated net income $9.4 Add: Depreciation and amorti
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