Pbf Energy Inc. · NYSE:PBF
Pbf Energy — Credit Suisse Energy Summit 2015
22 slides from Pbf Energy's conference presentation, Feb 25, 2015
Slide 1: PBF Energy Credit Suisse Energy Summit February 2015
PBF Energy (NYSE: PBF) Credit Suisse Energy Summit February 2015
Slide 2: Safe Harbor Statements
2 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. and PBF Logistics LP (together, the “Companies”, or “PBF” or “PBFX”) and their management teams. Such statements are based on current expectations, forecasts and projections, including, but not lim
Slide 3: PBF Energy Company Profile
3 PBF Energy Company Profile Market capitalization of ~$2.9 billion(1) BB- / Ba3 credit ratings Operates three oil refineries in Ohio, Delaware and New Jersey Aggregate throughput capacity of ~540,000 bpd Weighted-average Nelson Complexity of 11.3 East Coast rail infrastructure provides
Slide 4: PBF's East Coast Refining Strength
4 PBF’s East Coast Refining Strength $107 $704 $0 $200 $400 $600 $800 $1,000 $1,200 YE 2012* YE 2014* R ef in in g E BI T DA ( m il li o n s) 2014 was transformational year for PBF’s East Coast refining system Generated EBITDA of >$700 million*, or ~62% of total Refining EBITDA Favorable marke
Slide 5: Crude cost advantages for complex refineries like Delaware City
5 Crude cost advantages for complex, medium and heavy, sour refineries like Delaware City and Paulsboro translate to increased profitability Coking refineries, such as Delaware City and Paulsboro, have the flexibility to run a wide variety of crudes and can realize improved margins in low flat-p
Slide 6: PBF's Crude Sourcing Optionality
6 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2Q14 4Q14 4Q15 Coiled & Insulated General Purpose PBF’s Crude Sourcing Optionality Planned Leased or Owned Railcars Note: Rail car numbers represent weighted-average number of rail cars owned or leased in a given period. Schedule is subject to change bas
Slide 7: Strong Balance Sheet Provides a Platform for Growth
7 PBF Energy maintains a conservative financial profile with significant liquidity and access to capital markets Availability liquidity of ~$1 billion as of December 31, 2014 In 2014, obtained >$3.3 billion in committed credit facilities Balance sheet strengthened by successful PBF Logistics
Slide 8: Increasing Shareholder Value
8 Increasing Shareholder Value 2014 Summary Returned $260 million to shareholders through dividends and share repurchases Enhanced margin by approximately $170 million, on an annualized basis, through projects implemented in 2014 Launched PBFX in 2014, which strengthened PBF and provides PBF
Slide 9: PBF Logistics LP Overview
9 PBF Logistics launched in May 2014 Market capitalization of ~$800 million(1) PBF Energy owns 52.1% of PBFX, 100% of the GP and IDRs Revenues supported by long-term agreements with minimum volume commitments No direct commodity exposure Significant portfolio of logistics assets retained
Slide 10: PBFX Investment Highlights
10 PBFX Investment Highlights PBFX is the primary vehicle to expand PBF Energy’s (“PBF”) logistics asset base PBF underpins the stability of PBFX’s cash flow 100% of forecast revenue generated through MVCs Long-term, fee-based contracts with minimum volume commitments and inflation escalator
Slide 11: Robust Drop-down Inventory Retained at PBF
11 Robust Drop-down Inventory Retained at PBF Significant growth potential through future drop- downs of logistics infrastructure retained by PBF Energy ~$100 – $125 million of drop-down EBITDA remaining at PBF Energy East Coast Storage Facilities 10.0 million bbls at Delaware City 7.5 mil
Slide 12: PBFX Outlook and Strategy
12 PBFX Outlook and Strategy Conservative financial profile with strong liquidity and access to capital markets Target PBFX debt of 3x to 4x EBITDA Return excess cash to shareholders Focus on Stable, Fee-based Business Focused on stable, fee-based business supported by long-term, minimum vol
Slide 13: Increasing Stakeholder Value
13 Increasing Stakeholder Value Operate safely and efficiently Maintain capital discipline and conservative balance sheets Invest in revenue improvement projects Grow through strategic acquisitions Return cash to investors
Slide 14: Appendix
1 4 Appendix
Slide 15: Non-GAAP Financial Measures
15 Non-GAAP Financial Measures Our management uses EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA as measures of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating tren
Slide 16: PBF Energy 2015 Guidance
16 PBF Energy 2015 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-
Slide 17: PBFX 2015 Guidance
17 PBFX 2015 Guidance Guidance provided constitutes forward-looking information and is based on current PBF Logistics operating plans, assumptions and configuration. All figures are subject to change based on market and macroeconomic factors, as well as management’s strategic decision- making and ov
Slide 18: PBFX – Delaware City Loop Track
18 PBFX – Delaware City Loop Track Light crude oil rail unloading terminal Supports Delaware City and Paulsboro refineries Combined refining capacity: 370,000 bpd Supplies cost-advantaged, light crude oil from Western Canada and U.S. Mid-continent Current discharge capacity: ~130,000 bpd
Slide 19: PBFX – Toledo Truck Terminal
19 PBFX – Toledo Truck Terminal 15,000 bpd truck crude unloading facility Services PBF’s 170,000 bpd Toledo refinery Primarily receives locally-gathered, cost-advantaged crude oil Potential for growth through increased production in nearby shale basins, including Utica Shale in Ohio and New
Slide 20: PBFX – Delaware City Heavy Crude Unloading Rack
20 PBFX – Delaware City Heavy Crude Unloading Rack “West Rack” - heavy crude oil rail unloading terminal Current discharge capacity: 40,000 bpd Unit-train capable, steam and nitrogen equipped to unload heavy crude oil and bitumen Construction completed and in-service in August 2014 Primari
Slide 21: PBFX – Toledo Storage Facility
21 Tank Storage Facility serves the Toledo refinery’s operations and product distribution activities Activities include: Crude oil and product storage Propane truck loading 30 tanks with total shell capacity of ~3.9 million barrels Crude – 7 tanks with ~1.3 million barrels of capacity
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