PBF Energy (NYSE: PBF) Morgan Stanley Refining Corporate Access Day May 14, 2015
PBF Energy Company Profile Market capitalization of 2.5 billion(1) Toledo BB- / Ba3 credit ratings Operates three oil refineries in Ohio, Delaware and New Jersey Aggregate throughput capacity of 540,000 bpd Paulsboro…
PBFs East Coast Refining Strength 2014 was transformational year for PBFs East Coast refining system Generated EBITDA of 700 million*, or 62% of total Refining EBITDA Favorable market conditions (NYH 2-1-1 crack spread averaged 15/bbl…
Atlantic Basin Asset Rationalization Tightens Market PADD 1 remains a product short CDU Capacity Owner Location (bpd) Year Closed market that is reliant on imports Sunoco (Eagle Point) Westville, NJ 145,000 2009 to satisfy demand…
East Coast Operating and Complexity Advantage Refining dynamics in the Atlantic Basin have Natural Gas Advantage dramatically shifted 20.00 Natural Gas is a proxy for operating expenses 9.00 (0.75) 15.00 Since 2010 U.S. refiners…
PBFs Sourcing and Processing Advantage 10,000 2,000 PADD 1 refiners have seen a benefit from the 8,000 1,500 Imports Production changing crude oil production and import landscape 6,000 1,000 4,000 As PADD 1 access to rising…
Strong Balance Sheet Provides a Platform for Growth PBF Energy maintains a conservative financial profile with significant liquidity and access to capital markets Availability liquidity of just under 1 billion as of March 31, 2015 In…
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…
PBF Logistics LP Overview (NYSE: PBFX) PBFX was launched in May 2014 Market capitalization is 850 million(1) PBF owns 52.1% of PBFX, 100% of PBF Logistics GP LLC (the General Partner) and 100% of the PBFX incentive distribution…
PBFX Investment Highlights PBFX is the primary vehicle to expand PBF Energys (PBF) logistics asset base PBF underpins the stability of PBFXs cash flow Relationship with 100% of forecast revenue generated through MVCs PBF provides…
Robust Drop-down Inventory Retained at PBF PBFX has ROFO on substantial portfolio of logistics assets retained at PBF Significant growth potential through future drop- downs of logistics infrastructure retained by PBF Energy 200…
PBFX Outlook and Strategy Focus on stable, take-or-pay business lines supported by long-term Focus on Stable, MVCs Take-or-Pay Business Demonstrate commitment to safe and reliable operations across all areas Maintain minimal…
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 14
Appendix
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…
Refining EBITDA Reconciliation(1) Total Refining EBITDA (in 000's) 2012 2014 Net Income 804,037 78,271 Depreciation 92,238 180,382 Interest 108,629 98,764 Income taxes 1,275 (22,412) PBFX - (42,851) General and administrative…
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