PBF Energy (NYSE: PBF) & PBF Logistics (NYSE: PBFX) Wells Fargo Energy Symposium December 2014
PBF Energy Company Profile PBF is the 5th largest independent refiner Toledo Market capitalization of 2.9 billion and enterprise value of 3.3 billion (1) Ba3 / BB- credit ratings Owns three oil refineries in Ohio, Delaware and New…
Strong Balance Sheet Provides a Platform for Growth PBF Energy maintains a conservative financial profile with strong liquidity and access to capital markets Availability liquidity of 1.0 billion as of October 31, 2014 Net Debt to Net…
PBFs Crude-by-Rail Program PBFs crude-by-rail program provides PBF Energy Planned Leased or Owned Railcars with the flexibility to source either rail-delivered 7,000 crude oil or waterborne crude oil depending on 5,900 6,000…
U.S. Refining Industry Landscape Secular growth in North American crude oil production North American Crude Oil Favorable price dislocations between North American crude Production and rest of world under current market conditions…
Increasing Shareholder Value in 2014 Implemented several projects which enhance margin by over 170 million on an annualized basis Launched PBFX which strengthened the balance sheet and provides PBF with a valuable partner for growth…
PBF Logistics LP Company Profile PBF Logistics launched in May 2014 Market Cap of 800 million as of 12/5/14 PBF Energy owns 52.1%(1) of PBFX, 100% of the GP and IDRs Assets consist of a light crude oil rail unloading terminal in…
PBFX Investment Highlights PBFX is the primary vehicle to expand PBF Energys (PBF) logistics asset base PBF provides PBFX with multiple avenues of growth PBF underpins the stability of PBFXs cash flow Relationship with Long-term,…
Current Assets Delaware City Loop Track Enhances flexibility and profitability of PBFs East Coast refining operations Light crude oil rail unloading terminal Supports Delaware City and Paulsboro refineries Combined refining capacity:…
Current Assets 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…
Current Assets Toledo Tank Farm 2(1) Tank Farm 2 serves the Toledo refinerys operations and product distribution activities Activities include: Crude oil and product storage Propane truck loading 30 tanks with total shell capacity…
PBF Energys Strengths as a Sponsor Significant acquisition experience Operational Long history of operating logistics and refining assets Excellent safety record; early adopter of rail safety initiatives Conservative financial…
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 Critical logistics infrastructure retained by PBF at all…
PBFX Business Strategies Utilize long-term, fee-based contracts with minimum volume commitments and inflation escalators Generate stable, fee- based cash flow Maintain no direct exposure to commodity price fluctuations Conservative…
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 17
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