PBF Energy (NYSE: PBF) Wolfe Research Refining Conference January 2015
PBF Energy Company Profile Market capitalization of 2.6 billion and enterprise Toledo value of 3.1 billion (1) Ba3 / BB- credit ratings Owns three oil refineries in Ohio, Delaware and New Jersey Paulsboro Aggregate throughput…
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 billion as of December 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 or waterborne crude oil depending on economics 5,900 6,000 4,592…
Increasing Shareholder Value 2014 Summary 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 with a valuable…
PBF Energy 2015 Guidance Figures (Figures in millions except per barrel amounts) FY 2015 East Coast Throughput 310,000 330,000 bpd Mid-continent Throughput 150,000 160,000 bpd Total Throughput 460,000 490,000 bpd Operating…
PBF Logistics LP Overview (NYSE: PBFX) PBF Logistics launched in May 2014 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…
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,…
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 of logistics infrastructure retained by PBF Energy…
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…
PBFX 2015 Guidance All figures are based on minimum volume commitments under existing long-term agreements (Figures in millions) FY 2015 Revenues 122.0 Operating expenses 35.0 SG&A 10.5 D&A 5.8 Interest expense, net 8.5…
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
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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…
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.…
PBFX Toledo Truck Terminal 15,000 bpd truck crude unloading facility Services PBFs 170,000 bpd Toledo refinery Primarily receives locally-gathered, cost-advantaged crude oil Potential for growth through increased production in…
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…
PBFX Toledo Tank Farm 2 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 of 3.9…
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