Docoh
Loading...

PBF PBF Energy

PBF Energy Inc. is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. The Company's mission is to operate its facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where it does business, and provide superior returns to its investors.

Company profile

Ticker
PBF
Exchange
CEO
Thomas Nimbley
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
PBF Energy Company LLC • PBF Holding Company LLC • PBF Services Company LLC • PBF Investments LLC • Delaware City Refining Company LLC • PBF Power Marketing LLC • Paulsboro Refining Company LLC • Toledo Refining Company LLC • PBF Finance Corporation • PBF International Inc. ...

PBF stock data

(
)

Calendar

29 Jul 21
23 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 15
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from PBF Energy earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.48B 1.48B 1.48B 1.48B 1.48B 1.48B
Cash burn (monthly) 20.5M (positive/no burn) (positive/no burn) 38.8M (positive/no burn) (positive/no burn)
Cash used (since last report) 77.39M n/a n/a 146.47M n/a n/a
Cash remaining 1.4B n/a n/a 1.33B n/a n/a
Runway (months of cash) 68.4 n/a n/a 34.4 n/a n/a

Beta Read what these cash burn values mean

Financial report summary

?
Risks
  • Risks Related to the COVID-19 Pandemic
  • The outbreak of the COVID-19 pandemic significantly affected our liquidity, business, financial condition and results of operations in 2020 and caused our market value to substantially decline, and may continue to do so thereafter. There can be no assurance that our liquidity, business, financial condition and results of operations or the price of our shares will revert to pre-2020 levels once the impacts of COVID-19 pandemic cease.
  • The persistence or worsening or market conditions related to the COVID-19 pandemic may require us to raise additional capital to meet our obligations and operate our business.
  • Demand for our refined products has significantly declined and we expect reduced demand to continue into 2021.
  • We recorded an impairment charge during the year ended December 31, 2020 and may be required to record additional impairment charges.
  • The price volatility of crude oil, other feedstocks, blendstocks, refined products and fuel and utility services may have a material adverse effect on our revenues, profitability, cash flows and liquidity.
  • Our working capital, cash flows and liquidity can be significantly impacted by volatility in commodity prices and refined product demand.
  • Our profitability is affected by crude oil differentials and related factors, which fluctuate substantially.
  • A significant interruption or casualty loss at any of our refineries and related assets or logistics terminals, pipelines or other facilities could reduce our production, particularly if not fully covered by our insurance. Failure by one or more insurers to honor its coverage commitments for an insured event could materially and adversely affect our future cash flows, operating results and financial condition.
  • Our refineries are subject to interruptions of supply and distribution as a result of our reliance on pipelines and railroads for transportation of crude oil and refined products.
  • Regulation of emissions of greenhouse gases could force us to incur increased capital and operating costs and could have a material adverse effect on our results of operations and financial condition.
  • We may not be able to successfully integrate the recently acquired Martinez refinery into our business, or realize the anticipated benefits of this acquisition.
  • A cyber-attack on, or other failure of, our technology infrastructure could affect our business and assets, and have a material adverse effect on our financial condition, results of operations and cash flows.
  • Our hedging activities may limit our potential gains, exacerbate potential losses and involve other risks.
  • We may have capital needs for which our internally generated cash flows and other sources of liquidity may not be adequate.
  • We may not be able to obtain funding on acceptable terms or at all because of volatility and uncertainty in the credit and capital markets. This may hinder or prevent us from meeting our future capital needs.
  • Our results of operations continue to be impacted by significant costs to comply with renewable fuels mandates. The market prices for RINs have been volatile and may harm our profitability.
  • Competition from companies who have not been adversely impacted as much as we have been by the COVID-19 pandemic, produce their own supply of feedstocks, have extensive retail outlets, make alternative fuels or have greater financial and other resources than we do could materially and adversely affect our business and results of operations.
  • A portion of our workforce is unionized, and we may face labor disruptions that would interfere with our operations.
  • Any political instability, military strikes, sustained military campaigns, terrorist activity, changes in foreign policy, or other catastrophic events could have a material adverse effect on our business, results of operations and financial condition.
  • We must make substantial capital expenditures on our operating facilities to maintain their reliability and efficiency. If we are unable to complete capital projects at their expected costs and/or in a timely manner, or if the market conditions assumed in our project economics deteriorate, our financial condition, results of operations or cash flows could be materially and adversely affected.
  • Our business may suffer if any of our senior executives or other key employees discontinues employment with us. Furthermore, a shortage of skilled labor or disruptions in our labor force may make it difficult for us to maintain labor productivity.
  • Our commodity derivative activities could result in period-to-period earnings volatility.
  • We may incur significant liability under, or costs and capital expenditures to comply with, environmental and health and safety regulations, which are complex and change frequently.
  • Environmental clean-up and remediation costs of our sites and environmental litigation could decrease our net cash flow, reduce our results of operations and impair our financial condition.
  • Product liability and operational liability claims and litigation could adversely affect our business and results of operations.
  • Potential further laws and regulations related to climate change could have a material adverse impact on our operations and adversely affect our facilities.
  • Our pipelines are subject to federal and/or state regulations, which could reduce profitability and the amount of cash we generate.
  • We are subject to strict laws and regulations regarding employee and process safety, and failure to comply with these laws and regulations could have a material adverse effect on our results of operations, financial condition and profitability.
  • Compliance with and changes in tax laws could adversely affect our performance.
  • We could incur substantial costs or disruptions in our business if we cannot obtain or maintain necessary permits and authorizations or otherwise comply with health, safety, environmental and other laws and regulations.
  • Our substantial indebtedness could adversely affect our financial condition and prevent us from fulfilling our obligations under our indebtedness.
  • Despite our substantial level of indebtedness, we and our subsidiaries may be able to incur substantially more debt, which could exacerbate the risks described above.
  • Our future credit ratings could adversely affect the cost of our borrowing as well as our ability to obtain credit in the future.
  • Provisions in our indentures and other agreements could discourage an acquisition of us by a third-party.
  • Restrictive covenants in our debt instruments, including the indentures governing our notes, may limit our ability to undertake certain types of transactions, which could adversely affect our business, financial condition, results of operations and our ability to service our indebtedness.
  • Risks Related to Our Organizational Structure and PBF Energy Class A Common Stock
  • PBF Energy is the managing member of PBF LLC and its only material asset is its interest in PBF LLC. Accordingly, PBF Energy depends upon distributions from PBF LLC and its subsidiaries to pay its taxes, meet its other obligations and/or pay dividends in the future.
  • The rights of other members of PBF LLC may conflict with the interests of PBF Energy Class A common stockholders.
  • Under the Tax Receivable Agreement, PBF Energy is required to pay the former and current holders of PBF LLC Series A Units and PBF LLC Series B Units for certain realized or assumed tax benefits PBF Energy may claim arising in connection with prior offerings and future exchanges of PBF LLC Series A Units for shares of its Class A common stock and related transactions. The indentures governing the senior notes allow PBF LLC, under certain circumstances, to make distributions sufficient for PBF Energy to pay its obligation under the Tax Receivable Agreement.
  • In certain cases, payments by PBF Energy under the Tax Receivable Agreement may be accelerated and/or significantly exceed the actual benefits it realizes in respect of the tax attributes subject to the Tax Receivable Agreement. These provisions may deter a change in control of the Company.
  • Anti-takeover and certain other provisions in our certificate of incorporation and bylaws and Delaware law may discourage or delay a change in control.
  • The market price of PBF Energy Class A common stock declined significantly in 2020 and may be volatile, which could cause the value of your investment to decline.
  • Our current stockholders could experience dilution, which could further depress the price of our Class A common stock.
  • Risks Related to Our Ownership of PBFX
  • We depend upon PBFX for a substantial portion of our refineries’ logistics needs and have obligations for minimum volume commitments in our commercial agreements with PBFX.
  • PBF Energy will be required to pay taxes on its share of taxable income from PBF LLC and its other subsidiary flow-through entities (including PBFX), regardless of the amount of cash distributions PBF Energy receives from PBF LLC.
  • If PBFX was to be treated as a corporation, rather than as a partnership, for U.S. federal income tax purposes or if PBFX was otherwise subject to entity-level taxation, PBFX’s cash available for distribution to its unitholders, including to us, would be reduced, likely causing a substantial reduction in the value of units, including the units held by us.
  • All of the executive officers and a majority of the directors of PBF GP are also current or former officers or directors of PBF Energy. Conflicts of interest could arise as a result of this arrangement.
Management Discussion
  • The tables below reflect our consolidated financial and operating highlights for the three and six months ended June 30, 2021 and 2020 (amounts in millions, except per share data). Differences between the results of operations of PBF Energy and PBF LLC primarily pertain to income taxes, interest expense and noncontrolling interest as shown below. Earnings per share information applies only to the financial results of PBF Energy. We operate in two reportable business segments: Refining and Logistics. Our oil refineries, excluding the assets owned by PBFX, are all engaged in the refining of crude oil and other feedstocks into petroleum products, and are aggregated into the Refining segment. PBFX is a publicly-traded MLP that operates certain logistics assets such as crude oil and refined petroleum products terminals, pipelines and storage facilities. PBFX’s operations are aggregated into the Logistics segment. We do not separately discuss our results by individual segment as, apart from PBFX’s third-party acquisitions, our Logistics segment does not have significant third-party revenues and a significant portion of its operating results are eliminated in consolidation.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: AB, BAAQMD, biodiesel, biofuel, buy, Catalytic, composition, constantly, correlate, deficit, evidenced, factor, FCC, Fluid, gasoline, highlighted, increasingly, ineffective, infection, interpreted, Navarro, notable, PAR, particulate, prove, stringent, TAC, timeframe, unfunded
Removed: bearing, commence, computing, CRU, denominator, deterioration, economy, employee, guarantee, impaired, intervention, joined, logistic, mixed, nonrecurring, performed, persist, railcar, reconciled, Sabrina, stronger, ultimately, unfavorably, utility, Varga, Warming

Proxies

No filings