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PBF Energy Inc. 2017 Annual Report 2017 At-A-Glance

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PBF Energy Inc. 2017 Annual Report 2017 At-A-Glance PBF Energy Inc. 2017 Annual Report 2017 At-A-Glance PBF Energy (“PBF”) is a growth-oriented independent petroleum refiner and supplier of unbranded petroleum products. We are committed to the safe, reliable and environmentally responsible operations of our five domestic oil refineries, and related assets, with a combined processing capacity of approximately 900,000 barrels per day (bpd) and a weighted-average Nelson Complexity Index of 12.2. PBF Energy also owns approximately 44% of PBF Logistics LP (NYSE: PBFX). PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products, terminals, pipelines, storage facilities and similar logistics assets. Nelson Complexity Chalmette Refinery The Chalmette Refinery, in Louisiana, is a 189,000 bpd, dual-train coking refinery with a Nelson Complexity Index of 12.7 and is capable of processing both light and heavy crude oil. The facility is strategically positioned on the Gulf Coast with strong logistics connectivity that offers flexible raw material sourcing and product distribution opportunities, including the potential to export products. 12.7 Nelson Complexity Delaware City Refinery The Delaware City refinery has a throughput capacity of 190,000 bpd and a Nelson Complexity Index of 11.3. As a result of its configuration and petroleum refinery processing units, Delaware City has the capability to process a diverse heavy slate of crudes with a high concentration of high sulfur crudes making it one of the largest and most complex refineries on the East Coast. 190,000 bpd PBF ENERGY / 2017 ANNUAL REPORT PAGE 1 Torrance Refinery The Torrance refinery has a nameplate crude capacity of 155,000 bpd and is PBF’s most complex refinery with a Nelson Complexity Index of 14.9. The refinery produces approximately 1.8 billion gallons of gasoline per year, which represents approximately ten percent of the gasoline demand in California. 1.8 billion gallons Toledo Refinery The Toledo refinery has a throughput capacity of approximately 170,000 bpd and a Nelson Complexity Index of 9.2. Toledo processes a slate of light crude oils from Canada, the Mid-continent and the U.S. Gulf Coast. Toledo produces a high volume of finished products including gasoline and ultra-low sulfur diesel, in addition to a variety of high-value petrochemicals including nonene, xylene, tetramer and toluene. 170,000 bpd Paulsboro Refinery The Paulsboro refinery has a throughput capacity of 180,000 bpd and a Nelson Complexity Index of 13.2. The Paulsboro refinery is located on the Delaware River in Paulsboro, New Jersey, just south of Philadelphia, and is approximately 30 miles north of the Delaware City refinery. The Paulsboro and Delaware City refineries are the only two operating petroleum refineries on the East Coast with coking capacity. 13.2 Nelson Complexity PAGE 2 To Our Shareholders, 2017 was a year in two halves for PBF Energy. During the first half of the year, we invested “ heavily in our assets by successfully completing We always strive to put our planned turnarounds at our Torrance, Chalmette assets in a position to be and Delaware City refineries. The second quarter successful while maintaining the Torrance turnaround was the largest in PBF’s history and involved over 2,000 additional workers. The highest standards for safety and $600 million dollars of turnaround and refining environmental stewardship” maintenance improvements and strategic capital –Tom Nimbley, CEO investments we completed were critical to our operational success in the third and fourth quarters In recognition of the earnings of our assets, our and helped demonstrate the strength of our fully- board and management continue to support a regular operational refining system. All of this was managed annual dividend, paid quarterly, of $1.20 per share. In and executed by our outstanding workforce. 2017, PBF paid out $132 million in four separate non- Following the extensive maintenance activities, our tax distributions. refineries ran well for the remainder of the year. Our logistics partner, PBF Logistics (or the Torrance achieved record throughput rates and, as “Partnership”), continued delivering strong financial expected, we reduced our operating costs to below results and distribution growth to its unit holders. The seven dollars per barrel as a result of our improved Partnership completed two significant organic projects, reliability. Chalmette continued to perform well and the Paulsboro Natural Gas Pipeline and the Chalmette we are seeing operating expenses come down. Our Storage Facility, and acquired the Toledo Terminal East Coast and Mid-continent assets also ran reliably which, in total, will increase Partnership EBITDA by and our total system was able to generate $685 million approximately $15 million on an annualized basis. The in cash from operations. organic projects exemplify the synergistic value of the In 2017, excluding special items, PBF generated relationship between PBF Energy and the Partnership. EBITDA of approximately $723 million and operating The Chalmette Storage Facility, in particular, provides income of $435 million for the year, resulting in a critical logistics solution to PBF’s Chalmette refinery adjusted fully-converted net income of $1.14 per by debottlenecking its marine facilities, allowing for share, on a fully-exchanged and fully-diluted basis. more efficient feedstock deliveries and increased On a consolidated basis, we invested over $725 product exports, while concurrently reducing excess million in the business through turnarounds, capital demurrage costs. Since the time of its initial public expenditures and acquisitions at the PBF Logistics offering, PBF Logistics has supported a compound level. We finished 2017 with a cash balance of $573 annual distribution growth rate of approximately million, total liquidity of approximately $1.4 billion 15 percent through the end of 2017, with a current and a net debt to capitalization ratio of 35 percent, annualized distribution of $1.94 per unit. PBF Energy excluding special items. continues to be a strong sponsor for the Partnership and currently owns approximately 44 percent of PBF PBF ENERGY / 2017 ANNUAL REPORT PAGE 3 Logistics and 100 percent of the incentive distribution sulfur levels in fuels being used in the shipping industry. rights and the general partner. This regulation could materially increase demand for low-sulfur distillate and potentially drive wider light Growth has been a pillar of our past success and continues – heavy spreads for feedstocks. PBF Energy, with its to be a guiding strategy for realizing our future potential. highly-complex refining system, is well positioned to In order to continue to grow our business we focus on the benefit from this changing fuel specification and we are financial strength of our company and its balance sheet. In examining additional opportunities to invest in high- May, PBF Energy successfully refinanced its 8.25 percent return projects at our refineries to further increase our senior secured notes with a new $725 million, 8-year advantage in this area. unsecured 7.25 percent note. Additionally, in October, PBF Logistics successfully placed $175 million of senior notes As always, this is an exciting time to be in the refining through an upsized offering. Both of these transactions business. Global demand for refined products is improved the strength of the respective balance sheets increasing, the supply of crude oil is abundant and the and provides each company with financial resources regulatory environment is evolving. We expect this for growth. In 2017, we focused our efforts on improving confluence of circumstances will combine to make the system reliability and consolidating and harmonizing the environment for refining very favorable. We always acquisitions of the Torrance and Chalmette refineries. strive to put our assets in a position to be successful Our primary focus is always operating our very complex while maintaining the highest standards for safety and assets in a safe, reliable and environmentally responsible environmental stewardship. manner in order to be successful and, ultimately, reward Before closing, we would like to thank Dennis Houston our shareholders. We will also continue to look for for his insights and counsel as a Director of PBF and opportunities to grow our business through organic wish him well for the future. We also thank our Board projects, additional refinery acquisitions and through of Directors, present and past, for their continued opportunities in partnership with PBF Logistics. stewardship and guidance. Additionally, we would like As we look forward in 2018, our goal is to deliver to thank all of PBF’s employees for their dedication and another year of safe and reliable operations and put commitment; they are the foundation of our company our refining system in a position to benefit from any and responsible for any successes PBF Energy enjoys. opportunities that the market may present. There are Finally, we thank our shareholders for your continuing several potential tailwinds on the horizon. The passage support. We will work diligently to reward the trust you of the Tax Cuts and Jobs Act in December has reduced have placed with us. PBF Energy’s effective tax rate from approximately 40 percent to approximately 27 percent and we expect the benefit we garner from the lower tax rate can be reinvested in our refineries to enhance profitability. Looking further out, the International Maritime Tom Nimbley Organization has put in place regulations that will Chairman and currently go into effect in January of 2020 that reduce Chief Executive Officer PAGE 4 Our Refineries Toledo Paulsboro Delaware City Torrance Chalmette QPADD 1 QPADD 2 QPADD 3 QPADD 4 QPADD 5 The figures below are the total number of acres per each location: Torrance Chalmette Toledo Delaware City Paulsboro Refinery Refinery Refinery Refinery Refinery 750 462 282 5,000 950 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
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