Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com. PBF Energy Inc. (NYSE:PBF) 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. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workpla ...

PBF Energy Inc. (NYSE:PBF) Q1 2024 Earnings Conference Call May 2, 2024 8:30 AM ET Company Participants Colin Murray - Investor Relations Matt Lucey - President and Chief Executive Officer Karen Davis - Chief Financial Officer Mike Bukowski - Head, Refining Paul Davis - Senior Vice President, Supply, Trading and Optimization Thomas O’Connor - Senior Vice President, Commodity Risk and Strategy Conference Call Participants Roger Read - Wells Fargo Ryan Todd - Piper Sandler Manav Gupta - UBS Matthew Blair - TP ...

[PART I – FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents PBF Energy's unaudited condensed consolidated financial statements and management's discussion and analysis for Q1 2024 [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) PBF Energy's Q1 2024 financials show total assets at **$13.8 billion**, with net income of **$107.5 million** and reduced operating cash flow [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) PBF Energy's total assets decreased to **$13.81 billion** from **$14.39 billion** by March 31, 2024, driven by reduced current assets and cash Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $5,822.0 | $6,596.6 | | Cash and cash equivalents | $1,441.5 | $1,783.5 | | Inventories | $2,891.3 | $3,183.1 | | **Total Assets** | **$13,808.2** | **$14,387.8** | | **Total Current Liabilities** | $3,781.2 | $4,217.3 | | Long-term debt | $1,248.6 | $1,245.9 | | **Total Liabilities** | **$7,210.0** | **$7,756.5** | | **Total Equity** | **$6,598.2** | **$6,631.3** | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 revenues fell to **$8.65 billion** from **$9.30 billion** in Q1 2023, leading to a significant drop in net income to **$106.6 million** Q1 2024 vs Q1 2023 Statement of Operations (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues | $8,645.6 | $9,295.0 | | Cost of sales | $8,427.4 | $8,718.6 | | Income from operations | $145.1 | $532.4 | | Net income | $107.5 | $385.9 | | Net income attributable to PBF Energy Inc. stockholders | $106.6 | $382.1 | | Diluted EPS | $0.86 | $2.86 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly declined to **$15.8 million** in Q1 2024 from **$437.6 million** in Q1 2023, resulting in a **$342.0 million** net decrease in cash Q1 2024 vs Q1 2023 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15.8 | $437.6 | | Net cash used in investing activities | $(284.4) | $(378.7) | | Net cash used in financing activities | $(73.4) | $(646.4) | | **Net change in cash and cash equivalents** | **$(342.0)** | **$(587.5)** | | Cash and cash equivalents, end of period | $1,441.5 | $1,616.1 | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover inventory valuation, **$1.25 billion** long-term debt, **$291.8 million** Tax Receivable Agreement liability, and the Refining segment's dominant revenue contribution - Total inventories stood at **$2.89 billion** as of March 31, 2024, down from **$3.18 billion** at year-end 2023, with no lower of cost or market adjustment recorded[47](index=47&type=chunk) - Total long-term debt remained stable at approximately **$1.25 billion** as of March 31, 2024[53](index=53&type=chunk) - The company has a Tax Receivable Agreement liability of **$291.8 million** as of March 31, 2024, with **$121.8 million** classified as a current liability[70](index=70&type=chunk) - The Refining segment generated **$8.64 billion** in revenue in Q1 2024, while the Logistics segment generated **$96.1 million** before intercompany eliminations[88](index=88&type=chunk)[133](index=133&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2024 net income decreased due to lower refining margins and maintenance, with liquidity remaining strong at over **$4.2 billion** and 2024 capital spending projected at **$800-850 million** [Overview](index=38&type=section&id=Overview) PBF Energy operates six U.S. oil refineries with **1,000,000 bpd** capacity, focusing on Refining and Logistics segments, and increased its share repurchase authorization to **$1.75 billion** - Owns and operates six domestic oil refineries with a combined processing capacity of approximately **1,000,000 bpd**[146](index=146&type=chunk) - The company's Board of Directors increased the share repurchase authorization to **$1.75 billion** in February 2024. In Q1 2024, **$125.0 million** of stock was repurchased[158](index=158&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q1 2024 net income sharply declined to **$107.5 million** due to unfavorable crack spreads and planned maintenance, despite lower operating expenses and RFS compliance costs Financial Highlights (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues | $8,645.6 | $9,295.0 | | Income from operations | $145.1 | $532.4 | | Net income | $107.5 | $385.9 | | Consolidated gross margin | $218.2 | $576.4 | Operating Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Crude oil and feedstocks throughput (bpd in thousands) | 897.4 | 851.2 | | Gross refining margin per barrel of throughput | $11.73 | $18.35 | | Refining operating expense, per barrel of throughput | $8.02 | $9.78 | - The decrease in financial performance was primarily due to unfavorable movements in crack spreads and planned maintenance at the Delaware City and Toledo refineries[170](index=170&type=chunk) - Total RFS compliance costs were **$129.7 million** for Q1 2024, compared to **$181.1 million** for Q1 2023[174](index=174&type=chunk) [Non-GAAP Financial Measures](index=48&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA for Q1 2024 was **$301.5 million**, down from **$665.4 million** in Q1 2023, reflecting the impact of special items on non-GAAP performance metrics Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $107.5 | $385.9 | | EBITDA | $290.3 | $674.9 | | EBITDA excluding special items | $289.1 | $656.9 | | Adjusted EBITDA | $301.5 | $665.4 | Reconciliation of Gross Refining Margin (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Consolidated gross margin | $218.2 | $576.4 | | Gross refining margin | $958.3 | $1,405.8 | [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) PBF Energy maintains strong liquidity of over **$4.2 billion**, with Q1 2024 capital spending at **$284.7 million** and a full-year forecast of **$800-850 million** - Operational liquidity was over **$4.2 billion** as of March 31, 2024, consisting of **$1.4 billion** in cash and over **$2.8 billion** of borrowing availability[226](index=226&type=chunk) - Full-year 2024 capital spending is expected to be between **$800.0 million** and **$850.0 million**[230](index=230&type=chunk) - The company declared a dividend of **$0.25 per share** payable on May 30, 2024[141](index=141&type=chunk)[236](index=236&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) PBF Energy faces significant commodity price volatility, managing risk with **41.8 million barrels** in derivative contracts and facing RFS compliance and interest rate risks - The primary market risk is commodity price volatility, affecting revenues from refined products and costs for crude oil[238](index=238&type=chunk)[239](index=239&type=chunk) - As of March 31, 2024, the company had open commodity derivative contracts for **41.8 million barrels** with an unrealized net gain of **$14.1 million**[241](index=241&type=chunk) - A **$1.00 per MMBTU** change in natural gas prices would impact annual costs by approximately **$75.0 million** to **$95.0 million**[243](index=243&type=chunk) [Item 4. Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls over financial reporting during Q1 2024 - Management concluded that disclosure controls and procedures were effective as of March 31, 2024[250](index=250&type=chunk) - No material changes were made to the company's internal controls over financial reporting during the first quarter of 2024[251](index=251&type=chunk) [PART II – OTHER INFORMATION](index=61&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, equity sales, other information, and exhibits for PBF Energy's Q1 2024 report [Item 1. Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The Martinez refinery faces multiple investigations and a civil enforcement action following incidents, with the company also defending several class-action lawsuits - The Martinez refinery is under investigation by multiple agencies (BAAQMD, CCC, EPA, DFG) and faces a joint civil enforcement action following a November 2022 spent catalyst release and subsequent incidents[256](index=256&type=chunk) - The San Francisco Bay Regional Water Quality Control Board assessed an administrative civil liability of **$13.8 million** against the Martinez refinery, which was subsequently proposed to be reduced to approximately **$4.5 million**[258](index=258&type=chunk) - The company is a defendant in several class-action lawsuits alleging nuisance, trespass, and negligence related to operations at the Martinez and Torrance refineries[259](index=259&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) PBF Energy repurchased **2,561,060 shares** for **$125 million** in Q1 2024, with **$936.1 million** remaining under the **$1.75 billion** repurchase authorization Q1 2024 Share Repurchase Activity | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2024 | 728,107 | $43.28 | | February 2024 | 791,611 | $49.57 | | March 2024 | 1,041,342 | $52.09 | | **Total** | **2,561,060** | **$48.81** | - In February 2024, the Board of Directors increased the share repurchase authorization from **$1.0 billion** to **$1.75 billion**[268](index=268&type=chunk) [Item 5. Other Information](index=65&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during Q1 2024 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during Q1 2024[270](index=270&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists required exhibits, including CEO and CFO certifications and XBRL data files - The Exhibit Index lists required filings, including Sarbanes-Oxley Act certifications and Inline XBRL documents[271](index=271&type=chunk)[273](index=273&type=chunk)

PBF Energy Announces First Quarter 2024 Results and Declares Dividend of $0.25 per Share PARSIPPANY, NJ - May 2, 2024 - PBF Energy Inc. (NYSE:PBF) today reported first quarter 2024 income from operations of $145.1 million as compared to income from operations of $532.4 million for the first quarter of 2023. Excluding special items, first quarter 2024 income from operations was $143.9 million as compared to income from operations of $514.4 million for the first quarter of 2023. The company reported first qua ...

PBF Energy Inc. (NYSE:PBF) Q4 2023 Earnings Conference Call February 15, 2024 8:30 AM ET Company Participants Colin Murray - Vice President, Investor Relations Matthew C. Lucey - President and Chief Executive Officer Karen B. Davis - Chief Financial Officer Paul Davis - Senior Vice President, Supply, Trading and Optimization Jim Fedena - Senior Vice President, Logistics, Renewable Fuels, and Strategic Assets Thomas L. O’Connor - Senior Vice President, Commodity Risk and Strategy Conference Call Participants ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35764 PBF ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 45-3763855 (I.R.S. Employer Identification No ...

Financial Data and Key Metrics Changes - For Q3 2023, the company reported adjusted net income of $6.61 per share and adjusted EBITDA of $1.3 billion, which includes approximately $14.6 million generated from equity interest in St. Bernard Renewables [10] - The cumulative impact of special items decreased third quarter net income by an after-tax amount of $65 million or $0.50 a share [3] - Cash flow from operations for the quarter was $1.15 billion, excluding working capital changes, with working capital being a headwind of $618 million [118] Business Line Data and Key Metrics Changes - The renewable diesel segment reported positive earnings in its first full quarter of operations [7] - The company reduced outstanding environmental payables by $339 million, bringing the total reduction for the year to over $900 million [32] - Consolidated CapEx for Q3 was approximately $190 million, with expectations for total CapEx in 2023 to be around $800 million to $850 million, above previous guidance due to increased scope of work [12] Market Data and Key Metrics Changes - The West Coast market remains the strongest in terms of demand, followed closely by the East Coast, while PADD 2 and the Gulf Coast are currently the weakest markets [48] - Despite a recent pullback in gasoline prices, the company expects prices to stabilize and compound cracks to remain above previous mid-cycle levels [26] - The pricing environment is expected to remain volatile, but the company is well-positioned to respond due to its high complexity refining footprint [26] Company Strategy and Development Direction - The company aims to leverage its core strengths in assets and expertise to make disciplined investments in complementary businesses with compelling risk-return ratios [115] - The company has completed its balance sheet transformation and is focused on maintaining a robust balance sheet while rewarding shareholders through dividends and share repurchases [14][30] - The MACH2 project has been selected as a regional hydrogen hub, indicating the company's commitment to participating in the future of energy [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to volatile commodity markets and highlighted the importance of operational reliability [117] - The company anticipates that the current market conditions will impact fourth quarter capture rates due to planned maintenance and unplanned downtime [8][21] - Management noted that while there are seasonal differences in demand, overall demand has remained stable with no significant declines in the wholesale business [47] Other Important Information - The company has reinstated and increased its dividend, reflecting its commitment to shareholder returns [9] - The company has executed a share repurchase program, repurchasing $590 million worth of shares since its inception [27] - The company ended the quarter with almost $1.9 billion in cash and just over $1.2 billion of debt, retaining incremental cash for future uses [35] Q&A Session Summary Question: Thoughts on CITGO and U.S. refining opportunities - Management indicated that any potential opportunities must have compelling returns that exceed the benefits of share buybacks [15][16] Question: Guidance on SBR and operational performance - Management noted that the startup of SBR has had its challenges but overall performance has been satisfactory, with some optimization work planned [38][39] Question: Sustainability of high capture rates - Management acknowledged the strong performance but indicated that ongoing maintenance and operational issues could impact future capture rates [41][42] Question: Impact of WCS spreads and regional gasoline markets - Management confirmed that widening crude differentials are a tailwind and discussed the strength of East and West Coast capture rates [88][89] Question: Insights on the MACH2 hydrogen hub - Management described the MACH2 project as a significant opportunity, emphasizing the need for competitive returns on any capital investments [92][93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35764 PBF ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 45-3763855 (State or other jurisdict ...

Financial Data and Key Metrics Changes - The company reported adjusted net income of $2.29 per share and adjusted EBITDA of more than $560 million for the second quarter [58] - The cumulative impact of special items increased second quarter net income by approximately $729 million or $5.59 per share, primarily due to the gain from the formation of the St. Bernard Renewables joint venture [34][50] - The company ended the quarter with over $1.5 billion in cash and approximately $1.44 billion of gross debt, indicating a strong balance sheet [67] Business Line Data and Key Metrics Changes - The second quarter saw a build of inventory related to the St. Bernard Renewables (SBR) joint venture amounting to $75 million, which will be managed within the joint venture going forward [3] - Consolidated CapEx for the second quarter was approximately $367 million, with $260 million allocated for refining, corporate, and logistics, and approximately $107 million related to SBR [65] - The SBR unit began operations in July, with planned throughput rates expected to be around 20,000 barrels per day [66] Market Data and Key Metrics Changes - The current diesel market is characterized as softer, with diesel inventories remaining below five-year averages, while gasoline demand has been stronger [11][42] - The company noted that refinery margins remained well above historical mid-cycle levels, with a rebound from relative lows experienced in the second quarter [41] - The West Coast gasoline markets are expected to experience volatility due to supply constraints and pricing adjustments [1] Company Strategy and Development Direction - The company aims to strengthen its business, cash flows, and balance sheet, with a goal of achieving an investment-grade rating [46][49] - There is a commitment to rigorous capital allocation, focusing on maximizing long-term shareholder value through disciplined investments and potential share buybacks [48][55] - The company is exploring growth opportunities beyond refining, including renewable diesel and hydrogen initiatives [47][109] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, highlighting stable to growing demand for products at refinery gates and the need for high utilization of assets [27] - The outlook for the diesel market is cautiously optimistic, with expectations of increased production to meet seasonal demand despite current softness [72][82] - The company anticipates that crude differentials will relax post-summer as the industry heads into turnarounds [39] Other Important Information - The company has reduced environmental credits payables by about 40% since the beginning of the year, from over $1.3 billion to just under $800 million [61] - The company has repurchased approximately $440 million worth of shares, including $100 million in the second quarter, reducing the total share count to just under 124 million shares [62] - The company is entitled to potentially receive up to an additional $30 million of contingent consideration from the SBR joint venture if certain performance conditions are met [79] Q&A Session Summary Question: Can you discuss the diesel markets and the ability to deliver enough diesel into the market? - Management noted a recent rebound in diesel crack spreads, indicating that the market will incentivize diesel production as the agricultural season approaches [72][82] Question: How do you see the portfolio today and any potential shifts? - Management emphasized that manufacturing renewable diesel is the best way to mitigate RIN exposure, which is a significant focus for the company [102] Question: What are the expectations for working capital in the second half of the year? - Management indicated that there is no specific concern, but a significant turnaround in Q4 at Torrance will impact throughput [113] Question: Can you quantify the changes in inventory control and the impact of achieving an investment-grade rating? - Management stated that achieving an investment-grade rating would lower the cost of capital and improve liquidity with counterparties, adding value to the company [96][98]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35764 PBF ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 45-3763855 (State or other jurisdiction o ...