MichaelRLopez If you like to find companies selling well below their accounting cost, depreciated, net hard-asset value (after subtracting all liabilities), PBF Energy, Inc. Class A Common (NYSE:PBF) should be near the top of your research list. [Class A shares represented 99.3% of voting power at the end of December, Class B the remaining 0.7%. Page 8 of the 2023 10-K] The business operates mostly petroleum refineries across the United States, based in New Jersey. And, with a rough 50% haircut in price sin ...

Although U.S. stocks closed lower on Wednesday, there were a few notable insider trades. When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision. Below is a look at a few recent notable insider purchases. For more, ...

Global Research and Evidence Lab 13 August 2024 PBF Energy Inc Adjusting Estimates and Price Target Adjusting estimates We are adjusting our estimates to reflect weaker cracks environment. We lower 2024 to reflect weaker earnings vs. our expectations. West Coast cracks are trending below expectations (despite closure of Rodeo) and this is driving negative revisions. We lower 2024 EPS to $1.06 from $4.04. We lower 2025 EPS to $3.26 from $5.52. Call takeaways ● Turnaround in both East Coast and Mid-Con lasted ...

PBF Energy (PBF) came out with a quarterly loss of $0.56 per share versus the Zacks Consensus Estimate of a loss of $0.25. This compares to earnings of $2.29 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -124%. A quarter ago, it was expected that this refiner would post earnings of $0.62 per share when it actually produced earnings of $0.86, delivering a surprise of 38.71%. Over the last four quarters, the company has surpas ...

Expected throughput ranges (barrels per day) Third Quarter 2024 Low High East Coast 285,000 305,000 Mid-continent 145,000 155,000 Gulf Coast 165,000 175,000 West Coast 290,000 310,000 Total 885,000 945,000 Second quarter loss from operations of $74.6 million (excluding special items, second quarter loss from operations of $72.5 million) Announces quarterly dividend of $0.25 per share Second quarter 2024 share repurchases of approximately 2.0 million shares for approximately $100 million PARSIPPANY, N.J., Au ...

PBF Energy MichaelRLopez In the company's first quarter reported on May 2nd, PBF earned $0.85 in adjusted EPS, which actually beat consensus by $0.20. Earnings were down from $2.76 last year, given a less favorable refining environment. Revenue fell by 7% to $8.65 billion. For refiners, I de-emphasize revenue, as that is driven by the absolute level of oil Ultimately, PBF cannot control the crack spread environment and is exposed to the refining macro in that regard. Because of tighter spreads, it generated ...

About PBF Energy Inc. 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 workplace, become a positive influence in the communities where we do business, and provide superior returns to our investor ...

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)