PBF Energy(PBF) - 2024 Q2 - Quarterly Report

Financial Performance - Revenues for Q2 2024 were $8,736.1 million, a decrease of 4.6$9,157.6 million in Q2 2023[17] - Net loss attributable to PBF Energy Inc. stockholders for Q2 2024 was $(65.2) million, compared to a net income of$1,020.4 million in Q2 2023[17] - Operating expenses for Q2 2024 were $612.6 million, an increase of 2.4$597.0 million in Q2 2023[17] - The cost of products and other for Q2 2024 was $7,962.4 million, slightly up from$7,908.0 million in Q2 2023[17] - The company reported a loss from operations of $(74.6) million in Q2 2024, compared to an income of$1,389.2 million in Q2 2023[17] - Basic net income (loss) per share for Q2 2024 was $(0.56), a significant decrease from$8.14 in Q2 2023[17] - Net income for the six months ended June 30, 2024, was $41.5 million, a significant decrease from$1,416.3 million in the same period of 2023[23] - Total revenues for the six months ended June 30, 2024, were $17,381.7 million, down 5.8$18,452.6 million in the same period of 2023[71] - The refining segment generated total revenue of $8,726.6 million for the three months ended June 30, 2024, compared to$9,148.4 million in 2023, reflecting a decrease of 4.6%[70] - The logistics segment revenue increased to $98.5 million for the three months ended June 30, 2024, from$94.0 million in 2023, marking a growth of 4.8%[70] Assets and Liabilities - Total liabilities and equity as of June 30, 2024, were $14,076.1 million, down from$14,387.8 million at the end of 2023[16] - Total equity as of June 30, 2024, was $6,406.4 million, down from$6,631.3 million at the end of 2023[16] - Cash and cash equivalents at the end of the period were $1,367.2 million, down from$1,516.9 million at the end of June 2023[25] - Total inventories decreased to $2,864.2 million as of June 30, 2024, compared to$3,183.1 million at the end of 2023, reflecting a reduction of approximately 10%[34] - Accrued expenses totaled $2,821.6 million as of June 30, 2024, down from$3,020.0 million at the end of 2023, indicating a decrease of about 6.6%[36] - Long-term debt increased slightly to $1,251.5 million as of June 30, 2024, compared to$1,245.9 million at the end of 2023[38] - Total assets as of June 30, 2024, are $14,076.1 million, down from$14,387.8 million as of December 31, 2023, representing a decrease of 2.2%[107] Cash Flow and Investments - Cash provided by operating activities for the first half of 2024 was $441.1 million, compared to$505.7 million in the first half of 2023[23] - The company purchased treasury stock amounting to $(102.5) million during the six months ended June 30, 2024[21] - Expenditures for property, plant, and equipment were$(193.1) million for the six months ended June 30, 2024[23] - Capital expenditures for the three months ended June 30, 2024, totaled $333.4 million, with$330.3 million attributed to the Refining segment[107] Dividends and Stock Repurchase - The company declared dividends of $0.25 per common share, totaling$(29.6) million[20] - PBF Energy declared quarterly cash dividends of $0.25 per share of Class A common stock, totaling$58.9 million distributed to its members during the six months ended June 30, 2024[67] - The company repurchased 2,663,591 shares of Class A common stock for $100.0 million during the three months ended June 30, 2023, and 1,952,089 shares for$100.1 million in the same period of 2024[65] Risks and Compliance - The company is facing various risks including geopolitical conflicts, regulatory changes, and market volatility that could impact future performance[9] - The company is exposed to market risks, including changes in commodity prices and interest rates, which significantly affect earnings, cash flow, and liquidity[229] - Compliance with GHG emissions regulations may result in increased operational costs and the need to purchase emission credits[235] - The company anticipates ongoing capital investments to comply with evolving environmental regulations, which may increase operational costs[48] Environmental Liabilities - The estimated environmental liabilities related to the acquisition of the Torrance refinery were $110.6 million as of June 30, 2024, down from$114.9 million as of December 31, 2023[49] - The aggregate environmental liability on the balance sheet was $154.1 million as of June 30, 2024, compared to$157.8 million as of December 31, 2023[50] Commodity and Market Exposure - The company manages commodity price risks through supply and offtake agreements and various commodity derivative instruments[229] - As of June 30, 2024, the company had gross open commodity derivative contracts representing 28.4 million barrels, with an unrealized net loss of $6.9 million[230] - The company had hydrocarbon inventories of 36.2 million barrels at December 31, 2023, indicating a decrease in inventory levels[231] - The company expects annual natural gas consumption to range from 70 million to 90 million MMBTUs, with a$1.00 per MMBTU change impacting costs by approximately $70.0 million to$90.0 million[232]