-
Third quarter 2015 net income expected to be in the $135 - $155
million range, excluding LCM
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Total throughput of 470,000 barrels per day is in-line with guidance
PBF Energy Inc. (NYSE:PBF) (“PBF Energy”) announced today that the
company expects to report net income in the range of $135 - $155 million
for the third quarter of 2015, excluding any potential lower of cost or
market inventory adjustment (“LCM”) for the three month period ended
September 30, 2015, as all the information required to complete our LCM
analyses for the period is not yet available. PBF Energy's financial
results reflect the consolidation of the financial results of PBF
Logistics LP (NYSE:PBFX), a master limited partnership of which PBF
indirectly owns the general partner and approximately 53.7% of the
limited partner interests.
PBF’s third quarter 2015 results were positively impacted by strong
overall product demand and high average cracks in both East Coast and
Mid-Continent regions. PBF’s refineries had a combined total throughput
of approximately 470,000 barrels per day (“bpd”). Throughput for the
Mid-Continent and East Coast systems during the third quarter totaled
approximately 173,000 bpd and 297,000 bpd, respectively.
PBF is finalizing the third quarter results and expects to report
financial results related to the third quarter of 2015 on or about
October 29, 2015.
Forward-Looking Statements
Statements in this press release relating to future results,
performance, expectations, achievements and the like are considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, the company’s current
expectations, estimates and projections concerning its results for the
third quarter 2015; that the preliminary financial data provided above
has been prepared by, and is the responsibility of, the company’s
management and has not been audited or reviewed by its independent
public registered accounting firm; the company’s financial closing
procedures for the third quarter of fiscal year 2015 are not yet
complete and are subject to final adjustments and other developments
that may arise between now and the time the financial results for the
third quarter of fiscal year 2015 are finalized; the preliminary third
quarter estimates are based upon assumptions the company believes to be
reasonable but includes information from third parties that is subject
to further review and verification; and it is possible that the
company’s final reported results may not be within the ranges it
currently estimates, and the differences may be material. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors, many of which may be beyond the
company's control, that may cause actual results to differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors and uncertainties
that may cause actual results to differ include but are not limited to
the risks described above, and the risks disclosed in the company's
filings with the SEC. All forward-looking statements speak only as of
the date hereof. The company undertakes no obligation to revise or
update any forward-looking statements except as may be required by
applicable law.
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 Delaware City, Delaware, Paulsboro, New Jersey and
Toledo, Ohio. Our mission is to operate our facilities in a safe,
reliable and environmentally sensitive 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
investors.
PBF Energy Inc. indirectly owns the general partner and approximately
53.7% of the limited partnership interest of PBF Logistics LP
(NYSE:PBFX).
View source version on businesswire.com: http://www.businesswire.com/news/home/20151005006629/en/
Copyright Business Wire 2015
Source: Business Wire
(October 5, 2015 - 4:15 PM EDT)
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