PBF Logistics Increases Quarterly Distribution to $0.39 per Unit and Announces Third Quarter 2015 Earnings Results
-
Net income of $0.59 per limited partner unit
-
Increased Quarterly Distribution to $0.39 per Unit, representing a
5.4% increase versus the previous quarter distribution and a 30.0%
increase versus the Partnership's Minimum Quarterly Distribution
-
Second Quarter Distributable Cash Flow of $22.2 million
PBF Logistics LP (NYSE:PBFX, the "Partnership") announced today third
quarter 2015 net income of $20.3 million, or $0.59 per limited partner
unit. During the third quarter, the Partnership generated earnings
before interest, income taxes, depreciation, and amortization ("EBITDA")
of $29.1 million and distributable cash flow of $22.2 million. PBFX's
coverage ratio for the third quarter of 2015 was 1.59x.
"Our assets performed well during the quarter and we are pleased to
announce our fourth consecutive increase in our quarterly distribution
to $0.39," said PBF Logistics GP LLC Chief Executive Officer, Tom
Nimbley. "We look forward to continuing to execute our growth strategy
for the Partnership and create additional value for our unitholders."
Third quarter 2015 revenues for the Partnership were $37.1 million
versus third quarter 2014 revenues of $14.7 million. The increase was
primarily related to the three asset acquisitions which occurred in the
last twelve months.
Partnership operating expenses in the third quarter of 2015 were $5.0
million, general and administrative expenses were $3.0 million, and
depreciation expense was $1.6 million. Included in our results for the
third quarter are $0.8 million, or $0.02 per unit, of non-cash expenses
related to unit-based compensation. Total costs and expenses were $5.0
million higher in the third quarter of 2015 compared to the third
quarter of 2014, mainly due to incremental operating, maintenance,
administrative and depreciation expenses related to acquired businesses.
As of September 30, 2015, the Partnership had $18.2 million in cash and
cash equivalents and access to an additional $298.5 million under its
existing revolving credit facility. The Partnership intends to use its
financial resources to fund organic growth projects at the Partnership
and future drop-down and third-party acquisitions.
PBF Logistics Announces Increased Quarterly Distribution
The Board of Directors of PBF Logistics GP LLC, the Partnership's
general partner, declared a regular quarterly cash distribution of $0.39
per unit. The distribution is payable on November 30, 2015, to
unitholders of record at the close of business on November 13, 2015.
This release is intended to be a qualified notice to nominees under
Treasury Regulations Section 1.1446-4(b). All of the Partnership's
distributions to foreign investors are attributable to income that is
effectively connected with a United States trade or business.
Accordingly, the Partnership's distributions to foreign investors are
subject to federal income tax withholding at the highest effective tax
rate.
Non-GAAP Measures
This earnings release, and the discussion during the management
conference call, may include references to measures not prescribed by
U.S. generally accepted accounting principles ("non-GAAP") including,
but not limited to, EBITDA and distributable cash flow. PBFX's
management believes that non-GAAP financial measures provide useful
information about the Partnership's operating performance, financial
results and the amount of cash generated by the Partnership's operations
and the amount available for distribution to its unitholders. However,
these measures have important limitations as analytical tools and should
not be viewed in isolation or considered as alternatives for, or
superior to, comparable GAAP financial measures. PBFX's non-GAAP
financial measures may also differ from similarly named measures used by
other companies. See the accompanying tables and footnotes in this
release for additional information on the non-GAAP measures used in this
release and reconciliations to the most directly comparable GAAP
measures.
Conference Call Information
The Partnership's senior management will host a conference call and
webcast regarding earnings results and other business matters on
Thursday, October 29, 2015, at 11:00 a.m. ET. The call can also be heard
by dialing (800) 894-5910 or (785) 424-1052, conference ID: PBFXQ315.
The audio replay will be available two hours after the end of the call
through November 14, 2015, by dialing (800) 695-0715 or (402) 220-1423.
The call is being webcast and can be accessed at PBF Logistics’ website, http://www.pbflogistics.com.
Forward-Looking Statements
This press release contains forward-looking statements (as that term is
defined under the federal securities laws) made by the Partnership and
its management. Such statements are based on current expectations,
forecasts and projections, including, but not limited to, anticipated
financial and operating results, plans, objectives, expectations and
intentions that are not historical in nature. Forward-looking statements
should not be read as a guarantee of future performance or results, and
may not necessarily be accurate indications of the times at, or by
which, such performance or results will be achieved. Forward-looking
statements are based on information available at the time, and are
subject to various risks and uncertainties, including risks relating to
the securities markets generally, the impact of adverse market
conditions impacting PBFX's logistics and other assets and other risks
inherent in PBFX's business. For more information concerning factors
that could cause actual results to differ from those expressed or
forecasted, see PBFX's filings with the Securities and Exchange
Commission including the Form 10-K. Forward-looking statements reflect
information, facts and circumstances only as of the date they are made.
PBFX assumes no responsibility or obligation to update forward-looking
statements except as may be required by law.
PBF Logistics LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a
fee-based, growth-oriented master limited partnership formed by PBF
Energy Inc. to own or lease, operate, develop and acquire crude oil and
refined petroleum products terminals, pipelines, storage facilities and
similar logistics assets.
Results of Operations (Unaudited)
Factors Affecting Comparability
The following tables present EBITDA (as defined below) and related
operational information of PBF Logistics LP ("PBFX" or the
"Partnership") for the three and nine months ended September 30,
2015 and 2014. The financial information presented contains the
financial results of PBF MLP Predecessor (the "Predecessor"), our
predecessor for accounting purposes, for periods presented through May
13, 2014. The Predecessor includes the financial results of a light
crude oil rail unloading terminal at PBF Energy Inc.'s Delaware City
refinery (which we refer to as the “DCR Rail Terminal”), and a crude oil
truck unloading terminal at the PBF Energy Inc.'s Toledo refinery (which
we refer to as the “Toledo Truck Terminal”) which were acquired from
subsidiaries of PBF Energy Inc. ("PBF Energy") during our initial public
offering, completed on May 14, 2014 (the "Offering").
The financial information contained herein of the Predecessor and PBFX
has been retrospectively adjusted to include the historical results of a
heavy crude oil rail unloading terminal at PBF Energy's Delaware City
refinery (which we refer to as the "DCR West Rack") prior to its
acquisition by PBFX on September 30, 2014, a tank farm and related
facilities located at PBF Energy's Toledo refinery, including a propane
storage and loading facility (which we collectively refer to as the
"Toledo Storage Facility") prior to its acquisition by PBFX on December
11, 2014, and a products pipeline (the "Delaware City Products
Pipeline"), truck rack and related facilites located at PBF Energy's
Delaware city refinery (which we collectively refer to as the "Delaware
City Products Pipeline and Truck Rack") prior to its acquisition by PBFX
on May 14, 2015. The DCR West Rack, Toledo Storage Facility, and
Delaware City Products Pipeline and Truck Rack were acquired from
subsidiaries of our indirect parent company, PBF Energy (the
acquisitions are collectively referred to as the "Acquisitions from
PBF"). The results of the DCR Rail Terminal, Toledo Truck Rack, DCR West
Rack, the propane loading facility at the Toledo Storage Facility and
the Delaware City Products Pipeline and Truck Rack are included in the
Transportation and Terminaling segment. The tank farm and related
facilities at the Toledo Storage Facility are included in the Storage
segment.
Our Predecessor generally recognized only the costs and did not record
revenue for transactions with PBF Energy prior to completion of the
Offering and Acquisitions from PBF, with the exception of the Delaware
City Products Pipeline. Affiliate revenues have been recorded for all of
our assets subsequent to the commencement of the commercial agreements
with PBF Energy upon completion of the Offering and Acquisitions from
PBF. As a result, the information included in the following tables is
not necessarily comparable on a year-over-year basis.
Non-GAAP Financial Measures
We define EBITDA as net income (loss) before interest expense, income
tax expense, depreciation and amortization expense. We define
distributable cash flow as EBITDA plus non-cash unit-based compensation
expense, less net cash paid for interest, maintenance capital
expenditures and income taxes. Distributable cash flow will not reflect
changes in working capital balances. We use distributable cash flow to
calculate a measure we refer to as our coverage ratio. Our coverage
ratio is distributable cash flow divided by total distribution declared.
Distributable cash flow and EBITDA are not measures prescribed by U.S.
generally accepted accounting principles ("GAAP").
While EBITDA and distributable cash flow are not measures prescribed by
U.S. GAAP (“non-GAAP”), they are supplemental financial measures that
management and external users of our consolidated financial statements,
such as industry analysts, investors, lenders and rating agencies, may
use to assess:
-
our operating performance as compared to other publicly traded
partnerships in the midstream energy industry, without regard to
historical cost basis or, in the case of EBITDA, financing methods;
-
the ability of our assets to generate sufficient cash flow to make
distributions to our unitholders;
-
our ability to incur and service debt and fund capital expenditures;
and
-
the viability of acquisitions and other capital expenditure projects
and the returns on investment of various investment opportunities.
We believe that the presentation of EBITDA provides useful information
to investors in assessing our financial condition and results of
operations. EBITDA and distributable cash flow should not be considered
alternatives to net income, operating income, cash from operations or
any other measure of financial performance or liquidity presented in
accordance with GAAP. EBITDA and distributable cash flow have important
limitations as analytical tools because they exclude some but not all
items that affect net income and net cash provided by operating
activities.
We believe that the presentation of distributable cash flow provides
useful information to investors as it is a widely accepted financial
indicator used by investors to compare partnership performance, as it
provides investors with an enhanced perspective of the operating
performance of our assets and the cash our business is generating.
EBITDA and distributable cash flow are reconciled to their most directly
comparable financial measures calculated and presented in accordance
with GAAP.
These non-GAAP financial metrics should not be considered in isolation
or as a substitute for analysis of our results as reported under GAAP.
Our definitions of these non-GAAP financial metrics may not be
comparable to similarly titled measures of other partnerships, because
they may be defined differently by other partnerships in our industry,
thereby limiting their utility.
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited, in thousands,
except unit and per unit data)
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014*
|
|
2015
|
|
2014*
|
|
|
|
|
|
|
|
|
|
Revenue from affiliates (a)
|
|
$
|
37,082
|
|
$
|
17,060
|
|
$
|
104,796
|
|
$
|
29,409
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses
|
|
4,963
|
|
7,219
|
|
18,165
|
|
16,884
|
General and administrative expenses (a)
|
|
3,007
|
|
2,722
|
|
9,798
|
|
5,128
|
Depreciation and amortization expense
|
|
1,649
|
|
1,177
|
|
4,919
|
|
2,906
|
|
|
9,619
|
|
11,118
|
|
32,882
|
|
24,918
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
27,463
|
|
5,942
|
|
71,914
|
|
|
4,491
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Interest expense, net and other financing costs
|
|
(6,757)
|
|
(685)
|
|
(13,174)
|
|
(968)
|
Amortization of loan fees
|
|
(423)
|
|
(142)
|
|
(891)
|
|
(215)
|
Net income
|
|
20,283
|
|
5,115
|
|
57,849
|
|
3,308
|
Less: Net income (loss) attributable to Predecessor
|
|
—
|
|
(4,193)
|
|
1,274
|
|
(11,417)
|
Limited partners' interest in net income attributable to the
Partnership
|
|
$
|
20,283
|
|
$
|
9,308
|
|
$
|
56,575
|
|
$
|
14,725
|
|
|
|
|
|
|
|
|
|
|
Net income per limited partner unit:
|
|
|
|
|
|
|
|
|
Common units - basic
|
|
$
|
0.59
|
|
$
|
0.29
|
|
$
|
1.68
|
|
$
|
0.46
|
Common units - diluted
|
|
0.59
|
|
0.29
|
|
1.68
|
|
0.46
|
Subordinated units - basic and diluted
|
|
0.59
|
|
0.29
|
|
1.68
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average limited partner units outstanding:
|
|
|
|
|
|
|
|
|
Common units - basic
|
|
18,455,575
|
|
15,886,553
|
|
17,784,133
|
|
15,886,553
|
Common units - diluted
|
|
18,455,575
|
|
15,894,691
|
|
17,784,133
|
|
15,887,683
|
Subordinated units - basic and diluted
|
|
15,886,553
|
|
15,886,553
|
|
15,886,553
|
|
15,886,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash distributions declared per unit
|
|
$
|
0.39
|
|
$
|
0.30
|
|
$
|
1.11
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Prior-period financial information has been retrospectively
adjusted for the acquisitions of the Toledo Storage Facility and the
Delaware City Products Pipeline and Truck Rack.
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited, in thousands,
except unit and per unit data)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
PBF Logistics LP
|
|
Delaware City Products Pipeline and Truck Rack
|
|
Consolidated Results
|
|
|
|
|
|
|
|
Revenues from affiliates (a)
|
|
$
|
101,413
|
|
$
|
3,383
|
|
$
|
104,796
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
Operating and maintenance expenses
|
|
16,800
|
|
1,365
|
|
18,165
|
General and administrative expenses (a)
|
|
9,317
|
|
481
|
|
9,798
|
Depreciation and amortization
|
|
4,643
|
|
276
|
|
4,919
|
Total costs and expenses
|
|
30,760
|
|
2,122
|
|
32,882
|
|
|
|
|
|
|
|
Income from operations
|
|
70,653
|
|
1,261
|
|
71,914
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
Interest expense, net and other financing costs
|
|
(13,187)
|
|
13
|
|
(13,174)
|
Amortization of loan fees
|
|
(891)
|
|
—
|
|
(891)
|
Net Income
|
|
56,575
|
|
1,274
|
|
57,849
|
Less: Net income attributable to Predecessor
|
|
—
|
|
1,274
|
|
1,274
|
Limited partners' interest in net income attributable to the
Partnership
|
|
$
|
56,575
|
|
$
|
—
|
|
$
|
56,575
|
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited, in thousands,
except unit and per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
PBF Logistics
|
|
DCR West Rack
|
|
Toledo Storage Facility
|
|
Delaware City Products Pipeline
and Truck Rack
|
|
Consolidated Results
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from affiliates (a)
|
|
$
|
14,744
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,316
|
|
$
|
17,060
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses
|
|
1,765
|
|
2,305
|
|
2,128
|
|
1,021
|
|
7,219
|
General and administrative expenses (a)
|
|
2,524
|
|
45
|
|
43
|
|
110
|
|
2,722
|
Depreciation and amortization
|
|
323
|
|
263
|
|
405
|
|
186
|
|
1,177
|
Total costs and expenses
|
|
4,612
|
|
2,613
|
|
2,576
|
|
1,317
|
|
11,118
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
10,132
|
|
(2,613)
|
|
(2,576)
|
|
999
|
|
5,942
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net and other financing costs
|
|
(682)
|
|
—
|
|
—
|
|
(3)
|
|
(685)
|
Amortization of loan fees
|
|
(142)
|
|
—
|
|
—
|
|
—
|
|
(142)
|
Net Income (loss)
|
|
9,308
|
|
(2,613)
|
|
(2,576)
|
|
996
|
|
5,115
|
Less: Net income (loss) attributable to Predecessor
|
|
—
|
|
(2,613)
|
|
(2,576)
|
|
996
|
|
(4,193)
|
Limited partners' interest in net income attributable to the
Partnership
|
|
$
|
9,308
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
9,308
|
|
|
Nine Months Ended September 30, 2014
|
|
|
PBF Logistics
|
|
DCR West Rack
|
|
Toledo Storage Facility
|
|
Delaware City Products Pipeline
and Truck Rack
|
|
Consolidated Results
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from affiliates (a)
|
|
$
|
22,526
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,883
|
|
$
|
29,409
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses
|
|
4,998
|
|
2,305
|
|
6,786
|
|
2,795
|
|
16,884
|
General and administrative expenses (a)
|
|
4,584
|
|
111
|
|
103
|
|
330
|
|
5,128
|
Depreciation and amortization
|
|
898
|
|
263
|
|
1,188
|
|
557
|
|
2,906
|
Total costs and expenses
|
|
10,480
|
|
2,679
|
|
8,077
|
|
3,682
|
|
24,918
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
12,046
|
|
(2,679)
|
|
(8,077)
|
|
3,201
|
|
4,491
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net and other financing costs
|
|
(969)
|
|
—
|
|
—
|
|
1
|
|
(968)
|
Amortization of loan fees
|
|
(215)
|
|
—
|
|
—
|
|
—
|
|
(215)
|
Net Income (loss)
|
|
10,862
|
|
(2,679)
|
|
(8,077)
|
|
3,202
|
|
3,308
|
Less: Net income (loss) attributable to Predecessor
|
|
(3,863)
|
|
(2,679)
|
|
(8,077)
|
|
3,202
|
|
(11,417)
|
Limited partners' interest in net income attributable to the
Partnership
|
|
$
|
14,725
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
14,725
|
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES KEY
OPERATING AND FINANCIAL INFORMATION (Unaudited,
amounts in thousands except as indicated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
2015
|
|
2014*
|
|
2015
|
|
2014*
|
Key Operating Information:
|
|
|
|
|
|
|
|
|
Throughput (barrels per day ("bpd")) (c)
|
|
|
|
|
|
|
|
|
Delaware City Rail Terminal
|
|
24.3
|
|
74.8
|
|
40.1
|
|
74.9
|
DCR West Rack
|
|
7.1
|
|
N/A
|
|
18.4
|
|
N/A
|
Toledo Truck Terminal
|
|
18.9
|
|
10.3
|
|
13.0
|
|
10.9
|
Toledo Storage Facility (Propane Loading)
|
|
4.5
|
|
N/A
|
|
4.3
|
|
N/A
|
Delaware Products Pipeline
|
|
38.8
|
|
49.7
|
|
45.4
|
|
49.8
|
Delaware Truck Rack
|
|
33.3
|
|
N/A
|
|
34.4
|
|
N/A
|
Total throughput (barrels)
|
|
|
|
|
|
|
|
|
Delaware City Rail Terminal
|
|
2,231.6
|
|
6,883.9
|
|
10,946.4
|
|
10,483.9
|
DCR West Rack
|
|
652.9
|
|
N/A
|
|
5,032.7
|
|
N/A
|
Toledo Truck Terminal
|
|
1,738.3
|
|
944.5
|
|
3,550.9
|
|
1,526.1
|
Toledo Storage Facility (Propane Loading)
|
|
411.5
|
|
N/A
|
|
1,168.7
|
|
N/A
|
Delaware Products Pipeline
|
|
3,573.7
|
|
4,568.3
|
|
12,394.6
|
|
13,578.5
|
Delaware Truck Rack
|
|
3,065.7
|
|
N/A
|
|
4,777.8
|
|
N/A
|
Total
|
|
11,673.7
|
|
12,396.7
|
|
37,871.1
|
|
25,588.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storage capacity reserved (average shell capacity barrels per month)
(d)
|
|
3,545.6
|
|
N/A
|
|
3,570.9
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Information:
|
|
|
|
|
|
|
|
|
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|
Operating activities
|
|
$
|
25,401
|
|
$
|
5,141
|
|
$
|
63,389
|
|
$
|
700
|
Investing activities
|
|
(964)
|
|
20,226
|
|
(485)
|
|
(305,903)
|
Financing activities
|
|
(12,861)
|
|
(17,536)
|
|
(58,833)
|
|
317,213
|
Net increase (decrease) in cash
|
|
$
|
11,576
|
|
$
|
7,831
|
|
$
|
4,071
|
|
$
|
12,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information:
|
|
|
|
|
|
|
|
|
EBITDA attributable to PBFX (b)
|
|
$
|
29,112
|
|
$
|
10,455
|
|
$
|
75,296
|
|
$
|
16,378
|
Distributable cash flow (b)
|
|
$
|
22,208
|
|
$
|
10,231
|
|
$
|
63,575
|
|
$
|
16,062
|
Quarterly distribution declared per unit (e)
|
|
$
|
0.39
|
|
$
|
0.30
|
|
$
|
1.11
|
|
$
|
0.46
|
Distribution declared: (e)
|
|
|
|
|
|
|
|
|
Common units - public
|
|
$
|
6,376
|
|
$
|
4,829
|
|
$
|
18,149
|
|
$
|
7,402
|
Common units - PBF
|
|
1,003
|
|
199
|
|
2,856
|
|
211
|
Subordinated units - PBF
|
|
6,196
|
|
4,766
|
|
17,634
|
|
7,308
|
IDR Holders - PBF LLC
|
|
354
|
|
—
|
|
535
|
|
—
|
Total distribution declared
|
|
$
|
13,929
|
|
$
|
9,794
|
|
$
|
39,174
|
|
$
|
14,921
|
Coverage ratio (b)
|
|
|
|
1.59x
|
|
1.04x
|
|
1.62x
|
|
1.08x
|
Capital expenditures
|
|
$
|
962
|
|
$
|
14,874
|
|
$
|
1,182
|
|
$
|
40,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Prior-period financial information has been retrospectively
adjusted for the acquisitions of the Toledo Storage Facility and the
Delaware City Products Pipeline and Truck Rack.
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES KEY
OPERATING AND FINANCIAL INFORMATION (Unaudited,
amounts in thousands except as indicated)
|
Balance Sheet Information:
|
|
September 30, 2015
|
|
December 31, 2014
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
$
|
252,485
|
|
$
|
249,095
|
Property, plant and equipment, net
|
|
145,642
|
|
146,867
|
Total assets
|
|
432,663
|
|
410,141
|
Total debt
|
|
608,700
|
|
510,000
|
Total liabilities
|
|
624,150
|
|
514,721
|
Net investment - Predecessors
|
|
—
|
|
15,713
|
Partners' equity
|
|
(191,487)
|
|
(104,580)
|
Total liabilities and equity
|
|
432,663
|
|
410,141
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables
|
|
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES RECONCILIATION
OF AMOUNTS REPORTED UNDER U.S. GAAP TO EBITDA AND
DISTRIBUTABLE CASH FLOW (Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
2015
|
|
2014*
|
|
2015
|
|
2014*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income (loss) to EBITDA and distributable
cash flow (b):
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
20,283
|
|
$
|
5,115
|
|
$
|
57,849
|
|
$
|
3,308
|
Interest expense, net
|
|
6,757
|
|
685
|
|
13,174
|
|
968
|
Amortization of loan fees
|
|
423
|
|
142
|
|
891
|
|
215
|
Depreciation and amortization
|
|
1,649
|
|
1,177
|
|
4,919
|
|
2,906
|
EBITDA
|
|
29,112
|
|
7,119
|
|
76,833
|
|
7,397
|
Less: Predecessor EBITDA
|
|
—
|
|
(3,336)
|
|
1,537
|
|
(8,981)
|
EBITDA attributable to PBFX
|
|
29,112
|
|
10,455
|
|
75,296
|
|
16,378
|
Non-cash unit-based compensation expense
|
|
815
|
|
458
|
|
2,428
|
|
653
|
Interest expense, net
|
|
(6,757)
|
|
(682)
|
|
(13,187
|
)
|
(969)
|
Maintenance capital expenditures
|
|
(962)
|
|
—
|
|
(962)
|
|
—
|
Distributable cash flow
|
|
$
|
22,208
|
|
$
|
10,231
|
|
$
|
63,575
|
|
$
|
16,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by operating activities to
EBITDA and distributable cash flow (b):
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
25,401
|
|
$
|
5,141
|
|
$
|
63,389
|
|
$
|
700
|
Change in current assets and liabilities
|
|
(2,231)
|
|
1,751
|
|
2,698
|
|
6,382
|
Interest expense, net
|
|
6,757
|
|
685
|
|
13,174
|
|
968
|
Non-cash unit-based compensation expense
|
|
(815)
|
|
(458)
|
|
(2,428)
|
|
(653)
|
EBITDA
|
|
29,112
|
|
7,119
|
|
76,833
|
|
7,397
|
Less: Predecessor EBITDA
|
|
—
|
|
(3,336)
|
|
1,537
|
|
(8,981)
|
EBITDA attributable to PBFX
|
|
29,112
|
|
10,455
|
|
75,296
|
|
16,378
|
Non-cash unit-based compensation expense
|
|
815
|
|
458
|
|
2,428
|
|
653
|
Interest expense, net
|
|
(6,757)
|
|
(682)
|
|
(13,187)
|
|
(969)
|
Maintenance capital expenditures
|
|
(962)
|
|
—
|
|
(962)
|
|
—
|
Distributable cash flow
|
|
$
|
22,208
|
|
$
|
10,231
|
|
$
|
63,575
|
|
$
|
16,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Prior-period financial information has been retrospectively
adjusted for the acquisitions of the Toledo Storage Facility and the
Delaware City Products Pipeline and Truck Rack.
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES SEGMENT
FINANCIAL INFORMATION (Unaudited, in thousands)
|
|
|
|
Three Months Ended September 30, 2015
|
|
|
Transportation and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated Total
|
Revenues (a)
|
|
$
|
31,764
|
|
$
|
5,318
|
|
$
|
—
|
|
$
|
37,082
|
Depreciation and amortization expense
|
|
980
|
|
669
|
|
—
|
|
1,649
|
Income (loss) from operations
|
|
27,715
|
|
2,755
|
|
(3,007)
|
|
27,463
|
Interest expense, net and amortization of loan fees
|
|
—
|
|
—
|
|
7,180
|
|
7,180
|
Capital expenditures
|
|
5
|
|
957
|
|
—
|
|
962
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014*
|
|
|
Transportation and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated Total
|
Revenues (a)
|
|
$
|
17,060
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17,060
|
Depreciation and amortization expense
|
|
772
|
|
405
|
|
—
|
|
1,177
|
Income (loss) from operations
|
|
10,857
|
|
(2,193)
|
|
(2,722)
|
|
5,942
|
Interest expense, net and amortization of loan fees
|
|
—
|
|
—
|
|
827
|
|
827
|
Capital expenditures
|
|
9,027
|
|
5,847
|
|
—
|
|
14,874
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
Transportation and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated Total
|
Revenues (a)
|
|
$
|
88,727
|
|
$
|
16,069
|
|
$
|
—
|
|
$
|
104,796
|
Depreciation and amortization expense
|
|
2,964
|
|
1,955
|
|
—
|
|
4,919
|
Income (loss) from operations
|
|
73,138
|
|
8,574
|
|
(9,798)
|
|
71,914
|
Interest expense, net and amortization of loan fees
|
|
—
|
|
—
|
|
14,065
|
|
14,065
|
Capital expenditures
|
|
225
|
|
957
|
|
|
|
1,182
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014*
|
|
|
Transportation and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated Total
|
Revenues (a)
|
|
$
|
29,409
|
|
$
|
—
|
|
$
|
—
|
|
$
|
29,409
|
Depreciation and amortization expense
|
|
1,718
|
|
1,188
|
|
—
|
|
2,906
|
Income (loss) from operations
|
|
16,507
|
|
(6,888)
|
|
(5,128)
|
|
4,491
|
Interest expense, net and amortization of loan fees
|
|
—
|
|
—
|
|
1,183
|
|
1,183
|
Capital expenditures
|
|
29,520
|
|
11,473
|
|
—
|
|
40,993
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2015
|
|
|
Transportation and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated Total
|
Total assets
|
|
$
|
113,550
|
|
$
|
56,703
|
|
$
|
262,410
|
|
$
|
432,663
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2014
|
|
|
Transportation and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated Total
|
Total assets
|
|
$
|
105,631
|
|
$
|
53,038
|
|
$
|
251,472
|
|
$
|
410,141
|
|
|
|
|
|
|
|
|
|
See Footnotes to Earnings Release Tables
|
|
|
|
|
|
|
|
|
|
* Prior-period financial information has been retrospectively
adjusted for the acquisitions of the Toledo Storage Facility and the
Delaware City Products Pipeline and Truck Rack.
|
PBF LOGISTICS LP EARNINGS RELEASE TABLES FOOTNOTES
TO EARNINGS RELEASE TABLES (Unaudited, in thousands,
except per unit data)
|
|
|
|
(a)
|
|
See discussion of the factors affecting comparability noted on page
4. The Partnership's results of operations may not be comparable to
the Predecessor's historical results of operations for the reasons
described below:
Revenues- There are differences in the way our Predecessor
recorded revenues and the way the Partnership records revenues
after completion of the Offering and Acquisitions from PBF as
discussed under "Factors Affecting Comparability."
General and Administrative Expenses- Our Predecessor's general and
administrative expenses included direct charges for the management
and operation of our logistics assets and certain expenses
allocated by PBF Energy for general corporate services, such as
treasury, accounting and legal services. These expenses were
charged, or allocated, to our Predecessor based on the nature of
the expenses. PBF Energy continues to charge the Partnership a
combination of direct charges for the management and operation of
our logistics assets and a fixed annual fee for general corporate
services, such as treasury, accounting and legal services. We also
incur additional incremental general and administrative expenses
as a result of being a separate publicly-traded partnership.
|
|
|
|
(b)
|
|
See “Non-GAAP Financial Measures” on page 4 for a definition of
EBITDA, distributable cash flow and coverage ratio.
|
|
|
|
(c)
|
|
Operating information pertains to assets which are included in the
Transportation and Terminaling segment. Throughput information
reflects activity subsequent to execution of the commercial
agreements in connection with the Offering and Acquisitions from
PBF, with the exception of the Delaware City Products Pipeline which
recognized revenue prior to its acquisition by PBFX.
|
|
|
|
(d)
|
|
Operating information pertains to assets which are included in the
Storage segment. Shell capacity information reflects activity
subsequent to execution of the commercial agreements in connection
with the Toledo Storage Facility acquisition.
|
|
|
|
(e)
|
|
On October 29, 2015, we announced a quarterly cash distribution of
$0.39 per limited partner unit for the third quarter of 2015.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029005464/en/ Copyright Business Wire 2015
Source: Business Wire
(October 29, 2015 - 6:31 AM EDT)
News by QuoteMedia
www.quotemedia.com
|