PBF reports higher earnings for fourth quarter, year

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PBF Energy Inc. ended up in the profit column after a challenging year for independent refiners.

New Jersey-based PBF got its start with the purchase of the Delaware City refinery from Valero and went on to acquire four other sites.

 Excluding special items, fourth quarter 2016 loss from operations was $60.7 million as compared to income from operations of $167.7 million for the fourth quarter of 2015.

The company reported fourth quarter 2016 net income of $71.8 million, and net income attributable to PBF Energy Inc. of $54.6 million per share.

This compares to net loss of $121.5 million, and net loss attributable to PBF Energy Inc. of $119.5 million or $1.24 per share for the fourth quarter 2015.

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Net income attributable to PBF Energy Inc. for the year-ended December 31, 2016, was $170.8 million compared to net income of $146.4 million, or $1.65 per share, for the year-ended December 31, 2015.

“Our fourth quarter and full-year 2016 results reflect the numerous market and regulatory headwinds faced by the independent refiners and we, as a company, did not operate our assets to the fullest of their potential,” said Tom Nimbley, PBF Energy’s  CEO, “Looking ahead, with the proceeds from our recent equity raise, we are pleased to be starting the year with a strong and flexible balance sheet. We are committed to the continued integration of both Torrance and Chalmette, and further optimizing our entire system in 2017.”

PBF Logistics will proceed with two growth projects comprised of the construction of a 625,000 barrel tank at PBF Energy’s Chalmette refinery and development of a natural gas pipeline to supply PBF Energy’s Paulsboro refinery.  PBF Logistics expects to spend approximately $82.1 million dollars to complete both projects.

For the first quarter 2017,  PBF  expects  East Coast production to range between 310,000 to 330,000 barrels per day; Mid-Continent total throughput is expected to average 135,000 to 145,000 barrels per day; Gulf Coast  throughput  at  150,000 to 160,000 barrels per day;  and the West Coast to expected to average 145,000 to 155,000 barrels per day.  These figures include the impact of the previously announced planned maintenance  turnarounds at the Delaware City and Chalmette refineries.

PBF has  oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio

 

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