PBF Energy Inc 8-K, filed Feb 15, 2024

PBF Energy Inc. (PBF)

8-K 2024-02-15 For: 2024-02-15

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Added on April 12, 2026

About this 8-K

PBF Energy Inc filed this 8-K on February 15, 2024.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-35764	45-3763855
Delaware	333-186007	27-2198168
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $.001	PBF	New York Stock Exchange


Exhibit No.			Description

99.1			Press release announcing fourth quarter results, dated February 15, 2024.
104			Cover Page Interactive Data File (formatted as Inline XBRL).


Expected throughput ranges (barrels per day)
	First Quarter 2024
	Low	High
East Coast	270,000	290,000
Mid-continent	100,000	110,000
Gulf Coast	170,000	180,000
West Coast	290,000	310,000
Total	830,000	890,000


PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)

			Three Months Ended				Year Ended
			December 31,				December 31,
			2023		2022		2023		2022
Revenues			$	9,138.7	$	10,846.3	$	38,324.8	$	46,830.3

Cost and expenses:
	Cost of products and other		8,247.7		9,045.1		32,671.3		39,049.1
	Operating expenses (excluding depreciation and amortization expense as reflected below)		671.2		695.0		2,694.9		2,599.0
	Depreciation and amortization expense		135.8		137.1		560.0		503.6
Cost of sales			9,054.7		9,877.2		35,926.2		42,151.7
	General and administrative expenses (excluding depreciation and amortization expense as reflected below)		105.4		93.8		362.5		468.7
	Depreciation and amortization expense		3.5		1.7		11.5		7.5
	Change in fair value of contingent consideration, net		(78.2)		(82.6)		(45.8)		48.3
	Equity loss in investee		59.9		—		45.3		—
	Loss (gain) on formation of SBR equity method investment		40.6		—		(925.1)		—
	Loss (gain) on sale of assets		—		0.6		(1.3)		0.9
Total cost and expenses			9,185.9		9,890.7		35,373.3		42,677.1

Income (loss) from operations			(47.2)		955.6		2,951.5		4,153.2

Other income (expense):
	Interest expense, net		(8.6)		(29.4)		(63.8)		(246.0)
	Change in Tax Receivable Agreement liability		2.0		(2.1)		2.0		(290.3)
	Change in fair value of catalyst obligations		—		(1.7)		1.1		(2.0)
	Loss on extinguishment of debt		—		—		(5.7)		(66.1)
	Other non-service components of net periodic benefit cost		0.2		2.2		0.7		8.8
Income (loss) before income taxes			(53.6)		924.6		2,885.8		3,557.6
Income tax (benefit) expense			(5.2)		268.5		723.8		584.8
Net income (loss)			(48.4)		656.1		2,162.0		2,972.8
	Less: net income attributable to noncontrolling interests		—		18.3		21.5		96.0
Net income (loss) attributable to PBF Energy Inc. stockholders			$	(48.4)	$	637.8	$	2,140.5	$	2,876.8

Net income (loss) available to Class A common stock per share:
		Basic	$	(0.40)	$	5.04	$	17.13	$	23.47
		Diluted	$	(0.40)	$	4.86	$	16.52	$	22.84
		Weighted-average shares outstanding-basic	120,999,329		126,450,787		124,953,858		122,598,076
		Weighted-average shares outstanding-diluted	121,866,353		132,099,338		130,509,448		126,860,106

Dividends per common share			$	0.25	$	0.20	$	0.85	$	0.20

Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1):
		Adjusted fully-converted net income (loss)	$	(48.7)	$	642.6	$	2,155.7	$	2,897.5
		Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share	$	(0.40)	$	4.86	$	16.52	$	22.84
		Adjusted fully-converted shares outstanding - diluted (Note 6)	121,866,353		132,099,338		130,509,448		126,860,106

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (Note 7)
(Unaudited, in millions, except share and per share data)

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1)			Three Months Ended				Year Ended
			December 31,				December 31,
			2023		2022		2023		2022
Net income (loss) attributable to PBF Energy Inc. stockholders			$	(48.4)	$	637.8	$	2,140.5	$	2,876.8
		Less: Income allocated to participating securities	—		—		—		—
Income (loss) available to PBF Energy Inc. stockholders - basic			(48.4)		637.8		2,140.5		2,876.8

		Add: Net income (loss) attributable to noncontrolling interest (Note 2)	(0.5)		6.5		20.5		27.9
		Less: Income tax benefit (expense) (Note 3)	0.2		(1.7)		(5.3)		(7.2)
Adjusted fully-converted net income (loss)			$	(48.7)	$	642.6	$	2,155.7	$	2,897.5
	Special Items (Note 4):

		Add: LCM inventory adjustment - SBR	38.7		—		38.7		—
		Add: Change in fair value of contingent consideration, net	(78.2)		(82.6)		(45.8)		48.3

		Add: Gain on land sales	—		—		(1.7)		—





		Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement	—		—		19.2		66.1
		Add: Change in Tax Receivable Agreement liability	(2.0)		2.1		(2.0)		290.3
		Add: Loss (gain) on formation of SBR equity method investment	40.6		—		(925.1)		—
		Add: Net tax benefit on remeasurement of deferred tax assets	—		—		—		(233.8)
		Less: Recomputed income tax on special items (Note 3)	0.2		20.8		238.3		(104.9)
Adjusted fully-converted net income (loss) excluding special items			$	(49.4)	$	582.9	$	1,477.3	$	2,963.5

Weighted-average shares outstanding of PBF Energy Inc.			120,999,329		126,450,787		124,953,858		122,598,076
Conversion of PBF LLC Series A Units (Note 5)			867,024		910,457		899,519		917,991
Common stock equivalents (Note 6)			—		4,738,094		4,656,071		3,344,039

Fully-converted shares outstanding - diluted			121,866,353		132,099,338		130,509,448		126,860,106

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)			$	(0.40)	$	4.86	$	16.52	$	22.84

Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)			$	(0.41)	$	4.41	$	11.32	$	23.36


			Three Months Ended				Year Ended
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS			December 31,				December 31,
			2023		2022		2023		2022
Income (loss) from operations			$	(47.2)	$	955.6	$	2,951.5	$	4,153.2
	Special Items (Note 4):

		Add: LCM inventory adjustment - SBR	38.7		—		38.7		—
		Add: Change in fair value of contingent consideration, net	(78.2)		(82.6)		(45.8)		48.3

		Add: Gain on land sales	—		—		(1.7)		—
		Add: Loss (gain) on formation of SBR equity method investment	40.6		—		(925.1)		—
Income (loss) from operations excluding special items			$	(46.1)	$	873.0	$	2,017.6	$	4,201.5

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
EBITDA RECONCILIATIONS (Note 7)
(Unaudited, in millions)

		Three Months Ended				Year Ended
		December 31,				December 31,
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS		2023		2022		2023		2022
Net income (loss)		$	(48.4)	$	656.1	$	2,162.0	$	2,972.8
	Add: Depreciation and amortization expense	139.3		138.8		571.5		511.1
	Add: Interest expense, net	8.6		29.4		63.8		246.0
	Add: Income tax (benefit) expense	(5.2)		268.5		723.8		584.8
EBITDA		$	94.3	$	1,092.8	$	3,521.1	$	4,314.7
Special Items (Note 4):

	Add: LCM inventory adjustment - SBR	38.7		—		38.7		—
	Add: Change in fair value of contingent consideration, net	(78.2)		(82.6)		(45.8)		48.3

	Add: Gain on land sales	—		—		(1.7)		—




	Add: Loss on extinguishment of debt	—		—		5.7		66.1
	Add: Change in Tax Receivable Agreement liability	(2.0)		2.1		(2.0)		290.3
	Add: Loss (gain) on formation of SBR equity method investment	40.6		—		(925.1)		—
EBITDA excluding special items		$	93.4	$	1,012.3	$	2,590.9	$	4,719.4

		Three Months Ended				Year Ended
		December 31,				December 31,
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA		2023		2022		2023		2022
EBITDA		$	94.3	$	1,092.8	$	3,521.1	$	4,314.7
	Add: Stock-based compensation	23.8		29.4		51.5		54.3
	Add: Change in fair value of catalyst obligations	—		1.7		(1.1)		2.0

	Add: LCM inventory adjustment - SBR (Note 4)	38.7		—		38.7		—
	Add: Change in fair value of contingent consideration, net (Note 4)	(78.2)		(82.6)		(45.8)		48.3

	Add: Gain on land sales (Note 4)	—		—		(1.7)		—




	Add: Loss on extinguishment of debt (Note 4)	—		—		5.7		66.1
	Add: Change in Tax Receivable Agreement liability (Note 4)	(2.0)		2.1		(2.0)		290.3
	Add: Loss (gain) on formation of SBR equity method investment (Note 4)	40.6		—		(925.1)		—
Adjusted EBITDA		$	117.2	$	1,043.4	$	2,641.3	$	4,775.7

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)

		December 31,			December 31,
		2023			2022
Balance Sheet Data:
	Cash and cash equivalents	$	1,783.5		$	2,203.6
	Inventories	3,183.1			2,763.6
	Total assets	14,387.8			13,549.1
	Total debt	1,245.9			1,959.1
	Total equity	6,631.3			5,056.0
	Total equity excluding special items (Note 4, 13)	$	5,557.4		$	4,660.5

	Total debt to capitalization ratio (Note 13)	16		%	28		%
	Total debt to capitalization ratio, excluding special items (Note 13)	18		%	30		%
	Net debt to capitalization ratio* (Note 13)	(9)		%	(5)		%
	Net debt to capitalization ratio, excluding special items* (Note 13)	(11)		%	(6)		%
	* Negative ratio exists at December 31, 2023 and December 31, 2022 as cash is in excess of debt.

SUMMARIZED STATEMENT OF CASH FLOW DATA
(Unaudited, in millions)

		Year Ended December 31,
		2023			2022
Cash flows provided by operations		$	1,338.5		$	4,772.0
Cash flows used in investing activities		(338.6)			(1,010.9)
Cash flows used in financing activities		(1,420.0)			(2,899.0)
Net change in cash and cash equivalents		(420.1)			862.1
Cash and cash equivalents, beginning of period		2,203.6			1,341.5
Cash and cash equivalents, end of period		$	1,783.5		$	2,203.6

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATING FINANCIAL INFORMATION (Note 8)
(Unaudited, in millions)

	Three Months Ended December 31, 2023
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	9,129.3	$	96.8	$	—	$	(87.4)	$	9,138.7
Depreciation and amortization expense	126.8		9.0		3.5		—		139.3
Income (loss) from operations (1)	26.6		54.9		(128.7)		—		(47.2)
Interest expense, net	(3.9)		(0.6)		13.1		—		8.6
Capital expenditures (2)	227.9		3.4		2.0		—		233.3

	Three Months Ended December 31, 2022
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	10,836.1	$	96.9	$	—	$	(86.7)	$	10,846.3
Depreciation and amortization expense	128.0		9.1		1.7		—		138.8
Income (loss) from operations	914.0		43.3		(1.7)		—		955.6
Interest expense, net	(0.9)		9.5		20.8		—		29.4
Capital expenditures	322.0		3.3		1.9		—		327.2

	Year Ended December 31, 2023
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	38,288.5	$	384.1	$	—	$	(347.8)	$	38,324.8
Depreciation and amortization expense	523.9		36.1		11.5		—		571.5
Income (loss) from operations (1)	2,183.6		206.1		561.8		—		2,951.5
Interest expense, net	(4.8)		2.3		66.3		—		63.8
Capital expenditures (2)	1,152.9		11.9		8.8		—		1,173.6

	Year Ended December 31, 2022
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	46,780.6	$	369.3	$	—	$	(319.6)	$	46,830.3
Depreciation and amortization expense	466.9		36.7		7.5		—		511.1
Income (loss) from operations	4,466.4		183.7		(496.9)		—		4,153.2
Interest expense, net	10.9		39.5		195.6		—		246.0
Capital expenditures	994.9		7.9		8.1		—		1,010.9


	Balance at December 31, 2023
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Total Assets (3)	$	12,590.6	$	816.8	$	1,024.1	$	(43.7)	$	14,387.8


	Balance at December 31, 2022
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Total Assets	$	12,587.9	$	863.1	$	136.3	$	(38.2)	$	13,549.1


(1) Income from operations within Corporate for the three months and year ended December 31, 2023 includes a loss of $40.6 million and a gain of $925.1 million, respectively, associated with the formation of the SBR equity method investment.
(2) For the three months ended and year ended December 31, 2023, the Company’s refining segment includes $12.4 million and $312.7 million, respectively, of capital expenditures related to the construction of the biorefinery co-located with the Chalmette refinery in Louisiana (the “Renewable Diesel Facility”). For the three months and year ended December 31, 2022, the Company’s refining segment included $141.2 million and $336.2 million, respectively, of capital expenditures related to the construction of the Renewable Diesel Facility.
(3) Corporate assets include our Equity method investment in SBR of $881.0 million.

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
MARKET INDICATORS AND KEY OPERATING INFORMATION
(Unaudited)

			Three Months Ended						Year Ended
			December 31,						December 31,
Market Indicators (dollars per barrel) (Note 9)			2023			2022			2023			2022
Dated Brent crude oil			$	84.24		$	88.93		$	82.64		$	101.27
West Texas Intermediate (WTI) crude oil			$	78.60		$	82.82		$	77.67		$	94.58
Light Louisiana Sweet (LLS) crude oil			$	81.13		$	85.47		$	80.14		$	96.81
Alaska North Slope (ANS) crude oil			$	84.23		$	87.89		$	82.36		$	98.76
Crack Spreads:
	Dated Brent (NYH) 2-1-1		$	22.98		$	46.68		$	29.67		$	40.26
	WTI (Chicago) 4-3-1		$	11.83		$	28.32		$	23.71		$	31.56
	LLS (Gulf Coast) 2-1-1		$	19.82		$	36.90		$	29.13		$	37.56
	ANS (West Coast-LA) 4-3-1		$	25.13		$	33.11		$	36.88		$	41.64
	ANS (West Coast-SF) 3-2-1		$	25.96		$	33.85		$	36.89		$	41.89
Crude Oil Differentials:
	Dated Brent (foreign) less WTI		$	5.64		$	6.11		$	4.97		$	6.68
	Dated Brent less Maya (heavy, sour)		$	12.11		$	17.42		$	13.71		$	13.95
	Dated Brent less WTS (sour)		$	5.79		$	7.26		$	4.99		$	6.98
	Dated Brent less ASCI (sour)		$	6.11		$	10.06		$	5.73		$	9.68
	WTI less WCS (heavy, sour)		$	23.54		$	29.30		$	18.32		$	21.30
	WTI less Bakken (light, sweet)		$	1.48		$	(3.94)		$	(1.28)		$	(4.05)
	WTI less Syncrude (light, sweet)		$	4.78		$	(1.38)		$	(0.91)		$	(3.04)
	WTI less LLS (light, sweet)		$	(2.53)		$	(2.65)		$	(2.48)		$	(2.22)
	WTI less ANS (light, sweet)		$	(5.63)		$	(5.07)		$	(4.70)		$	(4.17)
Effective RIN basket price			$	4.78		$	8.54		$	7.02		$	7.66
Natural gas (dollars per MMBTU)			$	2.92		$	6.09		$	2.66		$	6.54

Key Operating Information
Production (barrels per day ("bpd") in thousands)			884.9			947.5			918.3			937.1
Crude oil and feedstocks throughput (bpd in thousands)			878.2			939.0			909.4			925.1
Total crude oil and feedstocks throughput (millions of barrels)			80.8			86.4			329.0			337.7
Consolidated gross margin per barrel of throughput			$	1.04		$	11.22		$	7.29		$	13.85
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)			$	9.88		$	19.78		$	16.07		$	22.00
Refinery operating expense, per barrel of throughput (Note 11)			$	7.98		$	7.71		$	7.85		$	7.39
Crude and feedstocks (% of total throughput) (Note 12)
	Heavy		25		%	30		%	27		%	32		%
	Medium		39		%	38		%	35		%	36		%
	Light		18		%	18		%	20		%	18		%
	Other feedstocks and blends		18		%	14		%	18		%	14		%
		Total throughput	100		%	100		%	100		%	100		%
Yield (% of total throughput)
	Gasoline and gasoline blendstocks		46		%	47		%	47		%	47		%
	Distillate and distillate blendstocks		34		%	35		%	34		%	35		%
	Lubes		1		%	1		%	1		%	1		%
	Chemicals		1		%	1		%	1		%	1		%
	Other		19		%	17		%	18		%	17		%
		Total yield	101		%	101		%	101		%	101		%

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)

			Three Months Ended						Year Ended
			December 31,						December 31,
			2023			2022			2023			2022
Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)
Production (bpd in thousands)			325.7			323.6			324.0			298.7
Crude oil and feedstocks throughput (bpd in thousands)			329.2			326.1			327.6			300.3
Total crude oil and feedstocks throughput (millions of barrels)			30.3			30.0			116.7			109.6
Gross margin per barrel of throughput			$	4.63		$	17.58		$	6.73		$	14.69
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)			$	11.29		$	25.02		$	13.82		$	22.20
Refinery operating expense, per barrel of throughput (Note 11)			$	5.35		$	6.21		$	5.69		$	6.19
Crude and feedstocks (% of total throughput) (Note 12):
	Heavy		22		%	16		%	16		%	22		%
	Medium		42		%	57		%	42		%	50		%
	Light		12		%	8		%	17		%	8		%
	Other feedstocks and blends		24		%	19		%	25		%	20		%
		Total throughput	100		%	100		%	100		%	100		%
Yield (% of total throughput):
	Gasoline and gasoline blendstocks		40		%	39		%	39		%	39		%
	Distillates and distillate blendstocks		35		%	36		%	35		%	37		%
	Lubes		2		%	2		%	2		%	2		%
	Chemicals		1		%	1		%	1		%	1		%
	Other		21		%	21		%	22		%	20		%
		Total yield	99		%	99		%	99		%	99		%

Supplemental Operating Information - Mid-Continent (Toledo)
Production (bpd in thousands)			143.0			137.9			138.6			151.0
Crude oil and feedstocks throughput (bpd in thousands)			140.4			136.0			136.4			148.5
Total crude oil and feedstocks throughput (millions of barrels)			13.0			12.5			49.8			54.2
Gross margin per barrel of throughput			$	(1.08)		$	10.82		$	3.82		$	12.93
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)			$	6.94		$	19.53		$	12.47		$	20.93
Refinery operating expense, per barrel of throughput (Note 11)			$	6.48		$	6.97		$	7.01		$	6.40
Crude and feedstocks (% of total throughput) (Note 12):

	Medium		42		%	38		%	39		%	36		%
	Light		54		%	58		%	59		%	61		%
	Other feedstocks and blends		4		%	4		%	2		%	3		%
		Total throughput	100		%	100		%	100		%	100		%
Yield (% of total throughput):
	Gasoline and gasoline blendstocks		52		%	50		%	50		%	51		%
	Distillate and distillate blendstocks		40		%	36		%	37		%	36		%

	Chemicals		4		%	3		%	4		%	5		%
	Other		6		%	12		%	11		%	10		%
		Total yield	102		%	101		%	102		%	102		%

See Footnotes to Earnings Release Tables


PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)
(Unaudited, in millions, except per barrel amounts)

		Three Months Ended				Three Months Ended
		December 31, 2023				December 31, 2022
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS		$		per barrel of throughput		$		per barrel of throughput
Calculation of consolidated gross margin:
Revenues		$	9,138.7	$	113.14	$	10,846.3	$	125.55
Less: Cost of sales		9,054.7		112.10		9,877.2		114.33
Consolidated gross margin		$	84.0	$	1.04	$	969.1	$	11.22
Reconciliation of consolidated gross margin to gross refining margin:
Consolidated gross margin		$	84.0	$	1.04	$	969.1	$	11.22
	Add: PBFX operating expense	30.5		0.38		33.5		0.38
	Add: PBFX depreciation expense	9.0		0.11		9.1		0.11
	Less: Revenues of PBFX	(96.8)		(1.20)		(96.9)		(1.12)
	Add: Refinery operating expense	645.1		7.98		666.1		7.71
	Add: Refinery depreciation expense	126.8		1.57		128.0		1.48
Gross refining margin		$	798.6	$	9.88	$	1,708.9	$	19.78




Gross refining margin excluding special items		$	798.6	$	9.88	$	1,708.9	$	19.78

		Year Ended				Year Ended
		December 31, 2023				December 31, 2022
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS		$		per barrel of throughput		$		per barrel of throughput
Calculation of consolidated gross margin:
Revenues		$	38,324.8	$	116.48	$	46,830.3	$	138.69
Less: Cost of sales		35,926.2		109.19		42,151.7		124.84
Consolidated gross margin		$	2,398.6	$	7.29	$	4,678.6	$	13.85
Reconciliation of consolidated gross margin to gross refining margin:
Consolidated gross margin		$	2,398.6	$	7.29	$	4,678.6	$	13.85
	Add: PBFX operating expense	131.9		0.40		121.4		0.36
	Add: PBFX depreciation expense	36.1		0.11		36.7		0.11
	Less: Revenues of PBFX	(384.1)		(1.17)		(369.3)		(1.09)
	Add: Refinery operating expense	2,581.3		7.85		2,495.6		7.39
	Add: Refinery depreciation expense	523.9		1.59		466.9		1.38
Gross refining margin		$	5,287.7	$	16.07	$	7,429.9	$	22.00




Gross refining margin excluding special items		$	5,287.7	$	16.07	$	7,429.9	$	22.00

See Footnotes to Earnings Release Tables


(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.

	December 31,			December 31,
	2023			2022
	(in millions)
Total debt	$	1,245.9		$	1,959.1
Total equity	6,631.3			5,056.0
Total capitalization	$	7,877.2		$	7,015.1

Total debt	$	1,245.9		$	1,959.1
Total equity excluding special items	5,557.4			4,660.5
Total capitalization excluding special items	$	6,803.3		$	6,619.6

Total equity	$	6,631.3		$	5,056.0
Special Items (Note 4)

Add: LCM inventory adjustment - SBR	38.7			—
Add: Net changes in fair value of contingent consideration	(58.8)			(13.0)
Add: Gain on land sales	(89.5)			(87.8)
Add: Gain on formation of SBR equity method investment	(925.1)			—
Add: Loss on extinguishment of debt and termination of Inventory Intermediation Agreement	53.1			33.9
Add: Change in Tax Receivable Agreement liability	(327.3)			(325.3)
Add: Cumulative historical equity adjustments (a)	(130.2)			(130.2)
Less: Recomputed income tax on special items	365.2			126.9
Net impact of special items to equity	(1,073.9)			(395.5)
Total equity excluding special items	$	5,557.4		$	4,660.5

Total debt	$	1,245.9		$	1,959.1
Less: Cash and cash equivalents	1,783.5			2,203.6
Net debt	$	(537.6)		$	(244.5)

Total debt to capitalization ratio	16		%	28		%
Total debt to capitalization ratio, excluding special items	18		%	30		%
Net debt to capitalization ratio*	(9)		%	(5)		%
Net debt to capitalization ratio, excluding special items*	(11)		%	(6)		%
* Negative ratio exists at December 31, 2023 and December 31, 2022 as cash is in excess of debt.

(a) Refer to the Company's 2022 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2023.