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PBF Logistics LP

pbflogistics.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Oct 27, 2022. Its latest SEC filing is a SC 13G/A from Feb 13, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Stores and moves crude oil, refined products and natural gas through terminals and pipelines, and provides processing services for PBF Energy refineries and other customers.

How Did They Make Money?

The partnership charges customers for terminal, pipeline, storage and processing services using contractual rates, based on actual volumes handled or agreed minimums. Third-party throughput is billed monthly, while tank leases are billed in the prior month.

FY2021 revenue

Who Were Their Customers?

PBF Energy is the primary customer, with services supporting its refineries under commercial and service agreements. The partnership also serves third-party customers at some facilities.

Did Revenues Turn Into Profits?

Yes. It kept 43 cents of every revenue dollar as net income in FY2021 and turned 50 cents into free cash flow.

Operating income, FY2021
55% of revenue
▲ 0% vs FY2020 ($195.3M, 54%)
Net income, FY2021
43% of revenue
▲ +4% vs FY2020 ($147.4M, 41%)
Free cash flow, FY2021
50% of revenue
▲ +3% vs FY2020 ($174.3M, 48%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▲ +1%
vs $88.9M in Q3 FY2021
Net income
▼ −5%
vs $36.7M in Q3 FY2021
  • Nov 30, 2022 PBF Energy completed its acquisition of PBF Logistics Public unitholders received 0.270 of a PBF Energy share and $9.25 in cash per unit; the units were delisted.
  • Nov 29, 2022 The partnership’s chief financial officer resigned C. Erik Young’s resignation was effective December 20, 2022.
  • Jul 28, 2022 PBF Energy agreed to acquire the remaining public stake Each public unit was to be exchanged for 0.270 PBF Energy shares and $9.25 in cash.

Grew. Revenue grew 38% in 4 years, from $257.6M in FY2017 to $355.5M in FY2021, about 8% a year.

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