$PBF
PBF Energy Inc.

2014 Q2 Form 10-Q Financial Statement

#000153450414000065 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $5.302B $4.678B
YoY Change 13.33% -7.85%
Cost Of Revenue $4.894B $4.303B
YoY Change 13.75% 0.28%
Gross Profit $407.4M $375.8M
YoY Change 8.41% -52.21%
Gross Profit Margin 7.68% 8.03%
Selling, General & Admin $33.00M $19.10M
YoY Change 72.77% -24.51%
% of Gross Profit 8.1% 5.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.60M $29.30M
YoY Change 24.91% 23.63%
% of Gross Profit 8.98% 7.8%
Operating Expenses $210.7M $202.6M
YoY Change 4.02% 18.68%
Operating Profit $87.85M $133.0M
YoY Change -33.96% -77.04%
Interest Expense -$69.60M -$8.400M
YoY Change 728.57% -31.71%
% of Operating Profit -79.23% -6.31%
Other Income/Expense, Net
YoY Change
Pretax Income $59.31M $118.1M
YoY Change -49.8% -78.74%
Income Tax $13.47M $10.97M
% Of Pretax Income 22.72% 9.28%
Net Earnings $20.96M $16.83M
YoY Change 24.56% -96.97%
Net Earnings / Revenue 0.4% 0.36%
Basic Earnings Per Share $0.29 $0.62
Diluted Earnings Per Share $0.29 $0.61
COMMON SHARES
Basic Shares Outstanding 72.44M shares 26.94M shares
Diluted Shares Outstanding 73.01M shares 27.71M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $318.0M $69.00M
YoY Change 360.87%
Cash & Equivalents $317.5M $69.23M
Short-Term Investments
Other Short-Term Assets $101.0M $51.00M
YoY Change 98.04%
Inventory $1.712B $1.538B
Prepaid Expenses
Receivables $713.0M $591.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.844B $2.249B
YoY Change 26.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.822B $1.685B
YoY Change 8.14%
Goodwill
YoY Change
Intangibles $492.0K $869.0K
YoY Change -43.38%
Long-Term Investments $300.0M
YoY Change
Other Assets $286.4M $187.2M
YoY Change 52.94%
Total Long-Term Assets $2.838B $2.077B
YoY Change 36.64%
TOTAL ASSETS
Total Short-Term Assets $2.844B $2.249B
Total Long-Term Assets $2.838B $2.077B
Total Assets $5.682B $4.326B
YoY Change 31.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $339.2M $227.6M
YoY Change 49.05%
Accrued Expenses $1.497B $1.029B
YoY Change 45.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.00M
YoY Change
Total Short-Term Liabilities $1.868B $1.442B
YoY Change 29.55%
LONG-TERM LIABILITIES
Long-Term Debt $1.021B $800.0M
YoY Change 27.59%
Other Long-Term Liabilities $49.87M $36.13M
YoY Change 38.03%
Total Long-Term Liabilities $1.071B $836.1M
YoY Change 28.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.868B $1.442B
Total Long-Term Liabilities $1.071B $836.1M
Total Liabilities $3.618B $2.584B
YoY Change 40.01%
SHAREHOLDERS EQUITY
Retained Earnings $64.68M $16.02M
YoY Change 303.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.549B $670.8M
YoY Change
Total Liabilities & Shareholders Equity $5.682B $4.326B
YoY Change 31.34%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $20.96M $16.83M
YoY Change 24.56% -96.97%
Depreciation, Depletion And Amortization $36.60M $29.30M
YoY Change 24.91% 23.63%
Cash From Operating Activities -$94.50M -$251.3M
YoY Change -62.4% -165.09%
INVESTING ACTIVITIES
Capital Expenditures -$82.50M -$53.50M
YoY Change 54.21% 5.11%
Acquisitions
YoY Change
Other Investing Activities -$300.1M $0.00
YoY Change -100.0%
Cash From Investing Activities -$382.4M -$53.50M
YoY Change 614.77% 5.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 557.5M -30.00M
YoY Change -1958.33% -90.99%
NET CHANGE
Cash From Operating Activities -94.50M -251.3M
Cash From Investing Activities -382.4M -53.50M
Cash From Financing Activities 557.5M -30.00M
Net Change In Cash 80.60M -334.8M
YoY Change -124.07% -14050.0%
FREE CASH FLOW
Cash From Operating Activities -$94.50M -$251.3M
Capital Expenditures -$82.50M -$53.50M
Free Cash Flow -$12.00M -$197.8M
YoY Change -93.93% -145.26%

Facts In Submission

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pbf Pbf Logistics Lp
PBFLogisticsLP
PBF LOGISTICS LPOn May 14, 2014, PBFX completed its initial public offering (the “PBFX Offering”) of 15,812,500 common units (including 2,062,500 common units issued pursuant to the exercise of the underwriters' over-allotment option). Upon completion of the PBFX Offering, PBF LLC held a 50.2% limited partner interest in PBFX (consisting of 74,053 common units and 15,886,553 subordinated units) and all of PBFX’s incentive distribution rights, with the remaining 49.8% limited partner interest held by public common unit holders. PBF LLC also owns indirectly a non-economic general partner interest in PBFX through its wholly-owned subsidiary, PBF GP, the general partner of PBFX. During the subordination period (as set forth in the partnership agreement of PBFX) holders of the subordinated units are not entitled to receive any distribution of available cash until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. If PBFX does not pay distributions on the subordinated units, the subordinated units will not accrue arrearages for those unpaid distributions. Each subordinated unit will convert into one common unit at the end of the subordination period.PBFX received proceeds (after deducting underwriting discounts and structuring fees but before offering expenses) from the PBFX Offering of approximately $340,957. PBFX used the net proceeds from the PBFX Offering (i) to distribute $35,000 to PBF LLC to reimburse it for certain capital expenditures incurred prior to the closing of the PBFX Offering with respect to assets contributed to PBFX and to reimburse it for offering expenses it incurred on behalf of PBFX; (ii) to pay debt issuance costs of $2,293 related to PBFX’s Revolving Credit Facility and Term Loan (refer to Note 7 "Credit Facilities" of our Notes to Condensed Consolidated Financial Statements); (iii) to purchase $298,664 in U.S. Treasury securities which will be used to fund anticipated capital expenditures; and (iv) to retain approximately $5,000 for general partnership purposes. PBFX is a fee-based, growth-oriented, Delaware master limited partnership formed by PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX receives, handles and transfers crude oil from sources located throughout the United States and Canada for PBF Energy in support of its three refineries. PBFX’s initial assets consist of a light crude oil rail unloading terminal at the Delaware City refinery that also services the Paulsboro refinery (which we refer to as the “Delaware City Rail Terminal”), and a crude oil truck unloading terminal at the Toledo refinery (which we refer to as the “Toledo Truck Terminal”) that are integral components of the crude oil delivery operations at all three of PBF Energy’s refineries. All of PBFX’s revenue is derived from long-term, fee-based commercial agreements with subsidiaries of PBF Energy, which include minimum volume commitments, for receiving, handling and transferring crude oil. PBF Energy also has agreements with PBFX that establish fees for certain general and administrative services and operational and maintenance services provided by PBF Energy to PBFX. These transactions are eliminated by PBF Energy in consolidation. PBFX, a variable interest entity, is consolidated by PBF Energy through its ownership of PBF LLC. PBF LLC through its ownership of PBF GP, has the sole ability to direct the activities of PBFX that most significantly impact its economic performance. PBF LLC is considered to be the primary beneficiary for accounting purposes.
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pbf Payments For Deferred Turnaround Costs
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dei Document Fiscal Year Focus
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2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001534504
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PBF ENERGY INC.

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