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PBF Logistics Increases Quarterly Distribution to $0.44 per Common Unit and Announces Third Quarter 2016 Earnings Results

10/28/16

PARSIPPANY, N.J., Oct. 28, 2016 /PRNewswire/ -- PBF Logistics LP (NYSE: PBFX, the "Partnership") announced today third quarter 2016 net income of $18.4 million, or $0.50 per common unit. During the quarter, the Partnership generated cash from operations of approximately $25.8 million, earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $31.5 million and distributable cash flow of $25.1 million. Included in our general and administrative expenses for the third quarter are $1.3 million, or $0.03 per common unit, of transaction expenses related to asset acquisitions.

PBF Logistics Logo

"The Partnership continued to execute its growth strategy with the acquisition of the Torrance Valley pipeline interests in September.  The Torrance Valley pipeline is the primary crude oil supply delivery method for PBF Energy's Torrance refinery and further diversifies and expands the Partnership's revenue base," said PBF Logistics GP LLC Chief Executive Officer, Tom Nimbley. "In light of our continued growth, we are pleased that the board of directors approved another increase in our quarterly distribution to $0.44 per common unit."

Mr. Nimbley continued, "As announced today, our Chief Financial Officer, Erik Young, has been appointed to our general partner's board of directors.  Erik has contributed significantly to the Partnership's growth and success and will be a valuable asset to the PBF Logistics GP board."

As of September 30, 2016, the Partnership had approximately $231 million of liquidity, including $44 million in cash and cash equivalents and access to approximately $187 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.

Equity Offering and Torrance Valley Pipeline Company Acquisition  
On August 11, 2016, the Partnership launched an underwritten public equity offering which resulted in the successful sale of 4,375,000 common units, including a partial exercise of the underwriter's option to purchase additional common units. Total net proceeds (after underwriter's discounts and commissions) of the offering were approximately $87 million. The offering closed on August 17, 2016. The Partnership used the net proceeds from this offering to fund a portion of the $175.0 million purchase price for the 50 percent interest in Torrance Valley Pipeline Company LLC ("TVPC").

TVPC owns the 189-mile San Joaquin Valley Pipeline system with a throughput capacity of approximately 110,000 barrels per day. The system, segregated into two parts, Northern and Southern portions, is comprised of the M55, M1 and M70 pipelines which are the primary crude gathering and transportation lines that supply PBF Energy's Torrance refinery. The assets also include 11 pipeline stations with approximately one million barrels of combined tankage and truck unloading capability at two of the stations.  The Partnership has entered into a ten-year term transportation services agreement with a subsidiary of PBF Energy containing minimum volume throughput commitments ("MVCs") of approximately 50,000 barrels per day for the Northern logistics system and MVCs of approximately 70,000 barrels per day for the Southern logistics system and the usage of certain tanks.

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 $0.44 per common unit. The distribution is payable on November 22, 2016, to unitholders of record at the close of business on November 8, 2016.

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 Financial Measures  
This earnings release, and the discussion during the management conference call, may include references to non-GAAP financial measures including, but not limited to, EBITDA, EBITDA attributable to PBFX 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 financial 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 quarterly results and other business matters on Friday, October 28, 2016, at 11:00 a.m. ET. The call can also be heard by dialing (888) 632-3384 or (785) 424-1675, conference ID: PBFXQ316. The audio replay will be available two hours after the end of the call through November 13, 2016, by dialing (800) 283-4595 or (402) 220-0873. The call is being webcast and can be accessed on the Partnership's 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 Annual Report on Form 10-K. Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The Partnership 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 our results of operations, related operational information, and reconciliations of net income and net cash provided by operating activity to EBITDA and distributable cash flows (both as defined below) of PBFX for the three and nine months ended September 30, 2016 and 2015.  The financial information presented contains the financial results of PBFX, Delaware City Products Pipeline and Truck Rack (as defined below) prior to our acquisition on May 14, 2015 and Torrance Valley Pipeline (as defined below) prior to our acquisition on August 31, 2016.

On May 14, 2015, we acquired from PBF Energy Company LLC ("PBF LLC") a 23.4 mile, 16-inch interstate petroleum products pipeline with capacity in excess of 125,000 barrels per day ("bpd") (the "Delaware City Products Pipeline") and a 15-lane, 76,000 bpd capacity truck loading rack (the "Delaware City Truck Rack") located at PBF Holding's Delaware City, Delaware refinery. The Delaware City Products Pipeline and the Delaware City Truck Rack are collectively referred to as the "Delaware City Products Pipeline and Truck Rack." The Delaware City Products Pipeline is the only asset that recorded revenue for transactions with PBF Energy prior to our acquisition.

On August 31, 2016, our wholly-owned subsidiary, PBFX Operating Company LP ("PBFX Op Co"), acquired from PBF LLC a 50% equity interest in Torrance Valley Pipeline Company LLC ("TVPC"), with the other 50% equity interest owned by a subsidiary of PBF LLC, TVP Holding Company LLC ("TVP Holding") (the "TVPC Acquisition"). TVPC owns the 189 mile San Joaquin Valley Pipeline system with capacity of approximately 110,000 bpd (the "Torrance Valley Pipeline"), which supports PBF Holding's Torrance refinery. The Torrance Valley Pipeline consists of the M55, M1 and M70 pipeline systems, including 11 pipeline stations with storage capacity and truck unloading capability at two of the stations. We consolidate the financial results of TVPC, and record a noncontrolling interest for the 50% economic interest in TVPC held by TVP Holding.

The Delaware City Products Pipeline and Truck Rack and Torrance Valley Pipeline acquisitions were transfers between entities under common control. These transactions are collectively referred to as "Acquisitions from PBF." The Torrance Valley Pipeline was acquired by PBF Energy on July 1, 2016 in connection with the acquisition of the Torrance refinery and related logistical assets and was not operated by PBF Energy prior to its acquisition. Accordingly, the financial information contained herein has been adjusted in the current quarter to include the historical results of the Torrance Valley Pipeline prior to the acquisition by PBFX from July 1, 2016 through August 31, 2016. We present the historical results of the Torrance Valley Pipeline prior to our acquisition in the following tables as "Torrance Valley Pipeline Company LLC."

On April 29, 2016, our wholly-owned subsidiary, PBF Logistics Products Terminals LLC ("PLPT"), purchased four refined product terminals (the "East Coast Terminals"), including a storage facility to service the East Coast Terminals, from an affiliate of Plains All American Pipeline, L.P. (the "Plains Asset Purchase") which has subsequently generated third party revenues. Prior to the Plains Asset Purchase, we did not record third-party revenue, except for third party revenue generated by the Delaware City Products Pipeline prior to August 2013. Additionally, our results may not be comparable to prior periods due to additional revenue, operating and maintenance expense and general and administrative expense associated with the East Coast Terminals.

As a result of the factors above, 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 EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense, income tax expense, depreciation and amortization expense attributable to PBFX, which excludes the results of Acquisitions from PBF prior to the effective dates of such transactions. We define distributable cash flow as EBITDA attributable to PBFX 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. EBITDA, EBITDA attributable to PBFX and distributable cash flow are not financial measures prescribed by U.S. generally accepted accounting principles ("GAAP").

While EBITDA, EBITDA attributable to PBFX and distributable cash flow are not financial 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 and EBITDA attributable to PBFX provides useful information to investors in assessing our financial condition and results of operations. EBITDA, EBITDA attributable to PBFX 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, EBITDA attributable to PBFX 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, EBITDA attributable to PBFX and distributable cash flow are reconciled to their most directly comparable financial measures calculated and presented in accordance with GAAP.

These non-GAAP financial measures 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 measures 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,

2016


2015


2016


2015









Revenue: (a)









Affiliate

$

43,842



$

37,082



$

118,356



$

104,796



Third-Party

4,591





7,285




Total revenue

48,433



37,082



125,641



104,796










Costs and expenses:









Operating and maintenance expenses (a)

12,814



4,963



26,555



18,165



General and administrative expenses

4,419



3,007



13,893



9,798



Depreciation and amortization expense

5,140



1,649



8,922



4,919


Total costs and expenses

22,373



9,619



49,370



32,882










Income from operations

26,060



27,463



76,271



71,914










Other expense:









Interest expense, net

(7,280)



(6,757)



(21,298)



(13,174)



Amortization of loan fees

(416)



(423)



(1,261)



(891)


Net income

18,364



20,283



53,712



57,849



Less: Net (loss) income attributable to Predecessor

(4,131)





(4,131)



1,274



Less: Net income attributable to noncontrolling interest

1,621





1,621




Net income attributable to the Partnership

$

20,874



$

20,283



$

56,222



$

56,575










Net income per limited partner unit:









Common units - basic

$

0.50



$

0.59



$

1.44



$

1.68



Common units - diluted

0.50



0.59



1.44



1.68



Subordinated units - basic and diluted

0.50



0.59



1.45



1.68










Weighted-average limited partner units outstanding:









Common units - basic

23,492,796



18,455,575



21,094,154



17,784,133



Common units - diluted

23,571,691



18,455,575



21,103,919



17,784,133



Subordinated units - basic and diluted

15,886,553



15,886,553



15,886,553



15,886,553











Cash distributions declared per unit

$

0.44



$

0.39



$

1.29



$

1.11










See Footnotes to Earnings Release Tables

 

 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except unit and per unit data)






Three Months Ended September 30, 2016



PBF Logistics LP


Torrance Valley Pipeline Company LLC


Consolidated Results








Revenue:







Affiliate


$

43,842



$



$

43,842


Third-party


4,591





4,591


Total revenue


48,433





48,433









Costs and expenses:







Operating and maintenance expenses


10,818



1,996



12,814


General and administrative expenses


4,066



353



4,419


Depreciation and amortization


3,358



1,782



5,140


Total costs and expenses


18,242



4,131



22,373









Income (loss) from operations


30,191



(4,131)



26,060









Other expense:







Interest expense, net


(7,280)





(7,280)


Amortization of loan fees


(416)





(416)


Net income (loss)


22,495



(4,131)



18,364


Less: Net loss attributable to Predecessor




(4,131)



(4,131)


Less: Net income attributable to noncontrolling interest


1,621





1,621


Net income attributable to the Partnership


$

20,874



$



$

20,874


 

 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except unit and per unit data)






Nine Months Ended September 30, 2016



PBF Logistics LP


Torrance Valley Pipeline Company LLC


Consolidated Results








Revenue:







Affiliate


$

118,356



$



$

118,356


Third-party


7,285





7,285


Total revenue


125,641





125,641









Costs and expenses:







Operating and maintenance expenses


24,559



1,996



26,555


General and administrative expenses


13,540



353



13,893


Depreciation and amortization


7,140



1,782



8,922


Total costs and expenses


45,239



4,131



49,370









Income (loss) from operations


80,402



(4,131)



76,271









Other expense:







Interest expense, net


(21,298)





(21,298)


Amortization of loan fees


(1,261)





(1,261)


Net income (loss)


57,843



(4,131)



53,712


Less: Net loss attributable to Predecessor




(4,131)



(4,131)


Less: Net income attributable to noncontrolling interest


1,621





1,621


Net income attributable to the Partnership


$

56,222



$



$

56,222


 


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,



2016


2015


2016


2015










Transportation and Terminaling Segment










Terminals










Total throughput (bpd) (b)(d)



154,466



88,044



158,789



110,192


Lease tank capacity (average lease capacity barrels per month)



2,036,599



N/A



2,045,556



N/A


Pipelines










Total throughput (bpd) (b)(d)



130,063



38,844



128,434



45,401


Lease tank capacity (average lease capacity barrels per month)



1,475,619



N/A



1,475,619



N/A












Storage Segment










Storage capacity reserved (average shell capacity barrels per month)




3,654,916



3,545,620



3,628,037



3,570,929










Cash Flow Information:








Net cash provided by (used in):








   Operating activities

$

25,776



$

25,401



$

68,619



$

63,389


   Investing activities

73,528



(964)



71,250



(485)


   Financing activities

(104,916)



(12,861)



(114,276)



(58,833)


      Net change in cash



$

(5,612)



$

11,576



$

25,593



$

4,071










Other Financial Information:









EBITDA attributable to PBFX (c)

$

31,482



$

29,112



$

85,475



$

75,296



Distributable cash flow (c)

$

25,073



$

22,208



$

66,558



$

63,575



Quarterly distribution declared per unit (e)

$

0.44



$

0.39



$

1.29



$

1.11



Distribution: (e)










Common units - public

$

10,489



$

6,376



$

27,029



$

18,149




Common units - PBF LLC

1,132



1,003



3,319



2,856




Subordinated units - PBF LLC

6,990



6,196



20,493



17,634




IDR holder - PBF LLC

1,125



354



2,765



535





Total distribution

$

19,736



$

13,929



$

53,606



$

39,174





Coverage ratio (c)



1.27x



1.59x



1.24x



1.62x



Capital expenditures (f)

$

2,625



$

962



$

103,027



$

1,182












See Footnotes to Earnings Release Tables























 

PBF LOGISTICS LP

EARNINGS RELEASE TABLES

KEY OPERATING AND FINANCIAL INFORMATION

(Unaudited, amounts in thousands except as indicated)



September 30,


December 31,

Balance Sheet Information:


2016


2015



Cash, cash equivalents and marketable securities (g)

$

104,262



$

252,936



Property, plant and equipment, net

592,851



145,548



Total assets

735,414



422,902



Total debt (g)

571,258



599,635



Total liabilities

597,665



608,577



Partners' equity

(38,518)



(185,675)



Noncontrolling interest (h)

176,267





Total liabilities and equity

735,414



422,902






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,

2016


2015


2016


2015









Reconciliation of net income to EBITDA and
distributable cash flow (c):









 Net income

$

18,364



$

20,283



$

53,712



$

57,849




Interest expense, net

7,280



6,757



21,298



13,174




Amortization of loan fees

416



423



1,261



891




Depreciation and amortization

5,140



1,649



8,922



4,919



 EBITDA

31,200



29,112



85,193



76,833




Less: Predecessor EBITDA

(2,349)





(2,349)



1,537




Less: Noncontrolling interest EBITDA (h)

2,067





2,067





 EBITDA attributable to PBFX

31,482



29,112



85,475



75,296




Non-cash unit-based compensation expense

963



815



3,673



2,428




Interest expense, net

(7,280)



(6,757)



(21,298)



(13,187)




Maintenance capital expenditures

(92)



(962)



(1,292)



(962)





 Distributable cash flow

$

25,073



$

22,208



$

66,558



$

63,575










Reconciliation of net cash provided by operating
activities to EBITDA and distributable cash flow (c):









 Net cash provided by operating activities

$

25,776



$

25,401



$

68,619



$

63,389



Change in current assets and liabilities

(893)



(2,231)



(1,051)



2,698




Interest expense, net

7,280



6,757



21,298



13,174




Non-cash unit-based compensation expense

(963)



(815)



(3,673)



(2,428)



 EBITDA

31,200



29,112



85,193



76,833




Less: Predecessor EBITDA

(2,349)





(2,349)



1,537




Less: Noncontrolling interest EBITDA (h)

2,067





2,067





 EBITDA attributable to PBFX

31,482



29,112



85,475



75,296




Non-cash unit-based compensation expense

963



815



3,673



2,428




Interest expense, net

(7,280)



(6,757)



(21,298)



(13,187)




Maintenance capital expenditures

(92)



(962)



(1,292)



(962)





 Distributable cash flow

$

25,073



$

22,208



$

66,558



$

63,575










See Footnotes to Earnings Release Tables

 

 

 


PBF LOGISTICS LP

EARNINGS RELEASE TABLES

SEGMENT FINANCIAL INFORMATION

(Unaudited, in thousands)












Three Months Ended September 30, 2016



Transportation
and Terminaling


Storage


Corporate


Consolidated Total

Revenues (a)


$

42,951



$

5,482



$



$

48,433


Depreciation and amortization expense


4,545



595





5,140


Income (loss) from operations


28,144



2,335



(4,419)



26,060


Interest expense, net and amortization of loan fees






7,696



7,696


Capital expenditures


2,533



92





2,625













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













Nine Months Ended September 30, 2016



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Revenues (a)


$

109,315



$

16,326



$



$

125,641


Depreciation and amortization expense


7,092



1,830





8,922


Income (loss) from operations


82,414



7,750



(13,893)



76,271


Interest expense, net and amortization of loan fees






22,559



22,559


Capital expenditures (f)


101,735



1,292





103,027













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













Balance at September 30, 2016



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Total assets


$

575,443



$

56,564



$

103,407



$

735,414













Balance at December 31, 2015



Transportation and Terminaling


Storage


Corporate


Consolidated Total

Total assets


$

112,826



$

56,846



$

253,230



$

422,902











See Footnotes to Earnings Release Tables

 

 


 

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. Our results of operations may not be comparable to the historical results of operations for the reasons described below:   
 
Revenues - Delaware City Products Pipeline was the only asset that recorded revenue for transactions with PBF Energy prior to our acquisitions of the Delaware City Products Pipeline and Truck Rack from PBF LLC, as discussed under "Factors Affecting Comparability." Commercial agreements with PBF Energy for the Delaware Products Pipeline and Truck Rack commenced subsequent to our acquisition on May 14, 2015.   
  
On April 29, 2016, our wholly-owned subsidiary, PLPT, purchased the East Coast Terminals, which has subsequently generated third party revenues. Prior to the Plains Asset Purchase, we did not record third-party revenue, except for third party revenue generated by Delaware City Products Pipeline prior to August 2013. Additionally, our results may not be comparable due to additional revenue associated with the East Coast Terminals subsequent to the close of the acquisition.

The Torrance Valley Pipeline was acquired by PBF Energy on July 1, 2016 in connection with the acquisition of the Torrance refinery and related logistical assets and was not operated by PBF Energy prior to its acquisition. Accordingly, the financial information contained herein has been adjusted in the current quarter to include the historical results of the Torrance Valley Pipeline prior to our acquisition from July 1, 2016 through August 31, 2016. Commercial agreements with PBF Energy for the Torrance Valley Pipeline commenced subsequent to our acquisition on August 31, 2016. As a result, our revenues are not comparative to prior periods.

Operating expenses - As a result of the Plains Asset Purchase and the TVPC Acquisition, our operating expenses are not comparative to prior periods due to expenses associated with these acquisitions.













(b)


Calculated as the sum of the average throughput per day for each Terminal and Pipeline asset for the periods presented.













(c)


See "Non-GAAP Financial Measures" on page 5 for definitions of EBITDA, EBITDA attributable to PBFX, distributable cash flow and coverage ratio.













(d)


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 acquisition of the Torrance Valley Pipeline and the Delaware City Products Pipeline and Truck Rack from PBF and activity subsequent to the Plains Asset Purchase, with the exception of the Delaware City Products Pipeline which recognized revenue prior to our acquisition.




(e)


On October 28, 2016, we announced a quarterly cash distribution of $0.44 per common unit for the third quarter of 2016.













(f)


Capital expenditures include the Plains Asset Purchase of $98,373 for the nine months ended September 30, 2016.













(g)


Management also utilizes net debt as a metric in assessing our leverage. Net debt is a non-GAAP measure calculated by subtracting cash and cash equivalents and marketable securities from total debt. We believe this measurement is also useful to investors since our marketable securities fully collateralize our Term Loan and 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. This non-GAAP financial measure should not be considered in isolation or as a substitute for analysis of our debt levels as reported under GAAP. Our definition of net debt may not be comparable to similarly titled measures of other partnerships, because it may be defined differently by other partnerships in our industry, thereby limiting its utility. Our net debt as of September 30, 2016 and December 31, 2015 was $466,996 and $346,699, respectively.













(h)


Our subsidiary, PBFX Op Co, holds a 50% controlling interest in TVPC, with the other 50% interest in TVPC owned by TVP Holding, an indirect subsidiary of PBF Holding. PBFX Op Co is also the sole managing member of TVPC. We, through our ownership of PBFX Op Co, consolidate the financial results of TVPC, and record a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding.

 

 

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