PBF Energy Reports Second Quarter 2019 Results, Declares Dividend of $0.30 Per Share.
- Second quarter income from operations of $9.5 million (excluding special items, second quarter income from operations of $191.5 million)
- Declares quarterly dividend of $0.30 per share
- Receives $200 million in proceeds for completed TVPC drop-down
PARSIPPANY, N.J., Aug. 1, 2019 /PRNewswire/ — PBF Energy Inc. (NYSE: PBF) today reported second quarter 2019 income from operations of $9.5 million as compared to income from operations of $422.3 million for the second quarter of 2018. Excluding special items, second quarter 2019 income from operations was $191.5 million as compared to income from operations of $264.3 million for the second quarter of 2018. PBF Energy’s financial results reflect the consolidation of PBF Logistics LP (NYSE: PBFX), a master limited partnership of which PBF indirectly owns the general partner and approximately 48% of the limited partner interests as of quarter-end.
The company reported second quarter 2019 net loss of $21.6 million and net loss attributable to PBF Energy Inc. of $32.2 million or $(0.27) per share. This compares to net income of $287.7 million, and net income attributable to PBF Energy Inc. of $272.1 million or $2.37 per share for the second quarter 2018. Special items included in the second quarter 2019 results, which decreased net income by a net, after-tax loss of $133.8 million, or $1.10 per share, consisted of a lower-of-cost-or-market (“LCM”) inventory adjustment. Adjusted fully-converted net income for the second quarter 2019, excluding special items, was $101.1 million, or $0.83 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $160.2 million or $1.38 per share, for the second quarter 2018.
Tom Nimbley, PBF Energy’s Chairman and CEO, said, “PBF delivered a solid financial quarter and we completed 100% of our planned major maintenance for the year. While we did have extended turnaround downtime on the East Coast during the quarter, our refineries are well positioned to operate unimpeded for the remainder of the year.” Mr. Nimbley continued, “In addition to the work completed on our existing assets, in June we announced our pending acquisition of the Martinez refinery. We are looking forward to closing the transaction by year-end and welcoming the Martinez employees to the PBF family.”
