Page 1

EX - 99.1 2 a991pressreleaseq1-21.htm EX - 99.1 PBF Energy • • PBF Energy Announces First Quarter 2021 Results First quarter income from operations of $ 57.7 million ( excluding special items , first quarter loss from operations of $ 317.8 million ) First quarter consolidated ending cash balance of approximately $ 1.5 billion - PARSIPPANY , NJ - April 29 , 2021 PBF Energy Inc. ( NYSE : PBF ) today reported first quarter 2021 income from operations of $ 57.7 million as compared to loss from operations of $ 1,366.8 million for the first quarter of 2020. Excluding special items , first quarter 2021 loss from operations was $ 317.8 million as compared to loss from operations of $ 134.0 million for the first quarter of 2020. PBF Energy's financial results reflect the consolidation of PBF Logistics LP ( NYSE : PBFX ) , a master limited partnership of which PBF Energy indirectly owns the general partner and approximately 48 % of the limited partner interests as of quarter - end . The company reported first quarter 2021 net loss of $ 22.2 million and net loss attributable to PBF Energy Inc. of $ 41.3 million or $ ( 0.34 ) per share . This compares to net loss of $ 1,062.5 million , and net loss attributable to PBF Energy Inc. of $ 1,065.9 million or $ ( 8.93 ) per share for the first quarter 2020. Non - cash special items included in the first quarter 2021 results , which increased net income by a net , after - tax benefit of $ 273.9 million , or $ 2.27 per share , consisted of a lower - of - cost - or - market ( " LCM " ) inventory benefit , offset by a change in fair value of the contingent consideration associated with earn - out provisions primarily related to the Martinez Acquisition and a net tax expense on remeasurement of deferred tax assets . Adjusted fully - converted net loss for the first quarter 2021 , excluding special items , was $ 315.5 million , or $ ( 2.61 ) per share on a fully - exchanged , fully - diluted basis , as described below , compared to adjusted fully - converted net loss of $ 143.2 million or $ ( 1.19 ) per share , for the first quarter 2020 . Tom Nimbley , PBF Energy's Chairman and CEO , said , “ PBF's first quarter results reflect the continuing challenges of lower demand brought on by the pandemic . Our refineries operated well and at rates which mirrored demand . ” Mr. Nimbley continued , " We did see sequential improvement during the quarter . We ran higher in March than we did in January which reflects more favorable market conditions as the progressive vaccine rollout lead to improving demand . However , even with rising demand , the independent refining sector is facing unsustainable headwinds as a result of escalating compliance costs under the RFS program . If program is not fixed , it will likely result in a reshaping of the U.S. refining industry and a greater reliance on foreign energy . " the Mr. Nimbley concluded , " We exited the first quarter with approximately $ 1.5 billion in cash and with ample other sources of liquidity that we believe will support our business . We expect demand to continue its gradual improvement as the vaccine rollout and approaching herd - immunity should allow everyone to return to their normal routines . " 1