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EX - 99.1 2 a991pressreleaseq2-21.htm EX - 99.1 PBF Energy • • PBF Energy Announces Second Quarter 2021 Results Second quarter income from operations of $ 147.5 million ( excluding special items , second quarter loss from operations of $ 120.5 million ) Second quarter consolidated ending cash balance of approximately $ 1.5 billion PARSIPPANY , NJ - July 29 , 2021 - PBF Energy Inc. ( NYSE : PBF ) today reported second quarter 2021 income from operations of $ 147.5 million as compared to income from operations of $ 620.8 million for the second quarter of 2020. Excluding special items , second quarter 2021 loss from operations was $ 120.5 million as compared to a loss from operations of $ 433.7 million for the second 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 second quarter 2021 net income of $ 69.9 million and net income attributable to PBF Energy Inc. of $ 47.9 million or $ 0.39 per share . This compares to net income of $ 413.0 million , and net income attributable to PBF Energy Inc. of $ 389.1 million or $ 3.23 per share for the second quarter 2020. Non - cash special items included in the second quarter 2021 results , which increased net income by a net , after - tax benefit of $ 200.8 million , or $ 1.65 per share , consisted of a lower - of - cost - or - market ( " LCM " ) inventory benefit , change in fair value of the contingent consideration associated with earn - out provisions primarily related to the Martinez Acquisition and a net tax benefit on remeasurement of deferred tax assets . Adjusted fully - converted net loss for the second quarter 2021 , excluding special items , was $ 152.6 million , or $ ( 1.26 ) per share on a fully - exchanged , fully - diluted basis , as described below , compared to adjusted fully - converted net loss of $ 384.8 million or $ ( 3.19 ) per share , for the second quarter 2020 . Tom Nimbley , PBF Energy's Chairman and CEO , said , “ PBF's second quarter results reflect the improving demand environment . We operated our refineries at rates which were the highest since the onset of the pandemic . ” Mr. Nimbley continued , " Demand continued its gradual improvement but is still not at pre - pandemic levels . We expect , as demand incrementally improves , that we could see additional crude supply enter the market which could directionally shift current headwinds to tailwinds in the commodities market . As we anticipate this potential positive momentum shift , the independent refining sector continues to face headwinds as a result of escalating compliance costs under the RFS program . The Environmental Protection Agency needs to address the program because the RIN - bank will be fully depleted by early 2022 at current rates . " Mr. Nimbley concluded , “ Despite these recent challenges , we are confident that we have the operations , team and resources to overcome the current hurdles . We exited the second quarter with ample liquidity , including approximately $ 1.4 billion in cash , that we believe will support our business as market conditions improve . " 1