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EX - 99.1 2 a991pressreleaseq3-21.htm EX - 99.1 PBF Energy • • . PBF Energy Announces Third Quarter 2021 Results Third quarter income from operations of $ 100.9 million ( excluding special items , third quarter income from operations of $ 101.0 million ) Repurchased a combined $ 229 million of principal amount of unsecured notes , a 13 % reduction of the total PBF Holding unsecured notes outstanding Year - to - date consolidated debt reduced by over $ 300 million through note repurchases and continued deleveraging at PBF Logistics LP Third quarter consolidated ending cash balance of approximately $ 1.5 billion PARSIPPANY , NJ - October 28 , 2021 - PBF Energy Inc. ( NYSE : PBF ) today reported third quarter 2021 income from operations of $ 100.9 million as compared to loss from operations of $ 342.7 million for the third quarter of 2020. Excluding special items , third quarter 2021 income from operations was $ 101.0 million as compared to a loss from operations of $ 374.2 million for the third 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 third quarter 2021 net income of $ 78.7 million and net income attributable to PBF Energy Inc. of $ 59.1 million or $ 0.49 per share . This compares to net loss of $ 397.8 million , and net loss attributable to PBF Energy Inc. of $ 417.2 million or $ ( 3.49 ) per share for the third quarter 2020. Non - cash special items included in the third quarter 2021 results , which increased net income by a net , after - tax benefit of $ 45.6 million , or $ 0.37 per share , consisted of a gain on extinguishment of debt related to the repurchase of a portion of the outstanding unsecured notes , a net tax benefit on remeasurement of deferred tax assets , and change in fair value of the contingent consideration associated with earn - out provisions related to both the Martinez Acquisition and PBFX CPI Operations LLC acquisition . Adjusted fully - converted net income for the third quarter 2021 , excluding special items , was $ 14.0 million , or $ 0.12 per share on a fully - exchanged , fully - diluted basis , as described below , compared to adjusted fully - converted net loss of $ 346.6 million or $ ( 2.87 ) per share , for the third quarter 2020 . Tom Nimbley , PBF Energy's Chairman and CEO , said , “ PBF's third quarter results reflect both the improving demand environment , as well as the continuing challenges facing our industry . During the quarter we successfully executed a significant turnaround at Torrance , conducted unplanned maintenance at Toledo and managed to navigate the turmoil delivered by Hurricane Ida on the Gulf Coast . Our Chalmette refining team safely brought the refinery down in advance of the storm . As a result , we experienced very little damage and were able to quickly resume operations after restoring power to the plant . We are very proud of the way our Chalmette team performed , even as many employees were dealing with their own storm - related hardships . ”