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QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA
(unaudited, in thousands)
The following table summarizes quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts).
 
 
 
2016 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
Revenues
 
$
2,800,185

 
$
3,858,467

 
$
4,513,204

 
$
4,748,568

(Loss) income from operations
 
(5,424
)
 
234,770

 
129,710

 
139,827

Net (loss) income
 
(23,336
)
 
120,648

 
56,444

 
71,762

Net (loss) income attributable to PBF Energy Inc. stockholders
 
(29,388
)
 
103,530

 
42,111

 
54,558

(Loss) earnings per common share - assuming dilution
 
$
(0.30
)
 
$
1.06

 
$
0.43

 
$
0.54

 
 
 
2015 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31 
Revenues
 
$
2,995,136

 
$
3,550,664

 
$
3,217,640

 
$
3,360,489

Income (loss) from operations
 
172,410

 
273,796

 
92,267

 
(178,362
)
Net income (loss)
 
103,119

 
158,460

 
55,495

 
(121,541
)
Net income (loss) attributable to PBF Energy Inc. stockholders
 
87,321

 
135,810

 
42,799

 
(119,529
)
Earnings (loss) per common share -assuming dilution
 
$
1.00

 
$
1.57

 
$
0.49

 
$
(1.24
)


During the three months ended December 31, 2016, the Company recorded an adjustment to the lower of cost or market which resulted in a net pre-tax income impact of $200,515 reflecting the change in the lower of cost or market inventory reserve from $796,503 at September 30, 2016 to approximately $595,988 at December 31, 2016. During the three months ended December 31, 2015, the Company recorded an adjustment to the lower of cost or market which resulted in a net pre-tax income impact of $346,100 reflecting the change in the lower of cost or market inventory reserve from $771,300 at September 30, 2015 to approximately $1,117,300 at December 31, 2015.