SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining or Logistics segments are included in Corporate. Intersegment transactions are eliminated in the Condensed Consolidated Financial Statements and are included in the Eliminations column below.

Refining

The Company’s Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico, and is able to ship products to other international destinations.

Logistics

The Company’s Logistics segment is comprised of PBFX, a publicly-traded MLP, formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX’s assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company’s refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenues and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments.

The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment’s revenues include intersegment transactions with the Company’s Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Company’s business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refining segment’s operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes.

Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivable and other assets directly associated with the segment’s operations. Corporate assets consist primarily of non-operating property, plant and equipment and other assets not directly related to the Company’s refinery or logistics operations.

Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the three and six months ended June 30, 2021 and June 30, 2020 are presented below. In connection with certain contributions by PBF LLC to PBFX, the accompanying segment information is retrospectively adjusted to include the historical results of those assets in the Logistics segment for all periods presented prior to such contributions, as applicable.

	Three Months Ended June 30, 2021
PBF Energy - (in millions)	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	6,883.2	$	89.8	$	—	$	(75.1)	$	6,897.9
Depreciation and amortization expense	102.3		9.3		3.3		—		114.9
Income (loss) from operations	146.8		47.8		(47.1)		—		147.5
Interest expense, net	1.7		10.7		68.4		—		80.8
Capital expenditures	75.2		2.2		1.7		—		79.1
	Three Months Ended June 30, 2020
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	2,499.1	$	89.2	$	—	$	(72.5)	$	2,515.8
Depreciation and amortization expense	111.1		11.2		2.8		—		125.1
Income (loss) from operations	614.6		50.1		(43.9)		—		620.8
Interest expense, net	0.7		12.7		52.1		—		65.5
Capital expenditures	143.8		1.8		2.2		—		147.8
	Six Months Ended June 30, 2021
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	11,796.4	$	177.3	$	—	$	(151.0)	$	11,822.7
Depreciation and amortization expense	207.0		18.7		6.7		—		232.4
Income (loss) from operations	232.7		95.7		(123.2)		—		205.2
Interest expense, net	3.5		21.4		136.2		—		161.1
Capital expenditures	133.3		3.5		2.8		—		139.6
	Six Months Ended June 30, 2020
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	7,759.1	$	182.2	$	—	$	(148.0)	$	7,793.3
Depreciation and amortization expense	216.5		22.5		5.7		—		244.7
Income (loss) from operations	(771.8)		97.8		(72.0)		—		(746.0)
Interest expense, net	1.5		25.5		87.7		—		114.7
Capital expenditures (1)	1,447.9		7.9		7.2		—		1,463.0

	Balance at June 30, 2021
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Total assets	$	10,741.4	$	918.7	$	54.4	$	(60.3)	$	11,654.2
	Balance at December 31, 2020
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Total assets	$	9,565.0	$	933.6	$	54.4	$	(53.2)	$	10,499.8

	Three Months Ended June 30, 2021
PBF LLC - (in millions)	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	6,883.2	$	89.8	$	—	$	(75.1)	$	6,897.9
Depreciation and amortization expense	102.3		9.3		3.3		—		114.9
Income (loss) from operations	146.8		47.8		(46.2)		—		148.4
Interest expense, net	1.7		10.7		70.8		—		83.2
Capital expenditures	75.2		2.2		1.7		—		79.1
	Three Months Ended June 30, 2020
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	2,499.1	$	89.2	$	—	$	(72.5)	$	2,515.8
Depreciation and amortization expense	111.1		11.2		2.8		—		125.1
Income (loss) from operations	614.6		50.1		(43.6)		—		621.1
Interest expense, net	0.7		12.7		54.7		—		68.1
Capital expenditures	143.8		1.8		2.2		—		147.8
	Six Months Ended June 30, 2021
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	11,796.4	$	177.3	$	—	$	(151.0)	$	11,822.7
Depreciation and amortization expense	207.0		18.7		6.7		—		232.4
Income (loss) from operations	232.7		95.7		(122.0)		—		206.4
Interest expense, net	3.5		21.4		141.2		—		166.1
Capital expenditures	133.3		3.5		2.8		—		139.6
	Six Months Ended June 30, 2020
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Revenues	$	7,759.1	$	182.2	$	—	$	(148.0)	$	7,793.3
Depreciation and amortization expense	216.5		22.5		5.7		—		244.7
Income (loss) from operations	(771.8)		97.8		(71.7)		—		(745.7)
Interest expense, net	1.5		25.5		92.8		—		119.8
Capital expenditures (1)	1,447.9		7.9		7.2		—		1,463.0

	Balance at June 30, 2021
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Total assets	$	10,741.4	$	918.7	$	52.2	$	(60.3)	$	11,652.0
	Balance at December 31, 2020
	Refining		Logistics		Corporate		Eliminations		Consolidated Total
Total assets	$	9,565.0	$	933.6	$	52.3	$	(53.2)	$	10,497.7

_____________________________

(1)    The Refining segment includes capital expenditures of $1,176.2 million for the acquisition of the Martinez refinery in the first quarter of 2020.