Delaware | 001-36446 | 35-2470286 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Units Representing Limited Partner Interests | PBFX | New York Stock Exchange |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description |
PBF Logistics LP earnings press release, dated October 31, 2019. |
PBF Logistics LP | ||||
By: | PBF Logistics GP LLC, its general partner | |||
Date: | October 31, 2019 | By: | /s/ Erik Young | |
Erik Young Senior Vice President, Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | ||||
• | Third quarter net income attributable to the limited partners of $31.0 million, or $0.50 per common unit, EBITDA attributable to PBFX of $53.5 million and Adjusted EBITDA of $55.5 million |
• | Twentieth consecutive quarterly distribution increase to $0.5200 per unit, representing a 73% increase to the Partnership’s minimum quarterly distribution |
• | Maersk processing and storage agreement at East Coast Storage assets is underway |
• | the Partnership’s operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods; |
• | the ability of the Partnership’s assets to generate sufficient cash flow to make distributions to the Partnership’s unitholders; |
• | the Partnership’s ability to incur and service debt and fund capital expenditures; and |
• | the viability of acquisitions and other capital expenditure projects and the economic returns on various investment opportunities. |
• | our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods; |
• | the ability of our assets to generate sufficient cash flow to make distributions to our unitholders; |
• | our ability to incur and service debt and fund capital expenditures; and |
• | the viability of acquisitions and other capital expenditure projects and the economic returns on various investment opportunities. |
PBF LOGISTICS LP | ||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(Unaudited, in thousands, except unit and per unit data) | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Revenue (a): | ||||||||||||||||||||
Affiliate | $ | 78,026 | $ | 66,140 | $ | 224,014 | $ | 190,789 | ||||||||||||
Third-party | 8,351 | 4,416 | 23,958 | 12,606 | ||||||||||||||||
Total revenue | 86,377 | 70,556 | 247,972 | 203,395 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Operating and maintenance expenses (a) | 28,356 | 20,803 | 86,825 | 61,407 | ||||||||||||||||
General and administrative expenses | 4,552 | 4,725 | 18,142 | 15,504 | ||||||||||||||||
Depreciation and amortization | 9,079 | 7,451 | 26,654 | 21,185 | ||||||||||||||||
Total costs and expenses | 41,987 | 32,979 | 131,621 | 98,096 | ||||||||||||||||
Income from operations | 44,390 | 37,577 | 116,351 | 105,299 | ||||||||||||||||
Other expense: | ||||||||||||||||||||
Interest expense, net | (12,230 | ) | (10,070 | ) | (34,359 | ) | (29,684 | ) | ||||||||||||
Amortization of loan fees and debt premium | (444 | ) | (497 | ) | (1,339 | ) | (1,256 | ) | ||||||||||||
Accretion on discounted liabilities | (722 | ) | — | (2,255 | ) | — | ||||||||||||||
Net income | 30,994 | 27,010 | 78,398 | 74,359 | ||||||||||||||||
Less: Net loss attributable to Predecessor | — | (80 | ) | — | (2,443 | ) | ||||||||||||||
Less: Net income attributable to noncontrolling interest (g) | — | 4,725 | 7,881 | 13,110 | ||||||||||||||||
Net income attributable to the partners | 30,994 | 22,365 | 70,517 | 63,692 | ||||||||||||||||
Less: Net income attributable to the IDR holder (h) | — | 3,641 | — | 10,011 | ||||||||||||||||
Net income attributable to PBF Logistics LP unitholders | $ | 30,994 | $ | 18,724 | $ | 70,517 | $ | 53,681 | ||||||||||||
Net income per limited partner unit (i): | ||||||||||||||||||||
Common units - basic | $ | 0.50 | $ | 0.42 | $ | 1.23 | $ | 1.25 | ||||||||||||
Common units - diluted | 0.50 | 0.42 | 1.23 | 1.25 | ||||||||||||||||
Weighted-average limited partner units outstanding (i): | ||||||||||||||||||||
Common units - basic | 62,361,974 | 44,518,365 | 57,314,382 | 42,965,502 | ||||||||||||||||
Common units - diluted | 62,460,669 | 44,612,522 | 57,385,166 | 43,015,817 | ||||||||||||||||
Cash distribution declared per unit (e) | $ | 0.5200 | $ | 0.5000 | $ | 1.5450 | $ | 1.4850 | ||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | ||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||
KEY OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||||||
(Unaudited, amounts in thousands except as indicated) | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Transportation and Terminaling Segment | ||||||||||||||||||||
Terminals | ||||||||||||||||||||
Total throughput (barrels per day (“bpd”)) (b)(d) | 334,340 | 299,757 | 287,027 | 290,076 | ||||||||||||||||
Lease tank capacity (average lease capacity barrels per month) (d) | 2,088,044 | 1,713,988 | 2,229,890 | 1,970,347 | ||||||||||||||||
Pipelines | ||||||||||||||||||||
Total throughput (bpd) (b)(d) | 165,757 | 166,275 | 158,307 | 162,027 | ||||||||||||||||
Lease tank capacity (average lease capacity barrels per month) (d) | 1,388,849 | 1,548,747 | 1,355,645 | 1,553,509 | ||||||||||||||||
Storage Segment | ||||||||||||||||||||
Storage capacity reserved (average shell capacity barrels per month) (d) | 8,033,679 | 4,138,709 | 8,006,785 | 4,343,379 | ||||||||||||||||
Cash Flow Information: | ||||||||||||||||||||
Net cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 39,757 | $ | 52,255 | $ | 95,643 | $ | 117,582 | ||||||||||||
Investing activities | (8,028 | ) | (20,956 | ) | (23,180 | ) | (86,627 | ) | ||||||||||||
Financing activities | 849 | (32,958 | ) | (39,793 | ) | (32,597 | ) | |||||||||||||
Net change in cash | $ | 32,578 | $ | (1,659 | ) | $ | 32,670 | $ | (1,642 | ) | ||||||||||
Other Financial Information: | ||||||||||||||||||||
EBITDA attributable to PBFX (c) | $ | 53,469 | $ | 38,934 | $ | 132,825 | $ | 111,321 | ||||||||||||
Adjusted EBITDA (c) | $ | 55,451 | $ | 40,818 | $ | 146,744 | $ | 117,854 | ||||||||||||
Distributable cash flow (c) | $ | 39,538 | $ | 28,545 | $ | 99,074 | $ | 82,891 | ||||||||||||
Quarterly distribution declared per unit (e) | $ | 0.5200 | $ | 0.5000 | $ | 1.5450 | $ | 1.4850 | ||||||||||||
Distributions (e): | ||||||||||||||||||||
Common units | $ | 32,709 | $ | 23,028 | $ | 97,188 | $ | 66,792 | ||||||||||||
IDR holder - PBF LLC (h) | — | 3,641 | — | 10,011 | ||||||||||||||||
Total distributions | $ | 32,709 | $ | 26,669 | $ | 97,188 | $ | 76,803 | ||||||||||||
Coverage ratio (c) | 1.21x | 1.07x | 1.02x | 1.08x | ||||||||||||||||
Capital expenditures, including acquisitions | $ | 8,028 | $ | 20,956 | $ | 23,180 | $ | 86,627 | ||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
KEY OPERATING AND FINANCIAL INFORMATION (continued) | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
September 30, | December 31, | |||||||||||
Balance Sheet Information: | 2019 | 2018 | ||||||||||
Cash and cash equivalents (f) | $ | 52,578 | $ | 19,908 | ||||||||
Property, plant and equipment, net | 856,203 | 862,117 | ||||||||||
Total assets | 1,010,328 | 956,353 | ||||||||||
Total debt (f) | 801,663 | 673,324 | ||||||||||
Total liabilities | 903,193 | 763,163 | ||||||||||
Partners’ equity | 107,135 | 23,718 | ||||||||||
Noncontrolling interest (g) | — | 169,472 | ||||||||||
Total liabilities and equity | 1,010,328 | 956,353 | ||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | |||||||||||||||||||||
EARNINGS RELEASE TABLES | |||||||||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | |||||||||||||||||||||
TO EBITDA AND DISTRIBUTABLE CASH FLOW | |||||||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Reconciliation of net income to EBITDA and distributable cash flow (c): | |||||||||||||||||||||
Net income | $ | 30,994 | $ | 27,010 | $ | 78,398 | $ | 74,359 | |||||||||||||
Interest expense, net | 12,230 | 10,070 | 34,359 | 29,684 | |||||||||||||||||
Amortization of loan fees and debt premium | 444 | 497 | 1,339 | 1,256 | |||||||||||||||||
Accretion on discounted liabilities | 722 | — | 2,255 | — | |||||||||||||||||
Depreciation and amortization | 9,079 | 7,451 | 26,654 | 21,185 | |||||||||||||||||
EBITDA | 53,469 | 45,028 | 143,005 | 126,484 | |||||||||||||||||
Less: Predecessor EBITDA | — | (8 | ) | — | (2,051 | ) | |||||||||||||||
Less: Noncontrolling interest EBITDA (g) | — | 6,102 | 10,180 | 17,214 | |||||||||||||||||
EBITDA attributable to PBFX | 53,469 | 38,934 | 132,825 | 111,321 | |||||||||||||||||
Non-cash unit-based compensation expense | 1,271 | 1,052 | 5,622 | 4,549 | |||||||||||||||||
Cash interest | (12,334 | ) | (10,112 | ) | (34,760 | ) | (29,741 | ) | |||||||||||||
Maintenance capital expenditures attributable to PBFX | (2,868 | ) | (1,329 | ) | (4,613 | ) | (3,238 | ) | |||||||||||||
Distributable cash flow | $ | 39,538 | $ | 28,545 | $ | 99,074 | $ | 82,891 | |||||||||||||
Reconciliation of net cash provided by operating activities to EBITDA and distributable cash flow (c): | |||||||||||||||||||||
Net cash provided by operating activities | $ | 39,757 | $ | 52,255 | $ | 95,643 | $ | 117,582 | |||||||||||||
Change in operating assets and liabilities | 2,753 | (16,245 | ) | 18,625 | (16,233 | ) | |||||||||||||||
Interest expense, net | 12,230 | 10,070 | 34,359 | 29,684 | |||||||||||||||||
Non-cash unit-based compensation expense | (1,271 | ) | (1,052 | ) | (5,622 | ) | (4,549 | ) | |||||||||||||
EBITDA | 53,469 | 45,028 | 143,005 | 126,484 | |||||||||||||||||
Less: Predecessor EBITDA | — | (8 | ) | — | (2,051 | ) | |||||||||||||||
Less: Noncontrolling interest EBITDA (g) | — | 6,102 | 10,180 | 17,214 | |||||||||||||||||
EBITDA attributable to PBFX | 53,469 | 38,934 | 132,825 | 111,321 | |||||||||||||||||
Non-cash unit-based compensation expense | 1,271 | 1,052 | 5,622 | 4,549 | |||||||||||||||||
Cash interest | (12,334 | ) | (10,112 | ) | (34,760 | ) | (29,741 | ) | |||||||||||||
Maintenance capital expenditures attributable to PBFX | (2,868 | ) | (1,329 | ) | (4,613 | ) | (3,238 | ) | |||||||||||||
Distributable cash flow | $ | 39,538 | $ | 28,545 | $ | 99,074 | $ | 82,891 | |||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | |||||||||||||||||||||
EARNINGS RELEASE TABLES | |||||||||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | |||||||||||||||||||||
TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Reconciliation of net income to EBITDA and Adjusted EBITDA (c): | |||||||||||||||||||||
Net income | $ | 30,994 | $ | 27,010 | $ | 78,398 | $ | 74,359 | |||||||||||||
Interest expense, net | 12,230 | 10,070 | 34,359 | 29,684 | |||||||||||||||||
Amortization of loan fees and debt premium | 444 | 497 | 1,339 | 1,256 | |||||||||||||||||
Accretion on discounted liabilities | 722 | — | 2,255 | — | |||||||||||||||||
Depreciation and amortization | 9,079 | 7,451 | 26,654 | 21,185 | |||||||||||||||||
EBITDA | 53,469 | 45,028 | 143,005 | 126,484 | |||||||||||||||||
Less: Predecessor EBITDA | — | (8 | ) | — | (2,051 | ) | |||||||||||||||
Less: Noncontrolling interest EBITDA (g) | — | 6,102 | 10,180 | 17,214 | |||||||||||||||||
EBITDA attributable to PBFX | 53,469 | 38,934 | 132,825 | 111,321 | |||||||||||||||||
Acquisition and transaction costs | 281 | 832 | 3,389 | 1,984 | |||||||||||||||||
Non-cash unit-based compensation expense | 1,271 | 1,052 | 5,622 | 4,549 | |||||||||||||||||
East Coast Terminals environmental remediation costs | 430 | — | 4,026 | — | |||||||||||||||||
PNGPC tariff true-up adjustment | — | — | 882 | — | |||||||||||||||||
Adjusted EBITDA | $ | 55,451 | $ | 40,818 | $ | 146,744 | $ | 117,854 | |||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | ||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||
SEGMENT FINANCIAL INFORMATION | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||
Total revenue (a) | $ | 73,269 | $ | 13,108 | $ | — | $ | 86,377 | ||||||||
Depreciation and amortization | 7,051 | 2,028 | — | 9,079 | ||||||||||||
Income (loss) from operations | 43,596 | 5,346 | (4,552 | ) | 44,390 | |||||||||||
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities | — | — | 13,396 | 13,396 | ||||||||||||
Capital expenditures | 2,781 | 5,247 | — | 8,028 | ||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||
Total revenue (a) | $ | 64,011 | $ | 6,545 | $ | — | $ | 70,556 | ||||||||
Depreciation and amortization | 6,524 | 927 | — | 7,451 | ||||||||||||
Income (loss) from operations | 38,599 | 3,703 | (4,725 | ) | 37,577 | |||||||||||
Interest expense, net and amortization of loan fees and debt premium | — | — | 10,567 | 10,567 | ||||||||||||
Capital expenditures | 20,199 | 757 | — | 20,956 | ||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||
Total revenue (a) | $ | 208,884 | $ | 39,088 | $ | — | $ | 247,972 | ||||||||
Depreciation and amortization | 20,831 | 5,823 | — | 26,654 | ||||||||||||
Income (loss) from operations | 120,676 | 13,817 | (18,142 | ) | 116,351 | |||||||||||
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities | — | — | 37,953 | 37,953 | ||||||||||||
Capital expenditures | 15,014 | 8,166 | — | 23,180 | ||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||
Total revenue (a) | $ | 182,815 | $ | 20,580 | $ | — | $ | 203,395 | ||||||||
Depreciation and amortization | 18,408 | 2,777 | — | 21,185 | ||||||||||||
Income (loss) from operations | 109,059 | 11,744 | (15,504 | ) | 105,299 | |||||||||||
Interest expense, net and amortization of loan fees and debt premium | — | — | 30,940 | 30,940 | ||||||||||||
Capital expenditures, including the Knoxville Terminals Purchase | 85,782 | 845 | — | 86,627 | ||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | ||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||
SEGMENT FINANCIAL INFORMATION (continued) | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Balance at September 30, 2019 | ||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||
Total assets | $ | 735,489 | $ | 225,921 | $ | 48,918 | $ | 1,010,328 | ||||||||
Balance at December 31, 2018 | ||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||
Total assets | $ | 731,505 | $ | 219,326 | $ | 5,522 | $ | 956,353 | ||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | |||||||||||
EARNINGS RELEASE TABLES | |||||||||||
FOOTNOTES TO EARNINGS RELEASE TABLES | |||||||||||
(Unaudited, in thousands, except per unit data) | |||||||||||
(a) | See discussion of the factors affecting comparability noted on page 4. Our results of operations may not be comparable to the historical results of operations for the reasons described below: Revenue - On May 31, 2019, we closed the TVPC Acquisition in which we acquired the remaining 50% equity interest in TVPC. As such, we now own 100% of the equity interest in TVPC and no longer record a noncontrolling interest related to our ownership of TVPC. On October 1, 2018, we closed the East Coast Storage Assets Acquisition, which was accounted for as a business combination. As such, there was no revenue associated with the East Coast Storage Assets prior to our acquisition. On July 31, 2018, we closed the Development Assets Acquisition with PBF LLC. Commercial agreements with PBF Holding for the Development Assets commenced subsequent to our acquisition, with the exception of an existing commercial agreement associated with the Paulsboro Lube Oil Terminal. On April 16, 2018, our wholly-owned subsidiary, PLPT, closed the Knoxville Terminals Purchase, which was accounted for as a business combination. As such, there was no revenue associated with the Knoxville Terminals prior to our acquisition. Operating and maintenance expenses - As a result of our acquisitions and the completion of certain organic growth projects, our operating expenses are not comparative to prior periods due to expenses associated with these assets. | ||||||||||
(b) | Calculated as the sum of the average throughput per day for each asset group for the periods presented. | ||||||||||
(c) | See “Non-GAAP Financial Measures” on page 5 for definitions of EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA, distributable cash flow and coverage ratio. | ||||||||||
(d) | Operating information reflects activity subsequent to our acquisitions, the execution of the commercial agreements with PBF Holding and the completion of certain organic growth projects. | ||||||||||
(e) | On October 31, 2019, we announced a quarterly cash distribution of $0.5200 per limited partner unit based on the results of the third quarter of 2019. The distribution is payable on November 26, 2019 to PBFX unitholders of record at the close of business on November 14, 2019. The total distribution amounts include the expected distributions to be made related to third quarter earnings. | ||||||||||
(f) | Management also utilizes net debt as a metric in assessing our leverage. Net debt is a non-GAAP measure calculated by subtracting cash and cash equivalents from total debt. We believe this measurement is also useful to investors since we have the ability to, and may decide to, use a portion of our cash and cash equivalents to retire or pay down our debt. This non-GAAP financial measure should not be considered in isolation or as a substitute for analysis of our debt levels as reported under GAAP. Our definition of net debt may not be comparable to similarly titled measures of other partnerships, because it may be defined differently by other partnerships in our industry, thereby limiting its utility. Our net debt as of September 30, 2019 and December 31, 2018 was $749,085 and $653,416, respectively. | ||||||||||
(g) | Prior to the TVPC Acquisition, our wholly-owned subsidiary, PBFX Operating Company LLC (“PBFX Op Co”), held a 50% controlling equity interest in TVPC, with the other 50% equity interest in TVPC owned by TVP Holding, a subsidiary of PBF Holding. PBFX Op Co was the sole managing member of TVPC. We, through our ownership of PBFX Op Co, consolidated the financial results of TVPC and recorded a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations included the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets included the portion of net assets of TVPC attributable to TVP Holding. Subsequent to the TVPC Acquisition, we own 100% of the equity interest in TVPC and no longer record a noncontrolling interest related to TVPC. | ||||||||||
(h) | Subsequent to the closing of the IDR Restructuring, the IDRs were canceled and exchanged for 10,000,000 newly issued PBFX common units. No distributions were made to PBF LLC with respect to the IDRs for the three or nine months ended September 30, 2019, and the newly issued PBFX common units are entitled to normal distributions. | ||||||||||
(i) | We base our calculation of net income per limited partner unit on the weighted-average number of limited partner units outstanding during the period and the amount of available cash that has been, or will be, distributed to the limited partners and IDR holders (prior to the IDR Restructuring) for that reporting period. |
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