May 5, 2017 [OPIS] - PBF Energy reported first quarter 2017 income from operations compared with a loss for the same period a year ago, but the company was only able to trim its net loss marginally.
PBF is expected to boost its second-quarter refinery utilization in the Northeast, Midwest and Gulf Coast compared with the first quarter, but the West Coast production will be lower due to an ongoing turnaround at its Torrance refinery. The Torrance refinery turnaround is expected to conclude at the end of June, the company said.
First quarter 2017 income from operations was $0.7 million as compared to a net loss from operations of $5.4 million for the first quarter of 2016.
Excluding special items, first quarter 2017 income from operations was $16.7 million as compared to a loss from operations of $64.5 million for the first quarter of 2016. Special items in the first quarter 2017 results include a net, non-cash, after-tax loss of $9.7 million, or $0.09 per share, lower-of-cost-or-market (LCM) inventory adjustment which decreased operating income.
The company reported a first quarter 2017 net loss of $20.0 million, and a net loss attributable to PBF Energy of $31.1 million or $0.29 per share. This compares to a net loss of $23.3 million, and a net loss attributable to PBF Energy of $29.4 million or $0.30 per share for the first quarter 2016.
Adjusted fully converted net loss for the first quarter 2017, excluding special items, was $22.7 million, or $0.20 per share on a fully exchanged, fully diluted basis, compared to an adjusted fully converted net loss of $66.5 million, or $0.65 per share, for the first quarter 2016.
PBF’s financial results reflect the consolidation of PBF Logistics.
Tom Nimbley, PBF’s CEO, said, “Operationally, we successfully executed PBF’s first turnaround at Chalmette during the first quarter. In April, we finished our turnaround at Delaware City and commenced the Torrance turnarounds, which are scheduled for completion by the end of June. We are making significant investments in our refining system which should result in improved operating performance and reliability and this was demonstrated by Chalmette’s first quarter results.”
For the second quarter 2017, PBF’s East Coast total throughput to average 320,000 to 340,000 b/d, compared with 317,000 b/d in the first quarter.
Midcontinent total throughput is expected to average 150,000 to 160,000 b/d, up from 126,000 b/d in the first quarter.
Gulf Coast total throughput is expected to average 175,000 to 185,000 b/d, up from 162,7000 b/d in the first quarter.
West Coast total throughput is expected to average 110,000 to 120,000 b/d, down from 136,000 b/d in the first quarter.
For the full-year 2017, PBF expects East Coast total throughput to average 325,000 to 345,000 b/d; Midcontinent total throughput is expected to average 145,000 to 155,000 b/d; Gulf Coast total throughput is expected to average 170,000 to 180,000 b/d and West Coast total throughput is expected to average 140,000 to 150,000 b/d.
PBF is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio.
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