PBF Energy 2012 Annual Report Download - page 11
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The diagram below depicts our organizational structure as of December 31, 2012:
The Pre-IPO
Owners of
PBF LLC and
Management
72,972,131
PBF LLC Series A
41 Shares of
Class B common stock
Investors
PBF Energy Inc.
PBF Energy
Company LLC
(PBF LLC)
PBF Holding
Company LLC
(PBF Holding)
Operating
Subsidiaries
• Represents 75.6% of
the total economic
interest of PBF LLC
• Not publicly traded
• Voting rights only
• 75.6% of voting power in
PBF Energy
• One vote for each PBF
LLC Series A Unit held by
such holder
23,571,221 shares of
Class A common stock
• 24.4% of voting power in
PBF Energy
• 100% of economic
interests in PBF Energy
• No voting rights
• Economic rights only
• Exchangeable on
one-for-one basis for
shares of Class A
common stock
• Certain of the PBF LLC
Series A Units share
profits with the PBF
LLC Series B Units
PBF LLC Series B
Units
• Are profits interests
• Share in varying
percentages in the profits
of the existing owners,
including the right to receive
shares of Class A common stock
• Held solely by our
executive officers
• No voting rights
PBF LLC Series C Units
Sole Managing Member and 23,571,221
•
Represents 24.4% of the total
economic interest of PBF LLC
•
Number of PBF LLC Series C
Units held equals number of shares
of Class A common stock
outstanding
• 100% management power in PBF LLC
• ABL Revolving Credit Facility
• Senior Secured Notes due 2020
• Do not share with the PBF LLC
Series B Units
Units
Recent Developments
In May 2012 we commenced crude shipments via rail into a newly developed crude rail unloading facility at
our Delaware City refinery. In February 2013, we completed a second crude unloading facility at the refinery that
increased our rail crude unloading capacity at Delaware City from 40,000 barrels per day (“bpd”) to 110,000 bpd,
comprised of 40,000 bpd of heavy crude oil and 70,000 bpd of light crude oil. The Delaware City rail unloading
facility allows our East Coast refineries to source WTI based crudes from Western Canada and the Midcontinent,
which provides significant cost advantages versus traditional Brent based international crudes. Also in February
2013, our board of directors approved a project to add an additional 40,000 bpd of heavy crude rail
unloading capability at the refinery. The project is expected to cost approximately $50 million and to be
completed in the fourth quarter of 2013. Completion of the project will increase our discharge capacity of heavy
crude oil from 40,000 bpd to 80,000 bpd and bring the total rail crude unloading capability up to 150,000 bpd.
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