PBF Energy 2012 Annual Report Download - page 114

PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
3 - ACQUISITIONS (Continued)
Toledo Acquisition (Continued)
The Company’s consolidated financial statements for the years ended December 31, 2012 and 2011 include the
results of operations of the Toledo refinery since March 1, 2011. The actual results for the Toledo refinery for the
period from March 1, 2011 to December 31, 2011, are shown below. The revenues and net income of the
Company assuming the acquisition had occurred on January 1, 2010, are shown below on a pro forma basis. The
pro forma information does not purport to present what the Company’s actual results would have been had the
acquisition occurred on January 1, 2010, nor is the financial information indicative of the results of future
operations. The unaudited pro forma financial information includes the depreciation and amortization expense
related to the acquisition and interest expense associated with the Toledo acquisition financing.
Revenues Net Income
Actual results for March 1, 2011 to December 31,
2011 ..................................... $ 6,113,055 $489,243
Supplemental pro forma for January 1, 2011 to
December 31, 2011 ......................... $15,961,529 $328,142
Supplemental pro forma for January 1, 2010 to
December 31, 2010 ......................... $10,251,394 $ (53,199)
Paulsboro Refinery Acquisition
In September 2010, subsidiaries of the Company entered into two stock purchase agreements with subsidiaries of
Valero Energy Corporation (“Valero”) to acquire its Paulsboro, New Jersey refining business. The purchase price
of $364,911 included $357,657 for the refinery, which has a crude oil throughput capacity of 180,000 barrels per
day, and an associated natural gas pipeline and $7,254 in net working capital. The acquisition was completed on
December 17, 2010 and financed with $204,911 in cash, and the issuance of a $160,000 promissory note with
Valero. The note was repaid in full in February 2012.
The acquisition was accounted for as a business combination. The purchase price was allocated to the assets
acquired and liabilities assumed based on their estimated fair values. The following summarizes the estimated
fair values of the assets and liabilities at the acquisition date:
Allocation
Restricted cash .................................... $ 12,122
Current assets ..................................... 27,990
Land ............................................ 25,185
Property, plant and equipment ........................ 256,100
Construction in progress ............................. 62,298
Other assets ...................................... 14,074
Current liabilities .................................. (12,932)
Environmental liabilities ............................ (12,653)
Post retirement benefit obligation ..................... (7,273)
Purchase price, excluding inventory ............... $364,911
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