PBF Energy 2012 Annual Report Download - page 116

Download and view the complete annual report

Please find page 116 of the 2012 PBF Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 180

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180

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)
Delaware City Acquisition (Continued)
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. This unaudited pro
forma financial information includes depreciation and amortization expense related to the acquisition and interest
expense associated with the Paulsboro acquisition financing. In addition, the 2010 unaudited supplementary pro
forma loss was adjusted to exclude an $895,642 nonrecurring charge related to the impairment of refinery assets
recorded in conjunction with the sale of Paulsboro to the Company.
Revenues Net Loss
Actual results for December 17, 2010 to December 31,
2010 ...................................... $ 205,997 $ (10,606)
Supplemental pro forma for January 1, 2010 to
December 31, 2010 .......................... $4,919,660 $(128,890)
Acquisition Expenses
The Company incurred $0, $728, and $6,051 and during 2012, 2011 and 2010, respectively, for consulting and
legal expenses related to acquisitions and non-consummated acquisitions.
4 - INVENTORIES
Inventories consisted of the following:
December 31, 2012
Titled
Inventory
Inventory
Supply and
Offtake
Arrangements Total
Crude oil and feedstocks .................... $384,441 $257,947 $ 642,388
Refined products and blendstocks ............. 405,545 417,865 823,410
Warehouse stock and other .................. 31,321 — 31,321
$821,307 $675,812 $1,497,119
December 31, 2011
Titled
Inventory
Inventory
Supply and
Offtake
Arrangements Total
Crude oil and feedstocks .................... $369,377 $317,652 $ 687,029
Refined products and blendstocks ............. 384,902 419,613 804,515
Warehouse stock and other .................. 25,183 — 25,183
$779,462 $737,265 $1,516,727
Inventory under inventory supply and offtake arrangements includes crude oil stored at the Company’s Paulsboro
and Delaware City refineries’ storage facilities that the Company will purchase as it is consumed in connection
F-24