PBF Energy 2012 Annual Report Download - page 24
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“downstream” refers to the downstream sector of the energy industry generally describing oil refineries,
marketing and distribution companies that refine crude oil and sell and distribute refined products. The opposite
of the downstream sector is the upstream sector, which refers to exploration and production companies that
search for and/or produce crude oil and natural gas underground or through drilling or exploratory wells.
“EPA” refers to the United States Environmental Protection Agency.
“ethanol” refers to a clear, colorless, flammable oxygenated liquid. Ethanol is typically produced
chemically from ethylene, or biologically from fermentation of various sugars from carbohydrates found in
agricultural crops and cellulosic residues from crops or wood. It is used in the United States as a gasoline octane
enhancer and oxygenate.
“feedstocks” refers to crude oil and partially refined petroleum products that are processed and blended into
refined products.
“FCC” refers to fluid catalytic cracking.
“FCU” refers to fluid coking unit.
“GHG” refers to greenhouse gas.
“Group I base oils or lubricants” refers to conventionally refined products characterized by a sulfur
content less than 0.03% with a viscosity index between 80 and 120. Typically, these products are used in a
variety of automotive and industrial applications.
“heavy crude oil” refers to a relatively inexpensive crude oil with a low API gravity characterized by high
relative density and viscosity. Heavy crude oils require greater levels of processing to produce high value
products such as gasoline and diesel.
“IPO” refers to the initial public offering of PBF Energy’s Class A common stock which closed on
December 18, 2012.
“KV” refers to Kilovolts.
“light crude oil” refers to a relatively expensive crude oil with a high API gravity characterized by low
relative density and viscosity. Light crude oils require lower levels of processing to produce high value products
such as gasoline and diesel.
“light products” refers to the group of refined products with lower boiling temperatures, including gasoline
and distillates.
“light-heavy differential” refers to the price difference between light crude oil and heavy crude oil.
“LPG” refers to liquefied petroleum gas.
“Maya” refers to Maya crude oil, a heavy, sour crude oil characterized by an API gravity of approximately 22°
and a sulfur content of approximately 3.3 weight percent that is used as a benchmark for other heavy crude oils.
“MLP” refers to master limited partnership.
“MMbbls” refers to an abbreviation for million barrels.
“MMBTU” refers to million British thermal units.
“MMSCFD” refers to million standard cubic feet per day.
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