PBF Energy 2012 Annual Report Download - page 25

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“MSCG” refers to Morgan Stanley Capital Group Inc.
“MW” refers to Megawatt.
“Nelson Complexity Index” refers to the complexity of an oil refinery as measured by the Nelson
Complexity Index, which is calculated on an annual basis by the Oil and Gas Journal. The Nelson Complexity
Index assigns a complexity factor to each major piece of refinery equipment based on its complexity and cost in
comparison to crude distillation, which is assigned a complexity factor of 1.0. The complexity of each piece of
refinery equipment is then calculated by multiplying its complexity factor by its throughput ratio as a percentage
of crude distillation capacity. Adding up the complexity values assigned to each piece of equipment, including
crude distillation, determines a refinery’s complexity on the Nelson Complexity Index. A refinery with a
complexity of 10.0 on the Nelson Complexity Index is considered ten times more complex than crude distillation
for the same amount of throughput.
“NYH” refers to the New York Harbor market value of petroleum products.
“Platts” refers to Platts, a division of The McGraw-Hill Companies.
“PPM” refers to parts per million.
“refined products” refers to petroleum products, such as gasoline, diesel and jet fuel, that are produced by
a refinery.
“sour crude oil” refers to a crude oil that is relatively high in sulfur content, requiring additional processing
to remove the sulfur. Sour crude oil is typically less expensive than sweet crude oil.
“Sunoco” refers to Sunoco, Inc. (R&M).
“sweet crude oil” refers to a crude oil that is relatively low in sulfur content, requiring less processing to
remove the sulfur than sour crude oil. Sweet crude oil is typically more expensive than sour crude oil.
“Syncrude” refers to a blend of Canadian synthetic oil, a light, sweet crude oil, typically characterized by
an API gravity between 30° and 32° and a sulfur content of approximately 0.1-0.2 weight percent.
“throughput” refers to the volume processed through a unit or refinery.
“turnaround” refers to a periodically required shutdown and comprehensive maintenance event to
refurbish and maintain a refinery unit or units that involves the inspection of such units and occurs generally on a
periodic cycle.
“ULSD” refers to ultra-low-sulfur diesel.
“WCS” refers to Western Canadian Select, a heavy, sour crude oil blend typically characterized by an API
gravity between 20° and 22° and a sulfur content of approximately 3.5 weight percent that is used as a benchmark
for heavy Western Canadian crude oil.
“WTI” refers to West Texas Intermediate crude oil, a light, sweet crude oil, typically characterized by an
API gravity between 38° and 40° and a sulfur content of approximately 0.3 weight percent that is used as a
benchmark for other crude oils.
“WTS” refers to West Texas Sour crude oil, a sour crude oil characterized by an API gravity between 30°
and 33° and a sulfur content of approximately 1.28 weight percent that is used as a benchmark for other sour
crude oils.
“yield” refers to the percentage of refined products that is produced from crude oil and other feedstocks.
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