PBF Energy 2012 Annual Report Download - page 54

PAULSBORO REFINING BUSINESS—PBF LLC’S PREDECESSOR
Period from
January 1,
2010 through
December 16,
2010
Year Ended December 31,
2009 2008
(in thousands)
Statement of operations data:
Operating revenues (1) ..................................... $4,708,989 $3,549,517 $6,448,379
Cost and expenses:
Cost of sales (2) ........................................ 4,487,825 3,419,460 5,718,685
Operating expenses ..................................... 259,768 266,319 317,093
General and administrative expenses (3) ..................... 14,606 15,594 15,619
Asset impairment loss ................................... 895,642 8,478 705
Depreciation and amortization expense ...................... 66,361 65,103 56,634
Total costs and expenses ............................ 5,724,202 3,774,954 6,108,736
Operating income (loss) ...................................... (1,015,213) (225,437) 339,643
Interest and other income and expense, net ....................... 500 1,249 551
Income (loss) before income tax expense (benefit) ................. (1,014,713) (224,188) 340,194
Income tax expense (benefit) (4) ............................... (322,962) (86,586) 131,445
Net income (loss) .......................................... $ (691,751) $ (137,602) $ 208,749
Balance sheet data (at end of period):
Total assets ................................................ $ 510,205 $1,440,557 $1,434,980
Total liabilities ............................................. 42,582 357,289 392,099
Net parent investment ....................................... 467,623 1,083,268 1,042,881
Selected financial data:
Capital expenditures ......................................... $ 20,122 $ 96,754 $ 198,647
(1) Operating revenues consist of refined products sold from Paulsboro to Valero that were recorded at
intercompany transfer prices, which were market prices adjusted by quality, location, and other
differentials on the date of the sale.
(2) Cost of sales consist of the cost of feedstock acquired for processing, including transportation costs to
deliver the feedstock to Paulsboro. Purchases of feedstock by Paulsboro from Valero were recorded at
the cost paid to independent third parties by Valero.
(3) General and administrative expenses include allocations and estimates of general and administrative
costs of Valero that were attributable to the operations of Paulsboro.
(4) The income tax provision represented the current and deferred income taxes that would have resulted if
Paulsboro were a stand-alone taxable entity filing its own income tax returns. Accordingly, the
calculations of current and deferred income tax provision require certain assumptions, allocations, and
estimates that Paulsboro management believed were reasonable to reflect the tax reporting for
Paulsboro as a stand-alone taxpayer.
46