PBF Energy 2012 Annual Report Download - page 65

The table below summarizes certain market indicators relating to our operating results as reported by Platts.
Year Ended December 31,
2012 2011 2010 (a)
(dollars per barrel, except as noted)
Dated Brent Crude ............................ $111.67 $111.26 $92.77
West Texas Intermediate (WTI) crude oil .......... $ 94.13 $ 95.04 $90.03
Crack Spreads ...............................
Dated Brent (NYH) 2-1-1 .................. $ 14.29 $ 9.93 $10.41
WTI (Chicago) 4-3-1 ...................... $ 27.13 $ 24.14 $10.30
Crude Oil Differentials ........................
Dated Brent (foreign) less WTI .............. $ 17.54 $ 16.22 $ 2.74
Dated Brent less Maya (heavy, sour) ......... $ 12.04 $ 12.63 $13.19
Dated Brent less WTS (sour) ............... $ 22.95 $ 18.28 $ 5.22
Dated Brent less ASCI (sour) ............... $ 4.97 $ 3.82 $ 2.55
WTI less WCS (heavy, sour) ................ $ 21.80 $ 15.63 $18.25
WTI less Bakken (light, sweet) .............. $ 5.77 $ (3.31) $ 2.96
WTI less Syncrude (light, sweet) ............ $ 0.96 $ (9.79) $ 1.43
Natural gas (dollars per MMBTU) ............... $ 2.83 $ 4.00 $ 4.17
Key Operating Information
Production (barrels per day in thousands) .......... 464.4 427.9 146.5
Crude oil and feedstocks throughput (barrels per day
in thousands) .............................. 463.2 429.4 143.8
Total crude oil and feedstocks throughput (millions
of barrels) ................................ 169.5 128.7 2.2
(a) Data is for the period from December 17, 2010 to December 31, 2010
2012 Compared to 2011
Overview—Net income was $804.0 million for the year ended December 31, 2012 compared to $242.7 for
the year ended December 31, 2011. Net income attributable to PBF Energy shareholders was $2.0 million, or
$.08 per share, for the year ended December 31, 2012. The net income attributable to PBF Energy shareholders
represents PBF Energy’s approximately 24.4% equity interest in PBF LLC’s pre-tax income, less applicable
income taxes, for the period from December 18, 2012, the date of the closing of its initial public offering,
through December 31, 2012. During the 2011 period, our results reflect twelve months of operations of our
Paulsboro refinery, ten months of operations of our Toledo refinery, which was acquired on March 1, 2011, and
three months of operations of our Delaware City refinery as it was fully operational in October 2011. Prior to
October 2011, we performed activities to turnaround, reconfigure and re-start our Delaware City Refinery. We
began restarting our Delaware City refinery in June 2011 and it was fully operational in October 2011.
During the year ended December 31, 2012, all three of our refineries were operating, although the Toledo
refinery was impacted by a thirty day turnaround of its hydrocracker, reformer and UDEX units which
commenced on March 9, 2012. Our results for the year ended December 31, 2012 were favorably impacted by
improved crack spreads despite the narrowing of the light/heavy crude differential which impacted our Paulsboro
and Delaware City refineries.
Revenues—Revenues totaled $20.1 billion for the year ended December 31, 2012 compared to $15.0 billion
for the year ended December 31, 2011, an increase of $5.2 billion, or 34.6%. The revenue increase primarily
relates to twelve months of operations of the Toledo refinery in 2012 compared to ten months in 2011 as a result
of its acquisition on March 1, 2011, and twelve months of operations of our Delaware City refinery in 2012,
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