PBF Energy 2012 Annual Report Download - page 73

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Period from
January 1, 2010
through
December 16, 2010
Market Indicators (a)
(dollars per barrel, except as noted)
Dated Brent crude oil .......................................................... $79.01
West Texas Intermediate (WTI) crude oil ........................................... $79.01
Crack Spreads
Dated Brent (NYH) 2-1-1 ................................................... $ 9.40
WTI (Chicago) 4-3-1 ....................................................... $ 8.92
Crude Oil Differentials
Dated Brent (foreign) less WTI ............................................... $ 0.00
Dated Brent less Maya (heavy, sour) .......................................... $ 9.20
Dated Brent less WTS (sour) ................................................. $ 2.13
Dated Brent less ASCI (sour) ................................................ $ 1.59
WTI less WCS (heavy, sour) ................................................. $13.61
WTI less Bakken (light, sweet) ............................................... $ 3.13
WTI less Syncrude (light, sweet) ............................................. $(0.17)
Natural gas (dollars per MMBTU) ................................................ $ 4.39
Key Operating Information
Production (barrels per day in thousands) ........................................... 153.0
Crude oil and feedstocks throughput (barrels per day in thousands) ...................... 154.0
Total crude oil and feedstocks throughput (millions of barrels) .......................... 53.9
(a) As reported by Platts.
Period from January 1, 2010 through December 16, 2010
Overview—Net loss was $691.8 million in the period from January 1, 2010 through December 16, 2010,
driven primarily by the $895.6 million impairment charge discussed below. Excluding the charge, the pretax loss
would have been $119.1 million. The operating loss resulted from narrow margins on refined products and high
operating costs to maintain the refinery.
Operating Revenues—Operating revenues totaled $4.7 billion in the 2010 period based on an average
throughput rate of 154,000 bpd and average revenue of $87.37 per barrel.
Cost of Sales—Cost of sales totaled $4.5 billion in the 2010 period. Gross margin per barrel averaged $4.10
in 2010.
Expenses—Operating expenses totaled $259.8 million or $4.82 per barrel. General and administrative
expenses totaled $14.6 million in the 2010 period.
Asset impairment Loss—Asset impairment loss totaled $895.6 million due to the write-down of assets to
their fair value in connection with the sale of the refinery to PBF.
Depreciation and Amortization Expense—Depreciation and amortization expense totaled $66.4 million in
the 2010 period.
Interest and Other Income and expense—Interest and other income totaled $0.5 million in the 2010 period
mainly attributable to the reversal of tax related accruals that were reversed upon expiration of the statutory audit
period in 2010.
Income Tax Expense (Benefit)—Income tax benefit totaled $323.0 million in the 2010 period due to the pre-
tax loss in 2010.
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