PBF Energy 2012 Annual Report Download - page 9

PART I
In this Annual Report on Form 10-K, unless the context otherwise requires, references to the “Company,”
“we,” “our,” “us” or “PBF” refer to PBF Energy Inc. (“PBF Energy”), and, in each case, unless the context
otherwise requires, its consolidated subsidiaries, including PBF Energy Company LLC (“PBF LLC”), PBF
Holding Company LLC (“PBF Holding”), PBF Investments LLC (“PBF Investments”), Toledo Refining
Company LLC (“Toledo Refining”), Paulsboro Refining Company LLC (“Paulsboro Refining”), and Delaware
City Refining Company LLC (“Delaware City Refining”). In this Annual Report on Form 10-K, we make certain
forward-looking statements, including statements regarding our plans, strategies, objectives, expectations,
intentions, and resources, under the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. You should read our forward-looking statements together with our disclosures under the heading:
“Cautionary Statement for the Purpose of Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995.” When considering forward-looking statements, you should keep in mind the risk factors and other
cautionary statements set forth in this Annual Report on Form 10-K under “Risk Factors” in Item 1A.
ITEM 1. BUSINESS
Overview
We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels,
heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our
products throughout the Northeast and Midwest of the United States, as well as in other regions of the United
States and Canada, and are able to ship products to other international destinations. We were formed in 2008 to
pursue acquisitions of crude oil refineries and downstream assets in North America. We currently own and
operate three domestic oil refineries and related assets, which we acquired in 2010 and 2011. Our refineries have
a combined processing capacity, known as throughput, of approximately 540,000 bpd, and a weighted average
Nelson Complexity Index of 11.3.
Our three refineries are located in Toledo, Ohio, Delaware City, Delaware and Paulsboro, New Jersey. Our
Midcontinent refinery at Toledo processes light, sweet crude, has a throughput capacity of 170,000 bpd and a
Nelson Complexity Index of 9.2. The majority of Toledo’s WTI based crude is delivered via pipelines that
originate in both Canada and the United States. Since our acquisition of Toledo in 2011, we have added
additional truck and rail crude unloading capabilities that provide feedstock sourcing flexibility for the refinery
and enables Toledo to run a more cost-advantaged crude slate. Our East Coast refineries at Delaware City and
Paulsboro have a combined refining capacity of 370,000 bpd and Nelson Complexity Indices of 11.3 and 13.2,
respectively. These high conversion refineries process primarily medium and heavy, sour crudes and have
historically received the bulk of their feedstock via ships and barges on the Delaware River. Importantly, in May
2012 we commenced crude shipments via rail into a newly developed crude rail unloading facility at our
Delaware City refinery. Currently, crude delivered to this facility is consumed at our Delaware City refinery. In
the future we plan to transport some of the crude delivered by rail from Delaware City via barge to our Paulsboro
refinery. The Delaware City rail unloading facility allows our East Coast refineries to source WTI based crudes
from Western Canada and the Midcontinent, which provides significant cost advantages versus traditional Brent
based international crudes.
PBF Energy, a Delaware corporation formed on November 7, 2011, is a holding company that manages its
consolidated subsidiary, PBF LLC. Our sole asset is a controlling equity interest as of December 31, 2012 of
approximately 24.4% of the outstanding Series A Units in PBF LLC as discussed more fully in “History” below.
Available Information.
Our website address is www.pbfenergy.com. Information contained on our website is not part of this Annual
Report on Form 10-K. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, and any other materials filed with (or furnished to) the Securities and Exchange Commission (SEC)
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