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3
PART I
This combined Annual Report on Form 10-K is filed by PBF Energy Inc. (“PBF Energy”), PBF
Holding Company LLC (“PBF Holding”) and PBF Finance Corporation ("PBF Finance"). Each Registrant
hereto is filing on its own behalf all of the information contained in this report that relates to such Registrant.
Each Registrant hereto is not filing any information that does not relate to such Registrant, and therefore makes
no representation as to any such information. PBF Energy is the sole managing member of, and owner of an
equity interest representing approximately 40.9% of the outstanding economic interests in, PBF Energy
Company LLC ("PBF LLC") as of December 31, 2013. PBF Holding is a wholly-owned subsidiary of PBF
LLC and PBF Finance is a wholly-owned subsidiary of PBF Holding. PBF Holding is the parent company for
PBF LLC's operating subsidiaries.
PBF Holding is an indirect subsidiary of PBF Energy, representing 100% of PBF Energy’s
consolidated revenue for the year ended December 31, 2013 and constituting 100% of PBF Energy’s revenue
generating assets as of December 31, 2013.
Unless the context indicates otherwise, the terms “we,” “us,” and “our” refer to both PBF Energy and
PBF Holding and consolidated subsidiaries, including PBF LLC, PBF Investments LLC (“PBF Investments”),
PBF Services Company LLC, PBF Power Marketing LLC, Toledo Refining Company LLC (“Toledo
Refining”), Paulsboro Natural Gas Pipeline Company LLC, Paulsboro Refining Company LLC (“Paulsboro
Refining”), Delaware Pipeline Company LLC, Delaware City Refining Company LLC (“Delaware City
Refining”), Delaware City Terminaling Company LLC, PBF Logistics GP LLC, PBF Logistics LP and PBF
Rail Logistics Company LLC. Discussions or areas of this report that either apply only to PBF Energy or PBF
Holding are clearly noted in such sections.
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
Mid-Continent 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.