PBF Energy 2013 Annual Report Download - page 12

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5
PBF Energy consolidates the financial results of PBF LLC and its subsidiaries and records a noncontrolling
interest in its consolidated financial statements representing the economic interests of the members of PBF LLC
other than PBF Energy. PBF LLC is PBF Energy’s predecessor for accounting purposes. Our financial statements
and results of operations for periods prior to the completion of our initial public offering are those of PBF LLC.
See “Item 1A. Risk Factors” and “Item 13. Certain Relationships and Related Transactions, and Director
Independence.”
The diagram below depicts our organizational structure as of December 31, 2013:
Blackstone,
First Reserve
and
Management
Public
Stockholders
Shares of Class B common stock
•Voting rights only
•One vote for each PBF
Class A common stock
•40.9% of voting power
in PBF Energy
•100% of economic
interests in PBF Energy
LLC Series A Unit held by
such holder
•59.1% of voting power in
PBF Energy Inc.
PBF LLC
Series A Units
•Represents 59.1% of
the total economic
interest of PBF LLC
•Not publicly traded
PBF Energy Inc.
(NYSE: PBF)
(PBF Energy)
•Not publicly traded
•No voting rights
•Economic rights only
•Exchangeable on
one-for-one basis for
shares of our Class A
common stock
•PBF LLC Series A
Units held by the
PBF LLC Series B Units
•Are profits interests
•Share in varying percentages
in the profits of the financial
sponsors
Sole Managing Member and
PBF LLC Series C Units
•Represents 40.9% of the total
economic interest of PBF LLC
•Number of PBF LLC Series C
Units held equals number of shares
of our Class A common stock
Units held by the
financial sponsors
share profits with the
PBF LLC Series B Units
sponsors
•Held solely by our executive
officers
•No voting rights
PBF Energy
Company LLC
(PBF LLC)
outstanding
•100% management power in PBF LLC
•Do not share with the PBF LLC
Series B Units
PBF Holding
Company LLC
(PBF Holding) ABL Revolving Credit Facility
8.25% Senior Secured Notes due 2020
Operating Subsidiaries