PBF Energy 2013 Annual Report Download - page 50

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distributed to PBF LLC’s other members. PBF Energy used this $37.9 million to pay four separate equivalent cash
dividends of $0.30 per share of Class A common stock on November 21, 2013, August 21, 2013, June 7, 2013 and
March 15, 2013. PBF LLC used the remaining $99.8 million from PBF Holding’s distribution to make tax
distributions to its members, with $20.2 million distributed to PBF Energy, of which $1.1 million was paid by PBF
LLC directly to the applicable taxing authorities on behalf of PBF Energy, and $79.6 million to its other members.
PBF LLC will continue to make tax distributions to its members in accordance with its amended and restated
limited liability company agreement.
Assuming approximately 96,867,147 PBF LLC Series A Units and PBF LLC Series C Units outstanding,
the aggregate annual distributions which are anticipated to be required to be made by PBF Holding to PBF LLC,
such that PBF LLC may make an equivalent distribution to its members (including PBF Energy) in order for PBF
Energy to pay the anticipated $0.30 per quarter cash dividend on its Class A common stock, would be approximately
$116.2 million. As of December 31, 2013, PBF Holding had cash and cash equivalents of $77.0 million and
approximately $615.9 million of unused borrowing availability under its ABL Revolving Credit Facility to fund
its operations, if necessary. We believe our and our subsidiaries’ available cash and cash equivalents, other sources
of liquidity to operate our business and operating performance provide us with a reasonable basis for our assessment
that we can continue to support our intended dividend policy.
Stock Performance Graph
In accordance with SEC rules, the information contained in the Stock Performance Graph below shall not
be deemed to be “soliciting material,” or to be “filed” with the SEC, or subject to the SEC’s Regulation 14A or
14C, other than as provided under Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Securities
Exchange Act of 1934, as amended, except to the extent that we specifically request that the information be treated
as soliciting material or specifically incorporate it by reference into a document filed under the Securities Act of
1933, as amended.
This performance graph and the related textual information are based on historical data and are not indicative
of future performance. The following line graph compares the cumulative total return on an investment in our
common stock against the cumulative total return of the S&P 500 Composite Index and an index of peer companies
(that we selected) for the period commencing December 13, 2012 and ending December 31, 2013. Our peer group
consists of the following companies that are engaged in refining operations in the U.S.: Alon USA Energy, Inc.;
CVR Energy Inc.; Delek US Holdings, Inc.; HollyFrontier Corporation; Marathon Petroleum Corporation; Phillips
66; Tesoro Corporation; Valero Energy Corporation; and Western Refining, Inc.
$160
COMPARISON OF 1 YEAR CUMULATIVE TOTAL RETURN*
Among PBF Energy Inc., the S&P 500 Index, and a Peer Group
$100
$110
$120
$130
$140
$150
$60
$70
$80
$90
12/13/12 12/13/12 12/31/13
PBF Energy Inc. S&P 500 Peer Group
*$100 invested on 12/13/12 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
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