PBF Energy 2013 Annual Report Download - page 54

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(1) Consulting services income provided to a related party was $10 and $221 for the years ended December 31,
2010 and 2009, respectively. No consulting services income was earned subsequent to 2010.
(2) Acquisition related expenses consist of consulting and legal expenses related to the Paulsboro and Toledo
acquisition as well as non-consummated acquisitions.
(3) December 31, 2009 financial statement data is that of PBF Investments LLC, which was converted to a
limited liability company and renamed PBF Energy Company LLC in 2010.
(4) Total long-term debt includes current maturities and our Delaware Economic Development Authority Loan.
(5) Includes expenditures for construction in progress, property, plant and equipment, deferred turnaround costs
and other assets.
Selected Historical Financial Data of Paulsboro, PBF LLC’s Predecessor
The following table presents Paulsboro’s selected historical financial data. We refer to Paulsboro as PBF
LLC’s “Predecessor” or “Predecessor Paulsboro,” as prior to its acquisition PBF LLC generated substantially no
revenues and prior to the acquisition of Paulsboro and the Delaware City assets, was a new company formed to
pursue acquisitions of crude oil refineries and downstream assets in North America. At the time of its acquisition,
Paulsboro represented the major portion of PBF LLC’s business and assets.
The financial information of Predecessor Paulsboro, are presented as of, and for the years ended,
December 31, 2009 and for the period from January 1, 2010 through December 16, 2010 and as of December 16,
2010, periods prior to PBF LLC’s acquisition. These financial statements were prepared by the former management
of Predecessor Paulsboro and audited by Predecessor Paulsboro’s independent registered public accounting firm.
The financial information of Predecessor Paulsboro presented herein may not be representative of the operations
of PBF going forward for the following reasons, among others:
• Both PBF LLC’s financial statements and Paulsboro’s financial statements contain items which require
management to make considerable judgments and estimates. There can be no assurance that the judgments
and estimates made by PBF LLC’s management will be identical or even similar to the historical judgments
and estimates made by Paulsboro’s former management.
• The financial statements of Paulsboro contain allocations of certain general and administrative expenses
and income taxes specific to Valero.
• The financial statements of Paulsboro reflect depreciation and amortization expense and asset impairment
losses based on Valero’s historical cost basis for the applicable assets. PBF LLC’s cost basis in such assets
is different.
The historical financial data and other statistical data presented below should be read in conjunction with
the section entitled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Results of Operations.” The historical financial data for Paulsboro for the period from January 1,
2010 through December 16, 2010 and as of December 16, 2010 and for the year ended December 31, 2009 has
been derived from audited financial statements not included in this Annual Report on Form 10-K.