PBF Energy 2013 Annual Report Download - page 55

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48
PAULSBORO REFINING BUSINESS—PBF LLC’S PREDECESSOR
Period from
January 1,
2010 through
December 16,
2010
Year Ended December 31,
2009
(in thousands)
Statement of operations data:
Operating revenues (1) $ 4,708,989 $ 3,549,517
Cost and expenses:
Cost of sales (2) 4,487,825 3,419,460
Operating expenses 259,768 266,319
General and administrative expenses (3) 14,606 15,594
Asset impairment loss 895,642 8,478
Depreciation and amortization expense 66,361 65,103
Total costs and expenses 5,724,202 3,774,954
Operating income (loss) (1,015,213)(225,437)
Interest and other income and expense, net 500 1,249
Income (loss) before income tax expense (benefit) (1,014,713)(224,188)
Income tax expense (benefit) (4) (322,962)(86,586)
Net income (loss) $(691,751)$ (137,602)
Balance sheet data (at end of period):
Total assets $ 510,205 $ 1,440,557
Total liabilities 42,582 357,289
Net parent investment 467,623 1,083,268
Selected financial data:
Capital expenditures $ 20,122 $ 96,754
(1) Operating revenues consist of refined products sold from Paulsboro to Valero that were recorded at
intercompany transfer prices, which were market prices adjusted by quality, location, and other differentials
on the date of the sale.
(2) Cost of sales consist of the cost of feedstock acquired for processing, including transportation costs to
deliver the feedstock to Paulsboro. Purchases of feedstock by Paulsboro from Valero were recorded at the
cost paid to independent third parties by Valero.
(3) General and administrative expenses include allocations and estimates of general and administrative costs
of Valero that were attributable to the operations of Paulsboro.
(4) The income tax provision represented the current and deferred income taxes that would have resulted if
Paulsboro were a stand-alone taxable entity filing its own income tax returns. Accordingly, the calculations
of current and deferred income tax provision require certain assumptions, allocations, and estimates that
Paulsboro management believed were reasonable to reflect the tax reporting for Paulsboro as a stand-alone
taxpayer.