PBF Energy 2013 Annual Report Download - page 66

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59
The table below summarizes certain market indicators relating to our operating results as reported by
Platts.
Year Ended December 31,
2013 2012 2011
(dollars per barrel, except as noted)
Dated Brent Crude $ 108.66 $ 111.67 $ 111.26
West Texas Intermediate (WTI) crude oil $ 97.99 $ 94.13 $ 95.04
Crack Spreads
Dated Brent (NYH) 2-1-1 $ 12.34 $ 14.29 $ 9.93
WTI (Chicago) 4-3-1 $ 20.09 $ 27.13 $ 24.14
Crude Oil Differentials
Dated Brent (foreign) less WTI $ 10.67 $ 17.54 $ 16.22
Dated Brent less Maya (heavy, sour) $ 11.38 $ 12.04 $ 12.63
Dated Brent less WTS (sour) $ 13.31 $ 22.95 $ 18.28
Dated Brent less ASCI (sour) $ 6.67 $ 4.97 $ 3.82
WTI less WCS (heavy, sour) $ 24.62 $ 21.80 $ 15.63
WTI less Bakken (light, sweet) $ 5.12 $ 5.77 $ (3.31)
WTI less Syncrude (light, sweet) $ 0.63 $ 0.96 $ (9.79)
Natural gas (dollars per MMBTU) $ 3.73 $ 2.83 $ 4.00
Key Operating Information
Production (barrels per day in thousands) 451.0 464.4 427.9
Crude oil and feedstocks throughput (barrels per
day in thousands) 452.8 463.2 429.4
Total crude oil and feedstocks throughput (millions
of barrels) 165.3 169.5 128.7
2013 Compared to 2012
Overview— Net income for PBF Energy was $214.1 million for the year ended December 31, 2013 compared
to $804.0 million for the year ended December 31, 2012. Net income attributable to PBF Energy was $39.5 million,
or $1.20 per diluted share ($1.48 per share on a fully exchanged, fully diluted basis based on adjusted pro forma
net income as described below in Non-GAAP Financial Measures), for the year ended December 31, 2013. The
net income attributable to PBF Energy represents PBF Energy’s equity interest in PBF LLC’s pre-tax income, less
applicable income taxes, of approximately 24.4% prior to the June 2013 Secondary Offering and approximately
40.9% subsequent to the June 2013 Secondary Offering. Net income for PBF Holding, which does not include
income tax benefits or the expense associated with the change in our tax receivable agreement liability, was $238.9
million for the year ended December 31, 2013 compared to $805.3 million for the year ended December 31, 2012.
Our throughput rates during the year ended December 31, 2013 and 2012, were impacted by unplanned
downtime at our Toledo refinery and planned downtime at our Delaware City refinery. On January 31, 2013 there
was a brief fire within the fluid catalytic cracking complex at the Toledo refinery that resulted in that unit being
temporarily shutdown. The refinery resumed running at planned rates on February 18, 2013. During the fourth
quarter of 2013, our Delaware City Refinery was impacted by a 40-day planned turnaround of the coker unit. In
the first quarter of 2012, the Toledo refinery was impacted by a 30-day turnaround of its hydrocracker, reformer
and UDEX units which commenced on March 9, 2012. Our results for the year ended December 31, 2013 were
unfavorably impacted by lower crack spreads and the result of unfavorable crude differentials, higher operating