PARSIPPANY, N.J., Feb. 11, 2016 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported fourth quarter 2015 operating income, excluding special items, of $167.7 million versus operating income of $208.6 million for the fourth quarter of 2014. Special items in the fourth quarter 2015 results include two notable non-cash, after-tax items, a $209.0 million lower-of-cost-or-market ("LCM") inventory charge and a $12.3 million benefit related to a change in a tax receivable agreement liability.

Adjusted fully-converted net income for the fourth quarter 2015, excluding special items, was $71.0 million, or $0.70 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $104.8 million, or $1.13 per share, for the fourth quarter 2014. On a GAAP basis, the company reported a fourth quarter 2015 net loss of $121.5 million, and net loss attributable to PBF Energy Inc. of $119.5 million or $1.24 per share. This compares to a GAAP net loss of $320.8 million, and net loss attributable to PBF Energy Inc. of $277.6 million or $3.34 per share for the fourth quarter 2014. PBF Energy's financial results reflect the consolidation of the financial results of PBF Logistics LP (NYSE: PBFX), a master limited partnership of which PBF indirectly owns the general partner and approximately 53.7% of the limited partner interests as of quarter-end.

For the year-ended December 31, 2015, operating income, excluding special items, was $787.3 million, compared to $837.8 million for the corresponding period in 2014.  Adjusted fully-converted net income for the year, excluding special items, was $402.1 million, or $4.27 per share on a fully-exchanged, fully-diluted basis, as compared to $433.5 million, or $4.50 per share, on a fully-exchanged, fully-diluted basis, for the corresponding period in 2014. Net income attributable to PBF Energy Inc. for the year was $146.4 million, or $1.66 per share as compared to a net loss of $38.2 million, or $0.51 per share, for the year-ended December 31, 2014.

Tom Nimbley, PBF Energy's CEO, said, "2015 was a transformational year for PBF.  Our strong operating results, particularly those from our East Coast assets, and our recently integrated Chalmette refinery, reflect the benefits of the optionality that we have built into our refining system. This optionality provides us with the flexibility to pursue the most economic barrels for our system and maximize the profitability of our assets by operating them as an integrated system."  Mr. Nimbley continued, "We have added meaningful scale to the company by closing on the Chalmette acquisition and announcing the Torrance refinery transaction.  With these two acquisitions, upon closing of Torrance, we will have solidified PBF's position as the fourth largest independent refiner in North America and added meaningful diversification to our refining system with the addition of Gulf Coast and West Coast assets. Looking ahead, our focus remains on delivering safe and strong operational performance and on fully integrating and optimizing our newest assets."

Total throughput for the fourth quarter averaged approximately 629,900 barrels per day, which was at the top end of our guidance and includes two months of operations from the Chalmette refinery. Throughput in the Mid-Continent averaged approximately 156,900 barrels per day, throughput on the East Coast averaged approximately 346,600 barrels per day and throughput on the Gulf Coast averaged approximately 190,800 barrels per day for the two months of operations under PBF's ownership.

Successfully raised $850.0 million of equity and debt financing through two capital markets transactions
October 13, 2015, PBF announced that it had closed its underwritten public offering of shares of its Class A common stock. Gross proceeds of the offering were approximately $350.0 million.

On November 24, 2015, PBF's indirect subsidiary, PBF Holding Company LLC ("PBF Holding"), closed its senior secured notes offering of $500.0 million in aggregate principal amount of 7.0% senior secured notes due 2023.

Previously announced Chalmette Refining LLC and pending Torrance refinery acquisitions
On November 1, 2015, PBF's subsidiary, PBF Holding, successfully closed its previously announced transaction to purchase Chalmette Refining, LLC, through which it acquired the 189,000 barrel per day Chalmette refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC.

On September 30, 2015, PBF announced that its indirect subsidiary, PBF Holding, signed a definitive agreement to purchase the 155,000 barrel per day Torrance refinery, and related logistics assets, from ExxonMobil. The purchase price for the assets is $537.5 million, plus working capital to be valued at closing. The Torrance transaction is expected to close in the second quarter of 2016, subject to customary closing conditions and regulatory approvals. The refinery will be restored to full working order prior to close.

PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.30 per share of Class A common stock on March 8, 2016 to holders of record as of February 22, 2016.

PBF Energy Inc. Share Repurchase Program
On August 19, 2014, PBF announced that its board of directors authorized the repurchase of up to $200 million of PBF Class A common stock. On October 29, 2014, the board of directors approved a $100 million increase to the existing authorization, for a total repurchase authorization of $300 million. The repurchase authorization expires on September 30, 2016.

These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected through Rule 10b5-1 and Rule 10b-18 plans. The timing and number of shares repurchased will depend on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. PBF is not obligated to purchase any shares under the repurchase program, and repurchases may be suspended or discontinued at any time without prior notice.

There were no repurchases made during the fourth quarter of 2015. As of the end the fourth quarter, 6,050,717 shares of Class A common stock have been repurchased at an average price of approximately $24.90 per share, excluding broker fees. After giving effect to shares already purchased under the program, the company has approximately $149 million of available repurchasing authorization under the program going forward. At the end of the quarter, there were an aggregate of 102,767,291 shares of Class A common stock and PBF Energy Company LLC Series A Units outstanding.

Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.

Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income, Adjusted Fully-Converted Net Income per fully-exchanged, fully-diluted share, gross refining margin, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization) and Adjusted EBITDA, as well as such measures excluding the impact of non-cash special items. PBF Energy Inc. believes that non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF Energy Inc.'s non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information
PBF Energy's senior management will host a conference call regarding earnings results and other business matters on Thursday, February 11, 2016, at 8:30 a.m. ET. The call can be heard by dialing (877) 876-9177 or (785) 424-1666, conference ID: PBFQ415. The audio replay will be available approximately two hours after the end of the call through February 27, 2016, by dialing (800) 388-6509 or (402) 220-1111. The call will also be webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the company's filings with the SEC, as well as the risks disclosed in PBF Logistics LP's SEC filings and any impact PBF Logistics LP may have on the company's credit rating, cost of funds, employees, customers and vendors; risks relating to the securities markets generally; satisfaction of the conditions to the closing of the Torrance acquisition and the possibility that the Torrance acquisition will not close; timing of the completion of the Torrance acquisition; the company's plans for financing the Torrance acquisition; and the impact of adverse market conditions affecting the company, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the company. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware, New Jersey, Ohio and Louisiana. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy Inc. also currently indirectly owns the general partner and approximately 53.7% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).