PBF Energy Files 2024 10-K

TL;DR

PBF Energy dropped its 2024 10-K. All systems go.

AI Summary

PBF Energy Inc. filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The company, operating in petroleum refining, is headquartered in Parsippany, NJ. The filing details its financial performance and operational status for the year.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of PBF Energy's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks.

Key Players & Entities

• PBF Energy Inc. (company) — Filer of the 10-K
• February 13, 2025 (date) — Filing date of the 10-K
• December 31, 2024 (date) — Fiscal year end date
• Parsippany, NJ (location) — Company headquarters

FAQ

Filing Documents

• pbf-20241231.htm (10-K) — 3180KB
• a123124ex1015-amendedresta.htm (EX-10.15) — 61KB
• a123124ex-employmentagreem.htm (EX-10.29) — 122KB
• a123124ex191-insidertradin.htm (EX-19.1) — 48KB
• a123124ex211-listofsubsidi.htm (EX-21.1) — 25KB
• a12312410kex231-kpmgconsent.htm (EX-23.1) — 2KB
• a12312410kex232-dtconsent.htm (EX-23.2) — 3KB
• a12312410kexhibit311-energy.htm (EX-31.1) — 9KB
• a12312410kexhibit312-energy.htm (EX-31.2) — 9KB
• a12312410kexhibit321-energy.htm (EX-32.1) — 7KB
• a12312410kexhibit322-energy.htm (EX-32.2) — 7KB
• pbf-20241231_g1.jpg (GRAPHIC) — 63KB
• pbf-20241231_g2.jpg (GRAPHIC) — 102KB
• pbf-20241231_g3.jpg (GRAPHIC) — 228KB
• 0001534504-25-000011.txt ( ) — 17629KB
• pbf-20241231.xsd (EX-101.SCH) — 94KB
• pbf-20241231_cal.xml (EX-101.CAL) — 151KB
• pbf-20241231_def.xml (EX-101.DEF) — 673KB
• pbf-20241231_lab.xml (EX-101.LAB) — 1169KB
• pbf-20241231_pre.xml (EX-101.PRE) — 935KB
• pbf-20241231_htm.xml (XML) — 2809KB

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 54 Item 2.

Properties

Properties 55 Item 3.

Legal Proceedings

Legal Proceedings 56 Item 4. Mine Safety Disclosures 60 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 61 Item 6. [RESERVED] 63 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 100 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 101 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101 Item 9A.

Controls and Procedures

Controls and Procedures 102 Item 9B. Other Information 102 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III Item 10. Directors, Executive Officers and Corporate Governance 103 Item 11.

Executive Compensation

Executive Compensation 103 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103 Item 13. Certain Relationships and Related Transactions, and Director Independence 103 Item 14. Principal Accountant Fees and Services 103 PART IV Item 15. Exhibits and Financial Statement Schedules 104 Item 16. Form 10-K Summary

SIGNATURES

SIGNATURES 2 GLOSSARY OF SELECTED TERMS Unless otherwise noted or indicated by context, the following terms used in this Annual Report on Form 10-K have the following meanings: "AB 32" refers to the greenhouse gas emission control regulations in the state of California to comply with Assembly Bill 32. "ANS" refers to Alaskan North Slope crude oil reflective of West Coast economics, characterized by an American Petroleum Institute ("API") gravity between 28 and 35. "ASCI" refers to the Argus Sour Crude Index, a pricing index used to approximate market prices for sour, heavy crude oil. "Bakken" refers to both a crude oil production region generally covering North Dakota, Montana and Western Canada, and the crude oil that is produced in that region. "barrel" refers to a common unit of measure in the oil industry, which equates to 42 gallons. "blendstocks" refers to various compounds that are combined with gasoline or diesel from the crude oil refining process to make finished gasoline and diesel; these may include natural gasoline, FCC unit gasoline, ethanol, reformate or butane, among others. "bpd" is an abbreviation for barrels per day. "CAM Pipeline" or "CAM Connection Pipeline" refers to the Clovelly-Alliance-Meraux pipeline in Louisiana. "CARB" refers to the California Air Resources Board; gasoline and diesel fuel sold in the state of California are regulated by CARB and require stricter quality and emissions reduction performance than required by other states. "catalyst" refers to a substance that alters, accelerates, or instigates chemical changes, but is not produced as a product of the refining process. "coke" refers to a coal-like substance that is produced from heavier crude oil fractions during the refining process. "complexity" refers to the number, type and capacity of processing units at a refinery, measured by the Nelson Complexity Index, which is often used as a measure of a refinery's ability to process lower quality crude in an econo

BUSINESS

ITEM 1. BUSINESS Overview and Corporate Structure We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico and are able to ship products to other international destinations. We own and operate six domestic oil refineries and related assets and own a 50% interest in a biorefinery co-located with the Chalmette refinery in Louisiana (the "Renewable Diesel Facility") through our SBR equity method investment. Our refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 bpd, and a weighted-average Nelson Complexity Index of 12.8 based on current operating conditions. The complexity and throughput capacity of our refineries are subject to change dependent upon configuration changes we make to respond to market conditions, as well as a result of investments made to improve our facilities and maintain compliance with environmental and governmental regulations. We operate in two reportable business segments: Refining and Logistics. Our six oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX operates certain logistical assets such as crude oil and refined products terminals, pipelines, and storage facilities, which represent the Logistics segment. PBF Energy is a holding company whose primary asset is a controlling equity interest in PBF LLC. We are the sole managing member of PBF LLC and operate and control all of the business and affairs of PBF LLC. We consolidate the financial results of PBF LLC and its subsidiaries and record a noncontrolling interest in our consolidated financial statements representing the economic inter

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View this 10-K filing on SEC EDGAR