PBF Energy’s Revenue by Segment (2016-2021)

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This statistic highlights PBF Energy’s Revenue Breakdown by Segment, split across Refining and Logistics segments, reported on a quarterly basis from Q1 2016 onwards.
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This statistic highlights PBF Energy’s Revenue Breakdown by Segment, split across Refining and Logistics segments, reported on a quarterly basis from Q1 2016 onwards.

The company is organized into two segments, Refining, and Logistics. Operations that are not included in the Refining or Logistics segments are included in Corporate Intersegment transactions and these are eliminated in the Condensed Consolidated Financial Statements and are included in the Eliminations of intercompany revenue.

PBF Energy’s Revenue Breakdown by Segment

Segments Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Refining $3,649.10 $6,883.20 $7,173.30 100%
Logistics $89.00 $89.80 $88.90 1%
Eliminations Of intercompany revenue ($70.70) ($75.10) ($75.50) -1%
Total $3,667.40 $6,897.90 $7,186.70 100.00%

(All figures in millions, except percentages)

PBF Energy’s total revenue increased from $3,667.40 million in Q3 2020 to $7,186.70 million in Q3 2021, indicating a 95.96% growth on a year-on-year basis. The revenue in Q3 2021 increased by 4.19% i.e. from $6,897.40 million in Q2 2021 to $7,186.70 million in Q3 2021. 

PBF Energy generates revenue from the following segments:

Refining

The Company Refining segment has the operations of six refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, New Jersey, Ohio, California, Paulsboro, Toledo, Chalmette, Louisiana, Torrance, and Martinez, California. The refineries produce unbranded transportation fuels, lubricants, petrochemical feedstocks, heating oil, and other petroleum products in the United States. 

The Company purchases from various third-party suppliers crude oil, other feedstocks, and blending components. The Company sells products throughout the Northeast, Gulf Coast, Midwest, and West Coast of the United States, as well as in other regions of the United States, Mexico, and Canada. The company can also ship products to other international destinations.

PBF Energy’s revenue from Refining increased by 96.58% from $3,649.10 million in Q3 2020 to $7,173.30 million in Q3 2021 on a year-on-year basis. It also increased by 4.21% on a quarter-on-quarter basis, i.e. from $6,883.20 million in Q2 2021 to $7,173.30 million in Q3 2021. This segment contributed to 99.81% of the company’s total revenue in Q3 2021.

Logistics

PBFX is a publicly-traded MLP, and Company’s Logistics segment is comprised of this. It is formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities, and similar logistics assets. PBFX’s assets primarily consist of truck and rail terminals and unloading racks, tank farms, and pipelines that were acquired from or contributed by PBF LLC. These are located at, or nearby, the Company’s refineries. 

PBFX provides various truck, rail, and marine terminaling services. It also includes pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. From a PBF Energy and PBF LLC perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s operating segments.

PBF Energy’s revenue from Logistics decreased by 0.11% from $89.00 million in Q3 2020 to $88.90 million in Q3 2021 on a year-on-year basis. It also declined by -1% on a quarter-on-quarter basis, i.e. from $89.80 million in Q2 2021 to $88.90 million in Q3 2021. This segment contributed to 1.24% of the company’s total revenue in Q3 2021.

Eliminations of intercompany revenue 

PBF Energy’s total revenue from Eliminations of intercompany revenue decreased by 6.79% from -$70.70 million in Q3 2020 to -$75.50 million in Q3 2021 on a year-on-year basis. It also declined by 0.53% on a quarter-on-quarter basis, i.e. from -$75.10 million in Q2 2021 to -$75.50 million in Q3 2021. This segment contributed to -1.05% of the company’s total revenue in Q3 2021.

About the Company

PBF Energy is a holding company and was formed on November 7, 2011. They are the sole managing member of PBF LLC and operate and control all of the business and affairs of PBF LLC.

PBF Energy is among the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. They sell their 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. The company also ships products to other international destinations.
The company was formed in 2008 to pursue acquisitions of crude oil refineries and downstream assets in North America. As of December 31, 2020, they own and operate six domestic oil refineries and related assets, which were acquired in 2010, 2011, 2015, 2016, and 2020. Based on the current configuration their refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 BPD, and a weighted-average Nelson Complexity Index of 13.2 based on current operating conditions.

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