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TortoiseEcofin announced that PBF Logistics LP (PBFX) will be removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with PBF Energy Inc (PBF). This acquisition will take effect on December 1, 2022, when PBF will acquire all outstanding common units of PBFX. The removal from both indices will occur at market open, with a special rebalancing implemented for TMLP but not for TNAP. Such corporate actions trigger necessary index adjustments to maintain compliance with established thresholds.
PBF Energy has successfully acquired the remaining common units of PBF Logistics not already owned by them, completing a merger valued at a combination of 0.270 shares of PBF Energy Class A stock and $9.25 in cash per unit. About 67.8% of PBF Logistics unitholders approved the merger at a special meeting. Following the transaction, PBF Logistics will no longer be publicly traded, ceasing its listing on the NYSE. PBF Energy's CEO expressed gratitude to unitholders for their support, marking the merger as a significant milestone for the company.
PBF Energy Inc. (NYSE: PBF) and PBF Logistics LP (NYSE: PBFX) announced the resignation of CFO C. Erik Young, effective December 20, 2022. Young, who has been with PBF for twelve years and CFO since 2014, played a key role in the company's financial organization during the COVID-19 pandemic. A search for his replacement will commence. CEO Tom Nimbley expressed gratitude for Young's contributions. PBF Energy operates several oil refineries across North America, while PBF Logistics is a fee-based partnership focusing on logistics assets.
PBF Energy reported a significant increase in third quarter 2022 income from operations of $1,400 million, up from $100.9 million in Q3 2021. The company reinstated a quarterly dividend of $0.20 per share, payable on November 29, 2022, to stockholders on record as of November 14, 2022. PBF's net debt to capitalization dropped dramatically to 1% from 59% in 2021, highlighting improved financial health. The company plans to invest $103 million in renewable fuels and anticipates stable market demand, positioning itself for future growth.
PBF Logistics LP (NYSE:PBFX) reported a third quarter net income of $34.9 million, or $0.55 per common unit, with EBITDA of $53.8 million and Adjusted EBITDA of $54.6 million. Year-to-date, the partnership reduced debt by $100 million. A quarterly distribution of $0.30 per unit will be paid on November 18, 2022. As of September 30, 2022, liquidity stood at $541.4 million. The partnership's ongoing merger with PBF Energy is expected to close in Q4 2022.
SquareOne Energy announced its partnership with CTCI Americas as the EPC lead for its used oil recycling facility in Paulsboro, NJ. The facility, set to be operational in early 2024, will leverage existing infrastructure from PBF Logistics and aims to address environmental concerns related to used oil disposal. CTCIA will finalize the engineering process, ensuring project execution excellence with fixed pricing and performance guarantees. SquareOne's facility will process various waste oils and produce clean on-road fuels, showcasing its innovative approach in the recycling industry.
PBF Logistics LP (NYSE:PBFX) will announce its third quarter 2022 earnings results on October 27, 2022. A conference call to discuss these results and other business matters will be held on the same day at 11:00 a.m. ET. Investors can access the call via PBF Logistics' website or by dialing (877) 407-8029 or (201) 689-8029. An audio replay will be available shortly after the call. PBF Logistics focuses on owning and operating logistics assets for crude oil and refined petroleum products.
PBF Energy Inc. (NYSE:PBF) will release its third quarter 2022 earnings on October 27, 2022. The company will hold a conference call at 8:30 a.m. ET the same day to discuss the results and other business matters. Interested parties can access the call via the company's website or by dialing (877) 869-3847. PBF Energy is a major independent refiner operating in various states including California and New Jersey, and also owns approximately 48% of PBF Logistics LP (NYSE:PBFX).
PBF Energy Inc. (NYSE: PBF) announced its participation in the Barclays Energy-Power Conference on September 7, 2022, and the Wells Fargo Leveraged Finance Conference on September 8, 2022. PBF is one of North America's largest independent refiners, with operations in California, Delaware, Louisiana, New Jersey, and Ohio. The company aims to operate its facilities in a safe and environmentally responsible manner while delivering superior returns to investors. Additionally, PBF Energy owns about 48% of PBF Logistics LP (NYSE: PBFX).
PBF Logistics LP (NYSE: PBFX) reported a second quarter net income of $39.2 million, translating to $0.62 per common unit. The Partnership generated EBITDA of $58.1 million and Adjusted EBITDA of $57.5 million. Year-to-date, it reduced debt by $70 million and declared a quarterly distribution of $0.30 per unit. Additionally, PBF Energy announced a merger agreement to acquire the remaining public stake in PBF Logistics, offering 0.270 shares of PBF Energy Class A stock plus $9.25 in cash per unit.
