PBF Logistics Declares Quarterly Distribution of $0.30 per Unit and Announces Third Quarter 2021 Earnings Results

Rhea-AI Summary

PBF Logistics LP (NYSE:PBFX) reported a strong third quarter 2021, achieving net income of $36.7 million or $0.58 per common unit. Cash from operations was $53.4 million, with EBITDA of $56.8 million and adjusted EBITDA of $57.9 million. Distributable cash flow stood at $46.8 million. The Partnership declared a quarterly distribution of $0.30 per unit, with $399.6 million in liquidity as of September 30, 2021. The company remains focused on strengthening its balance sheet and maintaining operational excellence.

Positive

• Net income of $36.7 million, or $0.58 per common unit.
• Cash from operations totaled $53.4 million.
• EBITDA of $56.8 million and adjusted EBITDA of $57.9 million.
• Distributable cash flow of $46.8 million.
• Declared a quarterly distribution of $0.30 per unit.
• Liquidity of $399.6 million as of September 30, 2021.

Negative

• Included $1.1 million in non-cash unit-based compensation expense.

PARSIPPANY, N.J., Oct. 28, 2021 /PRNewswire/ -- PBF Logistics LP (NYSE:PBFX, the "Partnership") today announced third quarter 2021 net income attributable to the limited partners of $36.7 million, or $0.58 per common unit. During the quarter, the Partnership generated cash from operations of $53.4 million, EBITDA attributable to PBFX of $56.8 million, Adjusted EBITDA of $57.9 million and distributable cash flow of $46.8 million. Included in reported results for the third quarter are $1.1 million, or $0.02 per common unit, of non-cash unit-based compensation expense and continued environmental remediation costs associated with the East Coast Terminals.

"PBF Logistics operated well and delivered another quarter of strong results. Heading into year-end, as always, our focus continues to be on the health and safety of our employees and operations. Throughout the challenges of the last 20 to 24 months, PBF Logistics has provided high-quality, uninterrupted service to our customers while continuing to improve the financial position of the Partnership," said PBF Logistics GP LLC Executive Vice President Matt Lucey. "We announced a distribution of $0.30 per unit today and continued to reduce net leverage during the quarter. Going forward, our capital allocation strategy remains focused on strengthening the balance sheet."

As of September 30, 2021, the Partnership had approximately $399.6 million of liquidity, including approximately $28.6 million in cash and cash equivalents, and access to approximately $371.0 million under its revolving credit facility. Year-to-date, the outstanding balance of the revolving credit facility has been reduced by $75.0 million.

PBF Logistics Declares Quarterly Distribution
The board of directors of PBF Logistics GP LLC, the Partnership's general partner, declared a regular quarterly cash distribution of $0.30 per common unit. The distribution is payable on November 30, 2021, to unitholders of record at the close of business on November 12, 2021.

This release is intended to be a qualified notice to nominees under Treasury Regulations Section 1.1446-4(b). All of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.

Non-GAAP Financial Measures
The Partnership defines EBITDA as net income (loss) before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization, impairment expense and change in contingent consideration. The Partnership defines EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization, impairment expense and change in contingent consideration attributable to PBFX, which excludes results of acquisitions from affiliates of PBF Energy prior to the effective dates of such transactions and earnings attributable to the CPI earn-out (the portion of earnings associated with an earn-out provision related to the purchase of CPI Operations LLC ("CPI"), (the "Contingent Consideration")). The Partnership defines Adjusted EBITDA as EBITDA attributable to PBFX excluding acquisition and transaction costs, non-cash unit-based compensation expense and items that meet the conditions of unusual, infrequent and/or non-recurring charges. The Partnership defines distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less cash interest, maintenance capital expenditures attributable to PBFX and income taxes. Distributable cash flow will not reflect changes in working capital balances. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with U.S. generally accepted accounting principles ("GAAP").

For additional information on the Partnership's non-GAAP financial measures, including reconciliations to their most directly comparable financial measures calculated and presented in accordance with GAAP, refer to the supplemental information provided in "Results of Operations" and the Earnings Release Tables included herein.

Conference Call Information
The Partnership will host a conference call and webcast regarding quarterly results and other business matters on Thursday, October 28, 2021, at 11:00 a.m. ET. The call is being webcast and can be accessed at PBF Logistics' website, http://www.pbflogistics.com. The call can also be accessed by dialing (877) 407-8029 or (201) 689-8029. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.

Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined under the federal securities laws) made by the Partnership and its management. Such statements are based on current expectations, forecasts and projections, including, but not limited to, anticipated financial and operating results, plans, objectives, expectations and intentions that are not historical in nature. Forward-looking statements should not be read as a guarantee of future performance or results, and may not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking statements are based on information available at the time, and are subject to various risks and uncertainties, including risks relating to the securities markets generally, the impact of adverse market conditions impacting PBFX's logistics and other assets, the possibility that the Partnership may not consummate any potential future acquisitions, the Partnership's plans for financing any potential future acquisitions, the duration and severity of the COVID-19 pandemic, and other risks inherent in PBFX's business. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see PBFX's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The Partnership assumes no responsibility or obligation to update forward-looking statements except as may be required by law.

PBF Logistics LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

Results of Operations (Unaudited)

Business Developments

COVID-19

The outbreak of the coronavirus disease 2019 ("COVID-19") pandemic negatively impacted worldwide economic and commercial activity and financial markets, as well as global demand for petroleum and petrochemical products starting in the first quarter of 2020. The COVID-19 pandemic, the Delta variant and other variants thereof, and resulting governmental and consumer responses also resulted in significant business and operational disruptions, including business and school closures, supply chain disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces. Such impacts resulted in revenue declines due to lower demand and throughput volumes across certain of our facilities. Demand has continued to improve in 2021 but remains below pre-pandemic levels. In response to the COVID-19 pandemic, we have taken and are continuing to take steps to mitigate potential adverse impacts on our business and operations by limiting capital expenditures, reducing discretionary activities and third-party services and lowering our quarterly distribution to our minimum quarterly distribution of $0.30 per unit. This distribution reduction, effective with the distribution for the first quarter of 2020 that was paid on June 17, 2020, represents a strategic shift to build our cash flow coverage, de-lever our business and increase our financial resources as we continue to identify potential organic growth projects or strategic acquisitions. In addition, our parent sponsor and largest customer, PBF Energy Inc. ("PBF Energy"), has endeavored to take the necessary steps to preserve liquidity and solidify its operations under the adverse market conditions caused by the COVID-19 pandemic, including reducing the amount of crude oil processed at its refineries and temporary idling various units at certain refineries. Despite the measures we and PBF Energy have taken and the gradual increases in demand and overall market conditions in the current year, we and PBF Energy have been, and likely will continue to be, adversely impacted by the COVID-19 pandemic. We are unable to predict the ultimate outcome of the economic impact and can provide no assurance that measures taken to mitigate the impact of the COVID-19 pandemic will be effective.

The full extent to which the COVID-19 pandemic impacts our business and operations, or that of our parent sponsor, is unknown and will depend on the severity, location and duration of the effects and spread of COVID-19, and the Delta and other variants thereof, the effectiveness of the vaccine programs and the other actions undertaken by national, regional and local governments and health officials to contain the virus or treat its effects (including the ultimate efficacy of vaccine programs on new variants of the virus), related consumer responses and how quickly and to what extent economic conditions improve and normal business and operating conditions resume. As certain restrictions are lifted in various geographical locations throughout the U.S., we will continue to monitor and respond to the impacts that the COVID-19 pandemic has on our business and operations.

Factors Affecting Comparability

The following tables present our results of operations, related operational information and reconciliations of net income and net cash provided by operating activities to our EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow (each as defined below) for the three and nine months ended September 30, 2021 and 2020. 

Our results of operations may not be comparable to our historical results of operations due to certain debt transactions and our annual inflation adjustment to our commercial agreements. 

Furthermore, our results of operations may not be comparable to our historical results of operations due to the termination of the CPI Processing Agreement (as defined below). In connection with our acquisition of CPI Operations LLC ("CPI") from Crown Point International LLC, the purchase and sale agreement included an earn-out provision related to an existing commercial agreement (the "CPI Processing Agreement"), based on the future results of certain acquired idled assets, which recommenced operations in October 2019. In the third quarter of 2020, pursuant to the terms of the CPI Processing Agreement, the counterparty exercised its right to terminate the contract at the conclusion of the initial contract year, effective in the fourth quarter of 2020 (the "CPI Contract Termination"). While we subsequently agreed with the counterparty to extensions of certain of the originally contracted services under the CPI Processing Agreement through the third quarter of 2021, the limited nature of these services affected the comparability of our results of operations, specifically within our Storage segment, on a year-over-year basis. The services being provided on an extended basis have now ceased.

Non-GAAP Financial Measures

We define EBITDA as net income (loss) before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization, impairment expense and change in contingent consideration. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization, impairment expense and change in contingent consideration attributable to PBFX, which excludes the results of acquisitions from PBF LLC prior to the effective dates of such transactions and earnings attributable to the CPI earn-out (the portion of earnings associated with an earn-out provision related to the purchase of CPI (the "Contingent Consideration")). We define Adjusted EBITDA as EBITDA attributable to PBFX excluding acquisition and transaction costs, non-cash unit-based compensation expense and items that meet the conditions of unusual, infrequent and/or non-recurring charges. We define distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less cash interest, maintenance capital expenditures attributable to PBFX and income taxes. Distributable cash flow will not reflect changes in working capital balances. We use distributable cash flow to calculate a measure we refer to as our coverage ratio. Our coverage ratio is calculated by dividing distributable cash flow by our total distribution declared. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with U.S. generally accepted accounting principles ("GAAP").

While EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with GAAP, they are supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
• our ability to incur and service debt and fund capital expenditures; and
• the viability of acquisitions and other capital expenditure projects and the economic returns on various investment opportunities.

We believe that the presentation of EBITDA, EBITDA attributable to PBFX and Adjusted EBITDA provides useful information to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. We believe that the presentation of distributable cash flow provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance and it provides investors with another perspective of the operating performance of our assets and the cash our business is generating. However, EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow should not be considered alternatives to net income, income from operations, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.

EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are reconciled to their most directly comparable financial measures calculated and presented in accordance with GAAP in the Earnings Release Tables included herein.

These non-GAAP financial measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other partnerships, because they may be defined differently by other partnerships in our industry, thereby limiting their utility.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except unit and per unit data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Revenue (a):
	Affiliate	$	75,464			$	70,716			$	226,504			$	218,681
	Third-party	13,389				18,294				39,692				52,487
Total revenue		88,853				89,010				266,196				271,168
Costs and expenses:
	Operating and maintenance expenses (a)	27,265				22,730				77,760				75,385
	General and administrative expenses	3,902				4,112				14,592				12,798
	Depreciation and amortization	9,787				14,305				28,468				36,821
	Impairment expense	—				7,000				—				7,000
	Change in contingent consideration	761				(14,765)				2,565				(14,235)
Total costs and expenses		41,715				33,382				123,385				117,769
Income from operations		47,138				55,628				142,811				153,399
Other expense:
	Interest expense, net	(10,027)				(10,544)				(30,526)				(33,929)
	Amortization of loan fees and debt premium	(423)				(328)				(1,278)				(1,309)
	Accretion on discounted liabilities	(6)				(594)				(18)				(1,726)
Net income attributable to PBF Logistics LP unitholders		$	36,682			$	44,162			$	110,989			$	116,435
Net income per limited partner unit (g):
	Common units - basic	$	0.58			$	0.71			$	1.77			$	1.87
	Common units - diluted	0.58				0.71				1.76				1.87
Weighted-average limited partner units outstanding (g):
	Common units - basic	62,887,914				62,519,105				62,820,193				62,424,217
	Common units - diluted	62,997,487				62,529,489				62,934,116				62,429,475
See Footnotes to Earnings Release Tables

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
KEY OPERATING AND FINANCIAL INFORMATION
(Unaudited, amounts in thousands except barrel and per unit data)
						Three Months Ended September 30,								Nine Months Ended September 30,
						2021				2020				2021				2020
Transportation and Terminaling Segment
Terminals
Total throughput (barrels per day ("bpd")) (b)(d)						263,389				199,139				247,167				240,159
Lease tank capacity (average lease capacity barrels per month) (d)						2,027,334				2,587,334				2,313,001				2,343,637
Pipelines
Total throughput (bpd) (b)(d)						164,103				143,273				157,172				153,909
Lease tank capacity (average lease capacity barrels per month) (d)						1,175,380				1,123,864				1,080,644				1,144,915
Storage Segment
Storage capacity reserved (average shell capacity barrels per month) (d)						7,727,436				7,687,505				7,667,832				7,634,264
Total throughput (bpd) (b)(d)						19,227				21,835				16,779				24,704
Cash Flow Information:
	Net cash provided by (used in):
Operating activities						$	53,419			$	61,741			$	143,704			$	141,429
Investing activities						(3,383)				(1,763)				(6,892)				(9,635)
Financing activities						(53,799)				(53,695)				(144,449)				(138,909)
Net change in cash and cash equivalents						$	(3,763)			$	6,283			$	(7,637)			$	(7,115)
Other Financial Information:
	EBITDA attributable to PBFX (c)					$	56,839			$	59,281			$	171,778			$	174,457
	Adjusted EBITDA (c)					$	57,890			$	60,519			$	176,865			$	178,459
	Distributable cash flow (c)					$	46,782			$	48,486			$	143,495			$	136,233
	Quarterly distribution declared per unit (e)					$	0.30			$	0.30			$	0.90			$	0.90
	Distributions (e):
		Common				$	19,015			$	18,848			$	57,060			$	56,541
			Total distributions			$	19,015			$	18,848			$	57,060			$	56,541
			Coverage ratio (c)			2.46x				2.57x				2.51x				2.41x
	Capital expenditures					$	3,383			$	1,763			$	6,892			$	9,635
See Footnotes to Earnings Release Tables

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
KEY OPERATING AND FINANCIAL INFORMATION (continued)
(Unaudited, in thousands)
			September 30,				December 31,
Balance Sheet Information:			2021				2020
	Cash and cash equivalents (f)		$	28,647			$	36,284
	Property, plant and equipment, net		798,832				820,174
	Total assets		910,579				933,552
	Total debt (f)		647,124				720,845
	Total liabilities		685,402				766,335
	Partners' equity		225,177				167,217
	Total liabilities and equity		910,579				933,552
See Footnotes to Earnings Release Tables

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
RECONCILIATION OF AMOUNTS REPORTED UNDER GAAP
TO EBITDA AND DISTRIBUTABLE CASH FLOW
(Unaudited, in thousands)
			Three Months Ended September 30,								Nine Months Ended September 30,
			2021				2020				2021				2020
Reconciliation of net income to EBITDA and distributable cash flow (c):
	Net income		$	36,682			$	44,162			$	110,989			$	116,435
		Interest expense, net	10,027				10,544				30,526				33,929
		Amortization of loan fees and debt premium	423				328				1,278				1,309
		Accretion on discounted liabilities	6				594				18				1,726
		Change in contingent consideration	761				(14,765)				2,565				(14,235)
		Impairment expense	—				7,000				—				7,000
		Depreciation and amortization	9,787				14,305				28,468				36,821
	EBITDA		57,686				62,168				173,844				182,985
		Less: Earnings attributable to the CPI earn-out	847				2,887				2,066				8,528
	EBITDA attributable to PBFX		56,839				59,281				171,778				174,457
		Non-cash unit-based compensation expense	835				995				4,658				3,242
		Cash interest	(10,066)				(10,760)				(30,678)				(34,481)
		Maintenance capital expenditures attributable to PBFX	(826)				(1,030)				(2,263)				(6,985)
	Distributable cash flow		$	46,782			$	48,486			$	143,495			$	136,233
Reconciliation of net cash provided by operating activities to EBITDA and distributable cash flow (c):
	Net cash provided by operating activities		$	53,419			$	61,741			$	143,704			$	141,429
		Change in operating assets and liabilities	(4,925)				(9,122)				4,272				10,869
		Interest expense, net	10,027				10,544				30,526				33,929
		Non-cash unit-based compensation expense	(835)				(995)				(4,658)				(3,242)
	EBITDA		57,686				62,168				173,844				182,985
		Less: Earnings attributable to the CPI earn-out	847				2,887				2,066				8,528
	EBITDA attributable to PBFX		56,839				59,281				171,778				174,457
		Non-cash unit-based compensation expense	835				995				4,658				3,242
		Cash interest	(10,066)				(10,760)				(30,678)				(34,481)
		Maintenance capital expenditures attributable to PBFX	(826)				(1,030)				(2,263)				(6,985)
	Distributable cash flow		$	46,782			$	48,486			$	143,495			$	136,233
See Footnotes to Earnings Release Tables

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
RECONCILIATION OF AMOUNTS REPORTED UNDER GAAP
TO EBITDA AND ADJUSTED EBITDA
(Unaudited, in thousands)
			Three Months Ended September 30,								Nine Months Ended September 30,
			2021				2020				2021				2020
Reconciliation of net income to EBITDA and Adjusted EBITDA (c):
	Net income		$	36,682			$	44,162			$	110,989			$	116,435
		Interest expense, net	10,027				10,544				30,526				33,929
		Amortization of loan fees and debt premium	423				328				1,278				1,309
		Accretion on discounted liabilities	6				594				18				1,726
		Change in contingent consideration	761				(14,765)				2,565				(14,235)
		Impairment expense	—				7,000				—				7,000
		Depreciation and amortization	9,787				14,305				28,468				36,821
	EBITDA		57,686				62,168				173,844				182,985
		Less: Earnings attributable to the CPI earn-out	847				2,887				2,066				8,528
	EBITDA attributable to PBFX		56,839				59,281				171,778				174,457
		Acquisition and transaction costs	—				6				—				116
		Non-cash unit-based compensation expense	835				995				4,658				3,242
		East Coast Terminals environmental remediation costs	216				237				429				644
	Adjusted EBITDA		$	57,890			$	60,519			$	176,865			$	178,459
See Footnotes to Earnings Release Tables

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
SEGMENT FINANCIAL INFORMATION
(Unaudited, in thousands)
		Three Months Ended September 30, 2021
		Transportation and Terminaling				Storage				Corporate				Consolidated Total
Total revenue (a)		$	69,718			$	19,135			$	—			$	88,853
Depreciation and amortization		7,613				2,174				—				9,787
Income (loss) from operations		42,744				8,296				(3,902)				47,138
Other expense		—				—				10,456				10,456
Capital expenditures		3,281				102				—				3,383
		Three Months Ended September 30, 2020
		Transportation and Terminaling				Storage				Corporate				Consolidated Total
Total revenue (a)		$	66,992			$	22,018			$	—			$	89,010
Depreciation and amortization		7,010				7,295				—				14,305
Income (loss) from operations		43,377				16,363				(4,112)				55,628
Other expense		—				—				11,466				11,466
Capital expenditures		1,438				325				—				1,763
		Nine Months Ended September 30, 2021
		Transportation and Terminaling				Storage				Corporate				Consolidated Total
Total revenue (a)		$	211,903			$	54,293			$	—			$	266,196
Depreciation and amortization		21,953				6,515				—				28,468
Income (loss) from operations		134,801				22,602				(14,592)				142,811
Other expense		—				—				31,822				31,822
Capital expenditures		6,590				302				—				6,892
		Nine Months Ended September 30, 2020
		Transportation and Terminaling				Storage				Corporate				Consolidated Total
Total revenue (a)		$	203,944			$	67,224			$	—			$	271,168
Depreciation and amortization		21,105				15,716				—				36,821
Income (loss) from operations		127,557				38,640				(12,798)				153,399
Other expense		—				—				36,964				36,964
Capital expenditures		6,469				3,166				—				9,635
See Footnotes to Earnings Release Tables

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
SEGMENT FINANCIAL INFORMATION (continued)
(Unaudited, in thousands)
		Balance at September 30, 2021
		Transportation and Terminaling				Storage				Corporate				Consolidated Total
Total assets		$	686,222			$	195,058			$	29,299			$	910,579
		Balance at December 31, 2020
		Transportation and Terminaling				Storage				Corporate				Consolidated Total
Total assets		$	715,308			$	200,130			$	18,114			$	933,552

 

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
FOOTNOTES TO EARNINGS RELEASE TABLES
(Unaudited, in thousands, except per unit data)
(a)		See discussion of the factors affecting comparability noted on page 4. Our results of operations may not be comparable to the historical results of operations for the reasons described below: Revenue - As a result of the CPI Contract Termination, effective in the fourth quarter of 2020, our revenues, specifically within our Storage segment, have decreased on a year-over-year basis.
(b)		Calculated as the sum of the average throughput per day for each asset group for the periods presented.
(c)		See "Non-GAAP Financial Measures" on page 5 for definitions of EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA, distributable cash flow and coverage ratio.
(d)		Operating information reflects activity subsequent to our acquisitions, the execution of the commercial agreements with PBF Holding and the completion of certain organic growth projects.
(e)		On October 28, 2021, we announced a quarterly cash distribution of $0.30 per limited partner unit based on the results of the third quarter of 2021. The distribution is payable on November 30, 2021 to PBFX unitholders of record at the close of business on November 12, 2021. The total distribution amount includes the expected distributions to be made related to third quarter earnings.
(f)		Management also utilizes net debt as a metric in assessing our leverage. Net debt is a non-GAAP measure calculated by subtracting cash and cash equivalents from total debt. We believe this measurement is also useful to investors since we have the ability to, and may decide to, use a portion of our cash and cash equivalents to retire or pay down our debt. This non-GAAP financial measure should not be considered in isolation or as a substitute for analysis of our debt levels as reported under GAAP. Our definition of net debt may not be comparable to similarly titled measures of other partnerships, because it may be defined differently by other partnerships in our industry, thereby limiting its utility. Our net debt as of September 30, 2021 and December 31, 2020 was $618,477 and $684,561, respectively.
(g)		We base our calculation of net income per limited partner unit on the weighted-average number of limited partner units outstanding during the period and the amount of available cash that has been, or will be, distributed to the limited partners.

 

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SOURCE PBF Logistics LP

FAQ

What is the net income reported by PBF Logistics for Q3 2021?

PBF Logistics reported a net income of $36.7 million for Q3 2021.

What was the adjusted EBITDA for PBF Logistics in the third quarter of 2021?

The adjusted EBITDA for PBF Logistics in Q3 2021 was $57.9 million.

How much liquidity does PBF Logistics have as of September 30, 2021?

As of September 30, 2021, PBF Logistics had approximately $399.6 million in liquidity.

What is the quarterly distribution per unit declared by PBF Logistics for Q3 2021?

PBF Logistics declared a quarterly distribution of $0.30 per common unit for Q3 2021.

When is the distribution payable for PBF Logistics' Q3 2021 results?

The distribution is payable on November 30, 2021, to unitholders of record on November 12, 2021.