PBF Logistics (PBFX) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36446
Entity Registrant Name	PBF LOGISTICS LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2470286
Entity Address, Address Line One	One Sylvan Way, Second Floor
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	455-7500
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Trading Symbol	PBFX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Units, Units Outstanding (in shares)		62,740,190
Entity Central Index Key	0001582568
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 30,698	$ 33,904
Accounts receivable - affiliates	47,331	61,724
Accounts receivable	5,400	5,549
Prepaids and other current assets	1,981	3,476
Total current assets	85,410	104,653
Property, plant and equipment, net	771,721	787,338
Goodwill	6,332	6,332
Other non-current assets	3,489	2,974
Total assets	866,952	901,297
Current liabilities:
Accounts payable - affiliates	4,486	4,096
Accounts payable	3,517	5,394
Accrued liabilities	12,238	16,812
Deferred revenue	2,465	2,372
Total current liabilities	22,706	28,674
Long-term debt	553,377	622,544
Other long-term liabilities	2,445	1,383
Total liabilities	578,528	652,601
Commitments and contingencies (Note 9)
Equity:
Common unitholders (62,732,078 and 62,574,644 units issued and outstanding, as of June 30, 2022 and December 31, 2021, respectively)	288,424	248,696
Total equity	288,424	248,696
Total liabilities and equity	$ 866,952	$ 901,297

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - Common Units - shares	Jun. 30, 2022	Dec. 31, 2021
Common units issued (in shares)	62,732,078	62,574,644
Common units outstanding (in shares)	62,732,078	62,574,644

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Affiliate	$ 79,624	$ 75,107	$ 155,609	$ 151,040
Third-party	13,742	14,731	27,200	26,303
Total revenue	93,366	89,838	182,809	177,343
Costs and expenses:
Operating and maintenance expenses	28,191	25,447	57,606	50,495
General and administrative expenses	6,682	6,226	10,593	10,690
Depreciation and amortization	9,146	9,276	18,630	18,681
Change in contingent consideration	0	1,149	238	1,804
Total costs and expenses	44,019	42,098	87,067	81,670
Income from operations	49,347	47,740	95,742	95,673
Other expense:
Interest expense, net	(9,706)	(10,212)	(19,419)	(20,499)
Amortization of loan fees and debt premium	(415)	(426)	(833)	(855)
Accretion on discounted liabilities	(5)	(6)	(10)	(12)
Net income	$ 39,221	$ 37,096	$ 75,480	$ 74,307
Common Units
Net income per limited partner unit:
Common units - basic (in dollars per share)	$ 0.62	$ 0.59	$ 1.20	$ 1.18
Common units - diluted (in dollars per share)	$ 0.62	$ 0.59	$ 1.20	$ 1.18
Weighted-average limited partner units outstanding:
Common units - basic (in shares)	63,050,107	62,785,212	63,000,110	62,737,272
Common units - diluted (in shares)	63,205,739	62,982,884	63,078,204	62,859,734

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 75,480	$ 74,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,630	18,681
Amortization of loan fees and debt premium	833	855
Accretion on discounted liabilities	10	12
Unit-based compensation expense	3,478	3,823
Change in contingent consideration	238	1,804
Changes in operating assets and liabilities:
Accounts receivable - affiliates	14,393	(7,073)
Accounts receivable	149	6,235
Prepaids and other current assets	1,495	(1,560)
Accounts payable - affiliates	390	584
Accounts payable	(1,625)	95
Accrued liabilities	(2,391)	(7,760)
Deferred revenue	93	449
Other assets and liabilities	299	(167)
Net cash provided by operating activities	111,472	90,285
Cash flows from investing activities:
Expenditures for property, plant and equipment	(3,138)	(3,509)
Net cash used in investing activities	(3,138)	(3,509)
Cash flows from financing activities:
Distributions to unitholders	(37,598)	(37,462)
Repayment of revolving credit facility	(70,000)	(40,000)
Payment of contingent consideration	(2,685)	(12,176)
Deferred financing costs and other	(1,257)	(1,012)
Net cash used in financing activities	(111,540)	(90,650)
Net change in cash and cash equivalents	(3,206)	(3,874)
Cash and cash equivalents, beginning of period	33,904	36,284
Cash and cash equivalents, end of period	30,698	32,410
Supplemental disclosure of non-cash investing and financing activities:
Accrued and unpaid capital expenditures	457	2,554
Contribution of net assets from PBF LLC	$ 0	$ 316

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION PBF Logistics LP (“PBFX” or the “Partnership”) is a Delaware master limited partnership formed in February 2013. PBF Logistics GP LLC (“PBF GP” or “our general partner”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of PBF LLC and, as of June 30, 2022, owned 99.3% of the total economic interest in PBF LLC. In addition, PBF LLC is the sole managing member of PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company and affiliate of PBFX. PBF LLC owned 29,953,631 PBFX common units constituting an aggregate of 47.7% limited partner interest in PBFX, with the remaining 52.3% limited partner interest owned by public unitholders as of June 30, 2022. PBFX engages in the processing of crude oil and the receiving, handling, storing and transferring of crude oil, refined products, natural gas and intermediates. The Partnership generally does not take ownership of or receive any payments based on the value of the crude oil, products, natural gas or intermediates that it handles and does not engage in the trading of any commodities. PBFX’s assets are integral to the operations of PBF Holding’s refineries, and, as a result, the Partnership continues to generate a substantial majority of its revenue from transactions with PBF Holding. Additionally, certain of PBFX’s assets generate revenue from third-party transactions. Pending Merger with PBF Energy On July 27, 2022, the Partnership entered into a definitive merger agreement with PBF Energy and its subsidiaries, PBF LLC, Riverlands Merger Sub LLC, and PBFX Holdings Inc., and our general partner (the “Merger Agreement”), pursuant to which PBF Energy will acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by PBF Energy and its subsidiaries on the closing date of the transaction (the “Merger Transaction”). The Merger Agreement provides that each outstanding common unit of the Partnership held by an unaffiliated common unitholder will receive 0.270 shares of PBF Energy Class A common stock, par value $0.001 per share (“PBF Energy Class A common stock”), and $9.25 in cash, without interest. The Merger Agreement also provides that our general partner shall consider and, if appropriate, shall approve and declare and cause the Partnership to pay, in accordance with past practice for each completed fiscal quarter ending prior to the closing date, a cash distribution to holders of PBFX’s common units in an amount not less than $0.30 per common unit. The merger is expected to close in the fourth quarter of 2022, subject to customary closing conditions. PBF Energy and PBF LLC, a subsidiary of PBF Energy that owns approximately 47.7% of PBFX’s common units, has entered into a voting and support agreement with PBFX committing to vote Partnership common units beneficially owned by PBF Energy and PBF LLC in favor of the Merger Transaction. The terms of the Merger Transaction were unanimously approved by the Board of Directors of our general partner based on the unanimous approval and recommendation of its conflicts committee, comprised entirely of independent directors. Upon closing, the Partnership will become an indirect wholly-owned subsidiary of PBF Energy, and the PBFX common units will cease to be listed on the NYSE and will be subsequently deregistered under the Exchange Act. Principles of Combination and Consolidation and Basis of Presentation In connection with, and subsequent to, PBFX’s initial public offering (“IPO”), the Partnership has acquired certain assets from PBF LLC (collectively referred to as the “Contributed Assets”). Such acquisitions completed subsequent to the IPO were made through a series of dropdown transactions with PBF LLC (collectively referred to as the “Acquisitions from PBF”). The assets, liabilities and results of operations of the Contributed Assets prior to their acquisition by PBFX are collectively referred to as the “Predecessor.” The transactions through which PBFX acquired the Contributed Assets were transfers of assets between entities under common control. The accompanying condensed consolidated financial statements and related notes present solely the consolidated financial position and consolidated financial results of PBFX. Refer to the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) for additional information regarding the Acquisitions from PBF and the agreements that were entered into or amended with related parties in connection with these acquisitions. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, PBFX has included all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows of PBFX for the periods presented. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the full year. The Predecessor generally did not operate its respective assets for the purpose of generating revenue independent of other PBF Energy businesses prior to the IPO or the effective dates of the Acquisitions from PBF. All intercompany accounts and transactions have been eliminated. Recently Adopted Accounting Guidance

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
Revenues [Abstract]
REVENUE	2. REVENUE Revenue Recognition In accordance with FASB Accounting Standards Codification “Revenue from Contracts with Customers (Topic 606),” revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration to which the Partnership expects to be entitled in exchange for those goods or services. As disclosed in Note 11 “Segment Information” of the Notes to Condensed Consolidated Financial Statements, the Partnership’s business consists of two reportable segments: (i) Transportation and Terminaling and (ii) Storage. The following table provides information relating to the Partnership’s revenue for each service category by segment for the periods presented: Three Months Ended Six Months Ended 2022 2021 2022 2021 Transportation and Terminaling Segment Terminaling $ 37,068 $ 38,386 $ 72,466 $ 77,221 Pipeline 21,404 21,113 43,706 41,687 Other 12,246 11,209 24,794 23,277 Total 70,718 70,708 140,966 142,185 Storage Segment Storage 18,520 14,145 33,717 27,893 Other 4,128 4,985 8,126 7,265 Total 22,648 19,130 41,843 35,158 Total Revenue $ 93,366 $ 89,838 $ 182,809 $ 177,343 PBFX recognizes revenue by charging fees for crude oil and refined products terminaling, pipeline, storage and processing services based on contractual rates applied to the greater of contractual minimum volume commitments (“MVCs”), as applicable, or actual volumes transferred, stored or processed. Minimum Volume Commitments Transportation and Terminaling Segment The Partnership’s Transportation and Terminaling segment consists of product terminals, pipelines, crude unloading facilities and other facilities capable of transporting and handling crude oil, refined products and natural gas. Certain of the affiliate and third-party Transportation and Terminaling commercial agreements contain MVCs. Under these commercial agreements, if the Partnership’s customer fails to transport its minimum throughput volumes during any specified period, the customer will pay the Partnership an amount equal to the difference in actual volumes transported and/or throughput and the minimum volumes required under the agreement multiplied by the applicable contractual rate (each a “deficiency payment”). Deficiency payments are initially recorded as deferred revenue on the Partnership’s balance sheets for all contracts in which the MVC deficiency makeup period is contractually longer than a fiscal quarter. Certain of the Partnership’s customers may apply deficiency payment amounts as a credit against volumes throughput in excess of its MVC, as applicable, during subsequent quarters under the terms of the applicable agreement. The Partnership recognizes operating revenue for the deficiency payments when credits are used for volumes transported in excess of MVCs or at the end of the contractual period. Unused credits determined to have a remote chance of being utilized by customers in the future are recognized as operating revenue in the period when that determination is made. The use or recognition of the credits is recorded as a reduction to deferred revenue. Storage Segment The Partnership earns storage revenue under crude oil and refined products storage contracts. In addition, the Partnership earns storage revenue under its processing agreement at its East Coast storage facility. Certain of these affiliate and third-party contracts contain capacity reservation agreements, under which the Partnership collects a fee for reserving storage capacity for customers in its facilities. Customers generally pay reservation fees based on the level of storage capacity reserved rather than the actual volumes stored. MVC Payments to be Received As of June 30, 2022, MVC payments to be received, based on future performance obligations of the Partnership, related to noncancellable commercial terminaling, pipeline and storage agreements were as follows: Remainder of 2022 $ 51,800 2023 94,590 2024 92,505 2025 92,253 2026 — Thereafter — Total MVC payments to be received (1)(2) $ 331,148 (1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated is excluded. (2) Arrangements deemed leases are excluded from this table. Leases Lessor Disclosures The Partnership has leased certain of its assets under lease agreements with varying terms up to fifteen years, including leases of storage, terminaling, pipeline and processing assets. Certain of these leases include options to extend or renew the lease for one At inception, the Partnership determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. As of June 30, 2022, all of the Partnership’s leases have been determined to be operating leases. Some of the Partnership’s lease arrangements contain lease components ( e.g., MVCs) and non-lease components ( e.g., maintenance, labor charges, etc.). The Partnership accounts for the lease and non-lease components as a single lease component for every asset class. Certain of the Partnership’s lease agreements include MVCs that are adjusted periodically based on a specified index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Partnership’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Partnership expects to derive significant future benefits from its leased assets following the end of the lease term, as the remaining useful life would be sufficient to allow the Partnership to enter into new leases for such assets. In the normal course of business, the Partnership enters into contracts with PBF Holding and its refineries whereby PBF Holding and its refineries lease certain of the Partnership’s storage, terminaling and pipeline assets. The Partnership believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases range from one The table below quantifies lease revenue for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Affiliate $ 44,695 $ 37,122 $ 86,156 $ 73,970 Third-party 8,289 9,745 16,385 16,795 Total lease revenue $ 52,984 $ 46,867 $ 102,541 $ 90,765 Undiscounted Cash Flows The table below presents the fixed component of the undiscounted cash flows to be received for each of the periods presented for the Partnership’s operating leases with customers as of June 30, 2022: Remainder of 2022 $ 72,027 2023 138,453 2024 136,498 2025 109,816 2026 79,395 Thereafter 53,313 Total undiscounted cash flows to be received $ 589,502 Assets Under Lease The Partnership’s assets that are subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheets. The table below quantifies, by category within property, plant and equipment, the assets that are subject to lease as of June 30, 2022 and December 31, 2021: June 30, December 31, Land $ 98,337 $ 98,337 Pipelines 322,758 322,437 Terminals and equipment 83,783 83,411 Storage facilities and processing units 183,588 183,493 688,466 687,678 Accumulated depreciation (146,209) (133,962) Net assets subject to lease $ 542,257 $ 553,716 Deferred Revenue The Partnership records deferred revenue when cash payments are received or due in advance of performance, including amounts which are refundable. Deferred revenue was $2,465 and $2,372 as of June 30, 2022 and December 31, 2021, respectively. Changes in deferred revenue are primarily driven by the timing and extent of cash payments received in advance of satisfying the Partnership’s performance obligations for the comparative periods. The Partnership’s payment terms vary by the type and location of the customer and the services offered. The period between invoicing and when payment is due is not significant ( i.e., generally within two months). For certain services and customer types, the Partnership requires payment before the services are performed for the customer.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	6 Months Ended
	Jun. 30, 2022
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES Credit Losses The Partnership has exposure to credit losses through its collection of fees charged to customers for terminaling, pipeline, storage and processing services. The Partnership evaluates creditworthiness on an individual customer basis. The Partnership utilizes a financial review model for purposes of evaluating creditworthiness, which is based on information from financial statements and credit reports. The financial review model enables the Partnership to assess the customer’s risk profile and determine credit limits on the basis of their financial strength, including but not limited to, their liquidity, leverage, debt serviceability, longevity and how they pay their bills. The Partnership may require security in the form of letters of credit or cash payments in advance of product and services delivery for certain customers that are deemed higher risk. Additionally, the Partnership may hold customers’ product in storage at its facilities as collateral and/or deny access to its facilities, as allowable under commercial law or its contractual agreements, should payment not be received. The Partnership reviews each customer’s credit risk profile at least annually, or more frequently if warranted. Based on its credit assessments, the Partnership may adjust payment terms or limit available trade credit for customers, and customers within certain industries, which are deemed to be at a higher risk. The Partnership performs a quarterly allowance for doubtful accounts analysis to assess whether an allowance needs to be recorded for any outstanding trade receivables. In estimating credit losses, management reviews accounts that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. There was no allowance for doubtful accounts recorded as of June 30, 2022 or December 31, 2021.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: June 30, December 31, Land $ 114,844 $ 114,844 Pipelines 346,833 346,512 Terminals and equipment 324,139 321,082 Storage facilities and processing units 202,727 202,729 Construction in progress 1,970 2,991 990,513 988,158 Accumulated depreciation (218,792) (200,820) Property, plant and equipment, net $ 771,721 $ 787,338

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	INTANGIBLES The Partnership’s net intangibles consisted of the following: June 30, December 31, Customer contracts $ 9,300 $ 9,300 Customer relationships 5,900 5,900 15,200 15,200 Accumulated amortization (12,647) (12,397) Total intangibles, net (1) $ 2,553 $ 2,803 (1) Total intangibles, net are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets. Amortization expense was $250 for each of the six month periods ended June 30, 2022 and 2021.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Total debt was comprised of the following: June 30, December 31, 2023 Notes (1) $ 525,000 $ 525,000 Revolving Credit Facility (2)(3) 30,000 100,000 Total debt outstanding 555,000 625,000 Unamortized debt issuance costs (2,197) (3,383) Unamortized 2023 Notes premium 574 927 Net carrying value of debt $ 553,377 $ 622,544 ___________________ (1) The 2023 Notes (as defined below) are due May 2023 and are included in Long-term debt as of June 30, 2022 as the Partnership has the ability and intent to refinance this debt through availability under other credit facilities, including credit facilities of the Partnership’s parent sponsor, PBF Energy, in the event the debt is not renewed at maturity. (2) As of June 30, 2022, PBFX had $3,508 of outstanding letters of credit and $466,492 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”). (3) During the six months ended June 30, 2022, PBFX made net repayments of $70,000 under the Revolving Credit Facility. Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY	EQUITY PBFX had 32,778,447 outstanding common units held by the public as of June 30, 2022. PBF LLC owned 29,953,631 PBFX common units constituting an aggregate of 47.7% of PBFX’s limited partner interest as of June 30, 2022. Unit Activity The partnership agreement authorizes PBFX to issue an unlimited number of additional partnership interests for the consideration of, and on the terms and conditions determined by, PBFX’s general partner without the approval of the unitholders. It is possible that PBFX will fund future acquisitions through the issuance of additional common units, subordinated units or other partnership interests. The following table presents changes in PBFX common units outstanding: Three Months Ended June 30, 2022 2021 Balance at beginning of period 62,597,855 62,365,612 Vesting of phantom units, net of forfeitures 134,223 144,764 Balance at end of period 62,732,078 62,510,376 Six Months Ended June 30, 2022 2021 Balance at beginning of period 62,574,644 62,364,838 Vesting of phantom units, net of forfeitures 157,434 145,538 Balance at end of period 62,732,078 62,510,376 Additionally, 308,427 of the Partnership’s phantom units issued under the PBFX 2014 Long-Term Incentive Plan vested and were converted into common units held by certain directors, officers and current and former employees of our general partner or its affiliates during the year ended December 31, 2021. Holders of any additional common units PBFX issues will be entitled to share equally with the then-existing common unitholders in PBFX’s distributions of available cash. Equity Activity The following tables summarize the changes in the carrying amount of the Partnership’s equity during the six months ended June 30, 2022 and 2021: Common Units Balance at December 31, 2021 $ 248,696 Quarterly distributions to unitholders ($0.30 per unit) (19,000) Net income attributable to the partners 36,259 Unit-based compensation expense 654 Other 81 Balance at March 31, 2022 $ 266,690 Quarterly distributions to unitholders ($0.30 per unit) (19,054) Net income attributable to the partners 39,221 Unit-based compensation expense 2,824 Other (1,257) Balance at June 30, 2022 $ 288,424 Common Units Balance at December 31, 2020 $ 167,217 Quarterly distributions to unitholders ($0.30 per unit) (18,926) Net income attributable to the partners 37,211 Unit-based compensation expense 989 Other 15 Balance at March 31, 2021 $ 186,506 Quarterly distributions to unitholders ($0.30 per unit) (19,023) Net income attributable to the partners 37,096 Unit-based compensation expense 2,834 Other (696) Balance at June 30, 2021 $ 206,717 Cash Distributions PBFX’s partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the unitholders and general partner will receive. During the six months ended June 30, 2022, PBFX made distribution payments as follows: Related Earnings Period: Q4 2021 Q1 2022 Distribution date March 10, 2022 May 26, 2022 Record date February 24, 2022 May 12, 2022 Per unit $ 0.30 $ 0.30 To public common unitholders $ 9,793 $ 9,833 To PBF LLC $ 8,986 $ 8,986 Total distribution $ 18,779 $ 18,819 The quarterly distributions to limited partners for the three and six months ended June 30, 2022 and 2021 are shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.30 per unit were declared for each of the three-month periods ended June 30, 2022 and 2021 and distributions of $0.30 per unit were declared for each of the three-month periods ended March 31, 2022 and 2021); therefore, the table represents total estimated distributions applicable to the period in which the distributions were earned: Three Months Ended Six Months Ended 2022 2021 2022 2021 Limited partners’ distributions: Common $ 19,093 $ 19,021 $ 38,186 $ 37,945 Total distributions $ 19,093 $ 19,021 $ 38,186 $ 37,945 Total cash distributions (1) $ 18,821 $ 18,754 $ 37,640 $ 37,506 (1) Excludes phantom unit distributions, which are accrued and paid upon vesting.

NET INCOME PER UNIT

NET INCOME PER UNIT	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
NET INCOME PER UNIT	NET INCOME PER UNIT Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to PBFX’s unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit. Diluted net income per unit includes the effect of potentially dilutive units of PBFX’s common units that consist of unvested phantom units. There were 40,378 and 392,506 anti-dilutive phantom units for the three and six months ended June 30, 2022, compared to 119,128 and 317,628 anti-dilutive phantom units for the three and six months ended June 30, 2021. The following table shows the calculation of net income per limited partner unit: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income attributable to the partners: Distributions declared $ 19,093 $ 19,021 $ 38,186 $ 37,945 Earnings less distributions 20,128 18,075 37,294 36,362 Net income attributable to the partners $ 39,221 $ 37,096 $ 75,480 $ 74,307 Weighted-average units outstanding - basic 63,050,107 62,785,212 63,000,110 62,737,272 Weighted-average units outstanding - diluted 63,205,739 62,982,884 63,078,204 62,859,734 Net income per limited partner unit - basic $ 0.62 $ 0.59 $ 1.20 $ 1.18 Net income per limited partner unit - diluted 0.62 0.59 1.20 1.18

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental Matters PBFX’s assets, along with PBF Energy’s refineries, are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment (including in response to the potential impacts of climate change), waste management and the characteristics and the composition of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the Partnership’s assets, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. PBFX recorded a total liability related to environmental remediation obligations at certain of its assets of $1,863 and $1,695 as of June 30, 2022 and December 31, 2021, respectively, related to existing environmental liabilities. During the first quarter of 2019, the Partnership notified certain agencies of an oil sheen present in the Schuylkill River near one of its facilities. Clean-up, identification and mitigation of the source were immediately initiated. The Pennsylvania Department of Environmental Protection (“PADEP”) approved the Site Characterization Report submitted by the Partnership. A Remedial Action Plan was submitted to the PADEP in October 2020. The PADEP approved the Remedial Action Plan in January 2021, and the response activities are substantially complete. Future remediation costs and any potential penalties are currently not expected to be material to the Partnership. Contingent Consideration In connection with the Partnership’s acquisition of CPI Operations LLC from Crown Point International LLC (“Crown Point”) in October 2018, the purchase and sale agreement between the Partnership and Crown Point included an earn-out provision related to an existing commercial agreement with a third party, based on the future results of certain acquired idled assets (the “Contingent Consideration”). The Partnership and Crown Point agreed to share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. The Contingent Consideration recorded was $485 and $2,932 as of June 30, 2022 and December 31, 2021, respectively. The Contingent Consideration is included in “Accrued liabilities” within the Partnership’s condensed consolidated balance sheets. The Contingent Consideration is categorized in Level 3 of the fair value hierarchy and is estimated based on management’s estimate of the future cash flows associated with the recommenced idled assets. The changes in fair value of the obligation during the three and six months ended June 30, 2022 and 2021 were primarily due to the changes in the estimated future cash flows of the assets and settlement payments made by the Partnership. The earn-out provision between the Partnership and Crown Point runs through October 2022. The following table summarizes the changes in fair value of the Contingent Consideration for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 485 $ 598 $ 2,932 $ 12,120 Settlements — — (2,685) (12,176) Unrealized charge included in earnings — 1,150 238 1,804 Balance at end of period $ 485 $ 1,748 $ 485 $ 1,748

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Agreements with PBF Energy Entities Commercial Agreements PBFX currently derives a majority of its revenue from long-term, fee-based agreements with PBF Holding, which generally include MVCs and contractual fee escalations for inflation adjustments and certain increases in operating costs. PBFX believes the terms and conditions under these agreements, as well as the Omnibus Agreement and the Services Agreement (each as defined below), each with PBF Holding, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. Refer to the 2021 Form 10-K for a more complete description of PBFX’s commercial agreements with PBF Holding, including those identified as leases, which were entered into prior to 2022. The following table reflects activity during 2022 related to commercial agreements between PBFX and PBF Holding: Agreement Initiation Date Initial Term Renewal MVC Force Majeure Transportation and Terminaling Toledo Truck Unloading & Terminaling Agreement (a) 4/1/2022 9 months Evergreen See note (b) PBFX or PBF Holding can declare ___________________ (a) This commercial agreement with PBF Holding is considered a lease. (b) The MVC is 5,500 bpd through December 31, 2022. Effective January 1, 2023, the MVC will decrease to 1,000 bpd. Other Agreements In addition to the commercial agreements described above, PBFX has entered into an omnibus agreement with PBF GP, PBF LLC and PBF Holding, which has been amended and restated in connection with certain of the Acquisitions from PBF (as amended, the “Omnibus Agreement”). This agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees. Additionally, PBFX has entered into an operation and management services and secondment agreement with PBF Holding and certain of its subsidiaries (as amended, the “Services Agreement”), pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for the Partnership to perform its obligations under its commercial agreements. PBFX reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that the Partnership may terminate any service upon 30-days’ notice. Refer to the 2021 Form 10-K for a more complete description of the Omnibus Agreement and the Services Agreement. Summary of Transactions A summary of revenue and expense transactions with the Partnership’s affiliates, including expenses directly charged and allocated to the Partnership, is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenue $ 79,624 $ 75,107 $ 155,609 $ 151,040 Operating and maintenance expenses 2,170 2,170 4,341 4,341 General and administrative expenses 2,289 1,947 4,123 3,715

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Partnership’s operations are comprised of operating segments, which are strategic business units that offer different services in various geographical locations. PBFX has evaluated the performance of each operating segment based on its respective operating income. The operating segments adhere to the accounting polices used for the condensed consolidated financial statements, as described in Note 2 “Summary of Accounting Policies” of the Notes to Consolidated Financial Statements in the 2021 Form 10-K. The Partnership’s operating segments are organized into two reportable segments: (i) Transportation and Terminaling and (ii) Storage. Operations that are not included in either the Transportation and Terminaling or the Storage segments are included in Corporate. The Partnership does not have any foreign operations. The Partnership’s Transportation and Terminaling segment consists of operating segments that include product terminals, pipelines, crude unloading facilities and other facilities capable of transporting and handling crude oil, refined products and natural gas. The Partnership’s Storage segment consists of operating segments that include storage and other facilities capable of processing crude oil and handling crude oil, refined products and intermediates. Revenue is generated from third-party transactions as well as commercial agreements entered into with PBF Holding under which the Partnership receives fees for transportation, terminaling, storage and processing services. The commercial agreements with PBF Holding are described in Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements. Certain general and administrative expenses and interest and financing costs are included in Corporate as they are not directly attributable to a specific reporting segment. Identifiable assets are those used by the operating segments, whereas assets included in Corporate are principally cash, deposits and other assets that are not associated with operations. Three Months Ended June 30, 2022 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 70,718 $ 22,648 $ — $ 93,366 Depreciation and amortization 7,087 2,059 — 9,146 Income (loss) from operations 43,113 12,916 (6,682) 49,347 Other expense — — 10,126 10,126 Capital expenditures 1,271 434 — 1,705 Three Months Ended June 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 70,708 $ 19,130 $ — $ 89,838 Depreciation and amortization 7,105 2,171 — 9,276 Income (loss) from operations 45,448 8,518 (6,226) 47,740 Other expense — — 10,644 10,644 Capital expenditures 2,254 1 — 2,255 Six Months Ended June 30, 2022 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 140,966 $ 41,843 $ — $ 182,809 Depreciation and amortization 14,517 4,113 — 18,630 Income (loss) from operations 85,192 21,143 (10,593) 95,742 Other expense — — 20,262 20,262 Capital expenditures 2,573 565 — 3,138 Six Months Ended June 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 142,185 $ 35,158 $ — $ 177,343 Depreciation and amortization 14,340 4,341 — 18,681 Income (loss) from operations 92,057 14,306 (10,690) 95,673 Other expense — — 21,366 21,366 Capital expenditures 3,309 200 — 3,509 Balance at June 30, 2022 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 650,111 $ 189,100 $ 27,741 $ 866,952 Balance at December 31, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 688,005 $ 188,393 $ 24,899 $ 901,297

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Cash Distribution On July 28, 2022, PBF GP’s board of directors announced a cash distribution, based on the results of the second quarter of 2022, of $0.30 per unit. The distribution is payable on August 25, 2022 to PBFX unitholders of record at the close of business on August 11, 2022. Pending Merger with PBF Energy On July 27, 2022, the Partnership entered into the Merger Agreement. The resulting Merger Transaction is subject to regulatory approval and customary closing conditions and is expected to close in the fourth quarter of 2022. The Merger Agreement provides that each outstanding common unit of the Partnership held by an unaffiliated common unitholder will receive 0.270 shares of PBF Energy Class A common stock and $9.25 in cash, without interest.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Guidance	Recently Adopted Accounting GuidanceIn March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions affected by the expected market transition from London Interbank Offering Rate and other interbank rates. The Partnership’s adoption of this guidance did not have, and is not anticipated to have, a material impact on its condensed consolidated financial statements and related disclosures.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenues [Abstract]
Revenue from External Customers by Products and Services	The following table provides information relating to the Partnership’s revenue for each service category by segment for the periods presented: Three Months Ended Six Months Ended 2022 2021 2022 2021 Transportation and Terminaling Segment Terminaling $ 37,068 $ 38,386 $ 72,466 $ 77,221 Pipeline 21,404 21,113 43,706 41,687 Other 12,246 11,209 24,794 23,277 Total 70,718 70,708 140,966 142,185 Storage Segment Storage 18,520 14,145 33,717 27,893 Other 4,128 4,985 8,126 7,265 Total 22,648 19,130 41,843 35,158 Total Revenue $ 93,366 $ 89,838 $ 182,809 $ 177,343
Schedule of Future Minimum Volume Commitments to be received	As of June 30, 2022, MVC payments to be received, based on future performance obligations of the Partnership, related to noncancellable commercial terminaling, pipeline and storage agreements were as follows: Remainder of 2022 $ 51,800 2023 94,590 2024 92,505 2025 92,253 2026 — Thereafter — Total MVC payments to be received (1)(2) $ 331,148 (1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated is excluded. (2) Arrangements deemed leases are excluded from this table.
Operating Lease, Lease Income	The table below quantifies lease revenue for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Affiliate $ 44,695 $ 37,122 $ 86,156 $ 73,970 Third-party 8,289 9,745 16,385 16,795 Total lease revenue $ 52,984 $ 46,867 $ 102,541 $ 90,765
Lessor, Operating Lease, Payments to be Received, Maturity	The table below presents the fixed component of the undiscounted cash flows to be received for each of the periods presented for the Partnership’s operating leases with customers as of June 30, 2022: Remainder of 2022 $ 72,027 2023 138,453 2024 136,498 2025 109,816 2026 79,395 Thereafter 53,313 Total undiscounted cash flows to be received $ 589,502
Assets Under Lease	The table below quantifies, by category within property, plant and equipment, the assets that are subject to lease as of June 30, 2022 and December 31, 2021: June 30, December 31, Land $ 98,337 $ 98,337 Pipelines 322,758 322,437 Terminals and equipment 83,783 83,411 Storage facilities and processing units 183,588 183,493 688,466 687,678 Accumulated depreciation (146,209) (133,962) Net assets subject to lease $ 542,257 $ 553,716

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Property, plant and equipment, net consisted of the following: June 30, December 31, Land $ 114,844 $ 114,844 Pipelines 346,833 346,512 Terminals and equipment 324,139 321,082 Storage facilities and processing units 202,727 202,729 Construction in progress 1,970 2,991 990,513 988,158 Accumulated depreciation (218,792) (200,820) Property, plant and equipment, net $ 771,721 $ 787,338

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of net intangible assets	The Partnership’s net intangibles consisted of the following: June 30, December 31, Customer contracts $ 9,300 $ 9,300 Customer relationships 5,900 5,900 15,200 15,200 Accumulated amortization (12,647) (12,397) Total intangibles, net (1) $ 2,553 $ 2,803 (1) Total intangibles, net are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Total debt was comprised of the following: June 30, December 31, 2023 Notes (1) $ 525,000 $ 525,000 Revolving Credit Facility (2)(3) 30,000 100,000 Total debt outstanding 555,000 625,000 Unamortized debt issuance costs (2,197) (3,383) Unamortized 2023 Notes premium 574 927 Net carrying value of debt $ 553,377 $ 622,544 ___________________ (1) The 2023 Notes (as defined below) are due May 2023 and are included in Long-term debt as of June 30, 2022 as the Partnership has the ability and intent to refinance this debt through availability under other credit facilities, including credit facilities of the Partnership’s parent sponsor, PBF Energy, in the event the debt is not renewed at maturity. (2) As of June 30, 2022, PBFX had $3,508 of outstanding letters of credit and $466,492 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”). (3) During the six months ended June 30, 2022, PBFX made net repayments of $70,000 under the Revolving Credit Facility.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Stock by Class	The following table presents changes in PBFX common units outstanding: Three Months Ended June 30, 2022 2021 Balance at beginning of period 62,597,855 62,365,612 Vesting of phantom units, net of forfeitures 134,223 144,764 Balance at end of period 62,732,078 62,510,376 Six Months Ended June 30, 2022 2021 Balance at beginning of period 62,574,644 62,364,838 Vesting of phantom units, net of forfeitures 157,434 145,538 Balance at end of period 62,732,078 62,510,376
Schedule of Stockholders Equity	The following tables summarize the changes in the carrying amount of the Partnership’s equity during the six months ended June 30, 2022 and 2021: Common Units Balance at December 31, 2021 $ 248,696 Quarterly distributions to unitholders ($0.30 per unit) (19,000) Net income attributable to the partners 36,259 Unit-based compensation expense 654 Other 81 Balance at March 31, 2022 $ 266,690 Quarterly distributions to unitholders ($0.30 per unit) (19,054) Net income attributable to the partners 39,221 Unit-based compensation expense 2,824 Other (1,257) Balance at June 30, 2022 $ 288,424 Common Units Balance at December 31, 2020 $ 167,217 Quarterly distributions to unitholders ($0.30 per unit) (18,926) Net income attributable to the partners 37,211 Unit-based compensation expense 989 Other 15 Balance at March 31, 2021 $ 186,506 Quarterly distributions to unitholders ($0.30 per unit) (19,023) Net income attributable to the partners 37,096 Unit-based compensation expense 2,834 Other (696) Balance at June 30, 2021 $ 206,717
Distributions Made to Limited Partner, by Distribution	During the six months ended June 30, 2022, PBFX made distribution payments as follows: Related Earnings Period: Q4 2021 Q1 2022 Distribution date March 10, 2022 May 26, 2022 Record date February 24, 2022 May 12, 2022 Per unit $ 0.30 $ 0.30 To public common unitholders $ 9,793 $ 9,833 To PBF LLC $ 8,986 $ 8,986 Total distribution $ 18,779 $ 18,819
Distributions Made to Unitholders	The quarterly distributions to limited partners for the three and six months ended June 30, 2022 and 2021 are shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.30 per unit were declared for each of the three-month periods ended June 30, 2022 and 2021 and distributions of $0.30 per unit were declared for each of the three-month periods ended March 31, 2022 and 2021); therefore, the table represents total estimated distributions applicable to the period in which the distributions were earned: Three Months Ended Six Months Ended 2022 2021 2022 2021 Limited partners’ distributions: Common $ 19,093 $ 19,021 $ 38,186 $ 37,945 Total distributions $ 19,093 $ 19,021 $ 38,186 $ 37,945 Total cash distributions (1) $ 18,821 $ 18,754 $ 37,640 $ 37,506 (1) Excludes phantom unit distributions, which are accrued and paid upon vesting.

NET INCOME PER UNIT (Tables)

NET INCOME PER UNIT (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of calculation of net income per unit	The following table shows the calculation of net income per limited partner unit: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income attributable to the partners: Distributions declared $ 19,093 $ 19,021 $ 38,186 $ 37,945 Earnings less distributions 20,128 18,075 37,294 36,362 Net income attributable to the partners $ 39,221 $ 37,096 $ 75,480 $ 74,307 Weighted-average units outstanding - basic 63,050,107 62,785,212 63,000,110 62,737,272 Weighted-average units outstanding - diluted 63,205,739 62,982,884 63,078,204 62,859,734 Net income per limited partner unit - basic $ 0.62 $ 0.59 $ 1.20 $ 1.18 Net income per limited partner unit - diluted 0.62 0.59 1.20 1.18

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in fair value of the Contingent Consideration for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 485 $ 598 $ 2,932 $ 12,120 Settlements — — (2,685) (12,176) Unrealized charge included in earnings — 1,150 238 1,804 Balance at end of period $ 485 $ 1,748 $ 485 $ 1,748

RELATED PARTY TRANSACTIONS - SU

RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table reflects activity during 2022 related to commercial agreements between PBFX and PBF Holding: Agreement Initiation Date Initial Term Renewal MVC Force Majeure Transportation and Terminaling Toledo Truck Unloading & Terminaling Agreement (a) 4/1/2022 9 months Evergreen See note (b) PBFX or PBF Holding can declare ___________________ (a) This commercial agreement with PBF Holding is considered a lease. (b) The MVC is 5,500 bpd through December 31, 2022. Effective January 1, 2023, the MVC will decrease to 1,000 bpd. A summary of revenue and expense transactions with the Partnership’s affiliates, including expenses directly charged and allocated to the Partnership, is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenue $ 79,624 $ 75,107 $ 155,609 $ 151,040 Operating and maintenance expenses 2,170 2,170 4,341 4,341 General and administrative expenses 2,289 1,947 4,123 3,715

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of segment reporting	Three Months Ended June 30, 2022 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 70,718 $ 22,648 $ — $ 93,366 Depreciation and amortization 7,087 2,059 — 9,146 Income (loss) from operations 43,113 12,916 (6,682) 49,347 Other expense — — 10,126 10,126 Capital expenditures 1,271 434 — 1,705 Three Months Ended June 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 70,708 $ 19,130 $ — $ 89,838 Depreciation and amortization 7,105 2,171 — 9,276 Income (loss) from operations 45,448 8,518 (6,226) 47,740 Other expense — — 10,644 10,644 Capital expenditures 2,254 1 — 2,255 Six Months Ended June 30, 2022 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 140,966 $ 41,843 $ — $ 182,809 Depreciation and amortization 14,517 4,113 — 18,630 Income (loss) from operations 85,192 21,143 (10,593) 95,742 Other expense — — 20,262 20,262 Capital expenditures 2,573 565 — 3,138 Six Months Ended June 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 142,185 $ 35,158 $ — $ 177,343 Depreciation and amortization 14,340 4,341 — 18,681 Income (loss) from operations 92,057 14,306 (10,690) 95,673 Other expense — — 21,366 21,366 Capital expenditures 3,309 200 — 3,509 Balance at June 30, 2022 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 650,111 $ 189,100 $ 27,741 $ 866,952 Balance at December 31, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 688,005 $ 188,393 $ 24,899 $ 901,297

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - $ / shares	Jul. 27, 2022	Jun. 30, 2022
Merger with PBF Energy Inc. | Subsequent Event
Limited Partners' Capital Account [Line Items]
Business Combination Consideration Transferred Equity Interests Per Acquiree Share	0.270
Common Stock, Par or State Value Per Share to be Received	$ 0.001
Business Acquisition, Share Price	9.25
Minimum Cash Distribution Per Unit to be Made for All Completed Quarters Prior to Merger	$ 0.30
PBF Energy [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Percentage of total economic interest		99.30%
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage		47.70%
Limited Partner, Public [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage		52.30%
Common Units | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Units owned (in shares)		29,953,631

REVENUE (Details)

REVENUE (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Number of operating segments | segment	2
Percentage of total undiscounted future rental income from leased assets represented by affiliated leases	91%
Deferred revenue | $	$ 2,465	$ 2,372
Minimum [Member]
Lessor, lease term, option to extend or renew (or more)	1 year
Maximum [Member]
Lessor, lease term (up to)	15 years
Affiliate | Minimum [Member]
Lessee, lease term	1 year
Affiliate | Maximum [Member]
Lessee, lease term	15 years

REVENUE - PARTNERSHIP REVENUE (

REVENUE - PARTNERSHIP REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Revenue	$ 93,366	$ 89,838	$ 182,809	$ 177,343
Transportation and Terminaling Segment
Total Revenue	70,718	70,708	140,966	142,185
Storage
Total Revenue	22,648	19,130	41,843	35,158
Terminaling | Transportation and Terminaling Segment
Total Revenue	37,068	38,386	72,466	77,221
Pipeline | Transportation and Terminaling Segment
Total Revenue	21,404	21,113	43,706	41,687
Other | Transportation and Terminaling Segment
Total Revenue	12,246	11,209	24,794	23,277
Other | Storage
Total Revenue	4,128	4,985	8,126	7,265
Storage | Storage
Total Revenue	$ 18,520	$ 14,145	$ 33,717	$ 27,893

REVENUE - PAYMENTS TO BE RECEIV

REVENUE - PAYMENTS TO BE RECEIVED (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revenues [Abstract]
Remainder of 2022	$ 51,800
2023	94,590
2024	92,505
2025	92,253
2026	0
Thereafter	0
Total MVC payments to be received	$ 331,148	[1],[2]
[1]All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated is excluded.[2]Arrangements deemed leases are excluded from this table.

REVENUE - LEASE REVENUE (Detail

REVENUE - LEASE REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total lease revenue	$ 52,984	$ 46,867	$ 102,541	$ 90,765
Affiliate
Total lease revenue	44,695	37,122	86,156	73,970
Third-party
Total lease revenue	$ 8,289	$ 9,745	$ 16,385	$ 16,795

REVENUE - UNDISCOUNTED CASH FLO

REVENUE - UNDISCOUNTED CASH FLOWS (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revenues [Abstract]
Remainder of 2022	$ 72,027
2023	138,453
2024	136,498
2025	109,816
2026	79,395
Thereafter	53,313
Total undiscounted cash flows to be received	$ 589,502

REVENUE - ASSETS UNDER LEASE (D

REVENUE - ASSETS UNDER LEASE (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Gross PP&E Assets Under Lease	$ 990,513	$ 988,158
Accumulated depreciation	(218,792)	(200,820)
Net assets subject to lease	771,721	787,338
Property Subject to Operating Lease
Gross PP&E Assets Under Lease	688,466	687,678
Accumulated depreciation	(146,209)	(133,962)
Net assets subject to lease	542,257	553,716
Land
Gross PP&E Assets Under Lease	114,844	114,844
Land | Property Subject to Operating Lease
Gross PP&E Assets Under Lease	98,337	98,337
Pipelines
Gross PP&E Assets Under Lease	346,833	346,512
Pipelines | Property Subject to Operating Lease
Gross PP&E Assets Under Lease	322,758	322,437
Terminals and equipment
Gross PP&E Assets Under Lease	324,139	321,082
Terminals and equipment | Property Subject to Operating Lease
Gross PP&E Assets Under Lease	83,783	83,411
Storage facilities and processing units
Gross PP&E Assets Under Lease	202,727	202,729
Storage facilities and processing units | Property Subject to Operating Lease
Gross PP&E Assets Under Lease	$ 183,588	$ 183,493

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 990,513		$ 988,158
Accumulated depreciation	(218,792)		(200,820)
Property, plant and equipment, net	771,721		787,338
Depreciation	18,380	$ 18,431
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	114,844		114,844
Pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	346,833		346,512
Terminals and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	324,139		321,082
Storage facilities and processing units
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	202,727		202,729
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,970		$ 2,991

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill)		$ 15,200		$ 15,200
Accumulated amortization		(12,647)		(12,397)
Total intangibles, net	[1]	2,553		2,803
Amortization expense		250	$ 250
Customer contracts
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill)		9,300		9,300
Customer relationships
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill)		$ 5,900		$ 5,900
[1]Total intangibles, net are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

DEBT - OUTSTANDING AMOUNTS (Det

DEBT - OUTSTANDING AMOUNTS (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022		Dec. 31, 2021	Jul. 30, 2018
Debt Instrument [Line Items]
Total debt outstanding	$ 555,000,000		$ 625,000,000
Unamortized debt issuance costs	(2,197,000)		(3,383,000)
Unamortized 2023 Notes premium	574,000		927,000
Net carrying value of debt	553,377,000		622,544,000
Repayments of line of credit	70,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Total debt outstanding	525,000,000	[1]	525,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt outstanding	30,000,000	[2],[3]	$ 100,000,000
Line of credit, outstanding	3,508,000
Remaining borrowing capacity	$ 466,492,000
Maximum borrowing capacity				$ 500,000,000
[1]The 2023 Notes (as defined below) are due May 2023 and are included in Long-term debt as of June 30, 2022 as the Partnership has the ability and intent to refinance this debt through availability under other credit facilities, including credit facilities of the Partnership’s parent sponsor, PBF Energy, in the event the debt is not renewed at maturity.[2]As of June 30, 2022, PBFX had $3,508 of outstanding letters of credit and $466,492 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”).[3]During the six months ended June 30, 2022, PBFX made net repayments of $70,000 under the Revolving Credit Facility.

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2022		Dec. 31, 2021
Debt Instrument [Line Items]
Debt, fair value	$ 546,925		$ 613,661
Debt, carrying value	$ 555,000		625,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, interest rate	6.875%
Debt, fair value	$ 516,925		513,661
Debt, carrying value	$ 525,000	[1]	$ 525,000
[1]The 2023 Notes (as defined below) are due May 2023 and are included in Long-term debt as of June 30, 2022 as the Partnership has the ability and intent to refinance this debt through availability under other credit facilities, including credit facilities of the Partnership’s parent sponsor, PBF Energy, in the event the debt is not renewed at maturity.

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 248,696			$ 248,696
Ending balance	$ 288,424				$ 288,424
Cash distribution (in dollars per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.30
Limited Partner, Public [Member]
Capital Unit [Line Items]
Limited partner interest percentage	52.30%				52.30%
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Capital Unit [Line Items]
Limited partner interest percentage	47.70%				47.70%
Common Units
Increase (Decrease) In Limited Partners' Capital [Roll Forward]
Balance at beginning of period (in shares)	62,597,855	62,574,644	62,365,612	62,364,838	62,574,644	62,364,838
Balance at end of period (in shares)	62,732,078	62,597,855	62,510,376	62,365,612	62,732,078	62,510,376
Common Units | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 266,690	$ 248,696	$ 186,506	$ 167,217	$ 248,696	$ 167,217
Quarterly distributions to unitholders	(19,054)	(19,000)	(19,023)	(18,926)
Net income attributable to the partners	39,221	36,259	37,096	37,211
Unit-based compensation expense	2,824	654	2,834	989
Other	(1,257)	81	(696)	15
Ending balance	$ 288,424	$ 266,690	$ 206,717	$ 186,506	$ 288,424	$ 206,717
Common Units | Public Unit Holders [Member]
Capital Unit [Line Items]
Units owned (in shares)	32,778,447				32,778,447
Common Units | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Capital Unit [Line Items]
Units owned (in shares)	29,953,631				29,953,631
Common Units | Phantom Unit Award | Limited Partner [Member]
Capital Unit [Line Items]
Shares, Issued (in shares)							308,427
Increase (Decrease) In Limited Partners' Capital [Roll Forward]
Vesting of phantom units, net of forfeitures (in shares)	134,223		144,764		157,434	145,538

EQUITY - CASH DISTRIBUTIONS (De

EQUITY - CASH DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Distribution Made to Limited Partner [Line Items]
Cash distribution (in dollars per share)		$ 0.30	$ 0.30	$ 0.30	$ 0.30
Cash distribution		$ 18,819	$ 18,779
Cash distribution per unit (in dollars per share)		$ 0.30	$ 0.30	$ 0.30	$ 0.30
Distributions declared		$ 19,093		$ 19,021		$ 38,186	$ 37,945
Cash Distribution [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared	[1]	18,821		18,754		37,640	37,506
Common Units
Distribution Made to Limited Partner [Line Items]
Distributions declared		19,093		$ 19,021		$ 38,186	$ 37,945
Limited Partner, Public [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution		9,833	$ 9,793
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution		$ 8,986	$ 8,986
[1]Excludes phantom unit distributions, which are accrued and paid upon vesting.

NET INCOME PER UNIT (Details)

NET INCOME PER UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	$ 19,093	$ 19,021	$ 38,186	$ 37,945
Earnings less distributions	20,128	18,075	37,294	36,362
Net income attributable to the partners	$ 39,221	$ 37,096	$ 75,480	$ 74,307
Weighted-average units outstanding - basic (in shares)	63,050,107	62,785,212	63,000,110	62,737,272
Weighted-average units outstanding - diluted (in shares)	63,205,739	62,982,884	63,078,204	62,859,734
Net income per limited partner unit - basic (in dollars per share)	$ 0.62	$ 0.59	$ 1.20	$ 1.18
Net income per limited partner unit - diluted (in dollars per share)	$ 0.62	$ 0.59	$ 1.20	$ 1.18
Phantom Unit Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	40,378	119,128	392,506	317,628

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 01, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies		$ 1,863		$ 1,863		$ 1,695
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		485	$ 598	2,932	$ 12,120
Settlements		0	0	(2,685)	(12,176)
Unrealized charge included in earnings		0	1,150	238	1,804
Balance at end of period		485	$ 1,748	485	$ 1,748
East Coast Storage Assets Acquisition [Member]
Loss Contingencies [Line Items]
Initial Term	3 years
Business Combination, Contingent Consideration, Liability		$ 485		$ 485		$ 2,932

RELATED PARTY TRANSACTIONS - CO

RELATED PARTY TRANSACTIONS - COMMERICAL AGREEMENTS (Details) - PBF Holding [Member] - Toledo Truck Unloading & Terminaling Agreement - bbl / d			12 Months Ended
		Apr. 01, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Initial Term	[1],[2]	9 months
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity		5,500
Scenario, Forecast [Member]
Related Party Transaction [Line Items]
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity			1,000
[1]The MVC is 5,500 bpd through December 31, 2022. Effective January 1, 2023, the MVC will decrease to 1,000 bpd.[2]This commercial agreement with PBF Holding is considered a lease.

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Revenue	$ 79,624	$ 75,107	$ 155,609	$ 151,040
Operating and maintenance expenses	2,170	2,170	4,341	4,341
General and administrative expenses	$ 2,289	$ 1,947	$ 4,123	$ 3,715

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Reportable segments | segment			2
Total revenue	$ 93,366	$ 89,838	$ 182,809	$ 177,343
Depreciation and amortization	9,146	9,276	18,630	18,681
Income (loss) from operations	49,347	47,740	95,742	95,673
Other expense	10,126	10,644	20,262	21,366
Capital expenditures	1,705	2,255	3,138	3,509
Total assets	866,952		866,952		$ 901,297
Corporate
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Depreciation and amortization	0	0	0	0
Income (loss) from operations	(6,682)	(6,226)	(10,593)	(10,690)
Other expense	10,126	10,644	20,262	21,366
Capital expenditures	0	0	0	0
Total assets	27,741		27,741		24,899
Transportation and Terminaling
Segment Reporting Information [Line Items]
Total revenue	70,718	70,708	140,966	142,185
Depreciation and amortization	7,087	7,105	14,517	14,340
Income (loss) from operations	43,113	45,448	85,192	92,057
Other expense	0	0	0	0
Capital expenditures	1,271	2,254	2,573	3,309
Total assets	650,111		650,111		688,005
Storage
Segment Reporting Information [Line Items]
Total revenue	22,648	19,130	41,843	35,158
Depreciation and amortization	2,059	2,171	4,113	4,341
Income (loss) from operations	12,916	8,518	21,143	14,306
Other expense	0	0	0	0
Capital expenditures	434	$ 1	565	$ 200
Total assets	$ 189,100		$ 189,100		$ 188,393

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - $ / shares	Jul. 28, 2022	Jul. 27, 2022
Subsequent Event [Line Items]
Cash distribution (in dollars per share)	$ 0.30
Merger with PBF Energy Inc.
Subsequent Event [Line Items]
Business Combination Consideration Transferred Equity Interests Per Acquiree Share		0.270
Business Acquisition, Share Price		$ 9.25