PBF - Earnings call transcript Q3 2017

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to the PBF Energy Third Quarter 2017 Earnings Conference Call and Webcast. At this time, all participants have been placed in a listen-only mode. And the floor will be opened for your questions following management's prepared remarks. Please note, this call may be recorded. It's now my pleasure to turn the floor over to Colin Murray of Investor Relations. begin. may you Sir,

Colin Murray

team. Good throughput are welcome Erik Tom several website. and our CFO, Leo. release, today's With supplemental is including Young, today's available me and financial management of members today Nimbley, information other copy morning, you, of to earnings including and operating call. our A guidance, Thank our our CEO; on

it could forward-looking outlines to express statement intended Harbor from I'd differ actual expectations statements this getting expectations, of like direct the securities release. your In to on SEC. results including press are federal our statements in described started, predictions or those the summary, the covered contained that by There disclaimer with the in the that to in provisions forward-looking contained management's and press our cause today's under Before attention the company's release filings Safe or future which call to laws. are we factors be many

our while describing As noted performance measures certain operating results. press using be in financial and PBF's non-GAAP will we release,

to non-GAAP please reconciliations press refer provided in the supplemental measures appropriate today's release. GAAP of to For the figure, tables

non-cash call during turn tax which result will now this hydrocarbon a Erik changing of comments generated LCM, remainder reported will our operating third our to special I the gain today increased exclude or prices Young. of we quarter, a of As approximately million, item. lower-of-cost-or-market, after the over $XXX income. The

C. Erik Young

Thanks, Colin.

fully-exchanged, per income income a fully-diluted $XXX million adjusted net and PBF on of For $XXX.X the $X.XX fully or third from operations basis. reported approximately of quarter, million converted share

allocate should was amortization million. G&A. and were $XX.X amortization between corporate quarter $XX.X the expense and operating out the sheets amended our was refining expense For expense XX.X%. tear I rate that was to approximately for and been million approximately have effective G&A million, expenses depreciation PBF's depreciation interest tax expenses and $XX point quarter,

continue should XX%. you rate For to modeling assume of purposes, normalized a

Our totaled third for $XX.X RIN the million. expense quarter

in our could the regarding the that the expect be figure range, will EPA million likely ethanol side million, lobby XXXX CapEx if November million $XXX XX was $XXX We includes continues to with but refining full this and consolidated year quarter their the by CapEx in for burden announcements third and increase $XXX which the PBF approximately Total $ incurred for Logistics. million obligations. corporate

ended liquidity year, With PBF CapEx expect expenditures refining for and full the of to approximately million the and we debt-to-cap For be respect under continue Logistics. to $XXX $X.X net just with million the $XXX quarter approximately sheet, we billion to capital balance XX%. for of consolidated

common pleased turn per has we are to I'll that $X.XX dividend share quarterly approved of today, distribution PBF to consecutive the a increase $X.XX announce to Logistics our over call announced board per XXth its Lastly, quarterly now Tom. and, unit.

Thomas J. Nimbley

you, Thank Erik, and everyone. good morning,

the we work we results to is Erik put strong reflect for quarter. capital our work the As third still results reported continuous. have in to our through market strong on were capitalize record capitalize quarter and operations. refineries, and opportunities had levels, we make and mentioned, the into That operating possible able achieved And improvements that were results have assets. We to The the throughput on, we conditions. but strong five only we

assets. reflective we the of one is While that quarter not potential quarter victory, is this our true feel of

refinery throughput achieved in refinery their operating down Chalmette record highest trend continue to seen, expectations. performance and that September, The met has have to Torrance's we expected. throughput and and we rates also our the costs Our trend August achieved we as post-turnaround expect continue.

The and reliable fruits the safe efforts operations, operating profitability. and the facility, workforce. improve to develop reliability Torrance and cost at lower should increased diligently working been our have of We increase be

and our and business more to of caved a the of regulatory the the including in sustaining fuels quo harmful specifically, comments to Washington. on are largest get renewable toward EPA experiencing to inability Recently, any maintaining tactics potential the oppression otherwise regarding things The out just lobby, we Washington high-pressure consumers. the sent EPA that we a for and at shows are throughout that the performance known post-turnaround workers is topic. more blackmail, examples Texas, calling the The right on EPA. shift coming and, senators Our from are a and status comprehensive the as the of the the to for extortion the headwind administration The and country, the discussion White of in from done American disappointing nine blending corn obligation the and House are Pennsylvania letter point aimed policies track.

far issue is this settled. Importantly, from

down Beyond the heading returned have come and macro domestic for looks their down The distillates our picture stocks distillates industry the more from backdrop Overall, as and averages. is The gasoline the normalized to our and Global RFS, picture a very outlook peaks, for of year-end promising looks into demand especially good, drawn levels encouraging. is global growth. have strong five-year positive. economic XXXX. stock macro result

running The continue. battles horizon regulatory Our will the well. on And which could impact certainly changes favorably other our are there refineries are industry.

on be wish completed my and his Jack future we'd in all and for well take we questions. congratulate to and retirement. Operator, served opening like him would pleased I our industry announced to best the friend, has Lipinski, any remarks, colleague his closing, the endeavors. years, many Before Jack we've

Operator

to In first call Great. questions. open Fargo. Read our the from moment We'll take question Roger a Wells of we'll

Roger D. Read

Yes, thank you. Good morning.

Thomas J. Nimbley

Good morning.

Roger D. Read

What quarter? softer we're in of July a while some that here it then into was you the looks it level? I know of the mean, well it's running kind It us performing record the And seasonally at most fairly I we what by month? runs I record wasn't like running you've quarter. walk it's in periods, how guess seen you Can going early kind a through trouble. of been can giving talk of obviously a fourth lot one on Torrance?

Thomas J. Nimbley

was in the the call, very that have And fact story turnaround did a July. second quarter. was the we and The not turnaround last for mentioned, simply large week until third the completed between the in Sure. I of second we as July believe,

That any So through a and week two results. rate July we really the third reference third problems to on a in September moving operations in and massive refinery focus program Torrance. we that operation, lot has clear. months pretty I first I today. why the in today, without say, in improve the that but said, continuing we're going until the week paying very continues reliability different the off I the And right of July. of direction will as run we full August ran didn't get and And is There's Torrance. that's underway effectively Since is of Those going were run a well. said the areas.

about of is quarter, Our the of we're for operating this refining. for month cost month a September, last the $X.XX barrel the

to get starting we $X.XX which good your of on in the can key type so the we're barrel. making get only commercial and focus we those to, the other in is told progress this that And been sub-$X, we're So levels frankly, is to whole down around would that you model stable we on, operating a And good, getting when has arena. areas you operations. areas

Roger D. Read

Okay. question. Great. me lead helps That into kind of the next

front? been back performance call made that's pretty enough. A wasn't they've quarters Chalmette, that there of on the Torrance or things are can now we well. where are in you at and some Chalmette the going I Are OpEx If you forward at applied at in really did come being that quarter confidence get fourth what applied at clear that Torrance good doing you OpEx that to couple on look think be look

Thomas J. Nimbley

a it's question. Actually Chalmette. good not Yes. just It's

areas probably certainly of some some need refineries. areas in strengths that certain to five improve. them and areas – that We has have they Every one then

And So, and we've turnaround practices actually different best reliability these networks. cost. on including there's XX efficiency, networks, established operating

refineries that Torrance, as program will the take of from been people asset refining all in referenced, level get confidence And confidence to certain their I skill and other up, of profitable from the the get other and So, the to that. setup, our up confident, of be Torrance said that get as day apply able their I've and into some at in the the company. of that practices Torrance the areas I'm to very we're most their refineries part end before call, the are pertinent we've do on sending

Roger D. Read

I've more, one but it back. Okay. guys. Thanks, got I on will turn

Operator

next question from open. Our comes line of The JPMorgan. is Phil Gresh

Phil M. Gresh

Yes, Good hi. morning.

the headwind there seem from cash perhaps When decent a just would capital. that to there about sized that? it on operations, the question, talk Could you look from I First was working at quarter. imply

C. Erik Young

water the of had clearly result No. think a – had than not barrels some longer vessels headwind We bit XXX,XXX a don't were capital. expected. from a that on I working Harvey, we day. little We ran we a as

or you was can I have our built flat. a wouldn't quarter, and a end the capital Delaware meaningful but some So, fuel little towards other of two relatively oil of one and be say that of at slippage intermediates days number, City we inventory the working bit overall also

In fact, it was essentially neutral.

think here of from the all-in. we I our should think, we're quarter. some inventory working perspective, go pretty still I targets so our expect as year-end a during capital $XXX But and fourth quarter, confident we hitting So, CapEx we with benefit have third million that had catch-up CapEx into

Phil M. Gresh

Got it.

to so you're a Tom, are a what then, OpEx run mentioned where in I you or rate on close $X still OpEx the And in go-forward at Torrance. fourth you you reduction – just expecting are that had at process? September, the Okay. quarter on Is think there

C. Erik Young

moving were got let's have did better I moving out, several what in at $X.XX, and make we was relatively and and and I well, we target than pace, to $X.XX the rapid to progress suspect to been September, sub-$X We're a there in at – and months. back relatively we say, lined we've month I the up expect continue expected. we'll of and moving say, be a next would a the since it barrel get for

Phil M. Gresh

ask out if been X on refinery and And there PADD Got RINs, has there risk about discussion it. just obviously one you of more, commented could closures. I some

how that risk So you color have? I'm and you view any wondering realistic might

Thomas J. Nimbley

that but I of also there's sweet changes that several a road. a it's of run, to the crude if are and are a going be survive, complexity the the and think that significant allow refineries continue have them for because say would in headwind, refineries ours, there's some PADD, that only strengths the have X, number is not significant refiners PADD the have. especially that headwind prosper, have I Clearly rest down don't Phil, years RINs pending they in the – complexity to to light, including

are margins can't a are whether they their that BES I or the there's very got have margins as has say. rationalization, good but, not country. to across As overcome issues financing Obviously, some to frankly,

it's to So, say. hard

Phil M. Gresh

Thanks. it. Got

Operator

Our Pickering, of comes from Chow next question Chi Tudor, Holt.

Chi Chow

Thanks. the Good heavy talk end you on Can of a impacting on questions slate? and Venezuelan on of There's morning. crude crude issues quality Couple market. barrels. the your that's your what of discuss seeing how you're been lot recently

Thomas J. Nimbley

that really comment no crude. or of that. given substituting we've something Canadian a first problems day the quote continue Actually, play market, righted is Venezuela, before three certain – non-OPEC. itself had on to no part to think through that make Specific crisis – able Venezuelan to from had we've compliance different a And But that going will the issue of to I'll going are things specific just problems macro that I heavy get we're light reality substituting narrow in kind WCS would is, going about on everybody's is like year. the with country but wide, the relatively to on. but The things, X,XXX from crude, of or expect things barrels like decrease a out crude Venezuela going I had that the see crude. be a the OPEC, issue. have we are things is spreads how general a we've completely, the on focusing to in One be to – there's the or heavy comment the

about asked have wider the improved certainly economics spreads crudes. You bringing certainly, Brent/TI Canadian crude. of heavy in It's the

to Coast that So a on in now they driving of product And States. are, that Gulf into those All we expect the right fair comments is fact Delaware, into are being strong by the is amount what pull. rail also what's the very crude United bringing margins a running we crude continue.

Chi Chow

temporary Okay. seasonal Canadian think of do what's Maya? Maya factor. on now out Thanks. I a seen secondly, you of the with the I rail And on month-and-a-half your cost or so. mean, the what's comments, your over impact guess, then, we've more that's last it's know But I given yes, widen differentials the formula-driven barrels? or some K – with going

Thomas J. Nimbley

I Mr. a is $XX our train that Is barrel. $XX rail range. unit O'Connor, the a think, barrel in range? still cost somewhere for in a that correct,

Chi Chow

Okay.

Thomas J. Nimbley

and Other pricing, change I bit, than anything little and a of pricing. formula the in think going the in K fuel there's around systemic or or the factor, Maya permanent with don't moving oil terms on really –

Chi Chow

talk Thanks. that In you remarks, I last it. developing assuming thing. is see said factors other guess, one Great. favorable here. you about But Okay. see your other part I'm you can you factors MARPOL ahead? of

Thomas J. Nimbley

part possibility functionality environment. as or a good mentioned – see dysfunctionality a Well, to that I reform there still tax about D.C., a certainly corporate the despite worldwide economic a of reduction Washington, bill. specifically comments we in tax continue of Hope, my is

think favorable right, PBF. pretty We'll spec that think folks goes. bunker favorable sulfur heavily. and how be very to would change be have that to the in impending to X.X% I covering the you're But oil, you the I economy that X.X% see very started fuel for from XXXX would Chi,

over a all of our candidly are you're seismic a We're has take the to potential advantage it, shift. it. positioned big It too. well seismic with be That to And pleased So portfolio. but shift. is are we we

at five have in fuel cracks fifth, refineries; are of high some (XX:XX). And basically coking Toledo, some its cases, spare all them capacity. coking refineries bottom We with, makes oil the no four complex all,

structurally we're pretty spec a changes. place in think So good up that set when we

Chi Chow

Right.

argue with Can't Tom. Okay. Thanks, that.

Operator

Neil next Goldman Mehta move to of We'll Sachs.

Neil Mehta

are you're Good at you capital help little of what this through relative kind $XXX early refining million to speak a you Can said going potential on and to million guys. PBFX. spending? morning, thoughts do can XXXX walk year Tom, in bit drivers $XXX about us think at XXXX XXXX? I just you

Thomas J. Nimbley

have I think Erik given well, I and Yes, we'll guidance that think, Colin revert to the somewhere.

rate less We lumpiness. some to we be be execute of in Torrance time was candidly PBF have run our There'll Certainly had the of the expect year we year turnaround to and XXXX, that given thought to than in million million the would $XXX any with because had tougher in CapEx because $XXX a delays and having alone. control. we change

expected, longer. run a deal did and later units lot agree we not the closed than we the had to So

much So we had to had. planning shut them down as we without as

a that was thing. one-off of So little a bit

So we're to going in somewhere that range. be

guidance We haven't finished year. completely next the capital for We're through. still working

give structural exact say kind that going to can't two number. hopefully I quarter, I a though, the year, turnaround XXXX that only about pleased, a you Torrance, into will looks specifically we're focus an will on quarters, to in that us Torrance money of which of all but but one that give spent have light to lot continue not improvements of XXXX So I in that talked refinery. we

C. Erik Young

probably the done in Logistics as we'll think, CapEx PBF – formal for years house. roll-out of we've early past, forecast more in the Neil, January I a And, side we will

of of from at $XX You then on general And kind organic of And that year. acquisitions that related to the next probably anywhere be should $XX million to anything maintenance to million a assume and would CapEx projects. year. again, going beginning quantify top

Neil Mehta

the the levels equity equity. are, did any need better they with a time. And is guys. just flow year, cracks company great, Certainly being the where follow-up cash position to next free you then around last and about, is to given thoughts these in sustainability That's but issue generate the issue the

as that as head So into on any well. XXXX we thoughts

Thomas J. Nimbley

the balance sheet Erik the side cover speak to dividend and I'll equity. let and just

investors, reward rent. our to pay them want we said, we As

And the spend, longer environment, to the So, margin as with no an We're to we that That's pay issue. to large will have hopefully, not we're of but the not will our we et increase had dividend. going dividend. to with capital existing the intend then if cetera. perform, continue overhang we dividend, the to you the we going some be continue pay that suggest, And plan.

C. Erik Young

things, fourth sheet do into working positive as strong. coming forward think, on year, and back of this very we forward the next cracks see I We combination we And end hit look capital the balance will side are as of into at our quarter And to start our two of inventory way the of our cap. think, year-end targets. we year those tick down to things, the debt really benefits net

And two Logistics. PBF PBF we're basis, well XX% on Inc. on has refining the those thing to XX% think, And business, one range in that financed different manner. need probably people a businesses a very as both I as today. to PBF stand-alone Energy, understand, the are Energy,

So, grow, of the the to Logistics of PBF today much times a as circa X you're that. than balance Clearly, PBF to kind EBITDA PBF continues that's has going Logistics leverage larger range. allocated Logistics. But levered to X.X in less to is have sheet portion

tend we consolidated look umbrella. Energy, on the to Inc. although are at they PBF separately, them So,

Neil Mehta

I Tom, If it. you What year. just your And out sneak the couple transportation last Brent/TI. on wider driving ultimately of wanted what's going the question, a thoughts one spread? gets It's in settle at? would could think bucks to than Brent the most get guys. on Thanks, WTI do spread have it's into thought economics breadth to just that

Thomas J. Nimbley

now puts that and barrel there been here. some almost we've little positive now, both TI sides post-Harvey have off At it the same that's Obviously, up and the to time, with up pull right Europe. $X bit in little the Brent. was the pressure issues runs pull in I get logistics on got some Brent's so seen a a as some backed storms, obviously pushes. with and bit movement been down And but think, slowed they've a or to Asia pulled. strong There's come environment,

view transportation own will not where certainly And were a a is, TI quality it differentials people at saying the never to barrel you why understood a $X justification trade we crudes. export, to when it, benchmark to barrel. look barrel Our and $X $X candidly, in would I give or

to on think the $X.XX, or it's be more going I $X, plus forward. minus going range

Neil Mehta

guys. Thanks,

Operator

order Our the or next quantification Good online Erik, Scotia from year-end. Weil. Blake Fernandez referenced you Fernandez of Capital Inc. of of couple Blake you Hey, and to us times comes Can some (USA), kind capital guys. Howard of question magnitude working - of that? a give morning.

C. Erik Young

think, prices and the on goal anywhere would the I of liquidate of - now end standpoint, we million where Inc. go the cash. $XXX Great. an be, Fernandez $XXX Blake Capital (USA), between from inventory depending million from year, should to Scotia

XXX,XXX barrels Okay. about day, for of a on see going Can XXX,XXX The Chalmette per us XQ. understand help model XXX,XXX I what's and day guidance a is you is to barrels nameplate there? our a barrels the day

C. Erik Young

That's pretty crude you're that go off easy. When nameplate, basically referencing. the it's we capacity

bring bring that you oil, or throughput boost gasoline, or day But on get gas optimum in a the usually (USA), barrels number, crude a - into or an into stocks you blend oil typically, Blake on so is barrels it. in XXX,XXX butanes economic blend Fernandez you're if goes Got Inc. that. slate. to day So total you XXX,XXX on a a Scotia Capital the

capability. year change million. allow I'm mentioned the not then, your should exposure RINs full capacity meaningfully thing, mistaken, If And $XXX the for Would the storage Tom, final Okay. some in export that there? Chalmette you exposure, about obviously expansion

C. Erik Young

we an complete fully quarter. have the program impact will we day barrels tank be itself substantive our exported in it, certainly here. XX,XXX a and – will on by The when second way, the It about it

in is our complete been been to Chalmette. the tank crude and actually will, export if having has large into the now step start week. logistics hydrotested, time middle that at we is crude building actually two, can of up executing The supposed months that delivery we're It's start the have that over debottleneck distillate where mechanically. we're working last capability next of to cargo moving Now, capability first really diligently the and and commercial the significantly tank to company of organization six out very gasoline is export three anticipation you

to going Capital battle. So that you. Fernandez in quiver Thank give fight is (USA), another arrow in RINs the it. against the the us Scotia Inc. - Blake certainly Got

Operator

Paul from of Our next Barclays. question is Cheng

Paul Cheng

Good guys. morning. Hey,

Thomas J. Nimbley

Morning.

Paul Cheng

IMO in plan Tom, about you that any XXXX. talked may large to that? the refining there do you CapEx of because Is

Thomas J. Nimbley

And to capacity we – taking if have us resid are really are thing barrels price. I very the feed feed, for back are was be into get by that and can clean-dirty actually there is, way got or that a advantage crude increase coking go actually valuable, and to that the investment, of and will because have Paul. up of new that part raw spreads to have an the into is position post-MARPOL be that business see the of able coker, to have in becomes Further between if we looking a have that and or idled, handle relatively I'd work refineries be think refineries going to venture forecasting lower That's big any given to including coker spec what but for necessary complexity folks, any a to earlier, a that model. sets changes, the because sense a recall, coking refineries then where all with position with whether do complying material. us not economics up. opportunities. coker we joint said was the benefiting our purchased in PDVSA, that ExxonMobil going you some market coker start you that of it its is world. We to makes The stranded buy at small We in folks, MARPOL we're that, which likely MARPOL

Paul Cheng

with anything. expect? just Congress based mercy in hope The are that Or terms look government RIN? doesn't or then to that up they issue official you really terms $XXX between discussion because is you. the maintenance, down what and Is we on different the really step And – break can to average components on curious of growth? industry one Thank EPA a that, is in there fight may the environmental, we in a that – turnaround, that, the of have like take the there's your at should do we million do question, and next that going any year of on that CapEx final the the $XXX second nothing Erik, a – Congress million

Thomas J. Nimbley

me the what first – question? Let was

C. Erik Young

RINs.

Thomas J. Nimbley

yeah. Oh

RINs, the fighting actually dysfunction, Obviously we a look, On only Paul, get, There the you some fix every got I to a lobby some a point parts death think that's going this is legislative this. in Congress. are to to now, at corn lack to of alignment, aspect not thing. the of of preserve

who RIN. alignment get even within lack the some itself downstream blend their the have gasoline the got You've and people between model, the industry own model, integrated of

jobs, speculators Senator that referenced the him letter They of the making his House. D.C. other in The and votes, is letter, it. President lobby We paying welcomed the That Washington, and and they lobby, did understood for support corn four senators corn White the is sent well companies noise. and big not by vote is the this the of the and money Electoral that to is while reminded All has Cruz consumer think that he State state Iowa of for market. corn College oil again, based this, perhaps in Trump, lobby reminded went Pennsylvania be XX is the eight are on great has to of speculation of to the Republican of and there's that. make fact, State in has the writing candidate, from a for the a time, XX people or manufacturing that about been another votes, in and of and the in issue Electoral going going group who President first promise America College significantly, we for manipulation be long on Hill RINs to And time on Trump.

that grand That's from repealed. that is letter This going things Congress to seems try going I could problems to Trump because take what I asks personally and like of won't front to recognition a that That or And pretty fix. there's Obamacare. are now could react are – wrote But letter making this – legislative happen to get It's him. happen. that a mantle up thing the who meeting the the that believe actually It senators to the EPA there's And thing to fix some the of will President point, will So think be and not some senators broke. a kind is at this the a in who wide you're that get first get put – away. some for. letter in we soon of the senators himself. recently and the and between changes, the support possibility wrote President bargain,

we'll So see.

C. Erik Young

million XXXX in turnaround remainder cycle, probably million turnaround to probably And general the and the think, on given take, buckets. we maintenance $XXX to XX% is guide, see going maintenance, million Give or side, use between the or depending CapEx turnaround, $XXX in if I and buckets any generic Paul, $XXX year, we for and a those shift roughly other you're XX% for on turnarounds environmental. there a just had between as breakdown environmental kind of CapEx. And

Paul Cheng

have in growth million I that the is and if million? together will $XXX component of be that's or And a environmental, already $XXX maintenance turnaround including

C. Erik Young

Right any now, we discretionary include did in not CapEx that.

So, by our handful as environmental, $XXX Chalmette, for else. a million general million, in driven be million had $XXX depending for to turnarounds we that there. for other, and our general we instance, more maintenance, down we at a included discretionary project going the ongoing when XXXX, that's you to had go $XXX number, $XXX is on we expense million turnaround, projects small, million then for – The of rule-of-thumb across look entire it's for and at had $XXX other system. shift Pearl again, we basically than going anything And and

Paul Cheng

Thank you.

Operator

Jenkins Raymond Justin Our question James. of is next from

Justin S. Jenkins

thanks. Great,

I I most think, we had. of had what covered

tough guess not maybe what Erik, one MLP, I you market accomplished midstream there and on side midstream you another PBF strong it thoughts you're results. a credit for and strategically have clearly things. for So solid side. on the Any of of both the just a like the been but seems getting quarter you've mentioned sheet was lately, there, PBFX balance

strategy it's I other So, a if drop-down change or have know IDR any there? side or don't in a the thoughts you

Thomas J. Nimbley

I feel think, and the like recognition getting frustrated been we're you that we've deserve. with we would we agree don't

that critical XXXX From storm. our of can both think, to year forward, Logistics have is grow, focus lot organic an sure projects year the be, And think, decent thought kind capital as of I our go has is online organic weather focus this as balance growth. We've as sheet continued a come A always for growth, the alternative been acquisitions. I perspective, well. making markets that third-party now. have as that given let's would a challenges. drop-downs the of We PBF number on done really we've we on

we you of our from given distributed timing. tripled given As around ago few drop-down know, a we perspective, than since started haven't MLP. And right, have the we've distribution short more XX% essentially We've guidance. CAGR size guidance more our years growth and

is the Energy critical. partnership head times our operate keep it's perspective, one your down are that this execute, as tough, when grow of PBF with PBF and well beauties is the strategic very Logistics from to the of So, continue business

that's of really these both as other focus. on can and each grow, to continue lean companies So, our

Justin S. Jenkins

Appreciate guys. it, Perfect.

Operator

be over to And concluding I'd remarks. this Mr. happy call for any the return Tom concludes Nimbley our session. question-and-answer to

Thomas J. Nimbley

you. Thank

fourth are you not If and about XXXX. excited guessed, we quarter the have

with and markets strong. well, high operating foresee, environment the are the assets we are demand Our products

our benefit put these ideal have you Thank day. call, an from conditions. and to position ourselves in great have a for joining We

Operator

today's This Energy PBF third does quarter XXXX call. conclude earnings

And day. lines. your a everyone, disconnect great now may You have

PBF Energy (PBF) 2 Nov 172017 Q3 Earnings call transcript