PBFX - Earnings call transcript Q2 2020

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Operator

Welcome to the PBF Logistics Second Quarter 2020 Earnings Conference Call and Webcast. [Operator Instructions] Please be advised today's program maybe recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Colin Murray

Thank you, Erin. to welcome and morning, today's call. Good today Young, our me partnership's management are members Matt Erik President; senior Vice Executive team. CFO; the Lucey, of With and other several

a it like If earnings of our on release, you website. is copy available our

of expectations provisions Laws. like press to could Safe conference partnership's many we the described differ today's press statements covered attention be we've our to contained intended that those In release to predictions in in future are SEC. call under the forward-looking summary, filings the from by it or and the turn the Before including the our to management's cause your factors this statements There that forward-looking Harbor state actual results or I'd disclaimer Securities expectations, Federal are statement with on begin, release. in outlines that

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

non-GAAP to appropriate today's press to of in now the turn For the I'll provided please over call GAAP refer the tables release. reconciliations measures Matt. to supplemental figure,

Matthew Lucey

by increases provides part of relationship X% storage sponsored our pipelines than for the We you, lower to structure PBF This during our market and partially as morning, everyone and by on in base terminals today's contract to saw down, operated thank business. that strong at Logistics Thank offset turmoil were quarter. total Overall, call. impacted declined. Despite we Colin. and our throughputs by large the due challenges as our presented down for second joining well XX% the revenues demand come primarily you Good us pandemic segment. in due the less revenues support were was

down result EBITDA lower came We and and and costs. our of a last were as operating distributable corporate expenses to savings. versus due lower overhead Our reduced up quarter throughputs flow cash

million $XX we total forecasted are in million. expenditures CapEx XXXX to targeting $XX We of $X million reduced and capital approximately savings have also for

to Going forward, decreases consistency results as should in our unit. continue of to and expect a stream. demand incremental recovers. cost declared be revenue potentially per an $X.XX benefit as see comparable we we Today, distribution stable Durable

distribution respect performance, We and I'll forward now will policy use to it going Eric. company our of market alternate with review to turn conditions over to continue funds.

Erik Young

$X.X joining unit-based Thank Good today's million call. for partnership you, $XX residual net compensation, and reported non-cash, of attributable adjusted approximately costs. was million, you We related partners second us of Matt. thank expenses remediation transaction the to EBITDA everyone million morning, income limited and quarter $XX.X includes which on environmental

we of in $X.X million year-over-year, quarter, growth including $X.X Our acquisitions and earnings million the under cash liquidity, in a in revenues approximately with million including organic of of ended and were growth We continuing maintenance $XX.X of availability up our overall facility. projects $XXX million quarter-over-quarter capital. the the approximately reflection During our stability $XXX.X revolving credit business our of quarter CapEx approximately million our is of and through which development and spend

adjusted approximately now to the call open X.Xx. repaid revolving we'll remarks. our $XXX we million quarter, questions. our facility. Net And debt the opening EBITDA During annualized on for credit concluded we've Operator, was

Operator

Credit Spiro first Your question comes with Instructions] [Operator from Dounis Suisse.

Your line is open.

ChadBryant

on Hey, a Is get the to Spiro. to you leverage This down. target more get little M&A? mind before there of just for a guys. on Chad wanted pay is start I aggressive off specific debt Starting on in priority color more

MatthewLucey

-- north well the on earning, having as combined that the I in of specific leverage balance to cash a sitting occurred the there's going fact with the be conjunction during Xx minis reset think that sheet with interest. opposed target. necessarily to don't just coverage the averaging of the quarter essentially we're I de think distribution now of first minimus just amount the

lever. being continuously lot this be projects. plan that use think types It pandemic to opportunities continue pushed at like point we're for I the as as the has to multiple just opportunistically said is right. feels of of timeline looking a organic the acquisitions, to on That well doubt our at different potential

dedicated So that there leveraged get is not we're a trying to target to.

Just the the we most this and as uncertain we in move given overall times delever like trying to us, that go, for the strategic business felt prudent probably we're was today.

ChadBeynon

factors what's sort just refineries with the bit standpoint into if utilization a gears your are from again? thoughts switching to power And running the normal earning on quarter this going of Understood. storage Okay. all want the get

MatthewLucey

company the tremendous speak. Well, not as that upside contracts with downside. the above your your the of because MBCS, What this to increase so the on contracts I you strong with on particular think is many rate there's protected way asset is you're structured; declines goes

But at the there's that rates built high was company of had where we've of collared seen So you've a the around structure run whole returns are stable. past very in sort operated. and the we've and

Operator

from next the with Ryan Levine question Our line Citi. of

is line Your open.

RyanLevine

up Should in in direction. every Would I change further that be considerations quarter price wanted look any policy? the key comments distribution any about allocation we that be extent either the the share to were And of follow to around change the policy driver for on reviewing Good to material your capital morning. react going there? forward.

MatthewLucey

that to constantly reevaluate to delevering And we're PBFX, are need unprecedented the the securities certainly to the react to directly we normalizes, connected. and will we demand in to extent we the will. moment, back on that continuously extends and and At reevaluate degree and everything's where and the company comes times focusing think the market we're MLP that I the We're to world we'll in. stands.

magic in will other us. than reacting to there is no that's market So of the continuously front

RyanLevine

they delays able there some little other related the to Can then Are right. is to a specific deferments? specifically color of Okay. the COVID be of some the you're And CapEx pushing related drivers share? the as to what to any around CapEx you comment more to the are of or

MatthewLucey

time we in experienced say would in can I market and managing the we Yes. efficiently to most as are to a and reduce the in but thing do proven the Because to the that. just We've like as do. most our turbulent expenses to capital is to for going that's for possible. you're prepare best your greatest to we're extent hope nothing if expenses trying the your capital and what else worst. certainly And reaction

RyanLevine

unit term? the in something focus the balance other is that Okay on then Is relation last weigh the that's do question, table to how of and or capital in or share allocation so that fortifying potential decisions? the you buybacks on near sheet in light

MatthewLucey

the everything we and continuously. at evaluate it's say on table. look would We I

Operator

there turn additional back for time. over the And to I'd closing remarks. questions are this no Lucey any at like Matt to call

Matthew Lucey

I today. hope you next quarter. nice listening have day you everyone's the look of appreciate safe the a rest and weekend. I to speaking And forward And

Operator

This for does program. today's conclude you your Thank participation.

any at may disconnect You time.

PBF Logistics (PBFX) 31 Jul 202020 Q2 Earnings call transcript