PBFX - Earnings call transcript Q4 2020

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Operator

Welcome to the PBF Logistics Fourth Quarter 2020 Earnings Conference Call and Webcast. At this time, all participants have been placed in a listen-only mode. And the floor will be open for your questions, following managements prepared remarks. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray, Investor Relations. sir. ahead, go Please

Colin Murray

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

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

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

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

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

Matt Lucey

can operate earnings as more routine. our Despite daily well normal seen the consistency behind Good of of being a near-term Even everyone. Logistics Colin. prospect to eventually PBF XXXX the vaccine continues rollouts return see XXXX. with of present progress Thanks, of continues pandemic to to able in improvement to challenges in now challenges we morning, as of terms even be us, signs in the and the

and we reduce and well to operated operating assets capital expenses. able Our were

move, than we in than much be less in what but we for decline store much drop modest We have -- and deliver. overall seen in nationally products the what seen the can less demand throughput an levels,

one-year Storage agreement. the East able One of the at processing duration Maersk to support for the Maersk. Coast highlights year of were the with of Assets our was agreement the We

as a agreement fourth Maersk customer pandemic, term, services not did the Maersk in result East However, restructuring System, refinery Paulsboro That our to and major the we Refining and the October, processing partner, whereby, remains processing a its refinery of valued Last a provide spot quarter. said, expected initial PBF sponsor extend its output strategic Coast idled ended beyond announced on being of continue the the which Energy will a basis. several and units decrease. for

change to For XXXX, of partnership the this than equate less configuration is impact X% to of EBITDA. expected

with range. Today, in revenues forward to we range. the EBITDA $XXX be $XXX million will Going $XXX coverage in partnership delever the healthy to per million maintain million of changes for priorities. partnership just generating strengthening I to continue XXXX expect $X.XX This $XXX business. liquidity to million mentioned, allow we and are flow to the paydown ample With distribution XXXX the the our unit. Debt and maintain distribution cash

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

Erik Young

income you transaction-related quarter Coast costs million, $XX.X EBITDA remediation the thank today's includes us for comp everyone, fourth joining associated call. $X which Matt. you, Thank and East million roughly We partnership environmental non-cash was with attributable of Good partners reported net Adjusted million. morning, of terminals. and unit-based on $XX limited to expenses, the

$X.X million CapEx. and the maintenance in in roughly incurred million CapEx $X.X spent During we quarter, total

was total $XX.X Our XXXX CapEx million.

facility. million our approximately the of For million quarter credit $XX availability million. revolving expect XXXX, with and We the cash ended liquidity, be approximately currently to under including a in $XX million CapEx balance $XXX approximately we of $XXX

$XX adjusted the times. During EBITDA was X.X Net we roughly on to debt annualized million quarter, repaid revolver. our

Operator, sheet. to improve cash our we'll balance expect opening And open continue the remarks. excess We for our using call ratios strengthen questions. we've to concluded leverage now and

Operator

question Our At Instructions] Thank the be session. comes question-and-answer Spiro Credit time this a [Operator conducting we’ll you. line from with of Suisse. first Dounis

Spiro Dounis

I think the challenging about normal. PBF know the guys. options on environment wanted to start to through Hey. Good past you in table And burning Matt, the I question. are we as between saying back remaining less options the PBFX. more and sort talked off morning, all around options for just here with or could or get different Thanks taking you as of about

on options as were and exclude have the of the thinking on gone and time narrowly. in perhaps, is narrow some vaccine maybe has things the what bands the curious so, about are past? out of and And some you you the improved Can things

Matt Lucey

will eye No. it the of make storm, -- the strategic the course describe get position the will bit the a there Not absolutely now world would a company. in every the decisions where not did industry. be day necessarily. our to believe daily I of it as that sort in we of a alter day improvements result, we're clearly, healthier any before. And than was I

our way us. we continue forward, market the based market the on we'll continue to to values outlook evolve, will As view look -- and the

haven't do But be remains as and so, eliminated was at we'll -- anything, but I there projects think opportunities to will for static. PBFX. in is regards And strategic alternatives, it the nothing to capital interesting continue we whiteboard

what to times. in unprecedented react the to market continue is. We're we'll So

the to, regards PBFX. in for forward look like evolve to get we'll moves we I and said, to seeing thinking our continue and So world better strategic in hopefully watching

Spiro Dounis

Got it. Got it.

that. appreciate I Okay.

was as Can I conversion. Second diesel? wasn't able understand still diesel And candidate got contract through PBFX? years you potential convert there Chalmette walk impact mentioned the potential to renewable a to for you I but to a listen crude left any storage believe one, I that PBF to to sizable a on few Refinery the were pretty if it. call, that renewable maybe

Matt Lucey

impact. at a it diesel would renewable clear, Well contract between it be impact wouldn't crude wasn't stand-alone There's to or PBF any operations. a impact the prospective refinery not converting so of the project. project everyone just to to listening would PBFX, it call, that this refining Certainly, diesel the renewable Chalmette

But qualified arena development. possible at early qualified get income, PBFX has that and it's question affect zero. is, extend stages or is the of And well there okay, and not based PBFX But PBF some the be then into if So it's clean the operations, pathway project the careful refining in non-qualified have certainly slate answer to is participate but possible, regards what's about income not non-qualified once in income. to a that in will income you to a and to still way? contracts PBF you PBFX our with for you we're what's in

we So it's if that be we some in PBFX, to at flexibility, but process that to have use this early point. want way about talking too

Spiro Dounis

Do clarification, the your best. for Thanks it. Got Matt.

Matt Lucey

Thanks.

Okay.

Operator

you. Thank for final comments. allowed and any that turn our gentlemen, questions. I'll floor the concludes for Lucey Ladies back Mr. time to

Matt Lucey

forward as look appreciate industry. very I to to single we look to forward to by you will mentioned, and certainly day just the I next healthier And extend it. getting Well much. And quarter. every you we speaking our world extension that Thank

Operator

today's Thank you. concludes conference. This

your time. You may Thank at participation. you your disconnect for lines this

PBF Logistics (PBFX) 11 Feb 212020 Q4 Earnings call transcript