PBFX - Earnings call transcript Q4 2021

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

Operator

Good day, everyone, and welcome to the PBF Logistics LP Fourth Quarter 2021 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 the management's prepared remarks. [Operator Instructions] Please note this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. begin. may you Sir,

Colin Murray

Good are welcome and Matt the team. members Chamali. With several today's me of management senior today Lucey, partnership's morning you, to and call. other Thank Erik Young

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

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

be a PBF a in week's XX-K available should time. As Logistics' reminder,

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

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

Matt Lucey

call. thank into with Good you, everyone Thank deliver results. on operated to operational consistent quarter for strong XXXX. another Logistics and morning us joining today's We Colin. finished year PBF well you the and continued

supported strong contractual will deliver revenues, relationship, our by XXXX. We results expect in continue to consistent

expected and extension reducing this EBITDA minimum February of Revenues generations as in to continue year to rail approximately revenues provide million X for consistent distribution million. The our originally be of Coast announced $XXX revenues to revenue ability cash net in and the $XXX to range volume $XXX commitments to generate strong coverage XXXX. were partnership's January commitments of effect The adjusted full the XXXX. are of debt. which million. partnership volume reflect XXXX took facilities, expect minimum We Partnership approximately and $XXX lower contract million East

and ability sheet. maintain focused potentially announced our future. the increase of unit. grow doing will remain $X.XX per we increase so, balance the on we our to Today, We distribution a in In – flexibility to partnership

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

Erik Young

Thank sale Matt. terminals to assets. partnership income fourth Adjusted $XXX.X of limited EBITDA million. $XXX.X the adjusted well the which of with and full reported as for costs the remediation gain you, was includes as year income compensation East Partnership XXXX net million, $XX.X on We million quarter EBITDA associated $X attributable net $XX.X Coast $X.X approximately was million. noncash the of the unit-based million environmental with of partners million,

In approximately the million approximately maintenance. were $X.X total quarter, million. During CapEx, including for million total fourth expenditures $X.X $X.X capital spent in we roughly XXXX,

quarter, we liquidity, an quarter in $XX of million including million $XXX in a debt XXXX, additional $XXX during million repayments for expenditures in expect the approximately maintenance million fourth with ended total $XX calendar For currently million, debt for $X XXXX. spend. We after capital to regulatory million be the $XX repaying and in approximately of

debt Our just of revolving and adjusted million was million balance availability times. liquidity a to $XXX facility. under of of consists under credit cash our EBITDA Net $XX X.X annualized

due and focused open Operator, unsecured concluded successful of our the extension remarks, in notes balance finance the the questions. Energy call a revolver refinancing near-term our to call this the commentary excess credit opening cash continue and We earnings expect we'll improve on are sheet. on ratios our Consistent using and PBF XXXX. we've long-term now with leverage to for and efforts strengthen morning,

Operator

you. Thank

your question. with will question our comes of Dounis the proceed from first Credit Spiro And [Operator Instructions] line with open call the We Suisse. to questions. Please

Chad Bryant

for Hi. is Chad This Spiro. on

first question. it, to the thoughts diesel PBF if to wanted your sanctioning PBFX renewable latest use diesel moving you with Just on renewable projects and fund just With get plan entity forward the project? help the to

Matt Lucey

the activities. zero income unqualified of That not does for PBFX part renewable has said, diesel MLP being include income. allowable Currently,

to So the there's unqualified there's some project, the what's room but that for participate can using also qualified today, income. change around PBFX income in just prospect as legislation defined

PBFX that So essentially to we'll close play in stay that, could but summarizes today. where

Chad Bryant

guidance question. implies Okay. $XX rolling off? EBITDA factors XXXX any just that Thanks. there into Is levels. more on the than Or XXXX the just think helpful. And I'm I million that decline a rail just second are That's from then curious, go other contract little that the EBITDA guide?

Erik Young

easy It's – couple And with it's driven just going down. the of primarily reduction, We've the assume right? the Maersk is past the remainder rail $XX is I associated step this contract be math got to years. the roughly historically to think million over by

XXXX. in in rolls today that we that that existence a not As off, here of there and sit was is portion hit as XXXX, that,

Chad Bryant

Okay. That’s for Thanks helpful. time. the

Operator

remarks. end have we the Lucey turn will to And the of for question-and-answer session. Matt the closing over I call now reached

Matt Lucey

a I day. today. Have appreciate great everyone's time

Operator

lines This you your Thank conference, for this you concludes and participation. today's may at disconnect your time.

Colin Murray	Investor Relations
Matt Lucey	Executive Vice President
Erik Young	Senior Vice President and Chief Financial Officer
Chad Bryant	Credit Suisse

PBF Logistics (PBFX) 10 Feb 222021 Q4 Earnings call transcript