We are one of the largest independent petroleum refiners and suppliers of unbranded
transportation fuels, heating oil, petrochemical feedstocks, lubricants and
other petroleum products in the United States. We sell our products throughout
the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well
as in other regions of the United States and Canada, and are able to ship products
to other international destinations. We were formed in 2008 to pursue acquisitions
of crude oil refineries and downstream assets in North America. As of December
31, 2017, we own and operate five domestic oil refineries and related assets,
which we acquired in 2010, 2011, 2015 and 2016. Our refineries have a combined
processing capacity, known as throughput, of approximately 900,000 barrels per
day (“bpd”), and a weighted-average Nelson Complexity Index of 12.2.
We operate in two reportable business segments: Refining and Logistics.
PBF Energy was formed on November 7, 2011 and is a holding company whose primary
asset is a controlling equity interest in PBF LLC. We are the sole managing
member of PBF LLC and operate and control all of the business and affairs of
PBF LLC. We consolidate the financial results of PBF LLC and its subsidiaries
and record a noncontrolling interest in our consolidated financial statements
representing the economic interests of the members of PBF LLC other than PBF
Energy. PBF LLC is a holding company for the companies that directly or indirectly
own and operate our business. PBF Holding is a wholly-owned subsidiary of PBF
LLC and is the parent company for our refining operations. PBF Energy, through
its ownership of PBF LLC, also consolidates the financial results of PBFX and
records a noncontrolling interest for the economic interests in PBFX held by
the public common unit holders of PBFX.
PBFX is a fee-based, growth-oriented, publicly traded Delaware master limited
partnership formed by PBF Energy to own or lease, operate, develop and acquire
crude oil and refined petroleum products terminals, pipelines, storage facilities
and similar logistics assets. PBFX engages in the receiving, handling, storage
and transferring of crude oil, refined products, natural gas and intermediates
from sources located throughout the United States and Canada for PBF Energy
in support of certain of its refineries, as well as for third party customers.
As of December 31, 2017, a substantial majority of PBFX’s revenue is derived
from long-term, fee-based commercial agreements with PBF Holding, which include
minimum volume commitments, for receiving, handling, storing and transferring
crude oil, refined products and natural gas. PBF Energy also has agreements
with PBFX that establish fees for certain general and administrative services
and operational and maintenance services provided by PBF Holding to PBFX. These
transactions, other than those with third parties, are eliminated by PBF Energy
in consolidation.
We operate in two reportable business segments: Refining and Logistics. Our
five oil refineries, including certain related logistics assets that are not
owned by PBFX, are engaged in the refining of crude oil and other feedstocks
into petroleum products, and are aggregated into the Refining segment. PBFX
operates logistics assets such as crude oil and refined products terminaling,
pipeline and storage assets. Certain of PBFX’s assets were previously
operated and owned by various subsidiaries of PBF Holding and were acquired
by PBFX in a series of transactions since its inception. PBFX is reported in
the Logistics segment. A substantial majority of PBFX’s revenue is derived
from long-term, fee based commercial agreements with PBF Holding and its subsidiaries
and these intersegment related revenues are eliminated in consolidation. See
“Note 20 - Segment Information” of our Notes to Consolidated Financial
Statements, for detailed information on our operating results by business segment.
23.23% 
