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PBF Logistics Increases Quarterly Cash Distribution by 10% to $0.33 per Unit and Announces Fourth Quarter Earnings Results

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PBF Logistics LP (NYSE:PBFX, the “Partnership”) announced today fourth quarter 2014 net income attributable to the partnership of $15.2 million, or $0.47 per limited partner unit. During the fourth quarter, the Partnership generated earnings before interest, income taxes, depreciation, and amortization (EBITDA) of $17.6 million and distributable cash flow of $16.7 million.

For the period from its initial public offering (IPO) that closed on May 14, 2014, to December 31, 2014, the Partnership reported net income of $30.0 million, or $0.94 per limited partner unit. For the period from the IPO through December 31, the Partnership generated EBITDA of $34.0 million and distributable cash flow of $32.8 million.

Included in our results for the fourth quarter are $540.0 thousand, or $0.016 per unit on a pre-tax basis, of transaction expenses included in our general and administrative expenses related to the recently completed acquisition of the Toledo Storage Facility, which closed on December 12, 2014. Also included in our results for the fourth quarter are $433.0 thousand, or $0.013 per unit, of expenses related to unit-based compensation.

The Toledo Storage Facility is located at PBF Energy’s Toledo Refinery and consists of approximately 3.9 million barrels of combined feedstock and product storage capacity and related facilities, including a propane storage and loading facility. The total consideration of $150 million for the acquisition consisted of $135 million in cash and $15 million of PBFX common units, or 620,935 common units. In its first full year of operations following the acquisition, the Toledo Storage Facility is expected to contribute approximately $15.1 million of EBITDA, supported by a ten-year term storage and terminaling services agreement with subsidiaries of PBF Energy containing storage fees and a minimum volume throughput commitment of 4,400 barrels per day at the propane storage and loading facility. Annual maintenance capital expenditures are expected to average approximately $3.0 million.

“The fourth quarter was another growth quarter for PBFX. We followed our acquisition of the Delaware West Rack with our acquisition of the Toledo Storage Facility. In doing so, we have significantly increased the annual expected EBITDA of the Partnership since the time of the IPO. As a result, the board of directors of the General Partner has increased the quarterly distribution by 10% to $0.33 per unit to reflect the first full quarter of earnings contributions from the Delaware City West Rack during the fourth quarter,” said PBF Logistics GP LLC Chief Executive Officer, Tom Nimbley. “We are actively pursuing opportunities to grow and diversify our earnings streams and increase distributions to our unit-holders.”

As of December 31, 2014, the Partnership had $14.2 million in cash and cash equivalents and access to an additional $49.9 million under its existing revolving credit facility. The Partnership intends to use its financial resources to fund organic growth projects at the Partnership and future acquisitions.

PBF Logistics Announces Quarterly Distribution

The Board of Directors of PBF Logistics GP LLC, the Partnership’s general partner, declared a regular quarterly cash distribution of $0.33 per unit. The distribution is payable on March 4, 2015, to unitholders of record at the close of business on February 23, 2015.

This release is intended to be a qualified notice to nominees under Treasury Regulations Section 1.1446-4(b). All of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.

Non-GAAP Financial Measures

This earnings release, and the discussion during the management conference call, may include references to non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures including, but not limited to, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization) and Distributable Cash Flow. PBFX’s management believes that non-GAAP financial measures provide useful information about the Partnership’s operating performance, financial results and the amount of cash generated by the Partnership’s operations and the amount available for distribution to its unitholders. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBFX’s non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the non-GAAP financial measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information

The Partnership’s senior management will host a conference call and webcast regarding earnings results and other business matters on Thursday, February 12, 2015, at 11:00 a.m. ET. The call can also be heard by dialing (800) 862-9098 or (785) 424-1051, conference ID: PBFXQ414. The audio replay will be available two hours after the end of the call through February 28, 2015, by dialing (800) 374-1216 or (402) 220-0681. The call is being webcast and can be accessed at PBF Logistics’ website, http://www.pbflogistics.com.

Forward-Looking Statements

This press release contains forward-looking statements (as that term is defined under the federal securities laws) made by the Partnership and its management. Such statements are based on current expectations, forecasts and projections, including, but not limited to, anticipated financial and operating results, plans, objectives, expectations and intentions that are not historical in nature. Forward-looking statements should not be read as a guarantee of future performance or results, and may not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking statements are based on information available at the time, and are subject to various risks and uncertainties, including risks relating to the securities markets generally, the impact of adverse market conditions impacting PBFX’s logistics and other assets and other risks inherent in PBFX’s business. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see PBFX’s filings with the Securities and Exchange Commission including the Form S-1 and prospectus relating to the initial public offering of the Partnership’s common units. Forward-looking statements reflect information, facts and circumstances only as of the date they are made. PBFX assumes no responsibility or obligation to update forward-looking statements except as may be required by law.

PBF Logistics LP

PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

Results of Operations (Unaudited)

Factors Affecting Comparability

The following tables present net income, distributable cash flow, earnings before interest, income taxes, depreciation and amortization expenses (“EBITDA”) and related operational information of PBF Logistics LP (“PBFX” or the “Partnership”) for the three months and year ended December 31, 2014 and 2013. The financial information presented contains the financial results of PBF MLP Predecessor (the “Predecessor”), our predecessor for accounting purposes, for periods presented through May 13, 2014. The Predecessor includes the financial results of a light crude oil rail unloading terminal at PBF Energy Inc.’s Delaware City refinery (which we refer to as the “DCR Rail Terminal”), and a crude oil truck unloading terminal at the PBF Energy Inc.’s Toledo refinery (which we refer to as the “Toledo Truck Terminal”) which were acquired from subsidiaries of PBF Energy Inc. (“PBF Energy”) during our initial public offering, completed on May 14, 2014 (the “Offering”). The consolidated financial results for the three months and year ended December 31, 2014 also include the results of operations for PBFX for the period beginning May 14, 2014, the date PBFX commenced operations.

The financial information contained herein of the Predecessor and PBFX have been retrospectively adjusted to include the historical results of a heavy crude oil rail unloading terminal at PBF Energy’s Delaware City refinery (which we refer to as the “DCR West Rack”) prior to its acquisition by PBFX on September 30, 2014, and a tank farm and related facilities located at PBF Energy’s Toledo refinery, including a propane storage and loading facility (collectively referred to as the “Toledo Storage Facility”) prior to its acquisition by PBFX on December 11, 2014. The DCR West Rack and Toledo Storage Facility were acquired from subsidiaries of our indirect parent company, PBF Energy (collectively referred to as the “Acquisitions from PBF”). The results of the DCR Rail Terminal, Toledo Truck Rack, DCR West Rack and the propane loading facility of the Toledo Storage Facility are included in the Terminaling segment. The storage facility of the Toledo Storage Facility is included in the Storage segment.

Our Predecessor generally recognized only the costs and did not record revenue for transactions with PBF Energy prior to the Offering and Acquisitions from PBF. Affiliate revenues have been recorded for all of our assets subsequent to the commencement of the commercial agreements with PBF Energy upon completion of the Offering and Acquisitions from PBF. As a result, the information included in the following tables is not comparable on a year-over-year basis.

Non-GAAP Financial Measures

We define EBITDA as net income (loss) before net interest expense, income taxes, depreciation and amortization expense. We define distributable cash flow as EBITDA plus non-cash unit-based compensation expense, less net cash paid for interest, maintenance capital expenditures and income taxes, to analyze our performance. Distributable cash flow will not reflect changes in working capital balances. Distributable cash flow and EBITDA are not presentations made in accordance with U.S. generally accepted accounting procedures (“GAAP”).

EBITDA and distributable cash flow are not measures prescribed by U.S. GAAP (“non-GAAP”) but are supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
  • the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of EBITDA provides useful information to investors in assessing our financial condition and results of operations. EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities.

We believe that the presentation of distributable cash flow will provide useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance, as it provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating. The GAAP measure most directly comparable to distributable cash flow is net income.

We also include the results of our operations excluding the results of our Predecessor. We believe that the presentation of our results of operations and capital expenditures excluding results of our Predecessor will provide useful information to investors in assessing our financial condition and results of operations. We believe investors want to analyze operations of our business under our current commercial agreements with PBF Energy.

These non-GAAP financial metrics should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our definitions of these non-GAAP financial metrics may not be comparable to similarly titled measures of other partnerships, because they may be defined differently by other partnerships in our industry, thereby limiting their utility.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited, in thousands)
Three months ended December 31, 2014
PBF Logistics LP Predecessor Consolidated Results
Revenue from affiliates (a) $ 27,304 $ $ 27,304
Costs and expenses:
Operating and maintenance expenses 6,712 1,563 8,275
General and administrative expenses (a) (b) 2,943 25 2,968
Depreciation and amortization expense 917 465 1,382
10,572 2,053 12,625
Income (loss) from operations 16,732 (2,053 ) 14,679
Other income (expense):
Interest expense, net (1,343 ) (1,343 )
Amortization of loan fees (150 ) (150 )
Net income (loss) 15,239 (2,053 ) 13,186
Less: Net loss attributable to Predecessor (2,053 ) (2,053 )

Limited partners’ interest in net income
attributable to the Partnership

$ 15,239 $ $ 15,239
Year Ended December 31,
PBF Logistics LP Predecessor Consolidated Results
Revenue from affiliates (a) $ 49,830 $ $ 49,830
Costs and expenses:
Operating and maintenance expenses 9,418 12,946 22,364
General and administrative expenses (a) (b) 6,385 1,381 7,766
Depreciation and amortization expense 1,386 2,345 3,731
17,189 16,672 33,861
Income (loss) from operations 32,641 (16,672 ) 15,969
Other income (expense):
Interest expense, net (2,312 ) (2,312 )
Amortization of loan fees (365 ) (365 )
Net income (loss) 29,964 (16,672 ) 13,292
Less: Net loss attributable to Predecessor (16,672 ) (16,672 )

Limited partners’ interest in net income
attributable to the Partnership

$ 29,964 $ $ 29,964
See Footnotes to Earnings Release Tables
PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except unit and per unit data)
Three months ended December 31, Year ended December 31,
2014 2013 2014 2013
Predecessor Predecessor
Revenue from affiliates (a) $ 27,304 $ $ 49,830 $
Costs and expenses:
Operating and maintenance expenses 8,275 4,029 22,364 13,911
General and administrative expenses (a) (b) 2,968 524 7,766 2,024
Depreciation and amortization expense 1,382 672 3,731 2,366
12,625 5,225 33,861 18,301
Income (loss) from operations 14,679 (5,225 ) 15,969 (18,301 )
Other income (expense):
Interest expense, net (1,343 ) (2,312 )
Amortization of loan fees (150 ) (365 )
Net income (loss) 13,186 $ (5,225 ) 13,292 $ (18,301 )
Less: Net loss attributable to Predecessor (2,053 ) (16,672 )

Limited partners’ interest in net income
attributable to the Partnership

$ 15,239 $ 29,964
Net income per limited partner unit:
Common units – basic $ 0.47 $ 0.94
Common units – diluted $ 0.47 $ 0.94
Subordinated units – basic and diluted $ 0.47 $ 0.93
Weighted-average limited partner units outstanding:
Common units – public (basic) 15,812,500 15,812,500
Common units – public (diluted) 15,813,377 15,814,525
Common units – PBF (basic and diluted) 798,575 355,302
Subordinated units – PBF (basic and diluted) 15,886,553 15,886,553
See Footnotes to Earnings Release Tables
PBF LOGISTICS LP
EARNINGS RELEASE TABLES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
TO EBITDA AND DISTRIBUTABLE CASH FLOW
(Unaudited, in thousands)
Three months ended December 31, Year ended December 31,
2014 2013 2014 2013
Predecessor Predecessor

Reconciliation of net income (loss) to EBITDA
and distributable cash flow (c):

Net income (loss) $ 13,186 $ (5,225 ) $ 13,292 $ (18,301 )
Interest expense, net 1,343 2,312
Amortization of loan fees 150 365
Depreciation and amortization 1,382 672 3,731 2,366
EBITDA 16,061 (4,553 ) 19,700 (15,935 )
Less: Predecessor EBITDA (1,588 ) (4,553 ) (14,327 ) (15,935 )
EBITDA attributable to PBFX 17,649 $ 34,027 $
Non-cash unit-based compensation expense 433 1,086
Interest expense, net (1,343 ) (2,312 )
Maintenance capital expenditures
Distributable cash flow $ 16,739 $ 32,801

Reconciliation of net cash provided by (used in)
operating activities to EBITDA and distributable cash flow (c):

Net cash provided by (used in) operating activities $ 10,245 $ (4,553 ) $ 7,568 $ (15,935 )
Change in current assets and liabilities 4,906 10,906
Interest expense, net 1,343 2,312
Non-cash unit-based compensation expense (433 ) (1,086 )
EBITDA 16,061 (4,553 ) 19,700 (15,935 )
Less: Predecessor EBITDA (1,588 ) (4,553 ) (14,327 ) (15,935 )
EBITDA attributable to PBFX 17,649 $ 34,027 $
Non-cash unit-based compensation expense 433 1,086
Interest expense, net (1,343 ) (2,312 )
Maintenance capital expenditures
Distributable cash flow $ 16,739 $ 32,801
See Footnotes to Earnings Release Tables
PBF LOGISTICS LP
EARNINGS RELEASE TABLES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
TO EBITDA AND DISTRIBUTABLE CASH FLOW
(Unaudited, in thousands)
Three months ended December 31, 2014
PBF Logistics LP Predecessor Consolidated Results

Reconciliation of net income (loss) to EBITDA
and distributable cash flow (c):

Net income (loss) $ 15,239 $ (2,053 ) $ 13,186
Interest expense, net 1,343 1,343
Amortization of loan fees 150 150
Depreciation and amortization 917 465 1,382
EBITDA 17,649 (1,588 ) 16,061
Less: Predecessor EBITDA (1,588 ) (1,588 )
EBITDA attributable to PBFX 17,649 $ 17,649
Non-cash unit-based compensation expense 433 433
Interest expense, net (1,343 ) (1,343 )
Maintenance capital expenditures
Distributable cash flow $ 16,739 $ 16,739

Reconciliation of net cash provided by (used in)
operating activities to EBITDA and distributable cash
flow (c):

Net cash provided by (used in) operating activities $ 12,529 $ (2,284 ) $ 10,245
Change in current assets and liabilities 4,210 696 4,906
Interest expense, net 1,343 1,343
Non-cash unit-based compensation expense (433 ) (433 )
EBITDA 17,649 (1,588 ) 16,061
Less: Predecessor EBITDA (1,588 ) (1,588 )
EBITDA attributable to PBFX 17,649 $ 17,649
Non-cash unit-based compensation expense 433 433
Interest expense, net (1,343 ) (1,343 )
Maintenance capital expenditures
Distributable cash flow $ 16,739 $ 16,739
See Footnotes to Earnings Release Tables
PBF LOGISTICS LP
EARNINGS RELEASE TABLES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
TO EBITDA AND DISTRIBUTABLE CASH FLOW
(Unaudited, in thousands)
Year ended December 31, 2014
PBF Logistics LP Predecessor Consolidated Results

Reconciliation of net income (loss) to EBITDA
and distributable cash
flow (c):

Net income (loss) $ 29,964 $ (16,672 ) $ 13,292
Interest expense, net 2,312 2,312
Amortization of loan fees 365 365
Depreciation and amortization 1,386 2,345 3,731
EBITDA 34,027 (14,327 ) 19,700
Less: Predecessor EBITDA (14,327 ) (14,327 )
EBITDA attributable to PBFX 34,027 $ 34,027
Non-cash unit-based compensation expense 1,086 1,086
Interest expense, net (2,312 ) (2,312 )
Maintenance capital expenditures
Distributable cash flow $ 32,801 $ 32,801

Reconciliation of net cash provided by (used in)
operating activities to EBITDA and distributable cash
flow (c):

Net cash provided by (used in) operating activities $ 25,118 $ (17,550 ) $ 7,568
Change in current assets and liabilities 7,683 3,223 10,906
Interest expense, net 2,312 2,312
Non-cash unit-based compensation expense (1,086 ) (1,086 )
EBITDA 34,027 (14,327 ) 19,700
Less: Predecessor EBITDA (14,327 ) (14,327 )
EBITDA attributable to PBFX 34,027 $ 34,027
Non-cash unit-based compensation expense 1,086 1,086
Interest expense, net (2,312 ) (2,312 )
Maintenance capital expenditures
Distributable cash flow $ 32,801 $ 32,801
See Footnotes to Earnings Release Tables
PBF LOGISTICS LP
EARNINGS RELEASE TABLES
KEY OPERATING AND FINANCIAL INFORMATION
(Unaudited, amounts in thousands except per unit data or as indicated)
Three months ended December 31, Year ended December 31,
2014 2013 2014 2013
Predecessor Predecessor
Key Operating Information:
Throughput (barrels per day (“bpd”) in thousands) (d)
Delaware City Rail Terminal 75.6 N/A 74.4 N/A
DCR West Rack 51.2 N/A 51.2 N/A
Toledo Truck Terminal 6.6 N/A 9.2 N/A
Toledo Propane Loading Facility (e) 3.9 N/A 3.9 N/A
Total Throughput (in thousands of barrels) (d)
Delaware City Rail Terminal 6,952.9 N/A 17,265.8 N/A
DCR West Rack 4,708.9 N/A 4,708.9 N/A
Toledo Truck Terminal 604.9 N/A 2,131.0 N/A
Toledo Propane Loading Facility (e) 78.4 N/A 78.4 N/A
Total 12,345.1 N/A 24,184.1 N/A
Storage capacity reserved (shell capacity barrels) (f) 3,713.1 N/A 3,713.1 N/A
Cash Flow Information:
Net cash provided by (used in):
Operating activities $ 10,245 $ (4,553 ) $ 7,568 $ (15,935 )
Investing activities 23,525 (17,434 ) (282,144 ) (46,246 )
Financing activities (31,690 ) 21,987 288,741 62,181
Net increase (decrease) in cash $ 2,080 $ $ 14,165 $
Other Financial Information:
EBITDA attributable to PBFX (c) $ 17,649 $ $ 34,027 $
Distributable cash flow (c) $ 16,739 N/A $ 32,801 N/A
Quarterly distribution declared per unit (g) $ 0.33 N/A $ 0.79 N/A
Distribution declared (g):
Common units – public $ 5,309 N/A $ 12,706 N/A
Common units – PBF 424 N/A 635 N/A
Subordinated units – PBF 5,243 N/A 12,551 N/A
Total distribution declared $ 10,976 N/A $ 25,892 N/A
Capital expenditures $ 6,456 $ 17,434 $ 47,215 $ 46,246
December 31, December 31,
Balance Sheet Information: 2014 2013
Predecessor
Cash, cash equivalents and marketable securities $ 249,095 $
Property, plant and equipment, net 130,779 85,626
Total assets 393,951 85,626
Total debt 510,000
Total liabilities 514,244 3,224
Net investment – Predecessor N/A 82,402
Partners’ equity (120,293 ) N/A
Total liabilities and equity 393,951 85,626
See Footnotes to Earnings Release Tables
PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONSOLIDATING FINANCIAL INFORMATION
(Unaudited, in thousands)
Three months ended December 31, 2014
Terminaling Storage Corporate Consolidated Total
Revenues (a) $ 26,106 $ 1,198 $ $ 27,304
Depreciation and amortization expense 789 593 1,382
Income (loss) from operations 18,700 (1,053 ) (2,968 ) 14,679

Interest expense, net and amortization of
loan fees

(1,493 ) (1,493 )
Capital expenditures 2,363 4,093 6,456
Three months ended December 31, 2013
Terminaling Storage Corporate Consolidated Total
Revenues (a) $ $ $ $
Depreciation and amortization expense 291 381 672
Income (loss) from operations (2,279 ) (2,422 ) (524 ) (5,225 )

Interest expense, net and amortization of
loan fees

Capital expenditures 8,762 8,672 17,434
Year ended December 31, 2014
Terminaling Storage Corporate Consolidated Total
Revenues (a) $ 48,632 $ 1,198 $ $ 49,830
Depreciation and amortization expense 1,952 1,779 3,731
Income (loss) from operations 31,675 (7,940 ) (7,766 ) 15,969

Interest expense, net and amortization of
loan fees

(2,677 ) (2,677 )
Capital expenditures 31,689 15,526 47,215
Year ended December 31, 2013
Terminaling Storage Corporate Consolidated Total
Revenues (a) $ $ $ $
Depreciation and amortization expense 1,034 1,332 2,366
Income (loss) from operations (8,301 ) (7,976 ) (2,024 ) (18,301 )

Interest expense, net and amortization of
loan fees

Capital expenditures 27,454 18,792 46,246

Balance at December 31, 2014

Terminaling

Storage

Corporate

Consolidated Total

Total assets

$ 89,441

$ 53,038

$ 251,472

$ 393,951

Balance at December 31, 2013

Terminaling

Storage

Corporate

Consolidated Total

Total assets

$ 48,259

$ 37,367

$ –

$ 85,626

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
FOOTNOTES TO EARNINGS RELEASE TABLES
(Unaudited)

(a)

See discussion of the factors affecting comparability noted on page 4. The Partnership’s results of operations may not be comparable to the Predecessor’s historical results of operations for the reasons described below:

Revenues- There are differences in the way our Predecessor recorded revenues and the way the Partnership records revenues after completion of the Offering and Acquisitions from PBF as discussed under “Factors Affecting Comparability.”

General and Administrative Expenses- Our Predecessor’s general and administrative expenses included direct charges for the management and operation of our logistics assets and certain expenses allocated by PBF Energy for general corporate services, such as treasury, accounting and legal services. These expenses were charged, or allocated, to our Predecessor based on the nature of the expenses. PBF Energy continues to charge the Partnership a combination of direct charges for the management and operation of our logistics assets and a fixed annual fee for general corporate services, such as treasury, accounting and legal services. We also incur additional incremental general and administrative expenses as a result of being a separate publicly-traded partnership.

(b) General and administrative expenses include transaction costs related to the Acquisitions from PBF of $0.5 million in the three months ended December 31, 2014 and $1.1 million in the twelve months ended December 31, 2014.
(c) See “Non-GAAP Financial Measures” on page 4 for a definition of EBITDA, adjusted EBITDA and distributable cash flow and for information regarding the disaggregated presentation of our results of operations to exclude our Predecessor.
(d) Operating information pertains to assets which are included in the Terminaling segment. Throughput information reflects activity subsequent to execution of the commercial agreements in connection with the Offering and Acquisitions from PBF.
(e) Throughput volumes based on twenty days of activity subsequent to the Toledo Storage Facility acquisition.
(f) Operating information pertains to assets which are included in the Storage segment. Shell capacity information reflects activity subsequent to execution of the commercial agreements in connection with the Toledo Storage Facility acquisition.
(g) On February 6, 2015, we declared a quarterly cash distribution of $0.33 per limited partner unit for the fourth quarter of 2014.

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