PBF Logistics Increases Quarterly Distribution to $0.50 per Unit and Announces Third Quarter 2018 Earnings Results

- Third quarter net income attributable to the limited partners of $18.7 million, or $0.42 per common unit, net of the General Partner interest, and EBITDA attributable to PBFX of $38.9 million

- Sixteenth consecutive quarterly distribution increase to $0.50 per unit, representing a 67% increase to the Partnership's minimum quarterly distribution

- Continuing to deliver growth with completion of the East Coast Storage Assets Acquisition

News provided by

PBF Logistics LP

Oct 31, 2018, 06:30 ET

PARSIPPANY, N.J., Oct. 31, 2018 /PRNewswire/ -- PBF Logistics LP (NYSE: PBFX, the "Partnership") today announced third quarter 2018 net income attributable to the limited partners of $18.7 million, or $0.42 per common unit, net of the General Partner interest. During the quarter, the Partnership generated cash from operations of approximately $52.3 million, earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $38.9 million and distributable cash flow of $28.5 million. Included in general and administrative expenses for the third quarter are $0.8 million, or $0.02 per common unit, of transaction-related expenses.

"PBF Logistics assets continue to operate well and the team remains dedicated to the ongoing expansion of our business. During the third quarter we focused on the execution of our promising organic growth projects and the completion of the East Coast Storage Assets acquisition which adds meaningful storage capacity to our East Coast operations and positions the Partnership to potentially benefit from changes in the marine fuels and heavy oil markets," said PBF Logistics GP LLC Executive Vice President Matt Lucey. "Our active business development efforts have generated these accretive opportunities and we see additional attractive prospects for the continuing growth of the Partnership."

As of September 30, 2018, the Partnership had approximately $464.0 million of liquidity, including approximately $18.0 million in cash and cash equivalents, and access to approximately $446.0 million under its revolving credit facility.

East Coast Storage Assets Acquisition and Drop-downs
On October 1, 2018, the Partnership completed the previously announced acquisition of CPI Operations LLC. The assets acquired include a storage facility and other idled assets located on the Delaware River near Paulsboro, New Jersey (the "East Coast Storage Assets"). The total consideration of $107.0 million includes an initial payment at closing of $75.0 million, plus working capital, with the balance being payable one year after closing.

The East Coast Storage Assets include a storage facility with approximately four million barrels of multi-use storage capacity, of which over 50 percent is heated storage, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and other assets. With close proximity to the Paulsboro refinery, the assets are expected to provide synergy opportunities with the Partnership's sponsor, PBF Energy. The Partnership expects to invest approximately $8.5 million over the next two years in projects to enhance facility capabilities and expects to achieve run-rate earnings before interest, taxes, depreciation and amortization ("EBITDA") of $15.5 million at the end of 2020.

PBF Logistics Announces Increased Quarterly Distribution
The board of directors of PBF Logistics GP LLC, the Partnership's general partner, declared a regular quarterly cash distribution of $0.50 per common unit. The distribution is payable on November 30, 2018, to unitholders of record at the close of business on November 15, 2018.

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
PBFX Reconciliation of Amounts under U.S. GAAP to annualized run-rate EBITDA (unaudited, in millions)

Reconciliation of East Coast Storage Assets and associated projects related Forecasted Net Income to annualized run-rate EBITDA:

(in millions)	East Coast Storage Assets
Forecasted net income	$	6.1
Add: Depreciation and amortization expense		4.5
Add: Interest expense, net and other financing costs		4.9
Annualized run-rate EBITDA	$	15.5

Annualized run-rate EBITDA for the East Coast Storage Assets assumes the completion of all related capital projects and full run-rate throughput. The identified organic growth capital projects associated with the acquisition are capable to generate incremental revenue for PBFX above the acquired base assets. The organic projects and the execution of the related contracts are expected to be completed with the assets operating at full run-rate volumes by the end of 2020.

The Partnership defines EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense. EBITDA is a non-GAAP supplemental financial measure 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 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.

The Partnership's management believes that the presentation of EBITDA provides useful information to investors in assessing our financial condition and results of operations. EBITDA should not be considered an alternative to net income, income from operations, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect net income. Additionally, because EBITDA may be defined differently by other companies in our industry, our definition of EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

Conference Call Information
The Partnership's senior management will host a conference call and webcast regarding quarterly results and other business matters on Wednesday, October 31, 2018, at 11:00 a.m. ET. The call is being webcast and can be accessed at PBF Logistics' website, http://www.pbflogistics.com. The call can also be accessed by dialing (800) 894-5910 or (785) 424-1052, conference ID: PBFXQ318. The audio replay will be available two hours after the end of the call through November 14, 2018, by dialing (800) 677-7320 or (402) 220-0666.

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, the possibility that the Partnership may not consummate any pending acquisitions, the Partnership's plans for financing any pending acquisitions, 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 its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The Partnership 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 our results of operations, related operational information, and reconciliations of net income and net cash provided by operating activities to EBITDA and distributable cash flow (both as defined below) of PBFX for the three and nine months ended September 30, 2018 and 2017. The financial information presented contains the financial results of PBFX, the Development Assets (as defined below) and PNGPC (as defined below) prior to the Development Assets Acquisition (as defined below) on July 31, 2018 and the PNGPC Acquisition (as defined below) on February 28, 2017.

On July 31, 2018, we acquired from PBF Energy Company LLC ("PBF LLC"), a subsidiary of PBF Energy Inc. ("PBF Energy"), all of the issued and outstanding limited liability company interests (the "Development Assets Acquisition") of: Toledo Rail Logistics Company LLC ("TRLC"), whose assets consist of a loading and unloading rail facility located at PBF Holding's Toledo Refinery (the "Toledo Rail Products Facility"); Chalmette Logistics Company LLC ("CLC"), whose assets consist of a truck loading rack facility (the "Chalmette Truck Rack") and a rail yard facility (the "Chalmette Rosin Yard"), both of which are located at PBF Holding's Chalmette Refinery; Paulsboro Terminaling Company LLC ("PTC"), whose assets consist of a lube oil terminal facility located at PBF Holding's Paulsboro Refinery (the "Paulsboro Lube Oil Terminal"); and DCR Storage and Loading Company LLC ("DSLC"), whose assets consist of an ethanol storage facility located at PBF Holding's Delaware City Refinery (the "Delaware Ethanol Storage Facility" and collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the "Development Assets"). In connection with the Development Assets Acquisition, we entered into various commercial agreements with PBF Holding Company LLC ("PBF Holding") and assumed an existing commercial agreement with a third-party.

On April 16, 2018, the Partnership's wholly-owned subsidiary, PBF Logistics Products Terminals LLC ("PLPT"), completed the purchase of two refined product terminals located in Knoxville, Tennessee, which include product tanks, pipeline connections to the Colonial and Plantation pipeline systems and truck loading facilities (the "Knoxville Terminals") from Cummins Terminals, Inc. (the "Knoxville Terminals Purchase").

Effective January 1, 2018, our wholly-owned subsidiary, Delaware City Terminaling Company LLC, and PBF Holding amended the commercial agreements relating to our Delaware City rail unloading assets with the service fees thereunder being adjusted, including the addition of an ancillary fee paid by PBF Holding on an actual cost basis (the "Amended and Restated Rail Agreements").

On April 17, 2017, our wholly-owned subsidiary, PLPT, acquired the Toledo, Ohio refined products terminal assets (the "Toledo Products Terminal") from Sunoco Logistics Partners L.P. (the "Toledo Products Terminal Acquisition"). The Toledo Products Terminal is directly connected to, and currently supplied by, PBF Holding's Toledo Refinery. The Toledo Products Terminal is comprised of a ten-bay truck rack and chemicals, clean product and additive storage capacity.

On February 28, 2017, our wholly-owned subsidiary, PBFX Operating Company LLC ("PBFX Op Co"), acquired from PBF LLC, all of the issued and outstanding limited liability company interests of Paulsboro Natural Gas Pipeline Company LLC ("PNGPC") (the "PNGPC Acquisition"). In connection with the PNGPC Acquisition, we constructed a new 24" natural gas pipeline to replace the existing interstate pipeline, which commenced services in August 2017 (the "Paulsboro Natural Gas Pipeline"). Concurrent with commencement of operations of the Paulsboro Natural Gas Pipeline, a new service agreement was entered into between PNGPC and Paulsboro Refining Company LLC ("PRC").

In November 2017, we completed construction of a new crude storage tank at PBF Holding's Chalmette Refinery (the "Chalmette Storage Tank"). Our wholly-owned subsidiary, PBFX Op Co, began providing storage services to PBF Holding in November 2017 for usage of the Chalmette Storage Tank under a ten-year storage services agreement (the "Chalmette Storage Services Agreement").

The Development Assets Acquisition and the PNGPC Acquisition were transfers between entities under common control. Accordingly, PBFX's financial information contained herein has been retrospectively adjusted to include the historical results of the Development Assets and PNGPC as if it was owned by the Partnership for all periods presented. The results of the Development Assets and PNGPC are included in the Transportation and Terminaling segment.

As a result of the factors above, the information included in the following tables is not necessarily comparable on a year-over-year basis.

Non-GAAP Financial Measures

We define EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense, income tax expense, depreciation and amortization expense attributable to PBFX, which excludes the results of acquisitions from PBF LLC prior to the effective dates of such transactions. We define distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less net cash paid for interest, maintenance capital expenditures and income taxes. Distributable cash flow will not reflect changes in working capital balances. We use distributable cash flow to calculate a measure we refer to as our coverage ratio. Our coverage ratio is distributable cash flow divided by total distribution declared. EBITDA, EBITDA attributable to PBFX and distributable cash flow are not presentations made in accordance with U.S. generally accepted accounting principles ("GAAP").

While EBITDA, EBITDA attributable to PBFX and distributable cash flow are not presentations made in accordance with GAAP, they are supplemental financial measures that management and external users of our condensed 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 and EBITDA attributable to PBFX provides useful information to investors in assessing our financial condition and results of operations. We believe that the presentation of distributable cash flow provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance, as it provides investors with another perspective of the operating performance of our assets and the cash our business is generating. However, EBITDA, EBITDA attributable to PBFX 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, EBITDA attributable to PBFX 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. EBITDA, EBITDA attributable to PBFX and distributable cash flow are reconciled to their most directly comparable financial measures calculated and presented in accordance with GAAP in the Earnings Release Tables included herein.

These non-GAAP financial measures 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 measures 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except unit and per unit data)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2018*		2017*		2018*		2017*
Revenue (a):
	Affiliate	$	66,140	$	62,359	$	190,789	$	176,916
	Third-party	4,416		3,836		12,606		13,459
Total revenue		70,556		66,195		203,395		190,375

Costs and expenses:
	Operating and maintenance expenses (a)	20,803		17,704		61,407		52,567
	General and administrative expenses	4,725		3,534		15,504		12,947
	Depreciation and amortization	7,451		5,756		21,185		17,096
Total costs and expenses		32,979		26,994		98,096		82,610

Income from operations		37,577		39,201		105,299		107,765

Other expense:
	Interest expense, net	(10,070)		(7,416)		(29,684)		(22,493)
	Amortization of loan fees and debt premium	(497)		(332)		(1,256)		(1,125)
Net income		27,010		31,453		74,359		84,147
	Less: Net loss attributable to Predecessor	(80)		(1,219)		(2,443)		(3,863)
	Less: Net income attributable to noncontrolling interest (g)	4,725		3,799		13,110		11,218
Net income attributable to the partners		22,365		28,873		63,692		76,792
	Less: Net income attributable to the IDR holder	3,641		2,526		10,011		6,319
Net income attributable to PBF Logistics LP unitholders		$	18,724	$	26,347	$	53,681	$	70,473

Net income per limited partner unit (h):
	Common units - basic	$	0.42	$	0.63	$	1.25	$	1.69
	Common units - diluted	0.42		0.63		1.25		1.69
	Subordinated units - basic and diluted	—		—		—		1.61

Weighted-average limited partner units outstanding (h):
	Common units - basic	44,518,365		42,127,288		42,965,502		33,280,957
	Common units - diluted	44,612,522		42,161,008		43,015,817		33,309,555
	Subordinated units - basic and diluted	—		—		—		8,787,068

	Cash distribution declared per unit (e)	$	0.5000	$	0.4800	$	1.4850	$	1.4100

See Footnotes to Earnings Release Tables

* Current and prior-period financial information has been retrospectively adjusted for the Development Assets Acquisition.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)

	Three Months Ended September 30, 2018
	PBF Logistics		Development Assets*		Consolidated Results
Revenue:
Affiliate	$	66,140	$	—	$	66,140
Third-party	3,889		527		4,416
Total revenue	70,029		527		70,556

Costs and expenses:
Operating and maintenance expenses	20,268		535		20,803
General and administrative expenses	4,725		—		4,725
Depreciation and amortization	7,379		72		7,451
Total costs and expenses	32,372		607		32,979

Income (loss) from operations	37,657		(80)		37,577

Other expense:
Interest expense, net	(10,070)		—		(10,070)
Amortization of loan fees and debt premium	(497)		—		(497)
Net income (loss)	27,090		(80)		27,010
Less: Net loss attributable to Predecessor	—		(80)		(80)
Less: Net income attributable to noncontrolling interest (g)	4,725		—		4,725
Net income attributable to the partners	22,365		—		22,365
Less: Net income attributable to the IDR holder	3,641		—		3,641
Net income attributable to PBF Logistics LP unitholders	$	18,724	$	—	$	18,724

See Footnotes to Earnings Release Tables

*Reflects the results of the Development Assets prior to our acquisition on July 31, 2018.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)

	Three Months Ended September 30, 2017
	PBF Logistics		Development Assets*		Consolidated Results
Revenue:
Affiliate	$	62,359	$	—	$	62,359
Third-party	3,135		701		3,836
Total revenue	65,494		701		66,195

Costs and expenses:
Operating and maintenance expenses	15,930		1,774		17,704
General and administrative expenses	3,534		—		3,534
Depreciation and amortization	5,610		146		5,756
Total costs and expenses	25,074		1,920		26,994

Income (loss) from operations	40,420		(1,219)		39,201

Other expense:
Interest expense, net	(7,416)		—		(7,416)
Amortization of loan fees and debt premium	(332)		—		(332)
Net income (loss)	32,672		(1,219)		31,453
Less: Net loss attributable to Predecessor	—		(1,219)		(1,219)
Less: Net income attributable to noncontrolling interest (g)	3,799		—		3,799
Net income attributable to the partners	28,873		—		28,873
Less: Net income attributable to the IDR holder	2,526		—		2,526
Net income attributable to PBF Logistics LP unitholders	$	26,347	$	—	$	26,347

See Footnotes to Earnings Release Tables

*Reflects the results of the Development Assets prior to our acquisition on July 31, 2018.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)

	Nine Months Ended September 30, 2018
	PBF Logistics		Development Assets*		Consolidated Results
Revenue:
Affiliate	$	190,789	$	—	$	190,789
Third-party	10,677		1,929		12,606
Total revenue	201,466		1,929		203,395

Costs and expenses:
Operating and maintenance expenses	57,427		3,980		61,407
General and administrative expenses	15,504		—		15,504
Depreciation and amortization	20,793		392		21,185
Total costs and expenses	93,724		4,372		98,096

Income (loss) from operations	107,742		(2,443)		105,299

Other expense:
Interest expense, net	(29,684)		—		(29,684)
Amortization of loan fees and debt premium	(1,256)		—		(1,256)
Net income (loss)	76,802		(2,443)		74,359
Less: Net loss attributable to Predecessor	—		(2,443)		(2,443)
Less: Net income attributable to noncontrolling interest (g)	13,110		—		13,110
Net income attributable to the partners	63,692		—		63,692
Less: Net income attributable to the IDR holder	10,011		—		10,011
Net income attributable to PBF Logistics LP unitholders	$	53,681	$	—	$	53,681

See Footnotes to Earnings Release Tables

*Reflects the results of the Development Assets prior to our acquisition on July 31, 2018.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)

	Nine Months Ended September 30, 2017
	PBF Logistics		Development Assets*		Consolidated Results
Revenue:
Affiliate	$	176,916	$	—	$	176,916
Third-party	11,384		2,075		13,459
Total revenue	188,300		2,075		190,375

Costs and expenses:
Operating and maintenance expenses	47,203		5,364		52,567
General and administrative expenses	12,947		—		12,947
Depreciation and amortization	16,672		424		17,096
Total costs and expenses	76,822		5,788		82,610

Income (loss) from operations	111,478		(3,713)		107,765

Other expense:
Interest expense, net	(22,493)		—		(22,493)
Amortization of loan fees and debt premium	(1,125)		—		(1,125)
Net income (loss)	87,860		(3,713)		84,147
Less: Net loss attributable to Predecessor	(150)		(3,713)		(3,863)
Less: Net income attributable to noncontrolling interest (g)	11,218		—		11,218
Net income attributable to the partners	76,792		—		76,792
Less: Net income attributable to the IDR holder	6,319		—		6,319
Net income attributable to PBF Logistics LP unitholders	$	70,473	$	—	$	70,473

See Footnotes to Earnings Release Tables

*Reflects the results of the Development Assets prior to our acquisition on July 31, 2018.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
KEY OPERATING AND FINANCIAL INFORMATION
(Unaudited, amounts in thousands except as indicated)

				Three Months Ended September 30,				Nine Months Ended September 30,
				2018*		2017*		2018*		2017*
Transportation and Terminaling Segment
Terminals
Total throughput (barrels per day ("bpd")) (b)(d)				299,757		196,985		290,076		202,896
Lease tank capacity (average lease capacity barrels per month)				1,713,988		1,922,453		1,970,347		2,141,027
Pipelines
Total throughput (bpd) (b)(d)				166,275		137,262		162,027		134,951
Lease tank capacity (average lease capacity barrels per month)				1,548,747		1,273,634		1,553,509		1,132,124

Storage Segment
Storage capacity reserved (average shell capacity barrels per month)				4,138,709		3,709,693		4,343,379		3,729,789

Cash Flow Information:
Net cash provided by (used in):
Operating activities				$	52,255	$	29,239	$	117,582	$	117,676
Investing activities				(20,956)		(15,536)		(86,627)		(32,076)
Financing activities				(32,958)		(25,337)		(32,597)		(110,401)
Net change in cash				$	(1,659)	$	(11,634)	$	(1,642)	$	(24,801)

Other Financial Information:
	EBITDA attributable to PBFX (c)			$	38,934	$	40,873	$	111,321	$	112,894
	Distributable cash flow (c)			$	28,545	$	32,293	$	82,891	$	91,430
	Quarterly distribution declared per unit (e)			$	0.5000	$	0.4800	$	1.4850	$	1.4100
	Distributions (e):
		Common units		$	23,028	$	20,417	$	66,792	$	52,687
		Subordinated units - PBF LLC		—		—		—		7,308
		IDR holder - PBF LLC		3,641		2,526		10,011		6,319
			Total distributions	$	26,669	$	22,943	$	76,803	$	66,314
			Coverage ratio (c)	1.07x		1.41x		1.08x		1.38x
	Capital expenditures, including acquisitions			$	20,956	$	15,536	$	86,627	$	72,100

See Footnotes to Earnings Release Tables

* Current and prior-period financial information has been retrospectively adjusted for the Development Assets Acquisition.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
KEY OPERATING AND FINANCIAL INFORMATION
(Unaudited, in thousands)

	September 30,		December 31,
Balance Sheet Information:	2018		2017*
Cash and cash equivalents (f)	$	18,022	$	19,664
Property, plant and equipment, net	736,876		684,488
Total assets	806,850		748,215
Total debt (f)	567,152		548,793
Total liabilities	611,662		580,455
Partners' equity	26,425		(4,143)
Noncontrolling interest (g)	168,763		171,903
Total liabilities and equity	806,850		748,215

See Footnotes to Earnings Release Tables

* Prior-period financial information has been retrospectively adjusted for the Development Assets Acquisition.

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 September 30,				Nine Months Ended September 30,
			2018*		2017*		2018*		2017*
Reconciliation of net income to EBITDA and distributable cash flow (c):
	Net income		$	27,010	$	31,453	$	74,359	$	84,147
		Interest expense, net	10,070		7,416		29,684		22,493
		Amortization of loan fees and debt premium	497		332		1,256		1,125
		Depreciation and amortization	7,451		5,756		21,185		17,096
	EBITDA		45,028		44,957		126,484		124,861
		Less: Predecessor EBITDA	(8)		(1,073)		(2,051)		(3,329)
		Less: Noncontrolling interest EBITDA (g)	6,102		5,157		17,214		15,296
	EBITDA attributable to PBFX		38,934		40,873		111,321		112,894
		Non-cash unit-based compensation expense	1,052		807		4,549		4,515
		Cash interest	(10,112)		(8,006)		(29,741)		(23,622)
		Maintenance capital expenditures attributable to PBFX	(1,329)		(1,381)		(3,238)		(2,357)
	Distributable cash flow		$	28,545	$	32,293	$	82,891	$	91,430

Reconciliation of net cash provided by operating activities to EBITDA and distributable cash flow (c):
	Net cash provided by operating activities		$	52,255	$	29,239	$	117,582	$	117,676
		Change in operating assets and liabilities	(16,245)		9,109		(16,233)		(10,793)
		Interest expense, net	10,070		7,416		29,684		22,493
		Non-cash unit-based compensation expense	(1,052)		(807)		(4,549)		(4,515)
	EBITDA		45,028		44,957		126,484		124,861
		Less: Predecessor EBITDA	(8)		(1,073)		(2,051)		(3,329)
		Less: Noncontrolling interest EBITDA (g)	6,102		5,157		17,214		15,296
	EBITDA attributable to PBFX		38,934		40,873		111,321		112,894
		Non-cash unit-based compensation expense	1,052		807		4,549		4,515
		Cash interest	(10,112)		(8,006)		(29,741)		(23,622)
		Maintenance capital expenditures attributable to PBFX	(1,329)		(1,381)		(3,238)		(2,357)
	Distributable cash flow		$	28,545	$	32,293	$	82,891	$	91,430

See Footnotes to Earnings Release Tables

* Current and prior-period financial information has been retrospectively adjusted for the Development Assets Acquisition.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
SEGMENT FINANCIAL INFORMATION
(Unaudited, in thousands)

	Three Months Ended September 30, 2018*
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total revenue (a)	$	64,011	$	6,545	$	—	$	70,556
Depreciation and amortization expense	6,524		927		—		7,451
Income (loss) from operations	38,599		3,703		(4,725)		37,577
Interest expense, net and amortization of loan fees and debt premium	—		—		10,567		10,567
Capital expenditures	20,199		757		—		20,956

	Three Months Ended September 30, 2017*
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total revenue (a)	$	60,608	$	5,587	$	—	$	66,195
Depreciation and amortization expense	5,135		621		—		5,756
Income (loss) from operations	39,837		2,898		(3,534)		39,201
Interest expense, net and amortization of loan fees and debt premium	—		—		7,748		7,748
Capital expenditures	9,243		6,293		—		15,536

	Nine Months Ended September 30, 2018*
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total revenue (a)	$	182,815	$	20,580	$	—	$	203,395
Depreciation and amortization expense	18,408		2,777		—		21,185
Income (loss) from operations	109,059		11,744		(15,504)		105,299
Interest expense, net and amortization of loan fees and debt premium	—		—		30,940		30,940
Capital expenditures, including the Knoxville Terminals Purchase	85,782		845		—		86,627

	Nine Months Ended September 30, 2017*
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total revenue (a)	$	173,524	$	16,851	$	—	$	190,375
Depreciation and amortization expense	15,254		1,842		—		17,096
Income (loss) from operations	111,237		9,475		(12,947)		107,765
Interest expense, net and amortization of loan fees and debt premium	—		—		23,618		23,618
Capital expenditures, including the Toledo Products Terminal Acquisition	57,255		14,845		—		72,100

* Current and prior-period financial information has been retrospectively adjusted for the Development Assets Acquisition.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
SEGMENT FINANCIAL INFORMATION
(Unaudited, in thousands)

	Balance at September 30, 2018
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	718,461	$	84,620	$	3,769	$	806,850

	Balance at December 31, 2017*
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	649,975	$	86,760	$	11,480	$	748,215

See Footnotes to Earnings Release Tables

* Prior-period financial information has been retrospectively adjusted for the Development Assets Acquisition.

PBF LOGISTICS LP
EARNINGS RELEASE TABLES
FOOTNOTES TO EARNINGS RELEASE TABLES
(Unaudited, in thousands, except per unit data)

(a)		See discussion of the factors affecting comparability noted on page 4. Our results of operations may not be comparable to the historical results of operations for the reasons described below: Revenue - Effective January 1, 2018, we entered into the Amended and Restated Rail Agreements, which impacted revenue recognized related to those assets for the three and nine months ended September 30, 2018. On April 16, 2018, our wholly-owned subsidiary, PLPT, purchased the Knoxville Terminals, which was accounted for as a business combination. As such, there was no revenue associated with the terminals prior to our acquisition. On July 31, 2018, we acquired the Development Assets from PBF LLC. Commercial agreements with PBF Energy for the Development Assets commenced subsequent to our acquisition, with the exception of an existing commercial agreement associated with the Paulsboro Lube Oil Terminal. In November 2017, construction of the Chalmette Storage Tank was completed, and, as a result, the Chalmette Storage Services Agreement commenced. In August 2017, the Paulsboro Natural Gas Pipeline commenced service. Concurrent with the commencement of operations, a new service agreement was entered into between PNGPC and PRC regarding the Paulsboro Natural Gas Pipeline. On April 17, 2017, our wholly-owned subsidiary, PLPT, acquired the Toledo Products Terminal, which was accounted for as a business combination. As such, there was no revenue associated with the terminal prior to our acquisition. Operating and maintenance expenses - As a result of our acquisition and capital project activity our operating expenses are not comparative to prior periods due to expenses associated with these acquired assets and completed projects.

(b)		Calculated as the sum of the average throughput per day for each asset group for the period presented.

(c)		See "Non-GAAP Financial Measures" on page 5 for definitions of EBITDA, EBITDA attributable to PBFX, distributable cash flow and coverage ratio.

(d)		Operating information pertains to assets which are included in the Transportation and Terminaling segment. Throughput information reflects activity subsequent to execution of the commercial agreements in connection with the acquisitions of the Toledo Products Terminal, the Paulsboro Natural Gas Pipeline, the Knoxville Terminals and the Development Assets.

(e)		On October 31, 2018, we announced a quarterly cash distribution of $0.5000 per limited partner unit based on the results of the third quarter of 2018. The distribution is payable on November 30, 2018 to PBFX unitholders of record at the close of business on November 15, 2018. The total distribution amounts include the expected distributions to be made related to third quarter earnings.

(f)		Management also utilizes net debt as a metric in assessing our leverage. Net debt is a non-GAAP measure calculated by subtracting cash and cash equivalents from total debt. We believe this measurement is also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. This non-GAAP financial measure should not be considered in isolation or as a substitute for analysis of our debt levels as reported under GAAP. Our definition of net debt may not be comparable to similarly titled measures of other partnerships, because it may be defined differently by other partnerships in our industry, thereby limiting its utility. Our net debt as of September 30, 2018 and December 31, 2017 was $549,130 and $529,129, respectively.

(g)		Our subsidiary, PBFX Op Co, holds a 50% controlling interest in Torrance Valley Pipeline Company LLC ("TVPC"), with the other 50% interest in TVPC owned by TVP Holding Company LLC ("TVP Holding"), an indirect subsidiary of PBF Holding. PBFX Op Co is also the sole managing member of TVPC. We, through our ownership of PBFX Op Co, consolidate the financial results of TVPC, and record a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding.

(h)		PBFX bases its calculation of net income per limited partner unit on the weighted-average number of limited partner units outstanding during the period and the amount of available cash that has been or will be distributed to the limited partners and IDR holders for that reporting period. The weighted-average number of common and subordinated units reflects the conversion of all outstanding subordinated units to common units on June 1, 2017.