Call Start: 08:30 January 1, 0000 9:28 AM ET
PBF Energy Inc. (NYSE:PBF)
Q4 2022 Earnings Conference Call
February 16, 2023 08:30 ET
Company Participants
Colin Murray - Senior Director of Investor Relations
Tom Nimbley - Chief Executive Officer
Matt Lucey - President
Karen Davis - Chief Financial Officer
Tom O’Connor - Senior Vice President of Commodity Risk & Strategy
Paul Davis - Senior Vice President of Supply, Trading & Optimization
Conference Call Participants
Roger Read - Wells Fargo
Neil Mehta - Goldman Sachs
Doug Leggate - Bank of America
John Royall - JPMorgan
Matthew Blair - TPH
Paul Sankey - Sankey Research
Jason Gabelman - Cowen & Company
Operator
Good day everyone and welcome to the PBF Energy Fourth Quarter 2022 Earnings Conference Call and Webcast. [Operator Instructions] Please note this conference is being recorded.
It's now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.
Colin Murray
Thank you, Kevin. Good morning and welcome to today's call. With me today are Tom Nimbley, our CEO; Matt Lucey, our President; Karen Davis, our CFO; and several other members of our management team. Copies of today's earnings release and our 10-K filing, including supplemental information are available on our website.
Before getting started, I'd like to direct your attention to the Safe Harbor statement contained in today's press release. Statements in our press release and those made on this call that express the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we described in our filings with the SEC. Consistent with our prior periods, we will discuss our results today, excluding special items.
In today's press release, we described the noncash special items included in our quarterly results. The cumulative impact of the special items increased fourth quarter net income by an after-tax amount of approximately $60 million or $0.45 per share related primarily to net changes in fair value of contingent consideration. Additionally, please note that our fourth quarter tax rate was elevated relative to prior quarters as a result of the activities in the quarter and fiscal year adjustments. For modeling purposes, please use 26% as an effective tax rate for 2023.
Also included in today's press release is guidance information related to our operations for the year. For any questions on these items or follow-up questions after today's call, please contact Investor Relations. For reconciliations of any non-GAAP measures mentioned on today's call, please refer to the supplemental tables provided in today's press release.