PBF Energy Inc. (NYSE:PBF) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET

Company Participants

Colin Murray - Senior Director of Investor Relations

Tom Nimbley - Chief Executive Officer

Matt Lucey - President

Erik Young - Senior Vice President & Chief Financial Officer

Paul Davis - Senior Vice President of Supply, Trading & Optimization

Tom O’Connor - Senior Vice President of Commodity Risk & Strategy

Conference Call Participants

Roger Read - Wells Fargo

Doug Leggate - Bank of America

Ryan Todd - Piper Sandler

John Royall - JPMorgan

Carly Davenport - Goldman Sachs

Paul Cheng - Scotiabank

Operator

Good day, everyone and welcome to PBF Energy Third Quarter 2022 Earnings Call and Webcast. [Operator Instructions] The floor will be open for your questions following management's prepared remarks. [Operator Instructions]

It is now my pleasure to turn the call over to Colin Murray of Investor Relations. Thank you, sir. You may begin.

Colin Murray

[Technical Difficulty] Copies of today's earnings release and our 10-Q 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 net income by an after-tax amount of $55 million or approximately $0.44 per share. For reconciliations of any non-GAAP measures mentioned on today’s call, please refer to the supplemental tables provided in today’s press release.

I’ll now turn the call over to Tom Nimbley.

Tom Nimbley

Thanks, Colin. Good morning, everyone and thank you for joining our call. For the third quarter, PBF reported earnings per share of $7.96 and adjusted net income of just over $1 billion. The underlying supply and demand fundamentals of the global hydrocarbon market created an environment that has allowed PBF to finish the third quarter with effectively 0 net debt and reward our shareholders with the reinstatement of the $0.20 regular dividend we announced this morning.