Q3 2022 PBF Logistics LP Earnings Call

2022 earnings conference call and webcast at this time, all participants have been placed in a listen only mode. The floor will be open for your questions. Following management's prepared remarks, if he would like to ask a question. Please press star one on your telephone keypad.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad. Please note. This conference is being recorded it is now my pleasure to turn the floor over to Colin Murray.

Investor Relations, Sir you may begin.

Thank you Sherry.

Good morning, and welcome to today's call with me today are Matt Lucey Executive Vice President Erik Young our CFO and several other members of the Partnership's senior management team.

If you'd like a copy of our earnings release or 10-Q filing they are available on our website.

Before we begin I would like to direct your attention to the forward looking statements disclaimer contained in today's press release in summary, it outlines that statements in the press release and on this conference call that state, the partnership'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 security.

Laws. There are many factors that could cause actual results to differ from our expectations, including those we've described in our filings with the SEC.

I'll now turn the call over to Matt Lucey.

Thank you John .

Good morning, everyone and thank you for joining us on today's call.

PBF logistics continued to operate well in the third quarter, our consistent financial performance.

Continues to be driven by the reliability of our assets and our safety oriented workforce.

On pace to exceed the partnership's full year 2022 revenue guidance of approximately $320 million to $340 million.

The part the partnership's consistent revenues and cash generation provide strong distribution coverage and the ability to continue reducing our net debt.

Today, the partnership also announced a distribution of 30 cents per unit.

Lastly, with regards to the proposed transaction with PBF energy announced in July .

We expect the transaction will close this quarter subject to the fulfillment of closing conditions.

The process is ongoing and you May review, the partnership and PBF Energy's filings with the SEC for additional information.

These are available on their respective company's websites and on SEC Gov.

I'll now turn over turn the call over to Eric for the financial highlights.

You, Matt Good morning, everyone. Thanks, again for joining us on today's call. We reported third quarter net income attributable to the limited partners of $34 $9 million.

Adjusted partnership EBITDA was $54 6 million, which includes approximately $800000 of noncash unit based compensation and environmental remediation costs associated with the east coast terminals.

During the third quarter, we spent approximately $1 5 million and total capex, including approximately $1 3 million for maintenance for.

For the full year 2022, we currently expect capital expenditures to be approximately $10 million, including 8 million for maintenance and $2 million of regulatory spend.

We ended the quarter with just over $541 million in liquidity after repaying an additional $30 million in debt during the third quarter.

Liquidity consists of a cash balance of 45 million and approximately $496 million of availability under our revolving credit facility.

Net debt to annualized adjusted EBITDA was $2 one nine times.

Consistent with our commentary on the PBF energy earnings call. This morning, our near term efforts are focused on continuing to strengthen the financial position of the partnership.

Operator, we've concluded our opening remarks and now we'll open the call for questions.

Thank you if he would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue and for participants using speaker equipment. It may be necessary to pick up your handset before pressing the start he is.

One moment, while we poll for questions.

Yeah.

Yeah.

Okay.

There are no questions at this time I would.

I'd like to turn the conference back over to Matt Lucey for closing comments.

Thank you very much if F. Indeed this is our last earnings call as we suspect a I greatly appreciate everyones.

Our support and interest are today have a good day.

Thank you. This does conclude today's conference you may disconnect. Your lines at this time and thank you for your participation.

[music].