XML 52 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA
(unaudited, in thousands)
The following table summarizes quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per share amounts).
 
 
 
2017 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
Revenues
 
$
4,754,473

 
$
5,017,225

 
$
5,478,951

 
$
6,535,988

Income (loss) from operations
 
694

 
(111,149
)
 
587,157

 
253,516

Net income (loss)
 
(20,030
)
 
(104,151
)
 
347,226

 
260,386

Net income (loss) attributable to PBF Energy Inc. stockholders
 
(31,077
)
 
(109,663
)
 
314,365

 
241,892

Earnings (loss) per common share - assuming dilution
 
$
(0.29
)
 
$
(1.01
)
 
$
2.85

 
$
2.14

 
 
 
2016 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31 
Revenues
 
$
2,800,185

 
$
3,858,467

 
$
4,513,204

 
$
4,748,568

Income (loss) from operations
 
(5,424
)
 
234,770

 
129,710

 
139,827

Net income (loss)
 
(23,336
)
 
120,648

 
56,444

 
71,762

Net income (loss) attributable to PBF Energy Inc. stockholders
 
(29,388
)
 
103,530

 
42,111

 
54,558

Earnings (loss) per common share -assuming dilution
 
$
(0.30
)
 
$
1.06

 
$
0.43

 
$
0.54



During the three months ended December 31, 2017, the Company recorded an adjustment to the lower of cost or market which resulted in a net pre-tax income benefit of $197,589 reflecting the change in the lower of cost or market inventory reserve from $498,045 at September 30, 2017 to approximately $300,456 at December 31, 2017. During the three months ended December 31, 2016, the Company recorded an adjustment to the lower of cost or market which resulted in a net pre-tax income benefit of $200,515 reflecting the change in the lower of cost or market inventory reserve from $796,503 at September 30, 2016 to approximately $595,988 at December 31, 2016.