Exhibit (c)(4)

 PRELIMINARY WORKING DRAFT – SUBJECT TO FURTHER REVIEW AND MODIFICATION  PBFX and PBF Indexed Price Performance Since 13-D Filing  1  18.8%;  $15.86  6.5%  5.6%  4.7%  4.2%  3.7%  0.4%  $13.35  (4.0%)  (2.0%)  0.0%  2.0%  4.0%  6.0%  8.0%  10.0%  12.0%  14.0%  16.0%  18.0%  20.0%  6/23/22  6/24/22  6/27/22  PBFX NS  DKL PAA  MMP  HEP  PBFX Peers(1)  PBFX Price Performance vs. Peers  Note: Market data as of June 27, 2022.  PBFX peers include DKL, HEP, MMP, NS, PAA.  Large cap refiner peers include MPC, PSX and VLO.  Other refiner peers include CVI, DK, HFC and PARR.  Source: FactSet.  $30.81  (4.0%)  (2.0%)  0.0%  2.0%  4.0%  6.0%  8.0%  10.0%  12.0%  14.0%  16.0%  18.0%  20.0%  6/23/22  PBF Price Performance vs. Peers  (2)  (3) 

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