10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2019

Or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number: 001-36446

PBF LOGISTICS LP

(Exact name of registrant as specified in its charter)

DELAWARE	35-2470286
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Sylvan Way, Second Floor Parsippany, New Jersey	07054
(Address of principal executive offices)	(Zip Code)

(973) 455-7500

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer þ Non-accelerated filer o Smaller reporting company o Emerging growth company þ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

As of April 29, 2019, there were 62,001,349 common units outstanding.

PBF LOGISTICS LP

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION	5
Item 1. Financial Statements (Unaudited)	5
Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018	5
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2019 and 2018	6
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3. Quantitative and Qualitative Disclosures About Market Risk	52
Item 4. Controls and Procedures	53
PART II - OTHER INFORMATION	54
Item 1. Legal Proceedings	54
Item 1A. Risk Factors	54
Item 6. Exhibits	54
Signatures	56

EXPLANATORY NOTE

PBF Logistics LP (“PBFX” or the “Partnership”) is a Delaware limited partnership formed in February 2013. PBF Logistics GP LLC (“PBF GP” or “our general partner”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of PBF LLC, and as of March 31, 2019, owned 99.0% of the total economic interest in PBF LLC. In addition, PBF LLC is the sole managing member of PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company and affiliate of PBFX. PBF LLC owns 29,953,631 of PBFX’s common units constituting an aggregate 54.1% limited partner interest in PBFX, with the remaining 45.9% limited partner interest owned by public unitholders as of March 31, 2019.

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q (this “Form 10-Q”) to “Predecessor,” and “we,” “our,” “us,” or like terms, when used in the context of periods prior to the completion of certain acquisitions from PBF LLC, refer to PBF MLP Predecessor, our predecessor for accounting purposes (our “Predecessor”), which includes assets, liabilities and results of operations of certain crude oil, refined products, natural gas and intermediates transportation, terminaling and storage assets, previously operated and owned by certain of PBF Holding’s currently and previously held subsidiaries. As of March 31, 2019, PBF Holding, together with its subsidiaries, owns and operates five oil refineries and related facilities in North America. PBF Energy, through its ownership of PBF LLC, controls all of the business and affairs of PBFX and PBF Holding.

2

References in this Form 10-Q to “PBF Logistics LP,” “PBFX,” the “Partnership” and “we,” “our,” “us,” or like terms used in the context of periods on or after the completion of certain acquisitions from PBF LLC, refer to PBF Logistics LP and its subsidiaries.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q (including information incorporated by reference) contains certain “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions that relate to our strategy, plans or intentions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time, make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time; therefore, our actual results may differ materially from those that we expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results.

Important factors that could cause actual results to differ materially from our expectations, which we refer to as “cautionary statements,” are disclosed under “Item 1A. Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Form 10-Q; in our Annual Report on Form 10-K for the year ended December 31, 2018, which we refer to as our 2018 Form 10-K and in our other filings with the United States of America (“U.S.”) Securities and Exchange Commission (“SEC”). All forward-looking information in this Form 10-Q and subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Some of the factors that we believe could affect our results include:

• our limited operating history as a separate public partnership;

• changes in general economic conditions;

• our ability to make, complete and integrate acquisitions from affiliates or third parties, and to realize the benefits from such acquisitions;

• our ability to have sufficient cash from operations to enable us to pay the minimum quarterly distribution;

• competitive conditions in our industry;

• actions taken by our customers and competitors;

• the supply of, and demand for, crude oil, refined products, natural gas and logistics services;

• our ability to successfully implement our business plan;

• our dependence on PBF Energy for a substantial majority of our revenues subjects us to the business risks of PBF Energy, which includes the possibility that contracts will not be renewed because they are no longer beneficial for PBF Energy;

• a substantial majority of our revenue is generated at PBF Energy’s facilities, particularly at PBF Energy’s Delaware City, Toledo and Torrance refineries, and any adverse development at any of these facilities could have a material adverse effect on us;

• our ability to complete internal growth projects on time and on budget;

• the price and availability of debt and equity financing;

• operating hazards and other risks incidental to handling crude oil, petroleum products and natural gas;

3

• natural disasters, weather-related delays, casualty losses and other matters beyond our control;

• interest rates;

• labor relations;

• changes in the availability and cost of capital;

• the effects of existing and future laws and governmental regulations, including those related to the shipment of crude oil by trains;

• changes in insurance markets impacting costs and the level and types of coverage available;

• the timing and extent of changes in commodity prices and demand for PBF Energy’s refined products and natural gas and the differential in the prices of different crude oils;

• the suspension, reduction or termination of PBF Energy’s obligations under our commercial agreements;

• disruptions due to equipment interruption or failure at our facilities, PBF Energy’s facilities or third-party facilities on which our business is dependent;

• incremental costs as a separate public partnership;

• our general partner and its affiliates, including PBF Energy, have conflicts of interest with us and limited duties to us and our unitholders, and they may favor their own interests to the detriment of us and our other common unitholders;

• our partnership agreement restricts the remedies available to holders of our common units for actions taken by our general partner that might otherwise constitute breaches of fiduciary duty;

• holders of our common units have limited voting rights and are not entitled to elect our general partner or its directors;

• our tax treatment depends on our status as a partnership for U.S. federal income tax purposes, as well as our not being subject to a material amount of entity level taxation by individual states;

• changes at any time (including on a retroactive basis) in the tax treatment of publicly traded partnerships, including related impacts on potential dropdown transactions with PBF LLC, or an investment in our common units;

• our unitholders will be required to pay taxes on their share of our taxable income even if they do not receive any cash distributions from us;

• the effects of future litigation; and

• other factors discussed elsewhere in this Form 10-Q.

We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Form 10-Q may not in fact occur. Accordingly, investors should not place undue reliance on those statements.

Our forward-looking statements speak only as of the date of this Form 10-Q. Except as required by applicable law, including the securities laws of the U.S., we undertake no obligation to update or revise any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing.

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PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements

PBF LOGISTICS LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except unit data)

	March 31, 2019		December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	16,446	$	19,908
Accounts receivable - affiliates	43,931		37,052
Accounts receivable	5,157		7,511
Prepaids and other current assets	4,610		4,598
Total current assets	70,144		69,069
Property, plant and equipment, net	861,617		862,117
Goodwill	6,332		6,332
Other non-current assets	19,154		18,835
Total assets	$	957,247	$	956,353
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	4,714	$	12,047
Accounts payable and accrued liabilities	65,622		50,972
Deferred revenue	2,895		2,960
Total current liabilities	73,231		65,979
Long-term debt	677,773		673,324
Other long-term liabilities	24,567		23,860
Total liabilities	775,571		763,163
Commitments and contingencies (Note 9)
Equity:
Common unitholders (55,348,821 and 45,348,663 units issued and outstanding, as of March 31, 2019 and December 31, 2018, respectively)	13,985		23,718
Total PBF Logistics LP equity	13,985		23,718
Noncontrolling interest	167,691		169,472
Total equity	181,676		193,190
Total liabilities and equity	$	957,247	$	956,353

See Notes to Condensed Consolidated Financial Statements.

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PBF LOGISTICS LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except unit and per unit data)

	Three Months Ended March 31,
	2019			2018
Revenue:
Affiliate	$	71,332		$	60,864
Third-party	7,513			3,876
Total revenue	78,845			64,740
Costs and expenses:
Operating and maintenance expenses	29,916			19,880
General and administrative expenses	6,010			4,291
Depreciation and amortization	8,721			6,643
Total costs and expenses	44,647			30,814
Income from operations	34,198			33,926
Other expense:
Interest expense, net	(10,913		)	(9,585		)
Amortization of loan fees and debt premium	(449		)	(363		)
Accretion on discounted liabilities	(760		)	—
Net income	22,076			23,978
Less: Net loss attributable to Predecessor	—			(1,279		)
Less: Net income attributable to noncontrolling interest	4,719			4,022
Net income attributable to the partners	17,357			21,235
Less: Net income attributable to the IDR holder	—			2,959
Net income attributable to PBF Logistics LP unitholders	$	17,357		$	18,276
Net income per limited partner unit:
Common units - basic	$	0.35		$	0.43
Common units - diluted	0.35			0.43
Weighted-average limited partner units outstanding:
Common units - basic	49,151,927			42,129,377
Common units - diluted	49,318,133			42,236,092

See Notes to Condensed Consolidated Financial Statements.

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PBF LOGISTICS LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Three Months Ended March 31,
	2019			2018
Cash flows from operating activities:
Net income	$	22,076		$	23,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,721			6,643
Amortization of loan fees and debt premium	449			363
Accretion on discounted liabilities	760			—
Unit-based compensation expense	964			834
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(6,879		)	8,336
Accounts receivable	2,354			115
Prepaids and other current assets	(12		)	(598		)
Accounts payable - affiliates	(3,385		)	(2,984		)
Accounts payable and accrued liabilities	13,302			6,908
Deferred revenue	(65		)	(595		)
Other assets and liabilities	(76		)	(75		)
Net cash provided by operating activities	38,209			42,925
Cash flows from investing activities:
Expenditures for property, plant and equipment	(11,220		)	(3,953		)
Net cash used in investing activities	(11,220		)	(3,953		)
Cash flows from financing activities:
Distributions to unitholders	(27,951		)	(23,058		)
Distributions to TVPC members	(6,500		)	(5,000		)
Contribution from parent	—			1,131
Proceeds from revolving credit facility	16,000			—
Repayment of revolving credit facility	(12,000		)	(9,700		)
Net cash used in financing activities	(30,451		)	(36,627		)
Net change in cash and cash equivalents	(3,462		)	2,345
Cash and cash equivalents at beginning of year	19,908			19,664
Cash and cash equivalents at end of period	$	16,446		$	22,009
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures	$	1,247		$	414
Contribution of net assets from PBF LLC	259			—
Units issued in connection with the IDR Restructuring	215,300			—
Assets acquired under operating leases	482			—

See Notes to Condensed Consolidated Financial Statements.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

PBF Logistics LP (“PBFX” or the “Partnership”) is a Delaware limited partnership formed in February 2013. PBF Logistics GP LLC (“PBF GP” or “our general partner”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of PBF LLC, and as of March 31, 2019, owned 99.0% of the total economic interest in PBF LLC. In addition, PBF LLC is the sole managing member of PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company and affiliate of PBFX. PBF LLC owns 29,953,631 PBFX common units constituting an aggregate 54.1% limited partner interest in PBFX, with the remaining 45.9% limited partner interest owned by public unitholders as of March 31, 2019.

PBFX engages in the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates. The Partnership does not take ownership of or receive any payments based on the value of the crude oil, products, natural gas or intermediates that it handles and does not engage in the trading of any commodities. PBFX’s assets are integral to the operations of PBF Holding’s refineries, and as a result, the Partnership continues to generate a substantial majority of its revenue from transactions with PBF Holding. Additionally, certain of PBFX’s assets also generate revenue from third-party transactions.

On February 28, 2019, the Partnership closed on an Equity Restructuring Agreement (the “IDR Restructuring Agreement”) with PBF LLC and PBF GP, pursuant to which PBFX’s incentive distribution rights (“IDRs”) held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units (the “IDR Restructuring”). Transaction costs related to the IDR Restructuring were $2,032 for the three months ended March 31, 2019 and were included in “General and administrative expenses” within the Partnership’s condensed consolidated statement of operations. Subsequent to the closing of the IDR Restructuring, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

Principles of Combination and Consolidation and Basis of Presentation

In connection with, and subsequent to, PBFX’s initial public offering (“IPO”), the Partnership has acquired certain assets from PBF LLC (collectively referred to as the “Contributed Assets”). Such acquisitions completed subsequent to the IPO were made through a series of drop-down transactions with PBF LLC (collectively referred to as the “Acquisitions from PBF”). The assets, liabilities and results of operations of the Contributed Assets prior to their acquisition by PBFX are collectively referred to as the “Predecessor.” The transactions through which PBFX acquired the Contributed Assets were transfers of assets between entities under common control. Accordingly, the accompanying condensed consolidated financial statements and related notes present the results of operations and cash flows of our Predecessor for all periods presented prior to the effective date of each transaction. The financial statements of our Predecessor have been prepared from the separate records maintained by PBF Energy and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Predecessor had been operated as an unaffiliated entity. See the Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) for additional information regarding the Acquisitions from PBF and the commercial agreements and amendments to other agreements with related parties executed in connection with these acquisitions.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, PBFX has included all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations and cash flows of PBFX for the periods presented. The results of operations for the three months endedMarch 31, 2019 are not necessarily indicative of the results that may be expected for the full year.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

The Predecessor generally did not historically operate its respective assets for the purpose of generating revenues independent of other PBF Energy businesses prior to PBFX’s IPO or for assets acquired in the Acquisitions from PBF, prior to the effective dates of each transaction, with the exception of the Paulsboro Lube Oil Terminal (as defined in Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements). All intercompany accounts and transactions have been eliminated.

Recently Adopted Accounting Guidance

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2016-02 and these additional ASUs are now codified as Accounting Standards Codification Standard 842 - “Leases” (“ASC 842”). ASC 842 supersedes the lease accounting guidance in Accounting Standards Codification 840 “Leases” (“ASC 840”), and requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Partnership adopted ASC 842 effective January 1, 2019, using a modified retrospective approach. The adoption of ASC 842 resulted in the inclusion of less than $1,000 of operating leases recorded on the Partnership’s balance sheets, with operating lease right of use assets recorded in “Other non-current assets” and operating lease liabilities recorded in “Accounts payable and accrued liabilities” or “Other long-term liabilities” based on the future timing of lease payments. The adoption of ASC 842 did not materially impact the Partnership’s statements of operations or statements of cash flows. The Partnership’s condensed consolidated financial statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Partnership’s historical accounting policy. See Note 2 “Revenue” of the Notes to Condensed Consolidated Financial Statements for additional information about the impact of ASC 842 to the Partnership as a lessor.

In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) to provide updated guidance on goodwill impairment testing. Under ASU 2017-04, goodwill impairment analysis Step 2 would be eliminated. This step required a comparison of the implied fair value and carrying value of goodwill of the reporting unit. Subsequent to the effective date of ASU 2017-04, during the annual, or if applicable, interim goodwill impairment assessment, entities would perform the test by comparing the fair value of the reporting unit with the carrying value of the reporting unit. The impairment charge would be the excess amount of which carrying value is greater than fair value, with the total amount limited to the carrying value of goodwill. ASU 2017-04 is effective for goodwill impairment assessments beginning after December 15, 2019. Early adoption is permitted, and the Partnership adopted the new standard in its condensed consolidated financial statements and related disclosures effective January 1, 2019, which is expected to have an immaterial impact to the Partnership.

2. REVENUE

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Partnership expects to be entitled to in exchange for those goods or services.

As noted in Note 11 “Segment Information” of the Notes to Condensed Consolidated Financial Statements, the Partnership’s business consists of two reportable segments: (i) Transportation and Terminaling and (ii) Storage.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

The following table provides information relating to the Partnership’s revenues for each service category by segment for the periods presented:

	Three Months Ended March 31,
	2019		2018
Transportation and Terminaling Segment
Terminaling	$	32,353	$	27,051
Pipeline	18,627		18,489
Other	14,979		12,131
Total	65,959		57,671
Storage Segment
Storage	12,886		7,069
Total	12,886		7,069
Total Revenue	$	78,845	$	64,740

PBFX recognizes revenue by charging fees for crude oil and refined products terminaling, storing and pipeline services based on the greater of the contractual minimum volume commitment (“MVC”), as applicable, or the delivery of actual volumes transferred or stored based on contractual rates applied to throughput or storage volumes.

Minimum Volume Commitments

Transportation and Terminaling Segment

The Partnership’s Transportation and Terminaling segment consists of product terminals, pipelines, crude unloading facilities and other facilities capable of handling barges and ships. Certain of these commercial agreements contain MVCs. Under these commercial agreements, if the Partnership’s customer fails to transport its minimum throughput volumes during any specified period, the customer will pay the Partnership a deficiency payment equal to the volume of the deficiency multiplied by the contractual rate then in effect. The deficiency payment is initially recorded as deferred revenueon the Partnership’s balance sheets for all contracts in which the MVC deficiency makeup period is contractually longer than a fiscal quarter.

Certain of the Partnership’s customers may apply the amount of any such deficiency payments as a credit for volumes transported on the applicable pipeline or terminal system in excess of its MVC during the following quarters under the terms of the applicable agreement. The Partnership recognizes operating revenues for the deficiency payments when credits are used for volumes transported in excess of MVCs or at the end of the contractual period. If the Partnership determines, based on all available information, that it is remote that the Partnership’s customer will utilize these deficiency payments, the amount of the expected unused credits will be recognized as operating revenues in the period when that determination is made. The use or recognition of the credits is recorded as a reduction to deferred revenue.

Storage Segment

The Partnership earns storage revenue under the crude oil and refined products storage contracts through capacity reservation agreements, where the Partnership collects a fee for reserving storage capacity for customers in its facilities. Customers generally pay reservation fees based on the level of storage capacity reserved rather than the actual volumes stored.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

As of March 31, 2019, future fees for MVCs to be received related to noncancelable commercial terminaling, pipeline and storage agreements were as follows:

Remainder of 2019	$	85,525
2020	111,550
2021	111,293
2022	90,038
2023	87,549
Thereafter	173,287
Total MVC payments to be received (1)(2)	$	659,242

(1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded.

(2) Arrangements deemed implicit leases are excluded from this table.

Leases

Lessor Disclosure Following the Adoption of ASC 842

The Partnership has leased certain of its assets under lease agreements with terms generally up to 15 years, including leases of storage, terminaling and pipeline assets. Some leases include options to terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Partnership’s agreements do not generally provide an option for the lessee to purchase the leased equipment at the end of the lease term. However, in connection with the affiliate lease agreement for the interstate natural gas pipeline at the PBF Holding’s Paulsboro Refinery (the “Paulsboro Natural Gas Pipeline”), the Partnership granted a right of first refusal in favor of PBF LLC such that, the Partnership would be required to give PBF Holding the first opportunity to purchase the Paulsboro Natural Gas Pipeline at market value prior to selling to an unrelated third party if PBF Holding refused to purchase it.

At inception, the Partnership determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. As of March 31, 2019, all of the Partnership’s leases have been determined to be operating leases. Some of the Partnership’s lease arrangements contain lease components (e.g., MVCs) and non-lease components (e.g., maintenance, labor charges, etc.). The Partnership accounts for the lease and non-lease components as a single lease component.

Certain of the Partnership’s lease agreements include MVCs that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Partnership’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Partnership expects to derive significant future benefits from its leased assets following the end of the lease term, as the remaining useful life would be sufficient to allow the Partnership to enter into new leases for such assets.

In the normal course of business, the Partnership enters into contracts with PBF Holding and its refineries whereby PBF Holding and its refineries lease certain of the Partnership’s storage, terminaling and pipeline assets. The Partnership believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases range from one to fifteen years. Leases with affiliates represent approximately 93% of the undiscounted future rental income from the Partnership’s leased assets. These lease arrangements accounted for $36,087 and $28,973 of the Partnership’s revenue for the three months endedMarch 31, 2019 and 2018, respectively.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

Undiscounted Cash Flows

The table below presents the fixed component of the undiscounted cash flows to be received for each of the first five years and the total remaining years for the Partnership’s operating leases as of March 31, 2019:

Remainder of 2019	$	120,583
2020	160,528
2021	159,415
2022	149,212
2023	147,851
Thereafter	361,562
Total undiscounted future cash to be received	$	1,099,151

Assets Under Lease

The Partnership’s assets subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheet. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of March 31, 2019:

	March 31, 2019
Land	$	98,337
Pipelines	314,784
Terminals and equipment	49,309
Storage facilities	197,974
Construction in progress	4,487
	664,891
Accumulated depreciation	(57,044		)
Net assets under lease	$	607,847

Deferred Revenue

The Partnership records deferred revenues when cash payments are received or due in advance of performance, including amounts which are refundable. Deferred revenue was $2,895 and $2,960 as of March 31, 2019 and December 31, 2018, respectively. The decrease in the deferred revenue balance as of March 31, 2019 is primarily driven by the timing and extent of cash payments received in advance of satisfying the Partnership’s performance obligations for the comparative periods.

The Partnership’s payment terms vary by the type and location of our customer and the services offered. The period between invoicing and when payment is due is not significant (i.e., generally within two months). For certain services and customer types, the Partnership requires payment before the services are performed for the customer.

3. ACQUISITIONS

Third-Party Acquisitions

Knoxville Terminals Purchase

On April 16, 2018, the Partnership’s wholly-owned subsidiary, PBF Logistics Products Terminals LLC (“PLPT”), completed the purchase of two refined product terminals located in Knoxville, Tennessee (the “Knoxville

12

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

Terminals Purchase”), which include product tanks, pipeline connections to the Colonial Pipeline Company and Plantation Pipe Line Company pipeline systems and truck loading facilities (the “Knoxville Terminals”) from Cummins Terminals, Inc. (“Cummins”).

The aggregate purchase price for the Knoxville Terminals Purchase was $58,000, excluding working capital. The consideration was financed through a combination of cash on hand and borrowings under the Partnership’s Revolving Credit Facility (as defined in Note 6 “Debt” of the Notes to Condensed Consolidated Financial Statements). The final purchase price and fair value allocation were completed as of December 31, 2018.

PBFX accounted for the Knoxville Terminals Purchase as a business combination under GAAP whereby the Partnership recognizes assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price	$	58,000
Working capital	356
Total consideration	$	58,356

The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date:

	Fair Value Allocation
Prepaids and other current assets	$	356
Property, plant and equipment	45,768
Intangibles*	5,900
Goodwill	6,332
Fair value of net assets acquired	$	58,356

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

The Partnership’s condensed consolidated financial statements for the three months ended March 31, 2019 include the results of operations of the Knoxville Terminals subsequent to the Knoxville Terminals Purchase whereas the same period in 2018 does not include the results of operations of such assets. On an unaudited pro forma basis, the revenues and net income of PBFX assuming the acquisition had occurred on January 1, 2017, for the periods indicated, are shown below. The unaudited pro forma information does not purport to present what PBFX’s actual results would have been had the Knoxville Terminals Purchase occurred on January 1, 2017, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Knoxville Terminals Purchase financing.

	Three Months Ended March 31, 2018
(Unaudited)
Pro forma revenues	$	67,724
Pro forma net income attributable to PBF Logistics LP unitholders:	18,490

13

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

East Coast Storage Assets Acquisition

On October 1, 2018, the Partnership closed the purchase of CPI Operations LLC (“CPI”), whose assets include a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets (collectively, the “East Coast Storage Assets”) located on the Delaware River near Paulsboro, New Jersey (the “East Coast Storage Assets Acquisition”), which had been contemplated by an agreement dated as of July 16, 2018 between the Partnership and Crown Point International LLC (“Crown Point”). Additionally, the East Coast Storage Assets Acquisition includes an earn-out provision related to an existing commercial agreement with a third party, based on the results of restarting certain of the acquired idled assets (the “Contingent Consideration”), which are expected to be restarted in the fourth quarter of 2019.

The aggregate purchase price for the East Coast Storage Assets Acquisition was $126,989, including working capital and the Contingent Consideration, which was comprised of an initial payment at closing of $75,000 with a remaining balance of $32,000 payable one year after closing. The residual purchase consideration consists of the Contingent Consideration. The consideration was financed through a combination of cash on hand and borrowings under the Partnership’s Revolving Credit Facility (as defined in Note 6 “Debt” of the Notes to Condensed Consolidated Financial Statements). The fair value allocation is subject to adjustment pending completion of the final purchase valuation, which was in process as of March 31, 2019.

PBFX accounted for the East Coast Storage Assets Acquisition as a business combination under GAAP whereby the Partnership recognizes assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition.

The total purchase consideration and the estimated fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price*	$	105,900
Estimated working capital adjustments	(11		)
Contingent Consideration **	21,100
Total consideration	$	126,989

* Includes $30,900 net present value payable of $32,000 due to Crown Point one year after closing, which is included in “Accounts payable and accrued liabilities” within the Partnership’s condensed consolidated balance sheets.

** Contingent Consideration is included in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets.

The following table summarizes the estimated amounts recognized for assets acquired and liabilities assumed as of the acquisition date:

	Fair Value Allocation
Accounts receivable	$	436
Prepaids and other current assets	1,770
Property, plant and equipment	114,406
Intangibles*	13,300
Accounts payable and accrued liabilities	(2,173		)
Other long-term liabilities	(750		)
Estimated fair value of net assets acquired	$	126,989

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

The East Coast Storage Assets Acquisition includes consideration in the form of the Contingent Consideration. Pursuant to the agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the agreement, over a contractual term of up to three years starting in 2020. The

14

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

Partnership recorded the Contingent Consideration based on its estimated fair value of $21,100 at the acquisition date, which was recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets.

The Partnership’s condensed consolidated financial statements for the three months ended March 31, 2019 include the results of operations of the East Coast Storage Assets subsequent to the East Coast Storage Assets Acquisition. The same period in 2018 does not include the results of operations of such assets. On an unaudited pro forma basis, the revenues and net income of PBFX assuming the acquisition had occurred on January 1, 2017, for the periods indicated, are shown below. The unaudited pro forma information does not purport to present what PBFX’s actual results would have been had the East Coast Storage Assets Acquisition occurred on January 1, 2017, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the East Coast Storage Assets Acquisition financing.

	Three Months Ended March 31, 2018
(Unaudited)
Pro forma revenues	$	70,548
Pro forma net income attributable to PBF Logistics LP unitholders:	16,200

Acquisitions from PBF

The following Acquisition from PBF was a transaction between affiliate companies. As a result, the acquisition was accounted for as a transfer of assets between entities under common control under GAAP. The assets and liabilities of the Acquisition from PBF were transferred at their historical carrying value.

Development Assets Acquisition

On July 16, 2018, the Partnership entered into four contribution agreements with PBF LLC pursuant to which PBF Energy contributed to PBFX certain of its subsidiaries (the “Development Assets Contribution Agreements”). Pursuant to the Development Assets Contribution Agreements, the Partnership acquired from PBF LLC all of the issued and outstanding limited liability company interests of: Toledo Rail Logistics Company LLC (“TRLC”), whose assets consist of a loading and unloading rail facility located at PBF Holding’s Toledo Refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC (“CLC”), whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at PBF Holding’s Chalmette Refinery; Paulsboro Terminaling Company LLC (“PTC”), whose assets consist of a lube oil terminal facility located at PBF Holding’s Paulsboro Refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC (“DSLC”), whose assets consist of an ethanol storage facility located at PBF Holding’s Delaware City Refinery (the “Delaware Ethanol Storage Facility” and collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”). The acquisition of the Development Assets closed on July 31, 2018 for total consideration of $31,586, consisting of 1,494,134 common units issued to PBF LLC (the “Development Assets Acquisition”).

Acquisition Expenses

PBFX incurred acquisition related costs of $121 and $483 for the three months ended March 31, 2019 and 2018, respectively, primarily consisting of consulting and legal expenses related to pending and non-consummated acquisitions. These costs are included in “General and administrative expenses” within the Partnership’s condensed consolidated statement of operations.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

	March 31, 2019			December 31, 2018
Land	$	115,957		$	115,957
Pipelines	337,536			337,474
Terminals and equipment	277,877			259,441
Storage facilities	215,816			213,937
Construction in progress	7,937			20,439
	955,123			947,248
Accumulated depreciation	(93,506		)	(85,131		)
Property, plant and equipment, net	$	861,617		$	862,117

Depreciation expense was $8,596 and $6,643 for the three months endedMarch 31, 2019 and 2018, respectively.

5. INTANGIBLES

The Partnership’s net intangible balance consisted of the following:

	March 31, 2019			December 31, 2018
Customer contracts	$	13,300		$	13,300
Customer relationships	5,900			5,900
	19,200			19,200
Accumulated amortization	(520		)	(395		)
Total intangibles*	$	18,680		$	18,805

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

Amortization expense was $125 and $0 for the three months endedMarch 31, 2019 and 2018, respectively.

6. DEBT

Total debt was comprised of the following:

	March 31, 2019			December 31, 2018
2023 Notes	$	525,000		$	525,000
Revolving credit facility (a)(b)	160,000			156,000
Total debt outstanding	685,000			681,000
Unamortized debt issuance costs	(9,903		)	(10,496		)
Unamortized 2023 Notes premium	2,676			2,820
Net carrying value of debt	$	677,773		$	673,324

___________________

(a) PBFX had $4,110 outstanding letters of credit and $335,890 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of March 31, 2019.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

(b) During the three months endedMarch 31, 2019, PBFX made repayments of $12,000 and borrowed $16,000 under the Revolving Credit Facility to fund capital expenditures and working capital requirements.

Fair Value Measurement

A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The estimated fair value of the Revolving Credit Facility approximates its carrying value, categorized as a Level 2 measurement, as this borrowing bears interest based upon short-term floating market interest rates. The estimated fair value of the Partnership’s 6.875% Senior Notes due 2023 (the “2023 Notes”), categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 2023 Notes and was approximately $536,938 and $515,336 at March 31, 2019 and December 31, 2018, respectively. The carrying value and fair value of PBFX’s debt, exclusive of unamortized debt issuance costs and unamortized premium on the 2023 Notes, was $685,000 and $696,938 as of March 31, 2019, respectively, and $681,000 and $671,336 as of December 31, 2018, respectively.

7. EQUITY

PBFX had 25,395,190 common units held by the public outstanding as of March 31, 2019. PBF LLC owns 29,953,631 of PBFX’s common units constituting an aggregate of 54.1% of PBFX’s limited partner interest as of March 31, 2019.

Share Activity

The partnership agreement authorizes PBFX to issue an unlimited number of additional partnership interests for the consideration and on the terms and conditions determined by PBFX’s general partner without the approval of the unitholders. It is possible that PBFX will fund future acquisitions through the issuance of additional common units, subordinated units or other partnership interests.

The following table presents changes in PBFX common units outstanding:

	Three Months Ended March 31,
	2019	2018
Balance at beginning of period	45,348,663	41,900,708
Vesting of phantom units, net of forfeitures	158	—
New units issued	10,000,000	—
Balance at end of period	55,348,821	41,900,708

On February 28, 2019, as a result of the closing of the IDR Restructuring, PBFX’s IDRs held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units.

Additionally, 233,993 of the Partnership’s phantom units issued under the PBFX 2014 Long-Term Incentive Plan (“LTIP”) vested and were converted into common units held by certain directors, officers and current and former employees of our general partner or its affiliates during the year ended December 31, 2018.

17

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

Holders of any additional common units PBFX issues will be entitled to share equally with the then-existing common unitholders in PBFX’s distributions of available cash. 

Noncontrolling Interest

PBFX’s wholly-owned subsidiary, PBFX Operating Company LP (“PBF Op Co”), holds a 50% controlling interest in Torrance Valley Pipeline Company LLC (“TVPC”), with the other 50% interest in TVPC held by TVP Holding Company LLC (“TVP Holding”), a subsidiary of PBF Holding. PBFX Op Co is the sole managing member of TVPC. PBFX, through its ownership of PBFX Op Co, consolidates the financial results of TVPC and records a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding.

Equity Activity

The following tables summarize the changes in the carrying amount of the Partnership’s equity during the three months ended March 31, 2019 and 2018:

	Common Units			Noncontrolling Interest			Total Equity
Balance at December 31, 2018	$	23,718		$	169,472		$	193,190
Quarterly distributions to unitholders ($0.5050 per unit)	(28,313		)	—			(28,313		)
Distributions to TVPC members	—			(6,500		)	(6,500		)
Net income attributable to the partners	17,357			4,719			22,076
Unit-based compensation expense	964			—			964
Other	259			—			259
Balance at March 31, 2019	$	13,985		$	167,691		$	181,676

	Net Investment			Common Units			IDR Holder			Noncontrolling Interest			Total Equity
Balance at December 31, 2017	$	10,665		$	(17,544	)	$	2,736		$	171,903		$	167,760
Net loss attributable to the Development Assets	(1,279		)	—			—			—			(1,279		)
Contributions to the Development Assets	1,131			—			—			—			1,131
Quarterly distributions to unitholders (including IDRs) ($0.4850 per unit)	—			(20,618		)	(2,736		)	—			(23,354		)
Distributions to TVPC members	—			—			—			(5,000		)	(5,000		)
Net income attributable to the partners	—			18,276			2,959			4,022			25,257
Unit-based compensation expense	—			834			—			—			834
Other	—			(11		)	—			—			(11		)
Balance at March 31, 2018	$	10,517		$	(19,063	)	$	2,959		$	170,925		$	165,338

Cash Distributions

PBFX’s partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the unitholders and general partner will receive.

18

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

During the three months endedMarch 31, 2019, PBFX made a distribution payment as follows:

Related Earnings Period:	Q4 2018
Distribution date	March 14, 2019
Record date	March 1, 2019
Per unit	$	0.5050
To public common unitholders	$	12,825
To PBF LLC	15,126
Total distribution	$	27,951

The allocation of total quarterly distributions to general and limited partners for the three months ended March 31, 2019 and 2018 is shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.5100 and $0.4900 per unit declared for the three months ended March 31, 2019 and 2018, respectively); therefore, the table represents total estimated distributions applicable to the period in which the distributions are earned:

	Three Months Ended March 31,
	2019		2018
IDR - PBF LLC (1)	$	—	$	2,959
Limited partners’ distributions:
Common	31,952		20,847
Total distributions	31,952		23,806
Total cash distributions (2)	$	31,716	$	23,582

(1) Subsequent to the closing of the IDR Restructuring, the IDRs were canceled, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

(2) Excludes phantom unit distributions which are accrued and paid upon vesting.

8. NET INCOME PER UNIT

Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to PBFX’s unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit.

Diluted net income per unit includes the effect of potentially dilutive units of PBFX’s common units that consist of unvested phantom units. There were no anti-dilutive phantom units for the three months endedMarch 31, 2019 and 2018.

In addition to the common units, PBFX has also identified the IDRs (prior to the IDR Restructuring) as participating securities and used the two-class method when calculating the net income per unit applicable to limited partners that is based on the weighted-average number of common units outstanding during the prior period. On February 28, 2019, PBFX closed the IDR Restructuring, which canceled and converted PBFX’s IDRs held by PBF LLC into 10,000,000 newly issued PBFX common units. Subsequently, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

19

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

When calculating basic earnings per unit under the two-class method for a master limited partnership, net income for the current reporting period is reduced by the amount of available cash that has been or will be distributed to the limited partners and IDR holder (prior to the IDR Restructuring) for that reporting period. The following table shows the calculation of earnings less distributions:

	Three Months Ended March 31, 2019
	Limited Partner Common Units
Net income attributable to the partners:
Distributions declared	$	31,952
Earnings less distributions	(14,595		)
Net income attributable to the partners	$	17,357
Weighted-average units outstanding - basic	49,151,927
Weighted-average units outstanding - diluted	49,318,133
Net income per limited partner unit - basic	$	0.35
Net income per limited partner unit - diluted	$	0.35

	Three Months Ended March 31, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	20,847		$	2,959	$	23,806
Earnings less distributions	(2,571		)	—		(2,571		)
Net income attributable to the partners	$	18,276		$	2,959	$	21,235
Weighted-average units outstanding - basic	42,129,377
Weighted-average units outstanding - diluted	42,236,092
Net income per limited partner unit - basic	$	0.43
Net income per limited partner unit - diluted	$	0.43

9. COMMITMENTS AND CONTINGENCIES

Certain of PBFX’s assets are collocated with PBF Holding’s Delaware City Refinery, and are located in Delaware’s coastal zone where certain activities are regulated under the Delaware Coastal Zone Act (the “CZA”). Therefore, determinations regarding the CZA that impact the Delaware City Refinery may potentially adversely impact the Partnership’s assets even if the Partnership is not directly involved.

The Delaware City Refinery appealed a Notice of Penalty Assessment and Secretary’s Order issued in March 2017 (the “2017 Secretary’s Order”), including a $150 fine, alleging violation of a 2013 Secretary’s Order authorizing crude oil shipment by barge (the “2013 Secretary’s Order”). The Delaware Department of Natural Resources and Environmental Control’s (“DNREC”) determined that the Delaware City Refinery had violated the 2013 Secretary’s Order by failing to make timely and full disclosure to DNREC about the nature and extent of certain shipments and had misrepresented the number of shipments that went to other facilities. The Notice of Penalty Assessment and 2017 Secretary’s Order conclude that the 2013 Secretary’s Order was violated by the

20

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

Delaware City Refinery by shipping crude oil from the Partnership’s Delaware City assets to three locations other than PBF Holding’s Paulsboro Refinery, on 15 days in 2014, making a total of 17 separate barge shipments containing approximately 35,700,000 gallons of crude oil in total. On April 28, 2017, the Delaware City Refinery appealed the Notice of Penalty Assessment and 2017 Secretary’s Order. On March 5, 2018, the Notice of Penalty Assessment was settled by DNREC, the Delaware Attorney General and the Delaware City Refinery for $100. The Delaware City Refinery made no admissions with respect to the alleged violations and agreed to request a CZA status decision prior to making crude oil shipments to destinations other than the Paulsboro Refinery. The Delaware City Refinery has paid the penalty. The CZA status decision was submitted to the DNREC and the outstanding appeal was withdrawn as required under the settlement agreement.

On December 28, 2016, DNREC issued a CZA permit (the “Ethanol Permit”) to the Delaware City Refinery allowing the utilization of existing tanks and existing marine loading equipment at their existing facilities to enable denatured ethanol to be loaded from storage tanks to marine vessels and shipped to offsite facilities. On January 13, 2017, the issuance of the Ethanol Permit was appealed by two environmental groups. On February 27, 2017, the Coastal Zone Industrial Board (the “Coastal Zone Board”) held a public hearing and dismissed the appeal, determining that the appellants did not have standing. The appellants filed an appeal of the Coastal Zone Board’s decision with the Delaware Superior Court (the “Superior Court”) on March 30, 2017. On January 19, 2018, the Superior Court rendered an Opinion regarding the decision of the Coastal Zone Board to dismiss the appeal of the Ethanol Permit for the ethanol project. The Judge determined that the record created by the Coastal Zone Board was insufficient for the Superior Court to make a decision, and therefore remanded the case back to the Coastal Zone Board to address the deficiency in the record. Specifically, the Superior Court directed the Coastal Zone Board to address any evidence concerning whether the appellants’ claimed injuries would be affected by the increased quantity of ethanol shipments. On remand, the Coastal Zone Board met on January 28, 2019 and reversed its previous decision on standing, ruling that the appellants have standing to appeal the issuance of the Ethanol Permit. The Delaware City Refinery is currently evaluating its appeal options.

On October 19, 2017, the Delaware City Refinery received approval from DNREC for the construction and operation of the ethanol marketing project to allow for a combined total loading of up to 10,000 barrels per day (“bpd”), on an annual average basis, of ethanol on to marine vessels at the marine piers and the terminal truck loading rack, subject to certain operational and emissions limitations as well as other conditions. On the same date, Delaware City Logistics Company LLC (“DCLC”) received DNREC approval for the construction of (i) four additional loading arms for each of lanes 4, 10 and 11 for purposes of loading ethanol at its truck loading rack and (ii) a vapor vacuum control system for loading lanes connected to the existing vapor recovery unit located at its terminal in Delaware City. This approval is also subject to certain operational and emission limitations as well as other conditions.

Environmental Matters

PBFX’s assets, along with PBF Energy’s refineries, are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the composition of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the Partnership’s assets, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities.

In connection with PBF Holding’s acquisition of the Delaware City Refinery assets, Valero Energy Corporation (“Valero”) remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations.

In connection with its acquisition of the Delaware City Refinery assets and the Paulsboro Refinery, PBF Holding and Valero purchased ten-year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with PBF Holding’s Toledo Refinery acquisition, Sunoco Inc.

21

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

(R&M) remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations.

In connection with its purchase of the four refined product terminals from Plains All American Pipeline, L.P. (“Plains”), the Partnership is responsible for the environmental remediation costs for conditions that existed on the closing date up to a maximum of $250 per year for ten years, with Plains remaining responsible for any and all additional costs above such amounts during such period. The environmental liability of $1,501 recorded as of March 31, 2019 ($1,570 as of December 31, 2018) represents the present value of expected future costs discounted at a rate of 1.83%. At March 31, 2019, the undiscounted liability is $1,621 and the Partnership expects to make aggregate payments for this liability of $1,250 over the next five years. The current portion of the environmental liability is recorded in “Accounts payable and accrued liabilities” and the non-current portion is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. During the three months ended March 31, 2019, the Partnership notified certain agencies of an oil sheen in the Schuylkill River potentially sourcing from one of our facilities. Clean up was immediately initiated, and oil is no longer being released into the waterway. The source of the oil is currently under investigation. Although full clean-up and remediation costs have not been finalized, it is not expected to be material to the Partnership.

In connection with PBF Holding’s acquisition of the Torrance Refinery and related logistics assets, PBF Holding is responsible for all known and unknown environmental liabilities at each site acquired in connection with the acquisition. The total estimated liability of known environmental obligations associated with the San Joaquin Valley pipeline system, which consists of the M55, M1 and M70 crude pipeline systems including pipeline stations with storage capacity and truck unloading capacity (the “Torrance Valley Pipeline”), was $538 as of March 31, 2019 ($132 as of December 31, 2018). In accordance with the contribution agreement associated with the Partnership’s acquisition of a 50% equity interest in TVPC from PBF LLC (the “TVPC Acquisition”), PBF Holding has indemnified the Partnership for any and all costs associated with environmental remediation for obligations that existed on or before August 31, 2016, including all known or unknown events, which includes the recorded liability of approximately $538. As of March 31, 2019, the Partnership expects to make the full aggregate payment for this liability within the next five years. The current portion of the environmental liability is recorded in “Accounts payable and accrued liabilities” and the non-current portion is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. PBFX has recorded a receivable from PBF Holding in “Accounts receivable - affiliates” within the Partnership’s condensed consolidated balance sheets for such anticipated payments related to the known pre-existing Torrance Valley Pipeline environmental obligations for which PBFX is indemnified.

In connection with the purchase of the Toledo, Ohio refined products terminal assets from Sunoco Logistics Partners L.P. (“Sunoco”) by the Partnership’s wholly-owned subsidiary, PLPT, the Partnership did not assume and is currently not aware of any pre-existing environmental obligations. If pre-acquisition environmental obligations are identified, Sunoco is responsible for any liabilities up to $2,000 identified to have occurred since 2002. For liabilities arising prior to 2002, Sunoco is indemnified by the prior owner under an agreement between Sunoco and the prior owner, and the Partnership is entitled to be reimbursed for all amounts paid related to such liabilities on a full pass-through basis.

In connection with the Knoxville Terminals Purchase, the Partnership did not assume, and is currently not aware of, any pre-existing environmental obligations. Additionally, the Partnership and Cummins purchased a ten-year, $30,000 environmental insurance policy against unknown environmental liabilities. For items not covered by the insurance policy, Cummins remains responsible for pre-acquisition environmental obligations up to $5,800.

In connection with the East Coast Storage Assets Acquisition, the Partnership assumed the pre-existing environmental obligations associated with the East Coast Storage Assets. The total estimated liability of known environmental obligations associated with the East Coast Storage Assets was $885 as of March 31, 2019 ($885 as of December 31, 2018). As of March 31, 2019, the Partnership expects to make aggregate payments for this liability of $430 over the next five years. The current portion of the environmental liability is recorded in “Accounts payable

22

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

and accrued liabilities” and the non-current portion is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. Additionally, the Partnership and Crown Point purchased a ten-year, $30,000 environmental insurance policy with a retention of not less than $500 against unknown environmental liabilities.

Contingent Consideration

In connection with the East Coast Storage Assets Acquisition, the purchase agreement between the Partnership and Crown Point included the Contingent Consideration. Pursuant to the agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the agreement, over a contractual term of up to three years starting in 2020. The Contingent Consideration was $22,046 as of March 31, 2019 ($21,100 as of December 31, 2018) representing the present value of expected future payments discounted at a blended rate of 8.79% and is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. At March 31, 2019, the estimated undiscounted liability totaled $27,978, based on the Partnership’s anticipated total annual earn-out payments.

10. RELATED PARTY TRANSACTIONS

Agreements with PBF Energy Entities

Commercial Agreements

PBFX currently derives the majority of its revenue from long-term, fee-based agreements with PBF Holding, supported by MVCs as applicable and contractual fee escalations for inflation adjustments and certain increases in operating costs. PBFX believes the terms and conditions under these agreements, as well as the Omnibus Agreement (as defined below) and the Services Agreement (as defined below) each with PBF Holding, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. 

See the 2018 Form 10-K for a more complete description of PBFX’s commercial agreements with PBF Holding, including those identified as leases, which were entered into prior to 2019. The following are commercial agreements entered into between PBFX and PBF Holding during 2019:

Agreements	Initiation Date	Initial Term	Renewals (a)	MVC	Force Majeure
Transportation and Terminaling
Amended and Restated Rail Agreements (b)	5/8/2014	7 years, 8 months	N/A	125,000 bpd	PBFX or PBF Holding can declare
Delaware Pipeline Services Agreement- Magellan Connection	11/1/2016	2 years, 5 months	See note (c)	N/A
Delaware City Terminaling Services Agreement (d)	1/1/2022	4 years	2 x 5	95,000 bpd
Storage
East Coast Storage Assets Terminal Storage Agreement	1/1/2019	8 years	Evergreen	2,953,725 barrels (e)	PBFX or PBF Holding can declare

___________________

(a) PBF Holding has the option to extend the agreements for up to two additional five-year terms, as applicable.

(b) In 2019, the Partnership amended (effective as of January 1, 2019) the existing Amended and Restated Rail Agreements between Delaware City Terminaling Company LLC (“DCTC”) and PBF Holding for the inclusion of services through certain rail infrastructure at the East Coast Storage Assets.

23

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

(c) In connection with the inclusion of an additional destination at the Magellan connection under the Delaware Pipeline Services Agreement, Delaware Pipeline Company LLC (“DPC”) and PBF Holding (the “Delaware Pipeline Services Agreement”) agreed to a two-year, five-month MVC (the “Magellan MVC”) under the Delaware Pipeline Services Agreement. The Magellan MVC expired on March 31, 2019.

(d) The Delaware City Terminaling Services Agreement between DCTC and PBF Holding will commence in 2022 subsequent to the expiration of the Amended and Restated Rail Agreements and includes additional services to be provided by PBFX as operator of other rail facilities owned by PBF Holding’s subsidiaries.

(e) Reflects the overall shell capacity as stipulated by the storage agreement. The storage MVC is subject to the effective operating capacity of each tank, which can be impacted by routine tank maintenance and other factors.

Other Agreements

In addition to the commercial agreements described above, PBFX has entered into an omnibus agreement with PBF GP, PBF LLC and PBF Holding, which has been amended and restated in connection with certain of the Acquisitions from PBF (as amended, the “Omnibus Agreement”). This agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees.

Additionally, PBFX has entered into an operation and management services and secondment agreement with PBF Holding and certain of its subsidiaries (as amended, the “Services Agreement”), pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for the Partnership to perform its obligations under its commercial agreements. PBFX reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that the Partnership may terminate any service upon 30-days’ notice.

See the 2018 Form 10-K for a more complete description of the Omnibus Agreement and the Services Agreement.

Summary of Transactions

A summary of revenue and expense transactions with the Partnership’s affiliates, including expenses directly charged and allocated to the Partnership, is as follows:

	Three Months Ended March 31,
	2019		2018
Revenue	$	71,332	$	60,864
Operating and maintenance expenses	2,105		1,674
General and administrative expenses	1,762		1,700

11. SEGMENT INFORMATION

The Partnership’s operations are comprised of operating segments, which are strategic business units that offer different services in various geographical locations. PBFX has evaluated the performance of each operating segment based on its respective operating income. The operating segments adhere to the accounting polices used for the consolidated financial statements, as described in Note 2 “Summary of Accounting Policies” of the Notes to Consolidated Financial Statements in the 2018 Form 10-K.

24

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

The Partnership’s operating segments are organized into two reportable segments, Transportation and Terminaling and Storage. Operations that are not included in either the Transportation and Terminaling or the Storage segments are included in Corporate.

The Partnership’s Transportation and Terminaling segment consists of operating segments that include product terminals, pipelines, crude unloading facilities and other facilities capable of transporting and handling crude oil, refined products and natural gas. The Partnership’s Storage segment consists of operating segments that include storage facilities capable of handling crude oil, refined products and intermediates.

Revenues are generated from third-party transactions as well as commercial agreements entered into with PBF Holding under which the Partnership receives fees for transportation, terminaling and storage of crude oil, refined products and natural gas. The commercial agreements with PBF Holding are described in Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements. The Partnership does not have any foreign operations. Certain general and administrative expenses and interest and financing costs are included in Corporate as they are not directly attributable to a specific reporting segment. Identifiable assets are those used by the operating segments, whereas assets included in Corporate are principally cash, deposits and other assets that are not associated with operations specific to a reporting segment.

	Three Months Ended March 31, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	65,959	$	12,886	$	—		$	78,845
Depreciation and amortization expense	6,901		1,820		—			8,721
Income (loss) from operations	36,551		3,657		(6,010		)	34,198
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		12,122			12,122
Capital expenditures	10,544		676		—			11,220

	Three Months Ended March 31, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	57,671	$	7,069	$	—		$	64,740
Depreciation and amortization expense	5,718		925		—			6,643
Income (loss) from operations	34,226		3,991		(4,291		)	33,926
Interest expense, net and amortization of loan fees and debt premium	—		—		9,948			9,948
Capital expenditures	3,867		86		—			3,953

	Balance at March 31, 2019
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	733,191	$	221,319	$	2,737	$	957,247

25

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

	Balance at December 31, 2018
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	731,505	$	219,326	$	5,522	$	956,353

12. SUBSEQUENT EVENTS

Cash Distribution

On May 1, 2019, PBF GP’s board of directors announced a cash distribution, based on the results of the first quarter of 2019, of $0.5100 per unit. The distribution is payable on May 30, 2019 to PBFX unitholders of record at the close of business on May 15, 2019.

April Registered Direct Offering

On April 24, 2019, the Partnership entered into subscription agreements to sell an aggregate of 6,585,500 common units to certain institutional investors in a registered direct public offering (the “April Registered Direct Offering”) for gross proceeds of approximately $135,000. The April Registered Direct Offering closed on April 29, 2019.

TVPC Acquisition

On April 24, 2019, the Partnership entered into a Contribution Agreement with PBF LLC pursuant to which PBF LLC will contribute to the Partnership all of the issued and outstanding limited liability interests of TVP Holding for total consideration of $200,000 (the “TVPC Acquisition”). Subsequent to the completion of the transaction, which is expected to close in the second quarter of 2019, the Partnership will own 100% of TVPC.

26

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

DCLC, DPC, DCTC, Toledo Terminaling Company LLC, PLPT, PBFX Op Co, TVPC, Paulsboro Natural Gas Pipeline Company LLC, TRLC, CLC, PTC, DSLC and CPI serve as guarantors of the obligations under the 2023 Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, the Partnership is referred to as “Issuer.” The indenture dated May 12, 2015, as supplemented, among the Partnership, PBF Logistics Finance Corporation (“PBF Logistics Finance”), the guarantors party thereto and Deutsche Bank Trust Company Americas, as Trustee, governs subsidiaries designated as “Guarantor Subsidiaries.” In addition, PBF LLC provides a limited guarantee of collection of the principal amount of the 2023 Notes, but is not otherwise subject to the covenants of the indenture. Refer to PBF LLC’s condensed consolidated financial statements, which are included in its Quarterly Report on Form 10-Q for the period ended March 31, 2019.

The 2023 Notes were co-issued by PBF Logistics Finance. For purposes of the following footnote, PBF Logistics Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations.

The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s investment in its subsidiaries and the Guarantor Subsidiaries’ investment in its subsidiaries are accounted for under the equity method of accounting.

27

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2019
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	1,457	$	14,989	$	—	$	—		$	16,446
Accounts receivable - affiliates	119		43,812		—		—			43,931
Accounts receivable	365		4,792		—		—			5,157
Prepaids and other current assets	796		3,814		—		—			4,610
Due from related parties	172,765		601,135		—		(773,900		)	—
Total current assets	175,502		668,542		—		(773,900		)	70,144
Property, plant and equipment, net	—		861,617		—		—			861,617
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		19,154		—		—			19,154
Investment in subsidiaries	1,169,668		—		—		(1,169,668		)	—
Total assets	$	1,345,170	$	1,555,645	$	—	$	(1,943,568	)	$	957,247
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	755	$	3,959	$	—	$	—		$	4,714
Accounts payable and accrued liabilities	51,522		14,100		—		—			65,622
Deferred revenue	—		2,895		—		—			2,895
Due to related parties	601,135		172,765		—		(773,900		)	—
Total current liabilities	653,412		193,719		—		(773,900		)	73,231
Long-term debt	677,773		—		—		—			677,773
Other long-term liabilities	—		24,567		—		—			24,567
Total liabilities	1,331,185		218,286		—		(773,900		)	775,571
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,169,668		—		(1,169,668		)	—
Common unitholders	13,985		—		—		—			13,985
Total PBF Logistics LP equity	13,985		1,169,668		—		(1,169,668		)	13,985
Noncontrolling interest	—		167,691		—		—			167,691
Total equity	13,985		1,337,359		—		(1,169,668		)	181,676
Total liabilities and equity	$	1,345,170	$	1,555,645	$	—	$	(1,943,568	)	$	957,247

28

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2018
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	4,010	$	15,898	$	—	$	—		$	19,908
Accounts receivable - affiliates	9		37,043		—		—			37,052
Accounts receivable	365		7,146		—		—			7,511
Prepaids and other current assets	1,137		3,461		—		—			4,598
Due from related parties	161,613		561,605		—		(723,218		)	—
Total current assets	167,134		625,153		—		(723,218		)	69,069
Property, plant and equipment, net	—		862,117		—		—			862,117
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		18,835		—		—			18,835
Investment in subsidiaries	1,133,775		—		—		(1,133,775		)	—
Total assets	$	1,300,909	$	1,512,437	$	—	$	(1,856,993	)	$	956,353
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	1,239	$	10,808	$	—	$	—		$	12,047
Accounts payable and accrued liabilities	41,023		9,949		—		—			50,972
Deferred revenue	—		2,960		—		—			2,960
Due to related parties	561,605		161,613		—		(723,218		)	—
Total current liabilities	603,867		185,330		—		(723,218		)	65,979
Long-term debt	673,324		—		—		—			673,324
Other long-term liabilities	—		23,860		—		—			23,860
Total liabilities	1,277,191		209,190		—		(723,218		)	763,163
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,133,775		—		(1,133,775		)	—
Common unitholders	23,718		—		—		—			23,718
Total PBF Logistics LP equity	23,718		1,133,775		—		(1,133,775		)	23,718
Noncontrolling interest	—		169,472		—		—			169,472
Total equity	23,718		1,303,247		—		(1,133,775		)	193,190
Total liabilities and equity	$	1,300,909	$	1,512,437	$	—	$	(1,856,993	)	$	956,353

29

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	71,332		$	—	$	—		$	71,332
Third-party	—			7,513			—		—			7,513
Total revenue	—			78,845			—		—			78,845
Costs and expenses:
Operating and maintenance expenses	—			29,916			—		—			29,916
General and administrative expenses	6,010			—			—		—			6,010
Depreciation and amortization	—			8,721			—		—			8,721
Total costs and expenses	6,010			38,637			—		—			44,647
Income (loss) from operations	(6,010		)	40,208			—		—			34,198
Other income (expense):
Equity in earnings of subsidiaries	39,722			—			—		(39,722		)	—
Interest expense, net	(10,913		)	—			—		—			(10,913		)
Amortization of loan fees and debt premium	(449		)	—			—		—			(449		)
Accretion on discounted liabilities	(274		)	(486		)	—		—			(760		)
Net income	22,076			39,722			—		(39,722		)	22,076
Less: Net income attributable to noncontrolling interest	—			4,719			—		—			4,719
Net income attributable to PBF Logistics LP unitholders	$	22,076		$	35,003		$	—	$	(39,722	)	$	17,357

30

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	60,864		$	—	$	—		$	60,864
Third-party	—			3,876			—		—			3,876
Total revenue	—			64,740			—		—			64,740
Costs and expenses:
Operating and maintenance expenses	—			19,880			—		—			19,880
General and administrative expenses	4,291			—			—		—			4,291
Depreciation and amortization	—			6,643			—		—			6,643
Total costs and expenses	4,291			26,523			—		—			30,814
Income (loss) from operations	(4,291		)	38,217			—		—			33,926
Other income (expense):
Equity in earnings of subsidiaries	38,217			—			—		(38,217		)	—
Interest expense, net	(9,585		)	—			—		—			(9,585		)
Amortization of loan fees and debt premium	(363		)	—			—		—			(363		)
Net income	23,978			38,217			—		(38,217		)	23,978
Less: Net loss attributable to Predecessor	—			(1,279		)	—		—			(1,279		)
Less: Net income attributable to noncontrolling interest	—			4,022			—		—			4,022
Net income attributable to the partners	23,978			35,474			—		(38,217		)	21,235
Less: Net income attributable to the IDR holder	2,959			—			—		—			2,959
Net income attributable to PBF Logistics LP unitholders	$	21,019		$	35,474		$	—	$	(38,217	)	$	18,276

31

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	22,076		$	39,722		$	—	$	(39,722	)	$	22,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			8,721			—		—			8,721
Amortization of loan fees and debt premium	449			—			—		—			449
Accretion on discounted liabilities	274			486			—		—			760
Unit-based compensation expense	964			—			—		—			964
Equity in earnings of subsidiaries	(39,722		)	—			—		39,722			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(110		)	(6,769		)	—		—			(6,879		)
Accounts receivable	—			2,354			—		—			2,354
Prepaids and other current assets	341			(353		)	—		—			(12		)
Accounts payable - affiliates	(484		)	(2,901		)	—		—			(3,385		)
Accounts payable and accrued liabilities	9,863			3,439			—		—			13,302
Amounts due to (from) related parties	28,378			(28,378		)	—		—			—
Deferred revenue	—			(65		)	—		—			(65		)
Other assets and liabilities	—			(76		)	—		—			(76		)
Net cash provided by operating activities	22,029			16,180			—		—			38,209
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(11,220		)	—		—			(11,220		)
Investment in subsidiaries	(631		)	—			—		631			—
Net cash used in investing activities	$	(631	)	$	(11,220	)	$	—	$	631		$	(11,220	)

32

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Distributions to unitholders	$	(27,951	)	$	—		$	—	$	—		$	(27,951	)
Distributions to TVPC members	—			(6,500		)	—		—			(6,500		)
Contribution from parent	—			631			—		(631		)	—
Proceeds from revolving credit facility	16,000			—			—		—			16,000
Repayment of revolving credit facility	(12,000		)	—			—		—			(12,000		)
Net cash used in financing activities	(23,951		)	(5,869		)	—		(631		)	(30,451		)
Net change in cash and cash equivalents	(2,553		)	(909		)	—		—			(3,462		)
Cash and cash equivalents at beginning of year	4,010			15,898			—		—			19,908
Cash and cash equivalents at end of period	$	1,457		$	14,989		$	—	$	—		$	16,446

33

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	23,978		$	38,217		$	—	$	(38,217	)	$	23,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			6,643			—		—			6,643
Amortization of loan fees and debt premium	363			—			—		—			363
Unit-based compensation expense	834			—			—		—			834
Equity in earnings of subsidiaries	(38,217		)	—			—		38,217			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(23		)	8,359			—		—			8,336
Accounts receivable	—			115			—		—			115
Prepaids and other current assets	30			(628		)	—		—			(598		)
Accounts payable - affiliates	(1,470		)	(1,514		)	—		—			(2,984		)
Accounts payable and accrued liabilities	10,172			(3,264		)	—		—			6,908
Amounts due to (from) related parties	29,243			(29,243		)	—		—			—
Deferred revenue	—			(595		)	—		—			(595		)
Other assets and liabilities	—			(75		)	—		—			(75		)
Net cash provided by operating activities	24,910			18,015			—		—			42,925
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(3,953		)	—		—			(3,953		)
Investment in subsidiaries	(462		)	—			—		462			—
Net cash used in investing activities	$	(462	)	$	(3,953	)	$	—	$	462		$	(3,953	)

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS, EXCEPT BARREL, UNIT AND PER UNIT DATA)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Distributions to unitholders	$	(23,058	)	$	—		$	—	$	—		$	(23,058	)
Distributions to TVPC members	—			(5,000		)	—		—			(5,000		)
Contribution from parent	—			1,593			—		(462		)	1,131
Repayment of revolving credit facility	(9,700		)	—			—		—			(9,700		)
Net cash used in financing activities	(32,758		)	(3,407		)	—		(462		)	(36,627		)
Net change in cash and cash equivalents	(8,310		)	10,655			—		—			2,345
Cash and cash equivalents at beginning of year	10,909			8,755			—		—			19,664
Cash and cash equivalents at end of period	$	2,599		$	19,410		$	—	$	—		$	22,009

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Form 10-Q. The following information and such unaudited condensed consolidated financial statements should also be read in conjunction with the audited consolidated financial statements and related notes, together with our discussion and analysis of financial condition and results of operations in our 2018 Form 10-K. This discussion contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business and operations. The cautionary statements made in this Form 10-Q should be read as applying to all related forward-looking statements wherever they appear in this Form 10-Q. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors. You should read “Risk Factors” in our 2018 Form 10-K and “Cautionary Note Regarding Forward-Looking Statements” in this Form 10-Q. In this Item 2, all references to “we,” “us,” “our,” the “Partnership,” “PBFX” or similar terms for periods prior to the Acquisitions from PBF (as defined below) prior to the effective date of each acquisition refer to the Predecessor. For periods subsequent to the effective dates of each of the Acquisitions from PBF, these terms refer to the Partnership and its subsidiaries.

Overview

We are a fee-based, growth-oriented, Delaware master limited partnership formed in February 2013 by subsidiaries of PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBF GP is our general partner and is wholly-owned by PBF LLC. PBF Energy is the sole managing member of PBF LLC and, as of March 31, 2019, owned 99.0% of the total economic interest in PBF LLC. PBF LLC owns 29,953,631 of PBFX’s common units constituting an aggregate 54.1% limited partner interest in PBFX, with the remaining 45.9% limited partner interest owned by public unitholders.

Our business includes the assets, liabilities and results of operations of certain crude oil, refined products, natural gas and intermediates terminaling, pipeline and storage assets, including those previously operated and owned by PBF Holding’s subsidiaries and PBF Holding’s previously held subsidiaries.

Business Developments

IDR Restructuring Agreement

On February 28, 2019, we closed on an Equity Restructuring Agreement (the “IDR Restructuring Agreement”) with PBF LLC and PBF GP, pursuant to which PBFX’s incentive distribution rights (“IDRs”) held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units (the “IDR Restructuring”). Transaction costs related to the IDR Restructuring were $2.0 million for the three months ended March 31, 2019 and were included in “General and administrative expenses” within the Partnership’s condensed consolidated statement of operations. Subsequent to the closing of the IDR Restructuring, no distributions were made to PBF LLC with respect to the IDRs and the newly issued common units are entitled to normal distributions.

April Registered Direct Offering

On April 24, 2019, we entered into subscription agreements to sell an aggregate of 6,585,500 common units to certain institutional investors in a registered direct public offering (the “April Registered Direct Offering”) for gross proceeds of approximately $135.0 million. The April Registered Direct Offering closed on April 29, 2019.

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TVPC Acquisition

On April 24, 2019, we entered into a Contribution Agreement with PBF LLC pursuant to which PBF LLC will contribute to us all of the issued and outstanding limited liability interests of TVP Holding Company LLC for total consideration of $200.0 million (the “TVPC Acquisition”). Subsequent to the completion of the transaction, which is expected to close in the second quarter of 2019, we will own 100% of TVPC.

Principles of Combination and Consolidation and Basis of Presentation

In general, our Predecessor did not historically operate its assets for the purpose of generating revenues independent of other PBF Energy businesses that we support. In connection with, and subsequent to, our initial public offering (“IPO”), we have acquired certain assets from PBF LLC (collectively referred to as the “Contributed Assets”). The acquisitions completed subsequent to the IPO were made through a series of drop-down transactions with PBF LLC (collectively referred to as the “Acquisitions from PBF”). Upon the closing of our IPO and the Acquisitions from PBF, we entered into commercial and service agreements with subsidiaries of PBF Energy under which we operate our assets for the purpose of generating fee-based revenues. We receive, handle and transfer crude oil, refined products and natural gas from sources located throughout the U.S. and Canada and store crude oil, refined products and intermediates for PBF Energy in support of its refineries located in Paulsboro, New Jersey, Delaware City, Delaware, Toledo, Ohio, Chalmette, Louisiana and Torrance, California. In addition, we generate third-party revenue from certain of our assets.

Agreements with PBF Energy Entities

Commercial Agreements

We currently derive the majority of our revenue from long-term, fee-based agreements with PBF Holding, supported by minimum volume commitment (“MVC”) stipulations as applicable and contractual fee escalations for inflation adjustments and certain increases in operating costs. We believe the terms and conditions under these agreements, as well as the Omnibus Agreement (as defined below) and the Services Agreement (as defined below) each with PBF Holding, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services.

See the 2018 Form 10-K for a more complete description of our commercial agreements with PBF Holding, including those identified as leases, which were entered into prior to 2019. The following are commercial agreements we entered into with PBF Holding during 2019:

Agreements	Initiation Date	Initial Term	Renewals (a)	MVC	Force Majeure
Transportation and Terminaling
Amended and Restated Rail Agreements (b)	5/8/2014	7 years, 8 months	N/A	125,000 bpd	PBFX or PBF Holding can declare
Delaware Pipeline Services Agreement- Magellan Connection	11/1/2016	2 years, 5 months	See note (c)	N/A
Delaware City Terminaling Services Agreement (d)	1/1/2022	4 years	2 x 5	95,000 bpd
Storage
East Coast Storage Assets Terminal Storage Agreement	1/1/2019	8 years	Evergreen	2,953,725 barrels (e)	PBFX or PBF Holding can declare

___________________

(a) PBF Holding has the option to extend the agreements for up to two additional five-year terms, as applicable.

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(b) In 2019, we amended (effective as of January 1, 2019) the existing Amended and Restated Rail Agreements between Delaware City Terminaling Company LLC (“DCTC”) and PBF Holding for the inclusion of services through certain rail infrastructure at the East Coast Storage Assets (as defined below).

(c) In connection with the inclusion of an additional destination at the Magellan connection under the Delaware Pipeline Services Agreement, Delaware Pipeline Company LLC (“DPC”) and PBF Holding (the “Delaware Pipeline Services Agreement”) agreed to a two-year, five-month MVC (the “Magellan MVC”) under the Delaware Pipeline Services Agreement. The Magellan MVC expired on March 31, 2019.

(d) The Delaware City Terminaling Services Agreement between DCTC and PBF Holding will commence in 2022 subsequent to the expiration of the Amended and Restated Rail Agreements and includes additional services to be provided by us as operator of other rail facilities owned by PBF Holding’s subsidiaries.

(e) Reflects the overall shell capacity as stipulated by the storage agreement. The storage MVC is subject to the effective operating capacity of each tank, which can be impacted by routine tank maintenance and other factors.

Other Agreements

In addition to the commercial agreements described above, we have entered into an omnibus agreement with PBF GP, PBF LLC and PBF Holding, which has been amended and restated in connection with certain of the Acquisitions from PBF (as amended, the “Omnibus Agreement”). This agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees.

Additionally, we have entered into an operation and management services and secondment agreement with PBF Holding and certain of its subsidiaries (as amended, the “Services Agreement”), pursuant to which PBF Holding and its subsidiaries provide us with the personnel necessary for us to perform our obligations under our commercial agreements. We reimburse PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to our operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that we may terminate any service upon 30-days’ notice.

See the 2018 Form 10-K for a more complete description of the Omnibus Agreement and the Services Agreement.

Factors Affecting the Comparability of Our Financial Results

Our results of operations may not be comparable to our historical results of operations for the reasons described below:

Revenue. Our reported logistics assets revenues are fee-based, and a majority are subject to contractual MVCs. These fees are indexed for inflation in accordance with either the Federal Energy Regulatory Commission indexing methodology, the U.S. Producer Price Index or the U.S. Consumer Price Index for All Urban Consumers.

Financing. Historically, we have financed our operations and capital expenditure requirements through internally generated cash flows, proceeds generated by equity and debt offerings and borrowings under our five-year $500.0 million amended and restated revolving credit facility (as amended, the “Revolving Credit Facility”). During the three months endedMarch 31, 2019, we had net borrowings of $4.0 million to fund capital expenditures and working capital requirements. On July 30, 2018, the Partnership completed a registered direct offering of an aggregate of 1,775,750 common units for gross proceeds of approximately $35.0 million. On July 31, 2018, the Partnership issued 1,494,134 common units, having an aggregate value of $31.6 million, to PBF LLC in connection with the Development Assets Acquisition (as defined below).

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IDR Restructuring. On February 13, 2019, we entered into the IDR Restructuring Agreement with PBF LLC and PBF GP, pursuant to which the IDRs held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units. The IDR Restructuring closed on February 28, 2019. Subsequent to the closing of the IDR Restructuring, no distributions were made to PBF LLC with respect to the IDRs and the newly issued common units are entitled to normal distributions.

Third-Party Transactions. On April 16, 2018, we, through our wholly-owned subsidiary, PBF Logistics Products Terminals LLC, completed the purchase of two refined product terminals located in Knoxville, Tennessee (the “Knoxville Terminals”) from Cummins Terminals, Inc. (the “Knoxville Terminals Purchase”). On July 16, 2018, we entered into an agreement with Crown Point International LLC (“Crown Point”) to purchase its wholly-owned subsidiary, CPI Operations LLC, whose assets include a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets located on the Delaware River near Paulsboro, New Jersey (collectively, the “East Coast Storage Assets”). The acquisition of the East Coast Storage Assets (the “East Coast Storage Assets Acquisition”) closed on October 1, 2018.

Development Assets Acquisition. On July 31, 2018, we acquired from PBF LLC all of the issued and outstanding limited liability company interests of Toledo Rail Logistics Company LLC (“TRLC”), whose assets consist of a loading and unloading rail facility located at PBF Holding’s Toledo Refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC (“CLC”), whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at PBF Holding’s Chalmette Refinery; Paulsboro Terminaling Company LLC (“PTC”), whose assets consist of a lube oil terminal facility located at PBF Holding’s Paulsboro Refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC (“DSLC”), whose assets consist of an ethanol storage facility located at PBF Holding’s Delaware City Refinery (the “Delaware Ethanol Storage Facility” and collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”). Subsequent to closing on the Development Assets Acquisition, we entered into services agreements with PBF Holding associated with the Development Assets, with the exception of the Paulsboro Lube Oil Terminal.

As a result of the transaction noted above, our results may not be comparable due to additional revenue, operating and maintenance expenses and general and administrative expenses associated with such transactions.

Other Factors That Will Significantly Affect Our Results

Supply and Demand for Crude Oil, Refined Products and Natural Gas. We generate revenue by charging fees for receiving, handling, transferring, storing and throughputting crude oil, refined products and natural gas. The majority of our revenues are derived from MVC, fee-based commercial agreements with subsidiaries of PBF Energy with initial terms ranging from one to fifteen years, which enhance the stability of our cash flows. The volume of crude oil, refined products and natural gas that is throughput or stored depends substantially on PBF Energy’s operational needs which are largely impacted by refining margins. Refining margins are greatly dependent upon the price of crude oil or other refinery feedstocks, refined products and natural gas.

Factors driving the prices of petroleum-based commodities include supply and demand in crude oil, gasoline and other refined products. Supply and demand for these products depend on numerous factors outside of our control, including changes in domestic and foreign economies, weather conditions, domestic and foreign political affairs, production levels, logistics constraints, availability of imports, marketing of competitive fuels, crude oil price differentials and government regulation. Please read “Risk Factors” included in “Item 1A.” of our 2018 Form 10-K.

Acquisition and Organic Growth Opportunities. We may acquire additional logistics assets from PBF Energy or third parties. Under our Omnibus Agreement, subject to certain exceptions, we have a right of first offer on certain logistics assets owned by PBF Energy to the extent PBF Energy decides to sell, transfer or otherwise dispose

39

of any of those assets. We also have a right of first offer to acquire additional logistics assets that PBF Energy may construct or acquire in the future. Our commercial agreements provide us with options to purchase certain assets at PBF Holding’s refineries related to our business in the event PBF Energy permanently shuts down PBF Holding’s refineries. In addition, our commercial agreements provide us with the right to use certain assets at PBF Holding’s refineries in the event of a temporary shutdown. Furthermore, we may pursue strategic asset acquisitions from third parties or organic growth projects to the extent such acquisitions or projects complement our or PBF Energy’s existing asset base or provide attractive potential returns. We believe that we are well-positioned to acquire logistics assets from PBF Energy and third parties should such opportunities arise, and identifying and executing acquisitions and organic growth projects is a key part of our strategy. However, if we do not complete acquisitions or organic growth projects on economically acceptable terms, our future growth will be limited, and the acquisitions or projects we do complete may reduce, rather than increase, our cash available for distribution. These acquisitions and organic growth projects could also affect the comparability of our results from period to period. We expect to fund future growth capital expenditures primarily from a combination of cash-on-hand, borrowings under our Revolving Credit Facility and the issuance of additional equity or debt securities. To the extent we issue additional units to fund future acquisitions or expansion capital expenditures, the payments of distributions on those additional units may increase the risk that we will be unable to maintain or increase our per unit distribution level.

Third-Party Business. As of March 31, 2019, PBF Holding accounts for the substantial majority of our revenues and we continue to expect that the majority of our revenue for the foreseeable future will be derived from operations supporting PBF Energy’s refineries. We are examining further diversification of our customer base by potentially developing additional third-party throughput volumes in our existing system and continuing to expand our asset portfolio to service third-party customers. Unless we are successful in attracting additional third-party customers, our ability to increase volumes will be dependent on PBF Holding, which has no obligation under our commercial agreements to supply our facilities with additional volumes in excess of its MVCs. If we are unable to increase throughput or storage volumes, future growth may be limited.

Noncontrolling Interest. As a result of PBFX Op Co’s acquisition from PBF LLC of 50% of the issued and outstanding limited liability company interests of Torrance Valley Pipeline Company LLC (“TVPC”) (the “TVPC Acquisition”), PBFX Op Co became the managing member of TVPC and fully consolidates TVPC. With respect to the consolidation of TVPC, we record a noncontrolling interest for the remaining 50% economic interest in TVPC held by TVP Holding Company LLC (“TVP Holding”). Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding.

How We Evaluate Our Operations

Our management uses a variety of financial and operating metrics to analyze our business and segment performance. These metrics are significant factors in assessing our operating results and profitability and include but are not limited to volumes, including terminal and pipeline throughput and storage capacity; operating and maintenance expenses; and EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow. We define EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow below.

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Volumes. The amount of revenue we generate primarily depends on the volumes of crude oil, refined products and natural gas that we throughput at our terminaling and pipeline operations and our available storage capacity. These volumes are primarily affected by the supply of and demand for crude oil, refined products and natural gas in the markets served directly or indirectly by our assets. Although PBF Energy has committed to minimum volumes under the commercial agreements, our results of operations will be impacted by:

• PBF Energy’s utilization of our assets in excess of the MVCs;

• our ability to identify and execute accretive acquisitions and organic expansion projects, and capture incremental PBF Energy or third-party volumes; and

• our ability to increase throughput volumes at our facilities and provide additional ancillary services at those terminals and pipelines.

Operating and Maintenance Expenses.Our management seeks to maximize the profitability of our operations by effectively managing operating and maintenance expenses. These expenses are comprised primarily of labor expenses, outside contractor expenses, utility costs, insurance premiums, repairs and maintenance expenses and related property taxes. These expenses generally remain relatively stable across broad ranges of throughput volumes but can fluctuate from period to period depending on the mix of activities performed during that period and the timing of these expenses. We will seek to manage our maintenance expenditures on our assets by scheduling maintenance over time to avoid significant variability in our maintenance expenditures and to minimize their impact on our cash flow.

EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and Distributable Cash Flow. We define EBITDA as net income (loss) before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation and amortization expense. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation and amortization expense attributable to PBFX, which excludes the results of Acquisitions from PBF prior to the effective dates of such transactions. We define Adjusted EBITDA as EBITDA attributable to PBFX excluding acquisition and transaction costs, unit-based compensation and items that meet the conditions of unusual, infrequent and/or non-recurring charges. We define distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less cash interest, maintenance capital expenditures attributable to PBFX and income taxes. Distributable cash flow will not reflect changes in working capital balances. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with U.S. generally accepted accounting principles (“GAAP”).

EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• our operating performance as compared to other publicly-traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;

• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;

• our ability to incur and service debt and fund capital expenditures; and

• the viability of acquisitions and other capital expenditure projects and the economic returns on various investment opportunities.

We believe that the presentation of EBITDA, EBITDA attributable to PBFX and Adjusted EIBITDA provide useful information to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. We believe that the presentation of distributable cash flow provides useful information to investors as it is a widely accepted financial indicator used

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by investors to compare partnership performance and provides investors with another perspective of the operating performance of our assets and the cash our business is generating. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. Additionally, because EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, our definition of such matters may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are reconciled to net income and net cash provided by operating activities in “—Results of Operations” below.

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Results of Operations

A discussion and analysis of the factors contributing to our results of operations is presented below. The financial statements, together with the following information, are intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.

Combined Overview. The following tables summarize our results of operations and financial data for the three months endedMarch 31, 2019 and 2018. The following data should be read in conjunction with our Condensed Consolidated Financial Statements and the Notes thereto included in “Item 1. Financial Statements.”

	Three Months Ended March 31,
	2019			2018
	(In thousands)
Revenue:
Affiliate	$	71,332		$	60,864
Third-party	7,513			3,876
Total revenue	78,845			64,740
Costs and expenses:
Operating and maintenance expenses	29,916			19,880
General and administrative expenses	6,010			4,291
Depreciation and amortization	8,721			6,643
Total costs and expenses	44,647			30,814
Income from operations	34,198			33,926
Other expense:
Interest expense, net	(10,913		)	(9,585		)
Amortization of loan fees and debt premium	(449		)	(363		)
Accretion on discounted liabilities	(760		)	—
Net income	22,076			23,978
Less: Net loss attributable to Predecessor	—			(1,279		)
Less: Net income attributable to noncontrolling interest	4,719			4,022
Net income attributable to the partners	17,357			21,235
Less: Net income attributable to the IDR holder	—			2,959
Net income attributable to PBF Logistics LP unitholders	$	17,357		$	18,276
Other Data:
EBITDA attributable to PBFX	$	36,822		$	36,317
Adjusted EBITDA	42,957			37,634
Distributable cash flow	25,413			26,246
Capital expenditures	11,220			3,953

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Reconciliation of Non-GAAP Financial Measures

As described in “How We Evaluate Our Operations,” our management uses EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow to analyze our performance. The following table presents a reconciliation of EBITDA, EBITDA attributable to PBFX and distributable cash flow to net income, the most directly comparable GAAP financial measure of operating performance on a historical basis, for the periods indicated.

	Three Months Ended March 31,
	2019			2018
	(In thousands)
Net income	$	22,076		$	23,978
Interest expense, net	10,913			9,585
Amortization of loan fees and debt premium	449			363
Accretion on discounted liabilities	760			—
Depreciation and amortization	8,721			6,643
EBITDA	42,919			40,569
Less: Predecessor EBITDA	—			(1,131		)
Less: Noncontrolling interest EBITDA	6,097			5,383
EBITDA attributable to PBFX	36,822			36,317
Non-cash unit-based compensation expense	964			834
Cash interest	(11,136		)	(9,580		)
Maintenance capital expenditures attributable to PBFX	(1,237		)	(1,325		)
Distributable cash flow	$	25,413		$	26,246

The following table presents a reconciliation of EBITDA, EBITDA attributable to PBFX and distributable cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure of liquidity on a historical basis, for the periods indicated.

	Three Months Ended March 31,
	2019			2018
	(In thousands)
Net cash provided by operating activities	$	38,209		$	42,925
Change in operating assets and liabilities	(5,239		)	(11,107		)
Interest expense, net	10,913			9,585
Non-cash unit-based compensation expense	(964		)	(834		)
EBITDA	42,919			40,569
Less: Predecessor EBITDA	—			(1,131		)
Less: Noncontrolling interest EBITDA	6,097			5,383
EBITDA attributable to PBFX	36,822			36,317
Non-cash unit-based compensation expense	964			834
Cash interest	(11,136		)	(9,580		)
Maintenance capital expenditures attributable to PBFX	(1,237		)	(1,325		)
Distributable cash flow	$	25,413		$	26,246

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The following table presents a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure of operating performance on a historical basis, for the periods indicated.

	Three Months Ended March 31,
	2019		2018
	(In thousands)
Net income	$	22,076	$	23,978
Interest expense, net	10,913		9,585
Amortization of loan fees and debt premium	449		363
Accretion on discounted liabilities	760		—
Depreciation and amortization	8,721		6,643
EBITDA	42,919		40,569
Less: Predecessor EBITDA	—		(1,131		)
Less: Noncontrolling interest EBITDA	6,097		5,383
EBITDA attributable to PBFX	36,822		36,317
Acquisition and transaction costs	2,153		483
Non-cash unit-based compensation expense	964		834
East Coast Terminals environmental remediation costs	2,136		—
PNGPC tariff true-up adjustment	882		—
Adjusted EBITDA	$	42,957	$	37,634

The following table presents a reconciliation of net income attributable to noncontrolling interest and noncontrolling interest EBITDA for informational purposes.

	Three Months Ended March 31,
	2019		2018
	(In thousands)
Net income attributable to noncontrolling interest	$	4,719	$	4,022
Depreciation and amortization related to noncontrolling interest*	1,378		1,361
Noncontrolling interest EBITDA	$	6,097	$	5,383

* Represents 50% of depreciation and amortization for TVPC for the three months ended March 31, 2019 and 2018.

Three Months Ended March 31, 2019 Compared to the Three Months Ended March 31, 2018

Summary.Our net income for the three months ended March 31, 2019decreased by approximately $1.9 million to $22.1 million from $24.0 million for the three months ended March 31, 2018. The decrease in net income was primarily due to the following:

• an increase in operating and maintenance expenses of approximately $10.0 million, or 50.5%, as a result of increased outside services and utilities expenses within our Transportation and Terminaling segment, higher environmental clean-up costs and expenses related to the operations of recently acquired assets;

• an increase in general and administrative expenses of approximately $1.7 million, or 40.1%, as a result of transaction costs related to the IDR Restructuring and higher unit-based compensation expense, partially offset by lower acquisition related costs;

• an increase in depreciation and amortization expenses of approximately $2.1 million, or 31.3%, related to the timing of acquisitions and new assets being placed in service;

• an increase in interest expense, net of approximately $1.3 million, or 13.9%, attributable to higher borrowings under our Revolving Credit Facility;

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• an increase in accretion of discounted liabilities of approximately $0.8 million, or 100.0%, attributable to the accretion of the discounted liabilities recorded in connection with the East Coast Storage Assets Acquisition;

partially offset by the following:

• an increase in total revenue of approximately $14.1 million, or 21.8%, primarily attributable to operations of recently acquired or constructed assets and inflation rate adjustments implemented in accordance with certain of our commercial agreements (the “Inflation Rate Increase”), partially offset by a decrease in revenue at our 24” interstate natural gas pipeline servicing PBF Holding’s Paulsboro Refinery (the “Paulsboro Natural Gas Pipeline”) due to a reduction in its pipeline tariff based on the lower than budget Paulsboro Natural Gas Pipeline project costs which were finalized during the three months ended March 31, 2019 (the “PNGPC Rate Adjustment”).

EBITDA attributable to PBFX for the three months ended March 31, 2019increased by approximately $0.5 million to $36.8 million from $36.3 million for the three months ended March 31, 2018 due to the factors noted above, excluding the impact of depreciation, interest and noncontrolling interest.

Adjusted EBITDA for the three months ended March 31, 2019increased by approximately $5.3 million to $43.0 million from $37.6 million for the three months ended March 31, 2018 due to the factors noted above, excluding acquisition and transaction costs, unit-based compensation and certain other infrequent and/or non-recurring charges.

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Segment Information

Our operations are comprised of operating segments, which are strategic business units that offer different services in various geographical locations. We review operations in two reportable segments: (i) Transportation and Terminaling; and (ii) Storage. Decisions concerning the allocation of resources and assessment of operating performance are made based on this segmentation. Management measures the operating performance of each of its reportable segments based on the segment operating income. Segment operating income is defined as net revenue less operating expenses and depreciation and amortization. General and administrative expenses and interest expenses not included in the Transportation and Terminaling and Storage segments are included in Corporate. Segment reporting is further discussed in Note 11 “Segment Information” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements.”

Transportation and Terminaling Segment

The following table and discussion is an explanation of our results of operations of the Transportation and Terminaling segment for the three months endedMarch 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
(in thousands, except for total throughput and lease tank capacity)
Revenue:
Affiliate	$	61,429	$	53,795
Third-party	4,530		3,876
Total revenue	65,959		57,671
Costs and expenses:
Operating and maintenance expenses	22,507		17,727
Depreciation and amortization	6,901		5,718
Total costs and expenses	29,408		23,445
Transportation and Terminaling Segment Operating Income	$	36,551	$	34,226
Key Operating Information
Transportation and Terminaling Segment
Terminals
Total throughput (bpd) (1)	249,781		197,398
Lease tank capacity (average lease capacity barrels per month) (2)	2,415,744		2,137,302
Pipelines
Total throughput (bpd) (1)	147,149		152,757
Lease tank capacity (average lease capacity barrels per month) (2)	1,175,024		1,536,912

(1) Calculated as the sum of the average throughput per day for each asset group for the period presented.

(2) Lease capacity is based on tanks in service and average lease capacity available during the period.

Three Months Ended March 31, 2019 Compared to theThree Months Ended March 31, 2018

Revenue.Revenue increased by approximately $8.3 million, or 14.4%, to $66.0 million for the three months ended March 31, 2019 compared to $57.7 million for the three months ended March 31, 2018. The increase in revenue was primarily attributable to operations of recently acquired or constructed assets, increased throughput in excess of MVC levels at certain of our assets and the Inflation Rate Increase, partially offset by a $0.8 million decrease in revenue at the Paulsboro Natural Gas Pipeline due to the PNGPC Rate Adjustment.

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Operating and maintenance expenses. Operating and maintenance expenses increased by approximately $4.8 million, or 27.0%, to $22.5 million for the three months ended March 31, 2019 compared to $17.7 million for the three months ended March 31, 2018. The increase in operating and maintenance expenses was primarily attributable to higher outside services and utilities expenses, higher environmental clean-up costs and expenses related to the operations of recently acquired assets.

Depreciation and amortization. Depreciation and amortization expense increased by approximately $1.2 million, or 20.7%, to $6.9 million for the three months ended March 31, 2019 compared to $5.7 million for the three months ended March 31, 2018. The increase in depreciation and amortization expense was primarily attributable to the timing of the Knoxville Terminals Purchase and new assets being placed in service.

Storage Segment

The following table and discussion is an explanation of our results of operations of the Storage segment for the three months endedMarch 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
(in thousands, except for storage capacity reserved)
Revenue:
Affiliate	$	9,903	$	7,069
Third-party	2,983		—
Total revenue	12,886		7,069
Costs and expenses:
Operating and maintenance expenses	7,409		2,153
Depreciation and amortization	1,820		925
Total costs and expenses	9,229		3,078
Storage Segment Operating Income	$	3,657	$	3,991
Key Operating Information
Storage Segment
Storage capacity reserved (average shell capacity barrels per month) (1)	7,932,693		4,478,755

(1) Storage capacity is based on tanks in service and average shell capacity available during the period.

Three Months Ended March 31, 2019 Compared to theThree Months Ended March 31, 2018

Revenue. Revenue increased by approximately $5.8 million, or 82.3%, to $12.9 million for the three months ended March 31, 2019 compared to $7.1 million for the three months ended March 31, 2018. The increase in revenue was primarily attributable to the East Coast Storage Assets operations.

Operating and maintenance expenses. Operating and maintenance expenses increased by approximately $5.3 million, or 244.1%, to $7.4 million for the three months ended March 31, 2019 compared to $2.2 million for the three months ended March 31, 2018. The increase in operating and maintenance expenses was primarily attributable to expenses associated with the East Coast Storage Assets.

Depreciation and amortization. Depreciation and amortization expense increased by approximately $0.9 million, or 96.8%, to $1.8 million for the three months ended March 31, 2019 compared to $0.9 million for the three months ended March 31, 2018. The increase in depreciation and amortization expense was primarily attributable to the timing of the East Coast Storage Assets Acquisition.

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Liquidity and Capital Resources

We expect our ongoing sources of liquidity to include cash generated from operations (including proceeds from our commercial agreements with PBF Holding), borrowings under our Revolving Credit Facility and issuances of additional debt and equity securities as appropriate given market conditions. We expect that these sources of funds will be adequate to provide for our short-term and long-term liquidity needs, including capital expenditures and distributions on our units.

We have paid, and intend to continue to pay, at least the minimum quarterly distribution of $0.30 per unit per quarter, or $1.20 per unit on an annualized basis, which aggregates to approximately $16.8 million per quarter and approximately $67.2 million on an annualized basis based on the number of common units outstanding as of March 31, 2019. Immediately following the closing of the April Registered Direct Offering, our expected minimum distribution will increase to approximately $18.8 million per quarter or approximately $75.2 million on an annualized basis.

During the three months endedMarch 31, 2019, we made a cash distribution payment as follows (in thousands except per unit data):

Related Earnings Period:	Q4 2018
Distribution date	March 14, 2019
Record date	March 1, 2019
Per unit	$	0.5050
To public common unitholders	$	12,825
To PBF LLC	15,126
Total distribution	$	27,951

Credit Facilities

The Revolving Credit Facility is available to fund working capital, acquisitions, distributions and capital expenditures and for other general partnership purposes. We have the ability to increase the maximum amount of the Revolving Credit Facility by an aggregate amount of up to $250.0 million, to a total facility size of $750.0 million, subject to receiving increased commitments from the lenders or other financial institutions and satisfaction of certain conditions. Obligations under the Revolving Credit Facility are guaranteed by our restricted subsidiaries and secured by a first priority lien on our assets and those of our restricted subsidiaries. The maturity date of the Revolving Credit Facility is July 30, 2023 and may be extended for one year on up to two occasions, subject to certain customary terms and conditions. We are in compliance with our covenants under the Revolving Credit Facility as of March 31, 2019.

During the three months endedMarch 31, 2019, we made repayments of $12.0 million and borrowed $16.0 million under the Revolving Credit Facility to fund capital expenditures and working capital requirements.

Our 2023 Notes have an aggregate principal amount of $525.0 million with interest payable semi-annually on May 15 and November 15. The 2023 Notes mature on May 15, 2023. The 2023 Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations or restrictions on us and our restricted subsidiaries’ ability to, among other things, make distributions. These covenants are subject to a number of important limitations and exceptions. As of March 31, 2019, we are in compliance with all covenants under the 2023 Notes.

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Cash Flows

The following table sets forth our cash flows for the periods indicated:

	Three Months Ended March 31,
	2019			2018
	(In thousands)
Net cash provided by operating activities	$	38,209		$	42,925
Net cash used in investing activities	(11,220		)	(3,953		)
Net cash used in financing activities	(30,451		)	(36,627		)
Net change in cash and cash equivalents	$	(3,462	)	$	2,345

Cash Flows from Operating Activities

Net cash provided by operating activities decreased by approximately $4.7 million to $38.2 million for the three months ended March 31, 2019 compared to $42.9 million for the three months ended March 31, 2018. The decrease in net cash provided by operating activities was primarily the result of a decrease in the net changes in operating assets and liabilities of approximately $5.9 million primarily driven by the timing of collection of accounts receivables and liability payments and a decrease in net income of approximately $1.9 million, partially offset by a net increase in non-cash charges relating to depreciation and amortization, amortization of loan fees and debt premium, accretion on discounted liabilities and unit-based compensation of approximately $3.1 million.

Cash Flows from Investing Activities

Net cash used in investing activities increased by approximately $7.3 million to $11.2 million for the three months ended March 31, 2019 compared to $4.0 million for the three months ended March 31, 2018. The increase in net cash used in investing activities was primarily due to an increase in capital expenditures of approximately $7.3 million primarily related to projects associated with the recently acquired Development Assets and the East Coast Storage Assets.

Cash Flows from Financing Activities

Net cash used in financing activities decreased by approximately $6.2 million to $30.5 million for the three months ended March 31, 2019 compared to $36.6 million for the three months ended March 31, 2018. The cash outflows for the three months ended March 31, 2019 were primarily driven by distributions to unitholders of $28.0 million and distributions to TVPC members of $6.5 million, partially offset by net borrowings from our Revolving Credit Facility of $4.0 million. Net cash used in financing activities for the three months ended March 31, 2018 consisted of distributions to unitholders of $23.1 million, repayment of our Revolving Credit Facility of $9.7 million and distributions to TVPC members of $5.0 million, partially offset by a contribution from PBF LLC of $1.1 million related to the pre-acquisition activities of the Paulsboro Natural Gas Pipeline.

Capital Expenditures

Our capital requirements have consisted of, and are expected to continue to consist of, expansion capital expenditures, maintenance capital expenditures and regulatory capital expenditures. Expansion capital expenditures are expenditures incurred for acquisitions or capital improvements that we expect will increase our operating income or operating capacity over the long term. Examples of expansion capital expenditures include the acquisition of equipment and the construction, development or acquisition of unloading equipment or other equipment at our facilities or additional throughput or storage capacity to the extent such capital expenditures are expected to expand our operating capacity or increase our operating income. Maintenance capital expenditures are expenditures (including expenditures for the addition or improvement to, or the replacement of, our capital assets, and for the acquisition of existing, or the construction or development of new, capital assets) made to maintain our

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long-term operating income or operating capacity. Examples of maintenance capital expenditures are expenditures for the refurbishment and replacement of terminals and to maintain equipment reliability, integrity and safety. Regulatory capital expenditures are expenditures made to attain or maintain compliance with regulatory standards. Examples of regulatory capital expenditures are expenditures incurred to address environmental laws or regulations.

Capital expenditures for the three months ended March 31, 2019 and 2018 were as follows:

	Three Months Ended March 31,
	2019		2018
	(In thousands)
Expansion	$	9,491	$	2,606
Maintenance	1,483		1,325
Regulatory	246		22
Total capital expenditures	$	11,220	$	3,953

We currently expect to spend an additional aggregate of between approximately $17.0 million and $25.0 million for the remainder of 2019 for capital expenditures. Of the total expected capital expenditures, between approximately $12.0 million and $15.0 million relate to maintenance or regulatory capital expenditures. We anticipate the forecasted maintenance capital expenditures will be funded primarily with cash from operations and through borrowings under the Revolving Credit Facility as needed. We currently have not included any potential future acquisitions in our budgeted capital expenditures for the twelve months ending December 31, 2019. We may rely on external sources including other borrowings under the Revolving Credit Facility, and issuances of equity and debt securities to fund any significant future expansion.

On April 24, 2019, we entered into a Contribution Agreement with PBF LLC pursuant to which PBF LLC will contribute to us all of the issued and outstanding limited liability interests of TVP Holding Company LLC for total consideration of $200.0 million. We expect to finance the TVPC Acquisition with $135.0 million of gross proceeds from the April Registered Direct Offering and $65.0 million of borrowings under the Revolving Credit Facility.

Under the Omnibus Agreement, PBF Energy has agreed to reimburse us for any costs up to $20.0 million per event (net of any insurance recoveries) that we incur for repairs required due to the failure of any Contributed Asset to operate in substantially the same manner and condition as such asset was operating prior to the closing of our IPO and the Acquisitions from PBF during the first five years after the closing of our IPO and the Acquisitions from PBF, and any matters related thereto.

Contractual Obligations

With the exception of activity under the Revolving Credit Facility, including borrowings to fund capital expenditures and working capital requirements, there have been no significant changes in our contractual obligations since those reported in our 2018 Form 10-K. Refer to Note 6 “Debt” and Note 12 “Subsequent Events” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements” for additional information regarding our debt obligations and subsequent events.

Off-Balance Sheet Arrangements

We have not entered into any transactions, agreements or other contractual arrangements that would result in off-balance sheet liabilities, other than outstanding letters of credit in the amount of $4.1 million.

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Environmental and Other Matters

Environmental Regulation

Our operations are subject to extensive and frequently changing federal, state and local laws, regulations and ordinances relating to the protection of the environment. Among other things, these laws and regulations govern the emission or discharge of pollutants into or onto the land, air and water, the handling and disposal of solid and hazardous wastes and the remediation of contamination. As with the industry generally, compliance with existing and anticipated environmental laws and regulations increases our overall cost of business, including our capital costs to develop, maintain, operate and upgrade equipment and facilities. While these laws and regulations affect our maintenance and regulatory capital expenditures and net income, we believe they do not necessarily affect our competitive position, as the operations of our competitors are similarly affected. We believe our facilities are in substantial compliance with applicable environmental laws and regulations. However, these laws and regulations are subject to changes, or to changes in the interpretation of such laws and regulations, by regulatory authorities, and continued and future compliance with such laws and regulations may require us to incur significant expenditures. Additionally, violation of environmental laws, regulations and permits can result in the imposition of significant administrative, civil and criminal penalties, injunctions limiting our operations, investigatory or remedial liabilities or construction bans or delays in the development of additional facilities or equipment. Furthermore, a release of hydrocarbons or hazardous substances into the environment could, to the extent the event is not insured, subject us to substantial expenses, including costs to comply with applicable laws and regulations and to resolve claims by third parties for personal injury or property damage, or by the U.S. federal government or state governments for natural resources damages. These impacts could directly and indirectly affect our business and have an adverse impact on our financial position, results of operations and liquidity. We cannot currently determine the amounts of such future impacts.

Environmental Liabilities

Contaminations resulting from spills of crude oil or petroleum products are not unusual within the petroleum terminaling or transportation industries. Historic spills at truck and rail racks and terminals, as a result of past operations, have resulted in contamination of the environment, including soils and groundwater.

Pursuant to the contribution agreements entered into in connection with the IPO and the Acquisitions from PBF, PBF Energy has agreed to indemnify us for certain known and unknown environmental liabilities that are based on conditions in existence at our Predecessor’s properties and associated with the ownership or operation of the Contributed Assets and arising from the conditions that existed prior to the closings of the IPO and the Acquisitions from PBF. In addition, we have agreed to indemnify PBF Energy for (i) certain events and conditions associated with the ownership or operation of our assets that occur, as applicable, after the closing of each Acquisition from PBF (including the IPO), and (ii) environmental liabilities related to our assets if the environmental liability is the result of the negligence, willful misconduct or criminal conduct of us or our employees, including those seconded to us. As a result, we may incur environmental expenses in the future, which may be substantial.

As of March 31, 2019, we have recorded a total liability related to environmental remediation costs of approximately $2.9 million related to existing environmental liabilities. Refer to Note 9 “Commitments and Contingencies” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements” for additional information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss arising from adverse changes in market rates and prices. Because we do not generally own the crude oil, refined products or natural gas that is distributed through our facilities, and because all of our commercial agreements with PBF Energy require PBF Energy to bear the risk of any material volume

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loss relating to the services we provide, we have minimal direct exposure to risks associated with fluctuating commodity prices.

We experience modest volume gains and losses, which we sometimes refer to as imbalances, within our assets as a result of variances in tank storage meter readings and volume fluctuations within certain of our terminals. We use a year-to-date weighted-average market price to value our assets and liabilities related to product imbalances. For the three months endedMarch 31, 2019, the impact from our imbalances was not material to our results. In practice, we expect to settle positive refined product imbalances at the end of each year by selling excess volumes at current market prices. We may be required to purchase refined product volumes in the open market to make up negative imbalances, or settle through cash payments.

Debt that we incur under the Revolving Credit Facility bears interest at a variable rate and exposes us to interest rate risk. At March 31, 2019, we had $160.0 million outstanding in variable interest debt. A 1.0% change in the interest rate associated with the borrowings outstanding under this facility would result in a $3.9 million change in our interest expense, assuming we were to borrow all $500.0 million available under the Revolving Credit Facility.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain a system of disclosure controls and procedures that is designed to provide reasonable assurance that information which is required to be disclosed is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management in a timely manner. Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we have evaluated the effectiveness of our system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of March 31, 2019. Based on that evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures are effective as of March 31, 2019.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal controls over financial reporting during the three months ended March 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Although from time to time we may be involved in litigation and claims arising out of our operations in the normal course of business, we do not believe that we are a party to any litigation that will have a material adverse impact on our financial condition, results of operations or statements of cash flows. We are not aware of any material legal or governmental proceedings against us, or contemplated to be brought against us.

Item 1A. Risk Factors

There have been no significant changes from the risk factors previously disclosed in “Item 1A. Risk Factors” of our 2018 Form 10-K.

Item 6. Exhibits

The exhibits listed in the accompanying Exhibit Index are filed or incorporated by reference as part of this Form 10-Q and such Exhibit Index is incorporated herein by reference.

EXHIBIT INDEX

Exhibit Number	Description
2.1	Equity Restructuring Agreement, dated February 13, 2019, by and among PBF Energy Company LLC, PBF Logistics GP LLC, and PBF Logistics LP (incorporated by reference herein to Exhibit 2.1 to the Current Report on Form 8-K (File No. 001-36446) filed on February 14, 2019).
3.1	Third Amended and Restated Agreement of the Limited Partnership of PBF Logistics LP (incorporated by reference herein to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-36446) filed on February 14, 2019).
4.1*	Seventh Supplemental Indenture dated as of October 25, 2018, among CPI Operations LLC, PBF Logistics LP, PBF Logistics Finance Corporation, and Deutsche Bank Trust Company Americas, as trustee.
10.1*	Joinder Agreement dated as of October 25, 2018, among CPI Operations LLC and Wells Fargo Bank, National Association, as Administrative Agent.
10.2	Amendment to Amended and Restated Delaware City Rail Terminaling Services Agreement, dated February 13, 2019, by and between PBF Holding Company LLC, Delaware City Terminaling Company LLC and CPI Operations LLC (incorporated by reference herein to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36446) filed on February 14, 2019).
10.3	Terminaling Services Agreement, dated February 13, 2019, by and between PBF Holding Company LLC, Delaware City Terminaling Company LLC and CPI Operations LLC (incorporated by reference herein to Exhibit 10.2 to the Current Report on Form 8-K (File No. 001-36446) filed on February 14, 2019).
31.1*	Certification of Thomas J. Nimbley, Chief Executive Officer of PBF Logistics LP pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Erik Young, Chief Financial Officer of PBF Logistics LP pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*/**	Certification of Thomas J. Nimbley, Chief Executive Officer of PBF Logistics LP pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*/**	Certification of Erik Young, Chief Financial Officer of PBF Logistics LP pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*	Supplemental Financial Information of Torrance Valley Pipeline Company LLC.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.

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Exhibit Number	Description
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

——————

* Filed herewith.

** This exhibit should not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			PBF Logistics LP
		By:	PBF Logistics GP LLC, its general partner
Date:	May 1, 2019		By:	/s/ Erik Young
				Erik Young Senior Vice President, Chief Financial Officer and Director (Duly Authorized Officer and Principal Financial Officer)

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EX-4.1

SEVENTH SUPPLEMENTAL INDENTURE

SEVENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),dated as of October 25, 2018, among CPI Operations LLC, a Delaware limited liability company (the “Guaranteeing Subsidiary”),PBF Logistics LP, a Delawarelimited partnership (“PBFX”),PBF Logistics Finance Corporation, a Delaware corporation (together with PBFX, the “Issuers”),and Deutsche Bank Trust Company Americas, as trustee under the Indenture referred to below (the “Trustee”).

WITNESSETH

WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture dated as of May 12, 2015 (as amended from time to time, the “Indenture”),providing for the issuance of 6.875% Senior Notes due 2023 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Subsidiary Guarantee”);and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

l.     CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.     AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect to, each signatory hereto; and (iii) perform all obligations and duties required of a Subsidiary Guarantor pursuant to the Indenture. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Note Subsidiary Guarantee on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article 10 thereof.

3.     EXECUTION AND DELIVERY. The Guaranteeing Subsidiary agrees that the Note Subsidiary Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Subsidiary Guarantee on the Notes.

KL2 3096994.1

4.     NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuers or the Guaranteeing Subsidiary under the Notes, any Note Subsidiary Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

5.     NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

6.     COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

7.     EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

8.     THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuers.

9.     BENEFITS ACKNOWLEDGED. The Guaranteeing Subsidiary’s Note Subsidiary Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to its Note Subsidiary Guarantee are knowingly made in contemplation of such benefits.

10.     SUCCESSORS. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

2

KL2 3096994.1

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

GUARANTEEING SUBSIDIARY:
CPI OPERATIONS LLC
By:	/s/ Trecia Canty
	Name:	Trecia Canty
	Title:	Senior Vice President,
		General Counsel and
		Secretary
ISSUERS:
PBF LOGISTICS LP
By:	PBF Logistics GP LLP, its general partner
By:	/s/ Trecia Canty
	Name:	Trecia Canty
	Title:	Senior Vice President,
		General Counsel and
		Secretary
PBF LOGISTICS FINANCE CORPORATION
By:	/s/ Trecia Canty
	Name:	Trecia Canty
	Title:	Senior Vice President,
		General Counsel and
		Secretary

KL2 3096994.1

TRUSTEE:
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee
By:	Deutsche Bank National Trust Company
By:	/s/ Jeffrey Schoenfeld
	Name:	Jeffrey Schoenfeld
	Title:	Vice President
By:	/s/ Kathryn Fischer
	Name:	Kathryn Fischer
	Title:	Vice President

KL2 3096994.1

EX-10.1

Joinder Agreement

JOINDER AGREEMENT, dated as of October 25, 2018 (the “Effective Date”), made by CPI Operations LLC, a Delaware limited liability company (the “Additional Guarantor”), in favor of Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). All capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement.

W I T N E S S E T H:

WHEREAS, PBF Logistics LP, a Delaware limited partnership (the “Borrower”), the financial institutions from time to time party thereto (the “Lenders”), and the Administrative Agent, have entered into that certain Amended and Restated Revolving Credit Agreement, dated as of July 30, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, in connection with the Credit Agreement, the Borrower and certain of the Borrower’s Subsidiaries have entered into that certain Amended and Restated Guaranty and Collateral Agreement, dated as of July 30, 2018 (as amended, supplemented or otherwise modified from time to time, the “Guaranty and Collateral Agreement”) in favor of the Administrative Agent for the benefit of the Secured Parties;

WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the Guaranty and Collateral Agreement; and

WHEREAS, the Additional Grantor has agreed to execute and deliver this Joinder Agreement in order to become a party to the Guaranty and Collateral Agreement;

NOW, THEREFORE, IT IS AGREED:

1.Guaranty and Collateral Agreement. By executing and delivering this Joinder Agreement, the Additional Grantor, as provided in Section 10.14 of the Guaranty and Collateral Agreement, hereby becomes a party to the Guaranty and Collateral Agreement as a Grantor (and therefore a Guarantor) thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby (a) gives the Guaranty provided for therein, (b) expressly assumes all obligations and liabilities of a Grantor and Guarantor thereunder and (c) expressly grants to the Administrative Agent, for the benefit of the Secured Parties, a security interest in all Collateral owned by such Additional Grantor to secure all of the Obligations. The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedules 1 through 4 to the Guaranty and Collateral Agreement and the information set forth in Annex 1-B is hereby added to the most recently delivered Perfection Certificate. The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Article V of the Guaranty and Collateral Agreement is true and correct in all material respects (except that any such representations and warranties that are qualified by materiality shall be true and correct in all respects) on and as the date hereof (after giving effect to this Joinder Agreement) as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case such representations and warranties were true and correct in all material respects (except that any such representations and warranties that are qualified by materiality shall be true and correct in all respects) as of such earlier date.

2.Governing Law. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

3.Miscellaneous. This Joinder Agreement is a Loan Document executed in connection with the Credit Agreement. Delivery of an executed counterpart of a signature page of this Joinder Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

[Signature Pages Follow]

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.

CPI OPERATIONS LLC,
a Delaware limited liability company
By:	/s/ Erik Young
	Name:	Erik Young
	Title:	Senior Vice President and
		Chief Financial Officer

[Signature Page to Joinder Agreement]

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas J. Nimbley, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PBF Logistics LP;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2019

/s/ Thomas J. Nimbley

Thomas J. Nimbley

Chief Executive Officer

PBF Logistics GP LLC,

the general partner of PBF Logistics LP

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Erik Young, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PBF Logistics LP;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2019

/s/ Erik Young

Erik Young

Senior Vice President and Chief Financial Officer

PBF Logistics GP LLC,

the general partner of PBF Logistics LP

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of PBF Logistics LP on Form 10-Q for the quarter ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas J. Nimbley, Chief Executive Officer of PBF Logistics GP LLC, the general partner of PBF Logistics LP, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PBF Logistics LP.

/s/ Thomas J. Nimbley

Thomas J. Nimbley

Chief Executive Officer

PBF Logistics GP LLC,

the general partner of PBF Logistics LP

May 1, 2019

A signed original of the written statement required by Section 906 has been provided to PBF Logistics LP and will be retained by PBF Logistics LP and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of PBF Logistics LP on Form 10-Q for the quarter ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Erik Young, Senior Vice President and Chief Financial Officer of PBF Logistics GP LLC, the general partner of PBF Logistics LP, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PBF Logistics LP.

/s/ Erik Young

Erik Young

Senior Vice President and Chief Financial Officer

PBF Logistics GP LLC,

the general partner of PBF Logistics LP

May 1, 2019

A signed original of the written statement required by Section 906 has been provided to PBF Logistics LP and will be retained by PBF Logistics LP and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.1

Exhibit 99.1

TVPC Stand-Alone FS\KASPER, BRANDEN\2/13/2018 5:21 PM

Torrance Valley Pipeline

Company LLC

Supplemental Information and Condensed Financial Statements

as of and for the three months ended March 31, 2019 and 2018

Torrance Valley Pipeline Company LLC

Table of Contents

Financial Information	4
Condensed Balance Sheets	4
Condensed Statements of Operations	5
Condensed Statements of Cash Flows	6
Notes to the Condensed Financial Statements	7
Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

EXPLANATORY NOTE

Torrance Valley Pipeline Company LLC (“TVPC”, or the “Company”) is a Delaware limited liability company that owns and operates the San Joaquin Valley Pipeline system (the “Torrance Valley Pipeline”), which supports PBF Holding Company LLC’s (“PBF Holding”) Torrance Refinery. The Torrance Valley Pipeline consists of the M55, M1 and M70 pipeline systems, including pipeline stations with storage capacity and truck unloading capability.

The following financial information and condensed financial statements as of and for the three months endedMarch 31, 2019 and 2018 are being furnished as supplemental information to PBF Logistics LP’s (“PBFX”) Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. Unless the context otherwise requires, references in this document to “we,” “us” and “our” refer to TVPC.

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This document contains certain “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions that relate to our strategy, plans or intentions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time, make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time; therefore, our actual results may differ materially from those that we expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results.

Important factors that could cause actual results to differ materially from our expectations, which we refer to as “cautionary statements,” are disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this document; and in our December 31, 2018 annual report (filed as exhibit 99.1 in PBFX’s Annual Report on Form 10-K for the year ended December 31, 2018) (“2018 Annual Report”). All forward-looking information in this document is expressly qualified in its entirety by the cautionary statements. Some of the factors that we believe could affect our results include:

• our limited operating history;

• changes in general economic conditions;

2

• competitive conditions in our industry;

• the supply of, and demand for, crude oil and logistics services;

• our ability to successfully implement our business plan;

• our dependence on PBF Energy Inc. (“PBF Energy”) for a substantial majority of our revenues subjects us to the business risks of PBF Energy, which include the possibility that contracts will not be renewed because they are no longer beneficial for PBF Energy;

• a substantial majority of our revenue is generated at PBF Energy’s Torrance Refinery, and any adverse development at this facility could have a material adverse effect on us;

• our ability to complete internal growth projects on time and on budget;

• operating hazards and other risks incidental to handling crude oil;

• natural disasters, weather-related delays, casualty losses and other matters beyond our control;

• the effects of existing and future laws and governmental regulations;

• the timing and extent of changes in commodity prices and demand for PBF Energy’s refined products and the differential in the prices of different crude oils;

• the suspension, reduction or termination of PBF Energy’s obligations under our commercial agreements;

• disruptions due to equipment interruption or failure at our facilities; and

• other factors discussed elsewhere in this document.

We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this document may not in fact occur. Accordingly, investors should not place undue reliance on those statements.

Our forward-looking statements speak only as of the date of this document or as of the date which they are made. Except as required by applicable law, including the securities laws of the United States of American (“U.S.”), we undertake no obligation to update or revise any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing.

3

FINANCIAL INFORMATION

Torrance Valley Pipeline Company LLC

Condensed Balance Sheets

(Unaudited, in thousands)

	March 31, 2019		December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	10,430	$	12,065
Accounts receivable - affiliates	7,514		7,126
Prepaids and other current assets	1,281		936
Total current assets	19,225		20,127
Property, plant and equipment, net	322,597		324,871
Total assets	$	341,822	$	344,998
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	717	$	947
Accounts payable and accrued liabilities	4,847		4,364
Deferred revenue	42		67
Total current liabilities	5,606		5,378
Other long-term liabilities	226		226
Total liabilities	5,832		5,604
Commitments and contingencies (Note 5)
Equity	335,990		339,394
Total liabilities and equity	$	341,822	$	344,998

See notes to the condensed financial statements.

4

Torrance Valley Pipeline Company LLC

Condensed Statements of Operations

(Unaudited, in thousands)

	Three Months Ended March 31,
	2019		2018
Revenue:
Affiliate	$	20,635	$	19,097
Third-party	25		18
Total revenue	20,660		19,115
Costs and expenses:
Operating and maintenance expenses	8,465		8,348
General and administrative expenses	213		213
Depreciation and amortization	2,757		2,723
Total costs and expenses	11,435		11,284
Net income	$	9,225	$	7,831

See notes to the condensed financial statements.

5

Torrance Valley Pipeline Company LLC

Condensed Statements of Cash Flows

(Unaudited, in thousands)

	Three Months Ended March 31,
	2019			2018
Cash flows from operating activities:
Net income	$	9,225		$	7,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,757			2,723
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(388		)	4,833
Prepaids and other current assets	(345		)	(958		)
Accounts payable - affiliates	(230		)	(860		)
Accounts payable and accrued liabilities	507			(466		)
Deferred revenue	(25		)	(18		)
Other assets and liabilities	(1		)	—
Net cash provided by operating activities	11,500			13,085
Cash flows from investing activities:
Expenditures for property, plant and equipment	(506		)	(54		)
Net cash used in investing activities	(506		)	(54		)
Cash flows from financing activities:
Distributions to members	(13,000		)	(10,000		)
Parent contributions	371			386
Net cash used in financing activities	(12,629		)	(9,614		)
Net change in cash and cash equivalents	(1,635		)	3,417
Cash and cash equivalents at beginning of period	12,065			4,411
Cash and cash equivalents at end of period	$	10,430		$	7,828
Supplemental disclosure of non-cash activities
Accrued capital expenditures	$	149		$	51

See notes to the condensed financial statements.

6

TORRANCE VALLEY PIPELINE COMPANY LLC

NOTES TO THE CONDENSED FINANCIAL STATEMEMTS

(IN THOUSANDS)

1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description and Nature of the Business

Torrance Valley Pipeline Company LLC (“TVPC”, or the “Company”) is a Delaware limited liability company that owns and operates the San Joaquin Valley Pipeline system (the “Torrance Valley Pipeline”), which supports PBF Holding Company LLC’s (“PBF Holding”) Torrance Refinery. The Torrance Valley Pipeline consists of the M55, M1 and M70 pipeline systems, including pipeline stations with storage capacity and truck unloading capability.

PBF Holding, a Delaware limited liability company, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF LLC is a holding company, whose assets consist of an ownership interest in PBF Holding and its consolidated subsidiaries and PBF Logistics LP (“PBFX”) and its consolidated subsidiaries. TVPC is a subsidiary of PBFX. PBF LLC, PBF Holding and PBFX are considered affiliate companies of TVPC for accounting purposes.

On July 1, 2016, PBF LLC, through its ownership of PBF Holding, acquired from ExxonMobil Oil Corporation and Mobil Pacific Pipeline Company the Torrance Refinery and related logistical assets, including the Torrance Valley Pipeline (the “TVPC Acquisition”). On August 31, 2016, PBFX, through its wholly-owned subsidiary, PBFX Operating Company LLC (“PBFX Op Co”), acquired from PBF Holding a 50% equity interest in TVPC. Subsequently, PBFX Op Co became the sole managing member of TVPC. As this transaction was between affiliate companies, the transfer of the 50% ownership of TVPC is accounted for as a reorganization of entities under common control under United States of America (“U.S.”) generally accepted accounting principles (“GAAP”).

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, TVPC has included all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations and cash flows of TVPC for the periods presented. The results of operations for the three months endedMarch 31, 2019 are not necessarily indicative of the results that may be expected for the full year.

Recently Adopted Accounting Guidance

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2016-02 and these additional ASUs are now codified as Accounting Standards Codification Standard 842 - “Leases” (“ASC 842”). ASC 842 supersedes the lease accounting guidance in Accounting Standards Codification 840 “Leases” (“ASC 840”), and requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company has adopted ASC 842 effective January 1, 2019, using a modified retrospective approach. There was no impact to the Company’s balance sheets, statements of operations or statements of cash flows. The Company’s condensed consolidated financial statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. See Note 2

7

TORRANCE VALLEY PIPELINE COMPANY LLC

NOTES TO THE CONDENSED FINANCIAL STATEMEMTS

(IN THOUSANDS)

“Leases” of the notes to the condensed financial statements for additional information about the impact to the Company as a lessor.

2. LEASES

Lessor Disclosure Following the Adoption of ASC 842

The Company has leased certain of its assets under lease agreements with terms up to ten years, including leases of its pipeline assets. Some leases include options to terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Company’s agreements do not generally provide an option for the lessee to purchase the leased equipment at the end of the lease term.

At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. As of March 31, 2019, all of the Company’s leases have been determined to be operating leases. Some of the Company’s lease arrangements contain lease components (e.g., minimum volume commitments (“MVC”)) and non-lease components (e.g., maintenance, labor charges, etc.). The Company accounts for the lease and non-lease components as a single lease component.

Certain of the Company’s lease agreements include MVCs that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company expects to derive significant future benefits from its leased assets following the end of the lease term, as the remaining useful life would be sufficient to allow the Company to enter into new leases for such assets.

In the normal course of business, the Company enters into contracts with PBF Holding and its refineries whereby PBF Holding and its refineries lease certain of the Company’s storage and pipeline assets. The Company believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases are ten years. All of the contracts where the Company is the lessor are with affiliates and represent all of the undiscounted future rental income from the Company’s leased assets.

Undiscounted Cash Flows

The table below presents the fixed components of the undiscounted cash flows to be received for each of the first five years and the total remaining years for the Company’s operating leases as of March 31, 2019:

Remainder of 2019	$	45,979
2020	61,104
2021	61,076
2022	61,076
2023	61,076
Thereafter	162,852
Total undiscounted future cash to be received	$	453,163

8

TORRANCE VALLEY PIPELINE COMPANY LLC

NOTES TO THE CONDENSED FINANCIAL STATEMEMTS

(IN THOUSANDS)

Assets Under Lease

The Company’s assets subject to lease are included in “Property, plant and equipment, net” within the Company’s balance sheets. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of March 31, 2019:

	March 31, 2019
Land	$	83,330
Pipelines	267,814
Construction in progress	1,507
	352,651
Accumulated depreciation	(30,054		)
Net assets under lease	$	322,597

3. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant, and equipment, net consisted of the following:

	March 31,			December 31,
	2019			2018
Land	$	83,330		$	83,330
Pipelines and equipment	267,814			267,770
Construction in progress	1,507			1,068
	352,651			352,168
Accumulated depreciation	(30,054		)	(27,297		)
Property, plant and equipment, net	$	322,597		$	324,871

4. EQUITY

Equity Activity

The following tables summarize the changes in the carrying amount of TVPC’s equity during the three months ended March 31, 2019 and 2018:

	Members’ Equity
Balance at December 31, 2018	$	339,394
Net income	9,225
Distributions to members	(13,000		)
Parent contributions	371
Balance at March 31, 2019	$	335,990

	Members’ Equity
Balance at December 31, 2017	$	343,450
Net income	7,831
Distributions to members	(10,000		)
Parent contributions	386
Balance at March 31, 2018	$	341,667

9

TORRANCE VALLEY PIPELINE COMPANY LLC

NOTES TO THE CONDENSED FINANCIAL STATEMEMTS

(IN THOUSANDS)

Cash Distributions

In accordance with TVPC’s limited liability company agreement, during the three months ended March 31, 2019, TVPC distributed $6,500 to each of its members, for total distributions of $13,000.

5. COMMITMENTS AND CONTINGENCIES

Environmental Matters

TVPC’s assets are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the composition of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating TVPC’s assets, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities.

In connection with PBF Holding’s acquisition of the Torrance Refinery and related logistics assets, PBF Holding is responsible for all known and unknown environmental liabilities at each site acquired in connection with the acquisition. The total estimated liability of known environmental obligations associated with the Torrance Valley Pipeline was $538 as of March 31, 2019 ($132 as of December 31, 2018). In accordance with the contribution agreement associated with the sale of 50% ownership of TVPC to PBFX, PBF Holding has indemnified PBFX for any and all costs associated with environmental remediation for obligations that existed on or before August 31, 2016, including all known or unknown events, which includes the recorded liability of $538. At March 31, 2019, TVPC expects to make the full aggregate payment for this liability within the next five years. As a result of the indemnification, TVPC has recorded a receivable from PBF Holding in “Accounts receivable - affiliates” within the Company’s condensed balance sheets for such anticipated payments related to the known pre-existing Torrance Valley Pipeline environmental obligations for which PBFX is indemnified.

Litigation

TVPC can be subject to claims and complaints that may arise in the ordinary course of business. Management has regular litigation reviews to assess the need for accounting recognition or disclosure of these contingencies. TVPC would accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. TVPC wouldn’t record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, TVPC would disclose the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of the contingency disclosures, “significant” includes material matters as well as other matters which management believes should be disclosed.

6. RELATED PARTY TRANSACTIONS

Agreements

TVPC currently derives the majority of its revenue from long-term, minimum volume commitment, fee-based, agreements with PBF Holding, supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. TVPC believes the terms and conditions under these agreements, as well as the Omnibus Agreement (as defined below) and the Services Agreement (as defined below) each with PBF Holding, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services.

10

TORRANCE VALLEY PIPELINE COMPANY LLC

NOTES TO THE CONDENSED FINANCIAL STATEMEMTS

(IN THOUSANDS)

At the closing of PBFX’s initial public offering, PBFX entered into an omnibus agreement with PBF Logistics GP LLC, PBF LLC and PBF Holding, which has been amended and restated in connection with the TVPC Acquisition (as amended, the “Omnibus Agreement”) for the provision of executive management services and support for accounting and finance, legal, human resources, information technology, environmental, health and safety, and other administrative functions.

In addition, on August 31, 2016, PBFX Op Co entered into an operation and management services and secondment agreement (the “Services Agreement”) with PBF Holding and certain of its subsidiaries pursuant to which PBF Holding and its subsidiaries provide PBFX Op Co with the personnel necessary for PBFX Op Co to operate TVPC so that it may perform its obligations under the commercial agreements. PBFX Op Co charges TVPC the amount under the agreement and reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air.

See TVPC’s 2018 Annual Report for a more complete description of TVPC’s commercial agreements with PBF Holding, the Omnibus Agreement and the Services Agreement.

Summary of Transactions

A summary of revenue and expense transactions with PBF Holding, including expenses directly charged and allocated to TVPC, is as follows:

	Three Months Ended March 31,
	2019		2018
Revenues	$	20,635	$	19,097
Operating and maintenance expenses	415		475
General and administrative expenses	213		213

7. SUBSEQUENT EVENTS

TVPC has evaluated subsequent events through the date that this report was available to be issued, May 1, 2019, and determined that there were no subsequent events requiring recognition or disclosure in the accompanying condensed financial statements and notes to the condensed financial statements, except as follows:

On April 24, 2019, PBFX entered into a Contribution Agreement with PBF LLC pursuant to which PBF LLC will contribute to PBFX all of the issued and outstanding limited liability interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200,000. TVP Holding owns the remaining 50% equity interest in TVPC. Subsequent to the completion of the transaction, which is expected to close in the second quarter of 2019, PBFX will own 100% of TVPC.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following information concerning our results of operations and financial condition should be read in conjunction with the financial statements and accompanying notes to the condensed financial statements.

Overview

We are a Delaware limited liability company that owns and operates the Torrance Valley Pipeline, which supports PBF Holding’s Torrance Refinery. The Torrance Valley Pipeline consists of the M55, M1 and M70 pipeline systems, including pipeline stations with storage capacity and truck unloading capability.

PBF Holding, a Delaware limited liability company, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF LLC is a holding company, whose assets consist of an ownership interest in PBF Holding and its consolidated subsidiaries and PBFX and its consolidated subsidiaries. We are a subsidiary of PBFX. PBF LLC, PBF Holding and PBFX are considered affiliate companies of ours for accounting purposes.

On July 1, 2016, PBF LLC, through its ownership of PBF Holding, acquired from ExxonMobil Oil Corporation and Mobil Pacific Pipeline Company the Torrance Refinery and related logistical assets, including the Torrance Valley Pipeline (the “TVPC Acquisition”). On August 31, 2016, PBFX, through its wholly-owned subsidiary, PBFX Operating Company LLC (“PBFX Op Co”), acquired from PBF Holding a 50% equity interest in us. Subsequently, PBFX Op Co became our sole managing member. As this transaction was between affiliate companies, the transfer of the 50% ownership is accounted for as a reorganization of entities under common control under U.S. generally accepted accounting principles (“GAAP”).

On April 24, 2019, we entered into a Contribution Agreement with PBF LLC pursuant to which PBF LLC will contribute to us all of the issued and outstanding limited liability interests of TVP Holding Company LLC (“TVP Hold Co”) for total consideration of $200.0 million. TVP Hold Co owns the remaining 50% equity interest in TVPC. Subsequent to the completion of the transaction, which is expected to close in the second quarter of 2019, we will own 100% of TVPC.

Business Strategies

We continue to focus on the following strategic areas:

• Maintain Safe, Reliable and Efficient Operations. We are committed to maintaining and improving the safety, reliability, environmental compliance and efficiency of our operations. We seek to improve operating performance through our commitment to our preventive maintenance program and to employee training and development programs. We will continue to emphasize safety in all aspects of our operations. We believe these objectives are integral to maintaining stable cash flows and are critical to the success of our business.

• Generate Stable, Fee-Based Cash Flow. We believe our long-term, fee-based logistics contracts provide us with stable, predictable cash flows. We generate a majority of our revenue from PBF Energy under commercial agreements, which include minimum quarterly volume commitments, minimum storage commitments, inflation escalators and initial terms of ten years.

How We Evaluate Our Operations

Our management uses a variety of financial and operating metrics to analyze our business. These metrics are significant factors in assessing our operating results and profitability and include but are not limited to volumes, including pipeline throughput and storage capacity, and operating and maintenance expenses.

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Volumes. The amount of revenue we generate primarily depends on the volumes of crude oil that we throughput at our pipeline operations and our available storage capacity. These volumes are primarily affected by the supply of and demand for crude oil in the markets served directly or indirectly by our assets. Although PBF Energy has committed to minimum volumes under the commercial agreements, our results of operations will be impacted by:

• PBF Energy’s utilization of our assets in excess of the minimum volume commitments (“MVCs”);

• our ability to identify and execute organic expansion projects, and capture PBF Energy’s incremental volumes or third-party volumes; and

• our ability to increase throughput volumes at our facilities and provide additional ancillary services at those pipelines.

Operating and Maintenance Expenses. Our management seeks to maximize the profitability of our operations by effectively managing operating and maintenance expenses. These expenses are comprised primarily of labor expenses, outside contractor expenses, utility costs, and repairs and maintenance. These expenses generally remain relatively stable across broad ranges of throughput volumes but can fluctuate from period to period depending on the mix of activities performed during that period and the timing of these expenses. We will seek to manage our maintenance expenditures on our assets by scheduling maintenance over time to avoid significant variability in our maintenance expenditures and to minimize their impact on our cash flow.

Other Factors That Will Significantly Affect Our Results

Supply and Demand for Crude Oil. We generate a majority of our revenue by charging fees for receiving, handling, transferring, storing and throughputting crude oil. The majority of our revenues are derived from fee-based commercial agreements with PBF Energy’s Torrance Refinery with initial terms of ten years and supported by MVCs, which enhance the stability of our cash flows. The volume of crude oil that is throughput depends substantially on PBF Energy’s refining margins. Refining margins are greatly dependent upon the price of crude oil or other refinery feedstocks, the price of refined products and the price of natural gas.

Factors driving the prices of petroleum-based commodities include supply and demand in crude oil, gasoline and other refined products. Supply and demand for these products depend on numerous factors outside of our control, including changes in domestic and foreign economies, weather conditions, domestic and foreign political affairs, production levels, logistics constraints, availability of imports, marketing of competitive fuels, crude oil price differentials and government regulation.

13

Results of Operations

A discussion and analysis of the factors contributing to our results of operations is presented below. The condensed financial statements, together with the following information, are intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.

Combined Overview. The following table summarizes our results of operations and financial data for the three months endedMarch 31, 2019 and 2018. The following data should be read in conjunction with our condensed financial statements and the notes thereto included elsewhere in this document.

	Three Months Ended March 31,
	2019		2018
	(in thousands)
Revenue:
Affiliate	$	20,635	$	19,097
Third-party	25		18
Total revenue	20,660		19,115
Costs and expenses:
Operating and maintenance expenses	8,465		8,348
General and administrative expenses	213		213
Depreciation and amortization	2,757		2,723
Total costs and expenses	11,435		11,284
Net income	$	9,225	$	7,831

Three Months Ended March 31, 2019 Compared to the Three Months Ended March 31, 2018

Summary. Our net income for the three months ended March 31, 2019increased by approximately $1.4 million, or 17.8%, to $9.2 million from $7.8 million for the three months ended March 31, 2018. The increase in net income was primarily due to the following:

• an increase in revenue of approximately $1.5 million, or 8.1%, to $20.7 million, which was primarily attributable to an increase in ancillary fees charged to the customer (approximately $0.6 million) and the January 1, 2019 inflation rate adjustments implemented in accordance with our commercial agreements (approximately $0.4 million). The remaining increase is attributable to an increase in throughput among all of our assets;

• partially offset by the following:

◦ an increase in operating and maintenance expenses of approximately $0.1 million, or 1.4%, which was primarily attributable to an increase in energy costs (approximately $0.6 million), partially offset by a reduction in property tax (approximately $0.3 million) and outside services (approximately $0.2 million).

• General and administrative expenses remained consistent at $0.2 million for both the three months ended March 31, 2019 and 2018.

• Depreciation and amortization expenses remained relatively consistent at $2.8 million and $2.7 million for the three months ended March 31, 2019 and 2018, respectively.

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Liquidity and Capital Resources

Our sources of liquidity primarily consist of cash flows from operations, which we expect will be adequate to provide for our short-term and long-term liquidity needs. Our ability to meet our capital requirements, including capital expenditures and distributions, will depend on our future operating performance, which, in turn, will be subject to general economic, financial, business, competitive, legislative, regulatory and other conditions, many of which are beyond our control.

We intend to continue to pay, at least quarterly, distributions to our members in accordance with our limited liability company agreement. During the three months ended March 31, 2019, we distributed $6.5 million to each of our members.

Cash Flows

The following table sets forth our cash flows for the periods indicated:

	Three Months Ended March 31,
	2019			2018
	(in thousands)
Net cash provided by operating activities	$	11,500		$	13,085
Net cash used in investing activities	(506		)	(54		)
Net cash used in financing activities	(12,629		)	(9,614		)
Net change in cash and cash equivalents	$	(1,635	)	$	3,417

Cash Flows from Operating Activities

Net cash provided by operating activities decreased by approximately $1.6 million to $11.5 million for the three months ended March 31, 2019 compared to $13.1 million for the three months ended March 31, 2018. The decrease in net cash provided by operating activities was primarily the result of a net decrease in the net changes in operating assets and liabilities of approximately $3.0 million primarily driven by the timing of collection of accounts receivables and liability payments, partially offset by net income and non-cash charges relating to depreciation and amortization of $12.0 million for the three months ended March 31, 2019, compared to $10.6 million for the three months ended March 31, 2018.

Cash Flows from Investing Activities

Net cash used in investing activities increased by approximately $0.5 million to $0.5 million for the three months ended March 31, 2019 compared to $0.1 million for the three months ended March 31, 2018. The increase in net cash used in investing activities was the result of increased spend for capital expenditures.

Cash Flows from Financing Activities

Net cash used in financing activities increased by approximately $3.0 million to $12.6 million for the three months ended March 31, 2019 compared to $9.6 million for the three months ended March 31, 2018. The increase in net cash used in financing activities was primarily the result of distributions to members of $13.0 million for the three months ended March 31, 2019, compared to distributions to members of $10.0 million for the three months ended March 31, 2018.

Capital Expenditures

Our capital requirements have consisted of and are expected to continue to consist of maintenance capital expenditures, regulatory capital expenditures and expansion capital expenditures. Maintenance capital expenditures

15

are expenditures made to maintain our long-term operating income or operating capacity. Regulatory capital expenditures are expenditures made to attain or maintain compliance with regulatory standards. Expansion capital expenditures are expenditures incurred for acquisitions or capital improvements that we expect will increase our operating income or operating capacity over the long term. Our capital expenditures of $0.5 million and $0.1 million for the three months ended March 31, 2019 and 2018, respectively, were primarily incurred for the maintenance of the Torrance Valley Pipeline.

We currently expect to spend up to an aggregate of approximately $3.0 million to $4.0 million for the remainder of 2019 for capital expenditures, the majority of which will relate to maintenance or regulatory capital expenditures. We anticipate the forecasted maintenance and regulatory capital expenditures will be funded primarily with cash from operations.

Contractual Obligations

There have been no significant changes in our obligations since those reported in our 2018 Annual Report. Refer to Note 5 “Commitments and Contingencies” of the notes to the condensed financial statements for additional information regarding our obligations.

Off-Balance Sheet Arrangements

We have not entered into any transactions, agreements or other contractual arrangements that would result in off-balance sheet liabilities.

Environmental and Other Matters

Environmental Regulation

Our operations are subject to extensive and frequently changing federal, state and local laws, regulations and ordinances relating to the protection of the environment. Among other things, these laws and regulations govern the emission or discharge of pollutants into or onto the land, air and water, the handling and disposal of solid and hazardous wastes and the remediation of contamination. As with the industry generally, compliance with existing and anticipated environmental laws and regulations increases our overall cost of business, including our capital costs to develop, maintain, operate and upgrade equipment and facilities. While these laws and regulations affect our regulatory and maintenance capital expenditures and net income, we believe they do not necessarily affect our competitive position, as the operations of our competitors are similarly affected. We believe our facilities are in substantial compliance with applicable environmental laws and regulations. However, these laws and regulations are subject to changes, or to changes in the interpretation of such laws and regulations, by regulatory authorities, and continued and future compliance with such laws and regulations may require us to incur significant expenditures. Additionally, violation of environmental laws, regulations and permits can result in the imposition of significant administrative, civil and criminal penalties, injunctions limiting our operations, investigatory or remedial liabilities or construction bans or delays in the development of additional facilities or equipment. Furthermore, a release of hydrocarbons or hazardous substances into the environment could, to the extent the event is not insured, subject us to substantial expenses, including costs to comply with applicable laws and regulations and to resolve claims by third parties for personal injury or property damage, or by the U.S. federal government or state governments for natural resources damages. These impacts could directly and indirectly affect our business and have an adverse impact on our financial position, results of operations and liquidity. We cannot currently determine the amounts of such future impacts.

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Environmental Liabilities

Contaminations resulting from spills of crude oil or petroleum products are not unusual within the petroleum terminaling or transportation industries. Historic spills at truck and rail racks and terminals, as a result of past operations, have resulted in contamination of the environment, including soils and groundwater.

As of March 31, 2019, we have recorded a total liability related to environmental remediation costs of $0.5 million related to the Torrance Valley Pipeline. Refer to Note 5 “Commitments and Contingencies” of the notes to the condensed financial statements.

17

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	PBF LOGISTICS LP
Entity Central Index Key	0001582568
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Smaller Reporting Company	false
Entity Common Units, Units Outstanding (in shares)		62,001,349

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 16,446	$ 19,908
Accounts receivable - affiliates	43,931	37,052
Accounts receivable	5,157	7,511
Prepaids and other current assets	4,610	4,598
Total current assets	70,144	69,069
Property, plant and equipment, net	861,617	862,117
Goodwill	6,332	6,332
Other non-current assets	19,154	18,835
Total assets	957,247	956,353
Current liabilities:
Accounts payable - affiliates	4,714	12,047
Accounts payable and accrued liabilities	65,622	50,972
Deferred revenue	2,895	2,960
Total current liabilities	73,231	65,979
Long-term debt	677,773	673,324
Other long-term liabilities	24,567	23,860
Total liabilities	775,571	763,163
Commitments and contingencies (Note 9)
Equity:
Total PBF Logistics LP equity	13,985	23,718
Noncontrolling interest	167,691	169,472
Total equity	181,676	193,190
Total liabilities and equity	957,247	956,353
Common Units [Member]
Equity:
Total PBF Logistics LP equity	$ 13,985	$ 23,718

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - Common Units [Member] - shares	Mar. 31, 2019	Dec. 31, 2018
Common units issued	55,348,821	45,348,663
Common units outstanding	55,348,821	45,348,663

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Affiliate	$ 71,332	$ 60,864
Third-party	7,513	3,876
Total revenue	78,845	64,740
Costs and expenses:
Operating and maintenance expenses	29,916	19,880
General and administrative expenses	6,010	4,291
Depreciation and amortization	8,721	6,643
Total costs and expenses	44,647	30,814
Income from operations	34,198	33,926
Other expense:
Interest expense, net	(10,913)	(9,585)
Amortization of loan fees and debt premium	(449)	(363)
Accretion on discounted liabilities	(760)	0
Net income	22,076	23,978
Less: Net loss attributable to Predecessor	0	(1,279)
Less: Net income attributable to noncontrolling interest	4,719	4,022
Net income attributable to the partners	17,357	21,235
Less: Net income attributable to the IDR holder	0	2,959
Net income attributable to PBF Logistics LP unitholders	17,357	18,276
Common Units [Member]
Other expense:
Net income attributable to the partners	$ 17,357	$ 18,276
Net income per limited partner unit:
Common - basic (in dollars per share)	$ 0.35	$ 0.43
Common - diluted (in dollars per share)	$ 0.35	$ 0.43
Weighted-average limited partner units outstanding:
Common - basic (in shares)	49,151,927	42,129,377
Common - diluted (in shares)	49,318,133	42,236,092

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 22,076	$ 23,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,721	6,643
Amortization of loan fees and debt premium	449	363
Accretion on discounted liabilities	760	0
Unit-based compensation expense	964	834
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(6,879)	8,336
Accounts receivable	2,354	115
Prepaids and other current assets	(12)	(598)
Accounts payable - affiliates	(3,385)	(2,984)
Accounts payable and accrued liabilities	13,302	6,908
Deferred revenue	(65)	(595)
Other assets and liabilities	(76)	(75)
Net cash provided by operating activities	38,209	42,925
Cash flows from investing activities:
Payments to Acquire Other Property, Plant, and Equipment	(11,220)	(3,953)
Net cash used in investing activities	(11,220)	(3,953)
Cash flows from financing activities:
Distributions to unitholders	(27,951)	(23,058)
Distributions to TVPC members	(6,500)	(5,000)
Contribution from parent	0	1,131
Proceeds from revolving credit facility	16,000	0
Repayment of revolving credit facility	(12,000)	(9,700)
Net cash used in financing activities	(30,451)	(36,627)
Net change in cash and cash equivalents	(3,462)	2,345
Cash and cash equivalents at beginning of year	19,908	19,664
Cash and cash equivalents at end of period	16,446	22,009
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures	1,247	414
Contribution of net assets from PBF LLC	259	0
Units issued in connection with the IDR Restructuring	215,300	0
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets	482	0
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net income	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	0
Unit-based compensation expense	0	0
Changes in operating assets and liabilities:
Accounts receivable - affiliates	0	0
Accounts receivable	0	0
Prepaids and other current assets	0	0
Accounts payable - affiliates	0	0
Accounts payable and accrued liabilities	0	0
Deferred revenue	0	0
Other assets and liabilities	0	0
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Payments to Acquire Other Property, Plant, and Equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Distributions to unitholders	0	0
Distributions to TVPC members	0	0
Contribution from parent	0	0
Proceeds from revolving credit facility	0
Repayment of revolving credit facility	0	0
Net cash used in financing activities	0	0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of year	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

XML

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

PBF Logistics LP (“PBFX” or the “Partnership”) is a Delaware limited partnership formed in February 2013. PBF Logistics GP LLC (“PBF GP” or “our general partner”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of PBF LLC, and as of March 31, 2019, owned 99.0% of the total economic interest in PBF LLC. In addition, PBF LLC is the sole managing member of PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company and affiliate of PBFX. PBF LLC owns 29,953,631 PBFX common units constituting an aggregate 54.1% limited partner interest in PBFX, with the remaining 45.9% limited partner interest owned by public unitholders as of March 31, 2019.

PBFX engages in the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates. The Partnership does not take ownership of or receive any payments based on the value of the crude oil, products, natural gas or intermediates that it handles and does not engage in the trading of any commodities. PBFX’s assets are integral to the operations of PBF Holding’s refineries, and as a result, the Partnership continues to generate a substantial majority of its revenue from transactions with PBF Holding. Additionally, certain of PBFX’s assets also generate revenue from third-party transactions.

On February 28, 2019, the Partnership closed on an Equity Restructuring Agreement (the “IDR Restructuring Agreement”) with PBF LLC and PBF GP, pursuant to which PBFX’s incentive distribution rights (“IDRs”) held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units (the “IDR Restructuring”). Transaction costs related to the IDR Restructuring were $2,032 for the three months ended March 31, 2019 and were included in “General and administrative expenses” within the Partnership’s condensed consolidated statement of operations. Subsequent to the closing of the IDR Restructuring, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

Principles of Combination and Consolidation and Basis of Presentation

In connection with, and subsequent to, PBFX’s initial public offering (“IPO”), the Partnership has acquired certain assets from PBF LLC (collectively referred to as the “Contributed Assets”). Such acquisitions completed subsequent to the IPO were made through a series of drop-down transactions with PBF LLC (collectively referred to as the “Acquisitions from PBF”). The assets, liabilities and results of operations of the Contributed Assets prior to their acquisition by PBFX are collectively referred to as the “Predecessor.” The transactions through which PBFX acquired the Contributed Assets were transfers of assets between entities under common control. Accordingly, the accompanying condensed consolidated financial statements and related notes present the results of operations and cash flows of our Predecessor for all periods presented prior to the effective date of each transaction. The financial statements of our Predecessor have been prepared from the separate records maintained by PBF Energy and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Predecessor had been operated as an unaffiliated entity. See the Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) for additional information regarding the Acquisitions from PBF and the commercial agreements and amendments to other agreements with related parties executed in connection with these acquisitions.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, PBFX has included all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations and cash flows of PBFX for the periods presented. The results of operations for the three months endedMarch 31, 2019 are not necessarily indicative of the results that may be expected for the full year.

The Predecessor generally did not historically operate its respective assets for the purpose of generating revenues independent of other PBF Energy businesses prior to PBFX’s IPO or for assets acquired in the Acquisitions from PBF, prior to the effective dates of each transaction, with the exception of the Paulsboro Lube Oil Terminal (as defined in Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements). All intercompany accounts and transactions have been eliminated.

Recently Adopted Accounting Guidance

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2016-02 and these additional ASUs are now codified as Accounting Standards Codification Standard 842 - “Leases” (“ASC 842”). ASC 842 supersedes the lease accounting guidance in Accounting Standards Codification 840 “Leases” (“ASC 840”), and requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Partnership adopted ASC 842 effective January 1, 2019, using a modified retrospective approach. The adoption of ASC 842 resulted in the inclusion of less than $1,000 of operating leases recorded on the Partnership’s balance sheets, with operating lease right of use assets recorded in “Other non-current assets” and operating lease liabilities recorded in “Accounts payable and accrued liabilities” or “Other long-term liabilities” based on the future timing of lease payments. The adoption of ASC 842 did not materially impact the Partnership’s statements of operations or statements of cash flows. The Partnership’s condensed consolidated financial statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Partnership’s historical accounting policy. See Note 2 “Revenue” of the Notes to Condensed Consolidated Financial Statements for additional information about the impact of ASC 842 to the Partnership as a lessor.

In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) to provide updated guidance on goodwill impairment testing. Under ASU 2017-04, goodwill impairment analysis Step 2 would be eliminated. This step required a comparison of the implied fair value and carrying value of goodwill of the reporting unit. Subsequent to the effective date of ASU 2017-04, during the annual, or if applicable, interim goodwill impairment assessment, entities would perform the test by comparing the fair value of the reporting unit with the carrying value of the reporting unit. The impairment charge would be the excess amount of which carrying value is greater than fair value, with the total amount limited to the carrying value of goodwill. ASU 2017-04 is effective for goodwill impairment assessments beginning after December 15, 2019. Early adoption is permitted, and the Partnership adopted the new standard in its condensed consolidated financial statements and related disclosures effective January 1, 2019, which is expected to have an immaterial impact to the Partnership.

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REVENUES

3 Months Ended

Mar. 31, 2019

Revenues [Abstract]

REVENUES

2. REVENUE

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Partnership expects to be entitled to in exchange for those goods or services.

As noted in Note 11 “Segment Information” of the Notes to Condensed Consolidated Financial Statements, the Partnership’s business consists of two reportable segments: (i) Transportation and Terminaling and (ii) Storage.

The following table provides information relating to the Partnership’s revenues for each service category by segment for the periods presented:

	Three Months Ended March 31,
	2019		2018
Transportation and Terminaling Segment
Terminaling	$	32,353	$	27,051
Pipeline	18,627		18,489
Other	14,979		12,131
Total	65,959		57,671
Storage Segment
Storage	12,886		7,069
Total	12,886		7,069
Total Revenue	$	78,845	$	64,740

PBFX recognizes revenue by charging fees for crude oil and refined products terminaling, storing and pipeline services based on the greater of the contractual minimum volume commitment (“MVC”), as applicable, or the delivery of actual volumes transferred or stored based on contractual rates applied to throughput or storage volumes.

Minimum Volume Commitments

Transportation and Terminaling Segment

The Partnership’s Transportation and Terminaling segment consists of product terminals, pipelines, crude unloading facilities and other facilities capable of handling barges and ships. Certain of these commercial agreements contain MVCs. Under these commercial agreements, if the Partnership’s customer fails to transport its minimum throughput volumes during any specified period, the customer will pay the Partnership a deficiency payment equal to the volume of the deficiency multiplied by the contractual rate then in effect. The deficiency payment is initially recorded as deferred revenueon the Partnership’s balance sheets for all contracts in which the MVC deficiency makeup period is contractually longer than a fiscal quarter.

Certain of the Partnership’s customers may apply the amount of any such deficiency payments as a credit for volumes transported on the applicable pipeline or terminal system in excess of its MVC during the following quarters under the terms of the applicable agreement. The Partnership recognizes operating revenues for the deficiency payments when credits are used for volumes transported in excess of MVCs or at the end of the contractual period. If the Partnership determines, based on all available information, that it is remote that the Partnership’s customer will utilize these deficiency payments, the amount of the expected unused credits will be recognized as operating revenues in the period when that determination is made. The use or recognition of the credits is recorded as a reduction to deferred revenue.

Storage Segment

The Partnership earns storage revenue under the crude oil and refined products storage contracts through capacity reservation agreements, where the Partnership collects a fee for reserving storage capacity for customers in its facilities. Customers generally pay reservation fees based on the level of storage capacity reserved rather than the actual volumes stored.

As of March 31, 2019, future fees for MVCs to be received related to noncancelable commercial terminaling, pipeline and storage agreements were as follows:

Remainder of 2019	$	85,525
2020	111,550
2021	111,293
2022	90,038
2023	87,549
Thereafter	173,287
Total MVC payments to be received (1)(2)	$	659,242

(1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded.

(2) Arrangements deemed implicit leases are excluded from this table.

Leases

Lessor Disclosure Following the Adoption of ASC 842

The Partnership has leased certain of its assets under lease agreements with terms generally up to 15 years, including leases of storage, terminaling and pipeline assets. Some leases include options to terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Partnership’s agreements do not generally provide an option for the lessee to purchase the leased equipment at the end of the lease term. However, in connection with the affiliate lease agreement for the interstate natural gas pipeline at the PBF Holding’s Paulsboro Refinery (the “Paulsboro Natural Gas Pipeline”), the Partnership granted a right of first refusal in favor of PBF LLC such that, the Partnership would be required to give PBF Holding the first opportunity to purchase the Paulsboro Natural Gas Pipeline at market value prior to selling to an unrelated third party if PBF Holding refused to purchase it.

At inception, the Partnership determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. As of March 31, 2019, all of the Partnership’s leases have been determined to be operating leases. Some of the Partnership’s lease arrangements contain lease components (e.g., MVCs) and non-lease components (e.g., maintenance, labor charges, etc.). The Partnership accounts for the lease and non-lease components as a single lease component.

Certain of the Partnership’s lease agreements include MVCs that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Partnership’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Partnership expects to derive significant future benefits from its leased assets following the end of the lease term, as the remaining useful life would be sufficient to allow the Partnership to enter into new leases for such assets.

In the normal course of business, the Partnership enters into contracts with PBF Holding and its refineries whereby PBF Holding and its refineries lease certain of the Partnership’s storage, terminaling and pipeline assets. The Partnership believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases range from one to fifteen years. Leases with affiliates represent approximately 93% of the undiscounted future rental income from the Partnership’s leased assets. These lease arrangements accounted for $36,087 and $28,973 of the Partnership’s revenue for the three months endedMarch 31, 2019 and 2018, respectively.

Undiscounted Cash Flows

The table below presents the fixed component of the undiscounted cash flows to be received for each of the first five years and the total remaining years for the Partnership’s operating leases as of March 31, 2019:

Remainder of 2019	$	120,583
2020	160,528
2021	159,415
2022	149,212
2023	147,851
Thereafter	361,562
Total undiscounted future cash to be received	$	1,099,151

Assets Under Lease

The Partnership’s assets subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheet. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of March 31, 2019:

	March 31, 2019
Land	$	98,337
Pipelines	314,784
Terminals and equipment	49,309
Storage facilities	197,974
Construction in progress	4,487
	664,891
Accumulated depreciation	(57,044		)
Net assets under lease	$	607,847

Deferred Revenue

The Partnership records deferred revenues when cash payments are received or due in advance of performance, including amounts which are refundable. Deferred revenue was $2,895 and $2,960 as of March 31, 2019 and December 31, 2018, respectively. The decrease in the deferred revenue balance as of March 31, 2019 is primarily driven by the timing and extent of cash payments received in advance of satisfying the Partnership’s performance obligations for the comparative periods.

The Partnership’s payment terms vary by the type and location of our customer and the services offered. The period between invoicing and when payment is due is not significant (i.e., generally within two months). For certain services and customer types, the Partnership requires payment before the services are performed for the customer.

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ACQUISITIONS

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

Third-Party Acquisitions

Knoxville Terminals Purchase

On April 16, 2018, the Partnership’s wholly-owned subsidiary, PBF Logistics Products Terminals LLC (“PLPT”), completed the purchase of two refined product terminals located in Knoxville, Tennessee (the “Knoxville Terminals Purchase”), which include product tanks, pipeline connections to the Colonial Pipeline Company and Plantation Pipe Line Company pipeline systems and truck loading facilities (the “Knoxville Terminals”) from Cummins Terminals, Inc. (“Cummins”).

The aggregate purchase price for the Knoxville Terminals Purchase was $58,000, excluding working capital. The consideration was financed through a combination of cash on hand and borrowings under the Partnership’s Revolving Credit Facility (as defined in Note 6 “Debt” of the Notes to Condensed Consolidated Financial Statements). The final purchase price and fair value allocation were completed as of December 31, 2018.

PBFX accounted for the Knoxville Terminals Purchase as a business combination under GAAP whereby the Partnership recognizes assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price	$	58,000
Working capital	356
Total consideration	$	58,356

The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date:

	Fair Value Allocation
Prepaids and other current assets	$	356
Property, plant and equipment	45,768
Intangibles*	5,900
Goodwill	6,332
Fair value of net assets acquired	$	58,356

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

The Partnership’s condensed consolidated financial statements for the three months ended March 31, 2019 include the results of operations of the Knoxville Terminals subsequent to the Knoxville Terminals Purchase whereas the same period in 2018 does not include the results of operations of such assets. On an unaudited pro forma basis, the revenues and net income of PBFX assuming the acquisition had occurred on January 1, 2017, for the periods indicated, are shown below. The unaudited pro forma information does not purport to present what PBFX’s actual results would have been had the Knoxville Terminals Purchase occurred on January 1, 2017, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Knoxville Terminals Purchase financing.

	Three Months Ended March 31, 2018
(Unaudited)
Pro forma revenues	$	67,724
Pro forma net income attributable to PBF Logistics LP unitholders:	18,490

East Coast Storage Assets Acquisition

On October 1, 2018, the Partnership closed the purchase of CPI Operations LLC (“CPI”), whose assets include a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets (collectively, the “East Coast Storage Assets”) located on the Delaware River near Paulsboro, New Jersey (the “East Coast Storage Assets Acquisition”), which had been contemplated by an agreement dated as of July 16, 2018 between the Partnership and Crown Point International LLC (“Crown Point”). Additionally, the East Coast Storage Assets Acquisition includes an earn-out provision related to an existing commercial agreement with a third party, based on the results of restarting certain of the acquired idled assets (the “Contingent Consideration”), which are expected to be restarted in the fourth quarter of 2019.

The aggregate purchase price for the East Coast Storage Assets Acquisition was $126,989, including working capital and the Contingent Consideration, which was comprised of an initial payment at closing of $75,000 with a remaining balance of $32,000 payable one year after closing. The residual purchase consideration consists of the Contingent Consideration. The consideration was financed through a combination of cash on hand and borrowings under the Partnership’s Revolving Credit Facility (as defined in Note 6 “Debt” of the Notes to Condensed Consolidated Financial Statements). The fair value allocation is subject to adjustment pending completion of the final purchase valuation, which was in process as of March 31, 2019.

PBFX accounted for the East Coast Storage Assets Acquisition as a business combination under GAAP whereby the Partnership recognizes assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition.

The total purchase consideration and the estimated fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price*	$	105,900
Estimated working capital adjustments	(11		)
Contingent Consideration **	21,100
Total consideration	$	126,989

* Includes $30,900 net present value payable of $32,000 due to Crown Point one year after closing, which is included in “Accounts payable and accrued liabilities” within the Partnership’s condensed consolidated balance sheets.

** Contingent Consideration is included in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets.

The following table summarizes the estimated amounts recognized for assets acquired and liabilities assumed as of the acquisition date:

	Fair Value Allocation
Accounts receivable	$	436
Prepaids and other current assets	1,770
Property, plant and equipment	114,406
Intangibles*	13,300
Accounts payable and accrued liabilities	(2,173		)
Other long-term liabilities	(750		)
Estimated fair value of net assets acquired	$	126,989

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

The East Coast Storage Assets Acquisition includes consideration in the form of the Contingent Consideration. Pursuant to the agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the agreement, over a contractual term of up to three years starting in 2020. The Partnership recorded the Contingent Consideration based on its estimated fair value of $21,100 at the acquisition date, which was recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets.

The Partnership’s condensed consolidated financial statements for the three months ended March 31, 2019 include the results of operations of the East Coast Storage Assets subsequent to the East Coast Storage Assets Acquisition. The same period in 2018 does not include the results of operations of such assets. On an unaudited pro forma basis, the revenues and net income of PBFX assuming the acquisition had occurred on January 1, 2017, for the periods indicated, are shown below. The unaudited pro forma information does not purport to present what PBFX’s actual results would have been had the East Coast Storage Assets Acquisition occurred on January 1, 2017, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the East Coast Storage Assets Acquisition financing.

	Three Months Ended March 31, 2018
(Unaudited)
Pro forma revenues	$	70,548
Pro forma net income attributable to PBF Logistics LP unitholders:	16,200

Acquisitions from PBF

The following Acquisition from PBF was a transaction between affiliate companies. As a result, the acquisition was accounted for as a transfer of assets between entities under common control under GAAP. The assets and liabilities of the Acquisition from PBF were transferred at their historical carrying value.

Development Assets Acquisition

On July 16, 2018, the Partnership entered into four contribution agreements with PBF LLC pursuant to which PBF Energy contributed to PBFX certain of its subsidiaries (the “Development Assets Contribution Agreements”). Pursuant to the Development Assets Contribution Agreements, the Partnership acquired from PBF LLC all of the issued and outstanding limited liability company interests of: Toledo Rail Logistics Company LLC (“TRLC”), whose assets consist of a loading and unloading rail facility located at PBF Holding’s Toledo Refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC (“CLC”), whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at PBF Holding’s Chalmette Refinery; Paulsboro Terminaling Company LLC (“PTC”), whose assets consist of a lube oil terminal facility located at PBF Holding’s Paulsboro Refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC (“DSLC”), whose assets consist of an ethanol storage facility located at PBF Holding’s Delaware City Refinery (the “Delaware Ethanol Storage Facility” and collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”). The acquisition of the Development Assets closed on July 31, 2018 for total consideration of $31,586, consisting of 1,494,134 common units issued to PBF LLC (the “Development Assets Acquisition”).

Acquisition Expenses

PBFX incurred acquisition related costs of $121 and $483 for the three months ended March 31, 2019 and 2018, respectively, primarily consisting of consulting and legal expenses related to pending and non-consummated acquisitions. These costs are included in “General and administrative expenses” within the Partnership’s condensed consolidated statement of operations.

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PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

	March 31, 2019			December 31, 2018
Land	$	115,957		$	115,957
Pipelines	337,536			337,474
Terminals and equipment	277,877			259,441
Storage facilities	215,816			213,937
Construction in progress	7,937			20,439
	955,123			947,248
Accumulated depreciation	(93,506		)	(85,131		)
Property, plant and equipment, net	$	861,617		$	862,117

Depreciation expense was $8,596 and $6,643 for the three months endedMarch 31, 2019 and 2018, respectively.

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GOODWILL AND INTANGIBLES

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES

. INTANGIBLES

The Partnership’s net intangible balance consisted of the following:

	March 31, 2019			December 31, 2018
Customer contracts	$	13,300		$	13,300
Customer relationships	5,900			5,900
	19,200			19,200
Accumulated amortization	(520		)	(395		)
Total intangibles*	$	18,680		$	18,805

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

Amortization expense was $125 and $0 for the three months endedMarch 31, 2019 and 2018, respectively.

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DEBT

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

DEBT

DEBT

Total debt was comprised of the following:

	March 31, 2019			December 31, 2018
2023 Notes	$	525,000		$	525,000
Revolving credit facility (a)(b)	160,000			156,000
Total debt outstanding	685,000			681,000
Unamortized debt issuance costs	(9,903		)	(10,496		)
Unamortized 2023 Notes premium	2,676			2,820
Net carrying value of debt	$	677,773		$	673,324

___________________

(a) PBFX had $4,110 outstanding letters of credit and $335,890 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of March 31, 2019.

(b) During the three months endedMarch 31, 2019, PBFX made repayments of $12,000 and borrowed $16,000 under the Revolving Credit Facility to fund capital expenditures and working capital requirements.

Fair Value Measurement

A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The estimated fair value of the Revolving Credit Facility approximates its carrying value, categorized as a Level 2 measurement, as this borrowing bears interest based upon short-term floating market interest rates. The estimated fair value of the Partnership’s 6.875% Senior Notes due 2023 (the “2023 Notes”), categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 2023 Notes and was approximately $536,938 and $515,336 at March 31, 2019 and December 31, 2018, respectively. The carrying value and fair value of PBFX’s debt, exclusive of unamortized debt issuance costs and unamortized premium on the 2023 Notes, was $685,000 and $696,938 as of March 31, 2019, respectively, and $681,000 and $671,336 as of December 31, 2018, respectively.

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EQUITY

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

EQUITY

EQUITY

PBFX had 25,395,190 common units held by the public outstanding as of March 31, 2019. PBF LLC owns 29,953,631 of PBFX’s common units constituting an aggregate of 54.1% of PBFX’s limited partner interest as of March 31, 2019.

Share Activity

The partnership agreement authorizes PBFX to issue an unlimited number of additional partnership interests for the consideration and on the terms and conditions determined by PBFX’s general partner without the approval of the unitholders. It is possible that PBFX will fund future acquisitions through the issuance of additional common units, subordinated units or other partnership interests.

The following table presents changes in PBFX common units outstanding:

	Three Months Ended March 31,
	2019	2018
Balance at beginning of period	45,348,663	41,900,708
Vesting of phantom units, net of forfeitures	158	—
New units issued	10,000,000	—
Balance at end of period	55,348,821	41,900,708

On February 28, 2019, as a result of the closing of the IDR Restructuring, PBFX’s IDRs held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units.

Additionally, 233,993 of the Partnership’s phantom units issued under the PBFX 2014 Long-Term Incentive Plan (“LTIP”) vested and were converted into common units held by certain directors, officers and current and former employees of our general partner or its affiliates during the year ended December 31, 2018.

Holders of any additional common units PBFX issues will be entitled to share equally with the then-existing common unitholders in PBFX’s distributions of available cash. 

Noncontrolling Interest

PBFX’s wholly-owned subsidiary, PBFX Operating Company LP (“PBF Op Co”), holds a 50% controlling interest in Torrance Valley Pipeline Company LLC (“TVPC”), with the other 50% interest in TVPC held by TVP Holding Company LLC (“TVP Holding”), a subsidiary of PBF Holding. PBFX Op Co is the sole managing member of TVPC. PBFX, through its ownership of PBFX Op Co, consolidates the financial results of TVPC and records a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding.

Equity Activity

The following tables summarize the changes in the carrying amount of the Partnership’s equity during the three months ended March 31, 2019 and 2018:

	Common Units			Noncontrolling Interest			Total Equity
Balance at December 31, 2018	$	23,718		$	169,472		$	193,190
Quarterly distributions to unitholders ($0.5050 per unit)	(28,313		)	—			(28,313		)
Distributions to TVPC members	—			(6,500		)	(6,500		)
Net income attributable to the partners	17,357			4,719			22,076
Unit-based compensation expense	964			—			964
Other	259			—			259
Balance at March 31, 2019	$	13,985		$	167,691		$	181,676

	Net Investment			Common Units			IDR Holder			Noncontrolling Interest			Total Equity
Balance at December 31, 2017	$	10,665		$	(17,544	)	$	2,736		$	171,903		$	167,760
Net loss attributable to the Development Assets	(1,279		)	—			—			—			(1,279		)
Contributions to the Development Assets	1,131			—			—			—			1,131
Quarterly distributions to unitholders (including IDRs) ($0.4850 per unit)	—			(20,618		)	(2,736		)	—			(23,354		)
Distributions to TVPC members	—			—			—			(5,000		)	(5,000		)
Net income attributable to the partners	—			18,276			2,959			4,022			25,257
Unit-based compensation expense	—			834			—			—			834
Other	—			(11		)	—			—			(11		)
Balance at March 31, 2018	$	10,517		$	(19,063	)	$	2,959		$	170,925		$	165,338

Cash Distributions

PBFX’s partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the unitholders and general partner will receive.

During the three months endedMarch 31, 2019, PBFX made a distribution payment as follows:

Related Earnings Period:	Q4 2018
Distribution date	March 14, 2019
Record date	March 1, 2019
Per unit	$	0.5050
To public common unitholders	$	12,825
To PBF LLC	15,126
Total distribution	$	27,951

The allocation of total quarterly distributions to general and limited partners for the three months ended March 31, 2019 and 2018 is shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.5100 and $0.4900 per unit declared for the three months ended March 31, 2019 and 2018, respectively); therefore, the table represents total estimated distributions applicable to the period in which the distributions are earned:

	Three Months Ended March 31,
	2019		2018
IDR - PBF LLC (1)	$	—	$	2,959
Limited partners’ distributions:
Common	31,952		20,847
Total distributions	31,952		23,806
Total cash distributions (2)	$	31,716	$	23,582

(1) Subsequent to the closing of the IDR Restructuring, the IDRs were canceled, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

(2) Excludes phantom unit distributions which are accrued and paid upon vesting.

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NET INCOME PER UNIT

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

NET INCOME PER UNIT

NET INCOME PER UNIT

Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to PBFX’s unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit.

Diluted net income per unit includes the effect of potentially dilutive units of PBFX’s common units that consist of unvested phantom units. There were no anti-dilutive phantom units for the three months endedMarch 31, 2019 and 2018.

In addition to the common units, PBFX has also identified the IDRs (prior to the IDR Restructuring) as participating securities and used the two-class method when calculating the net income per unit applicable to limited partners that is based on the weighted-average number of common units outstanding during the prior period. On February 28, 2019, PBFX closed the IDR Restructuring, which canceled and converted PBFX’s IDRs held by PBF LLC into 10,000,000 newly issued PBFX common units. Subsequently, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

When calculating basic earnings per unit under the two-class method for a master limited partnership, net income for the current reporting period is reduced by the amount of available cash that has been or will be distributed to the limited partners and IDR holder (prior to the IDR Restructuring) for that reporting period. The following table shows the calculation of earnings less distributions:

	Three Months Ended March 31, 2019
	Limited Partner Common Units
Net income attributable to the partners:
Distributions declared	$	31,952
Earnings less distributions	(14,595		)
Net income attributable to the partners	$	17,357
Weighted-average units outstanding - basic	49,151,927
Weighted-average units outstanding - diluted	49,318,133
Net income per limited partner unit - basic	$	0.35
Net income per limited partner unit - diluted	$	0.35

	Three Months Ended March 31, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	20,847		$	2,959	$	23,806
Earnings less distributions	(2,571		)	—		(2,571		)
Net income attributable to the partners	$	18,276		$	2,959	$	21,235
Weighted-average units outstanding - basic	42,129,377
Weighted-average units outstanding - diluted	42,236,092
Net income per limited partner unit - basic	$	0.43
Net income per limited partner unit - diluted	$	0.43

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Certain of PBFX’s assets are collocated with PBF Holding’s Delaware City Refinery, and are located in Delaware’s coastal zone where certain activities are regulated under the Delaware Coastal Zone Act (the “CZA”). Therefore, determinations regarding the CZA that impact the Delaware City Refinery may potentially adversely impact the Partnership’s assets even if the Partnership is not directly involved.

The Delaware City Refinery appealed a Notice of Penalty Assessment and Secretary’s Order issued in March 2017 (the “2017 Secretary’s Order”), including a $150 fine, alleging violation of a 2013 Secretary’s Order authorizing crude oil shipment by barge (the “2013 Secretary’s Order”). The Delaware Department of Natural Resources and Environmental Control’s (“DNREC”) determined that the Delaware City Refinery had violated the 2013 Secretary’s Order by failing to make timely and full disclosure to DNREC about the nature and extent of certain shipments and had misrepresented the number of shipments that went to other facilities. The Notice of Penalty Assessment and 2017 Secretary’s Order conclude that the 2013 Secretary’s Order was violated by the Delaware City Refinery by shipping crude oil from the Partnership’s Delaware City assets to three locations other than PBF Holding’s Paulsboro Refinery, on 15 days in 2014, making a total of 17 separate barge shipments containing approximately 35,700,000 gallons of crude oil in total. On April 28, 2017, the Delaware City Refinery appealed the Notice of Penalty Assessment and 2017 Secretary’s Order. On March 5, 2018, the Notice of Penalty Assessment was settled by DNREC, the Delaware Attorney General and the Delaware City Refinery for $100. The Delaware City Refinery made no admissions with respect to the alleged violations and agreed to request a CZA status decision prior to making crude oil shipments to destinations other than the Paulsboro Refinery. The Delaware City Refinery has paid the penalty. The CZA status decision was submitted to the DNREC and the outstanding appeal was withdrawn as required under the settlement agreement.

On December 28, 2016, DNREC issued a CZA permit (the “Ethanol Permit”) to the Delaware City Refinery allowing the utilization of existing tanks and existing marine loading equipment at their existing facilities to enable denatured ethanol to be loaded from storage tanks to marine vessels and shipped to offsite facilities. On January 13, 2017, the issuance of the Ethanol Permit was appealed by two environmental groups. On February 27, 2017, the Coastal Zone Industrial Board (the “Coastal Zone Board”) held a public hearing and dismissed the appeal, determining that the appellants did not have standing. The appellants filed an appeal of the Coastal Zone Board’s decision with the Delaware Superior Court (the “Superior Court”) on March 30, 2017. On January 19, 2018, the Superior Court rendered an Opinion regarding the decision of the Coastal Zone Board to dismiss the appeal of the Ethanol Permit for the ethanol project. The Judge determined that the record created by the Coastal Zone Board was insufficient for the Superior Court to make a decision, and therefore remanded the case back to the Coastal Zone Board to address the deficiency in the record. Specifically, the Superior Court directed the Coastal Zone Board to address any evidence concerning whether the appellants’ claimed injuries would be affected by the increased quantity of ethanol shipments. On remand, the Coastal Zone Board met on January 28, 2019 and reversed its previous decision on standing, ruling that the appellants have standing to appeal the issuance of the Ethanol Permit. The Delaware City Refinery is currently evaluating its appeal options.

On October 19, 2017, the Delaware City Refinery received approval from DNREC for the construction and operation of the ethanol marketing project to allow for a combined total loading of up to 10,000 barrels per day (“bpd”), on an annual average basis, of ethanol on to marine vessels at the marine piers and the terminal truck loading rack, subject to certain operational and emissions limitations as well as other conditions. On the same date, Delaware City Logistics Company LLC (“DCLC”) received DNREC approval for the construction of (i) four additional loading arms for each of lanes 4, 10 and 11 for purposes of loading ethanol at its truck loading rack and (ii) a vapor vacuum control system for loading lanes connected to the existing vapor recovery unit located at its terminal in Delaware City. This approval is also subject to certain operational and emission limitations as well as other conditions.

Environmental Matters

PBFX’s assets, along with PBF Energy’s refineries, are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the composition of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the Partnership’s assets, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities.

In connection with PBF Holding’s acquisition of the Delaware City Refinery assets, Valero Energy Corporation (“Valero”) remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations.

In connection with its acquisition of the Delaware City Refinery assets and the Paulsboro Refinery, PBF Holding and Valero purchased ten-year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with PBF Holding’s Toledo Refinery acquisition, Sunoco Inc. (R&M) remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations.

In connection with its purchase of the four refined product terminals from Plains All American Pipeline, L.P. (“Plains”), the Partnership is responsible for the environmental remediation costs for conditions that existed on the closing date up to a maximum of $250 per year for ten years, with Plains remaining responsible for any and all additional costs above such amounts during such period. The environmental liability of $1,501 recorded as of March 31, 2019 ($1,570 as of December 31, 2018) represents the present value of expected future costs discounted at a rate of 1.83%. At March 31, 2019, the undiscounted liability is $1,621 and the Partnership expects to make aggregate payments for this liability of $1,250 over the next five years. The current portion of the environmental liability is recorded in “Accounts payable and accrued liabilities” and the non-current portion is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. During the three months ended March 31, 2019, the Partnership notified certain agencies of an oil sheen in the Schuylkill River potentially sourcing from one of our facilities. Clean up was immediately initiated, and oil is no longer being released into the waterway. The source of the oil is currently under investigation. Although full clean-up and remediation costs have not been finalized, it is not expected to be material to the Partnership.

In connection with PBF Holding’s acquisition of the Torrance Refinery and related logistics assets, PBF Holding is responsible for all known and unknown environmental liabilities at each site acquired in connection with the acquisition. The total estimated liability of known environmental obligations associated with the San Joaquin Valley pipeline system, which consists of the M55, M1 and M70 crude pipeline systems including pipeline stations with storage capacity and truck unloading capacity (the “Torrance Valley Pipeline”), was $538 as of March 31, 2019 ($132 as of December 31, 2018). In accordance with the contribution agreement associated with the Partnership’s acquisition of a 50% equity interest in TVPC from PBF LLC (the “TVPC Acquisition”), PBF Holding has indemnified the Partnership for any and all costs associated with environmental remediation for obligations that existed on or before August 31, 2016, including all known or unknown events, which includes the recorded liability of approximately $538. As of March 31, 2019, the Partnership expects to make the full aggregate payment for this liability within the next five years. The current portion of the environmental liability is recorded in “Accounts payable and accrued liabilities” and the non-current portion is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. PBFX has recorded a receivable from PBF Holding in “Accounts receivable - affiliates” within the Partnership’s condensed consolidated balance sheets for such anticipated payments related to the known pre-existing Torrance Valley Pipeline environmental obligations for which PBFX is indemnified.

In connection with the purchase of the Toledo, Ohio refined products terminal assets from Sunoco Logistics Partners L.P. (“Sunoco”) by the Partnership’s wholly-owned subsidiary, PLPT, the Partnership did not assume and is currently not aware of any pre-existing environmental obligations. If pre-acquisition environmental obligations are identified, Sunoco is responsible for any liabilities up to $2,000 identified to have occurred since 2002. For liabilities arising prior to 2002, Sunoco is indemnified by the prior owner under an agreement between Sunoco and the prior owner, and the Partnership is entitled to be reimbursed for all amounts paid related to such liabilities on a full pass-through basis.

In connection with the Knoxville Terminals Purchase, the Partnership did not assume, and is currently not aware of, any pre-existing environmental obligations. Additionally, the Partnership and Cummins purchased a ten-year, $30,000 environmental insurance policy against unknown environmental liabilities. For items not covered by the insurance policy, Cummins remains responsible for pre-acquisition environmental obligations up to $5,800.

In connection with the East Coast Storage Assets Acquisition, the Partnership assumed the pre-existing environmental obligations associated with the East Coast Storage Assets. The total estimated liability of known environmental obligations associated with the East Coast Storage Assets was $885 as of March 31, 2019 ($885 as of December 31, 2018). As of March 31, 2019, the Partnership expects to make aggregate payments for this liability of $430 over the next five years. The current portion of the environmental liability is recorded in “Accounts payable and accrued liabilities” and the non-current portion is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. Additionally, the Partnership and Crown Point purchased a ten-year, $30,000 environmental insurance policy with a retention of not less than $500 against unknown environmental liabilities.

Contingent Consideration

In connection with the East Coast Storage Assets Acquisition, the purchase agreement between the Partnership and Crown Point included the Contingent Consideration. Pursuant to the agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the agreement, over a contractual term of up to three years starting in 2020. The Contingent Consideration was $22,046 as of March 31, 2019 ($21,100 as of December 31, 2018) representing the present value of expected future payments discounted at a blended rate of 8.79% and is recorded in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. At March 31, 2019, the estimated undiscounted liability totaled $27,978, based on the Partnership’s anticipated total annual earn-out payments.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2019

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Agreements with PBF Energy Entities

Commercial Agreements

PBFX currently derives the majority of its revenue from long-term, fee-based agreements with PBF Holding, supported by MVCs as applicable and contractual fee escalations for inflation adjustments and certain increases in operating costs. PBFX believes the terms and conditions under these agreements, as well as the Omnibus Agreement (as defined below) and the Services Agreement (as defined below) each with PBF Holding, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. 

See the 2018 Form 10-K for a more complete description of PBFX’s commercial agreements with PBF Holding, including those identified as leases, which were entered into prior to 2019. The following are commercial agreements entered into between PBFX and PBF Holding during 2019:

Agreements	Initiation Date	Initial Term	Renewals (a)	MVC	Force Majeure
Transportation and Terminaling
Amended and Restated Rail Agreements (b)	5/8/2014	7 years, 8 months	N/A	125,000 bpd	PBFX or PBF Holding can declare
Delaware Pipeline Services Agreement- Magellan Connection	11/1/2016	2 years, 5 months	See note (c)	N/A
Delaware City Terminaling Services Agreement (d)	1/1/2022	4 years	2 x 5	95,000 bpd
Storage
East Coast Storage Assets Terminal Storage Agreement	1/1/2019	8 years	Evergreen	2,953,725 barrels (e)	PBFX or PBF Holding can declare

___________________

(a) PBF Holding has the option to extend the agreements for up to two additional five-year terms, as applicable.

(b) In 2019, the Partnership amended (effective as of January 1, 2019) the existing Amended and Restated Rail Agreements between Delaware City Terminaling Company LLC (“DCTC”) and PBF Holding for the inclusion of services through certain rail infrastructure at the East Coast Storage Assets.

(c) In connection with the inclusion of an additional destination at the Magellan connection under the Delaware Pipeline Services Agreement, Delaware Pipeline Company LLC (“DPC”) and PBF Holding (the “Delaware Pipeline Services Agreement”) agreed to a two-year, five-month MVC (the “Magellan MVC”) under the Delaware Pipeline Services Agreement. The Magellan MVC expired on March 31, 2019.

(d) The Delaware City Terminaling Services Agreement between DCTC and PBF Holding will commence in 2022 subsequent to the expiration of the Amended and Restated Rail Agreements and includes additional services to be provided by PBFX as operator of other rail facilities owned by PBF Holding’s subsidiaries.

(e) Reflects the overall shell capacity as stipulated by the storage agreement. The storage MVC is subject to the effective operating capacity of each tank, which can be impacted by routine tank maintenance and other factors.

Other Agreements

In addition to the commercial agreements described above, PBFX has entered into an omnibus agreement with PBF GP, PBF LLC and PBF Holding, which has been amended and restated in connection with certain of the Acquisitions from PBF (as amended, the “Omnibus Agreement”). This agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees.

Additionally, PBFX has entered into an operation and management services and secondment agreement with PBF Holding and certain of its subsidiaries (as amended, the “Services Agreement”), pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for the Partnership to perform its obligations under its commercial agreements. PBFX reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that the Partnership may terminate any service upon 30-days’ notice.

See the 2018 Form 10-K for a more complete description of the Omnibus Agreement and the Services Agreement.

Summary of Transactions

A summary of revenue and expense transactions with the Partnership’s affiliates, including expenses directly charged and allocated to the Partnership, is as follows:

	Three Months Ended March 31,
	2019		2018
Revenue	$	71,332	$	60,864
Operating and maintenance expenses	2,105		1,674
General and administrative expenses	1,762		1,700

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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Partnership’s operations are comprised of operating segments, which are strategic business units that offer different services in various geographical locations. PBFX has evaluated the performance of each operating segment based on its respective operating income. The operating segments adhere to the accounting polices used for the consolidated financial statements, as described in Note 2 “Summary of Accounting Policies” of the Notes to Consolidated Financial Statements in the 2018 Form 10-K.

The Partnership’s operating segments are organized into two reportable segments, Transportation and Terminaling and Storage. Operations that are not included in either the Transportation and Terminaling or the Storage segments are included in Corporate.

The Partnership’s Transportation and Terminaling segment consists of operating segments that include product terminals, pipelines, crude unloading facilities and other facilities capable of transporting and handling crude oil, refined products and natural gas. The Partnership’s Storage segment consists of operating segments that include storage facilities capable of handling crude oil, refined products and intermediates.

Revenues are generated from third-party transactions as well as commercial agreements entered into with PBF Holding under which the Partnership receives fees for transportation, terminaling and storage of crude oil, refined products and natural gas. The commercial agreements with PBF Holding are described in Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements. The Partnership does not have any foreign operations. Certain general and administrative expenses and interest and financing costs are included in Corporate as they are not directly attributable to a specific reporting segment. Identifiable assets are those used by the operating segments, whereas assets included in Corporate are principally cash, deposits and other assets that are not associated with operations specific to a reporting segment.

	Three Months Ended March 31, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	65,959	$	12,886	$	—		$	78,845
Depreciation and amortization expense	6,901		1,820		—			8,721
Income (loss) from operations	36,551		3,657		(6,010		)	34,198
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		12,122			12,122
Capital expenditures	10,544		676		—			11,220

	Three Months Ended March 31, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	57,671	$	7,069	$	—		$	64,740
Depreciation and amortization expense	5,718		925		—			6,643
Income (loss) from operations	34,226		3,991		(4,291		)	33,926
Interest expense, net and amortization of loan fees and debt premium	—		—		9,948			9,948
Capital expenditures	3,867		86		—			3,953

	Balance at March 31, 2019
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	733,191	$	221,319	$	2,737	$	957,247

	Balance at December 31, 2018
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	731,505	$	219,326	$	5,522	$	956,353

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Cash Distribution

On May 1, 2019, PBF GP’s board of directors announced a cash distribution, based on the results of the first quarter of 2019, of $0.5100 per unit. The distribution is payable on May 30, 2019 to PBFX unitholders of record at the close of business on May 15, 2019.

April Registered Direct Offering

On April 24, 2019, the Partnership entered into subscription agreements to sell an aggregate of 6,585,500 common units to certain institutional investors in a registered direct public offering (the “April Registered Direct Offering”) for gross proceeds of approximately $135,000. The April Registered Direct Offering closed on April 29, 2019.

TVPC Acquisition

On April 24, 2019, the Partnership entered into a Contribution Agreement with PBF LLC pursuant to which PBF LLC will contribute to the Partnership all of the issued and outstanding limited liability interests of TVP Holding for total consideration of $200,000 (the “TVPC Acquisition”). Subsequent to the completion of the transaction, which is expected to close in the second quarter of 2019, the Partnership will own 100% of TVPC.

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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2019

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

DCLC, DPC, DCTC, Toledo Terminaling Company LLC, PLPT, PBFX Op Co, TVPC, Paulsboro Natural Gas Pipeline Company LLC, TRLC, CLC, PTC, DSLC and CPI serve as guarantors of the obligations under the 2023 Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, the Partnership is referred to as “Issuer.” The indenture dated May 12, 2015, as supplemented, among the Partnership, PBF Logistics Finance Corporation (“PBF Logistics Finance”), the guarantors party thereto and Deutsche Bank Trust Company Americas, as Trustee, governs subsidiaries designated as “Guarantor Subsidiaries.” In addition, PBF LLC provides a limited guarantee of collection of the principal amount of the 2023 Notes, but is not otherwise subject to the covenants of the indenture. Refer to PBF LLC’s condensed consolidated financial statements, which are included in its Quarterly Report on Form 10-Q for the period ended March 31, 2019.

The 2023 Notes were co-issued by PBF Logistics Finance. For purposes of the following footnote, PBF Logistics Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations.

The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s investment in its subsidiaries and the Guarantor Subsidiaries’ investment in its subsidiaries are accounted for under the equity method of accounting.

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2019
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	1,457	$	14,989	$	—	$	—		$	16,446
Accounts receivable - affiliates	119		43,812		—		—			43,931
Accounts receivable	365		4,792		—		—			5,157
Prepaids and other current assets	796		3,814		—		—			4,610
Due from related parties	172,765		601,135		—		(773,900		)	—
Total current assets	175,502		668,542		—		(773,900		)	70,144
Property, plant and equipment, net	—		861,617		—		—			861,617
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		19,154		—		—			19,154
Investment in subsidiaries	1,169,668		—		—		(1,169,668		)	—
Total assets	$	1,345,170	$	1,555,645	$	—	$	(1,943,568	)	$	957,247
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	755	$	3,959	$	—	$	—		$	4,714
Accounts payable and accrued liabilities	51,522		14,100		—		—			65,622
Deferred revenue	—		2,895		—		—			2,895
Due to related parties	601,135		172,765		—		(773,900		)	—
Total current liabilities	653,412		193,719		—		(773,900		)	73,231
Long-term debt	677,773		—		—		—			677,773
Other long-term liabilities	—		24,567		—		—			24,567
Total liabilities	1,331,185		218,286		—		(773,900		)	775,571
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,169,668		—		(1,169,668		)	—
Common unitholders	13,985		—		—		—			13,985
Total PBF Logistics LP equity	13,985		1,169,668		—		(1,169,668		)	13,985
Noncontrolling interest	—		167,691		—		—			167,691
Total equity	13,985		1,337,359		—		(1,169,668		)	181,676
Total liabilities and equity	$	1,345,170	$	1,555,645	$	—	$	(1,943,568	)	$	957,247

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2018
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	4,010	$	15,898	$	—	$	—		$	19,908
Accounts receivable - affiliates	9		37,043		—		—			37,052
Accounts receivable	365		7,146		—		—			7,511
Prepaids and other current assets	1,137		3,461		—		—			4,598
Due from related parties	161,613		561,605		—		(723,218		)	—
Total current assets	167,134		625,153		—		(723,218		)	69,069
Property, plant and equipment, net	—		862,117		—		—			862,117
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		18,835		—		—			18,835
Investment in subsidiaries	1,133,775		—		—		(1,133,775		)	—
Total assets	$	1,300,909	$	1,512,437	$	—	$	(1,856,993	)	$	956,353
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	1,239	$	10,808	$	—	$	—		$	12,047
Accounts payable and accrued liabilities	41,023		9,949		—		—			50,972
Deferred revenue	—		2,960		—		—			2,960
Due to related parties	561,605		161,613		—		(723,218		)	—
Total current liabilities	603,867		185,330		—		(723,218		)	65,979
Long-term debt	673,324		—		—		—			673,324
Other long-term liabilities	—		23,860		—		—			23,860
Total liabilities	1,277,191		209,190		—		(723,218		)	763,163
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,133,775		—		(1,133,775		)	—
Common unitholders	23,718		—		—		—			23,718
Total PBF Logistics LP equity	23,718		1,133,775		—		(1,133,775		)	23,718
Noncontrolling interest	—		169,472		—		—			169,472
Total equity	23,718		1,303,247		—		(1,133,775		)	193,190
Total liabilities and equity	$	1,300,909	$	1,512,437	$	—	$	(1,856,993	)	$	956,353

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	71,332		$	—	$	—		$	71,332
Third-party	—			7,513			—		—			7,513
Total revenue	—			78,845			—		—			78,845
Costs and expenses:
Operating and maintenance expenses	—			29,916			—		—			29,916
General and administrative expenses	6,010			—			—		—			6,010
Depreciation and amortization	—			8,721			—		—			8,721
Total costs and expenses	6,010			38,637			—		—			44,647
Income (loss) from operations	(6,010		)	40,208			—		—			34,198
Other income (expense):
Equity in earnings of subsidiaries	39,722			—			—		(39,722		)	—
Interest expense, net	(10,913		)	—			—		—			(10,913		)
Amortization of loan fees and debt premium	(449		)	—			—		—			(449		)
Accretion on discounted liabilities	(274		)	(486		)	—		—			(760		)
Net income	22,076			39,722			—		(39,722		)	22,076
Less: Net income attributable to noncontrolling interest	—			4,719			—		—			4,719
Net income attributable to PBF Logistics LP unitholders	$	22,076		$	35,003		$	—	$	(39,722	)	$	17,357

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	60,864		$	—	$	—		$	60,864
Third-party	—			3,876			—		—			3,876
Total revenue	—			64,740			—		—			64,740
Costs and expenses:
Operating and maintenance expenses	—			19,880			—		—			19,880
General and administrative expenses	4,291			—			—		—			4,291
Depreciation and amortization	—			6,643			—		—			6,643
Total costs and expenses	4,291			26,523			—		—			30,814
Income (loss) from operations	(4,291		)	38,217			—		—			33,926
Other income (expense):
Equity in earnings of subsidiaries	38,217			—			—		(38,217		)	—
Interest expense, net	(9,585		)	—			—		—			(9,585		)
Amortization of loan fees and debt premium	(363		)	—			—		—			(363		)
Net income	23,978			38,217			—		(38,217		)	23,978
Less: Net loss attributable to Predecessor	—			(1,279		)	—		—			(1,279		)
Less: Net income attributable to noncontrolling interest	—			4,022			—		—			4,022
Net income attributable to the partners	23,978			35,474			—		(38,217		)	21,235
Less: Net income attributable to the IDR holder	2,959			—			—		—			2,959
Net income attributable to PBF Logistics LP unitholders	$	21,019		$	35,474		$	—	$	(38,217	)	$	18,276

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	22,076		$	39,722		$	—	$	(39,722	)	$	22,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			8,721			—		—			8,721
Amortization of loan fees and debt premium	449			—			—		—			449
Accretion on discounted liabilities	274			486			—		—			760
Unit-based compensation expense	964			—			—		—			964
Equity in earnings of subsidiaries	(39,722		)	—			—		39,722			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(110		)	(6,769		)	—		—			(6,879		)
Accounts receivable	—			2,354			—		—			2,354
Prepaids and other current assets	341			(353		)	—		—			(12		)
Accounts payable - affiliates	(484		)	(2,901		)	—		—			(3,385		)
Accounts payable and accrued liabilities	9,863			3,439			—		—			13,302
Amounts due to (from) related parties	28,378			(28,378		)	—		—			—
Deferred revenue	—			(65		)	—		—			(65		)
Other assets and liabilities	—			(76		)	—		—			(76		)
Net cash provided by operating activities	22,029			16,180			—		—			38,209
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(11,220		)	—		—			(11,220		)
Investment in subsidiaries	(631		)	—			—		631			—
Net cash used in investing activities	$	(631	)	$	(11,220	)	$	—	$	631		$	(11,220	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Distributions to unitholders	$	(27,951	)	$	—		$	—	$	—		$	(27,951	)
Distributions to TVPC members	—			(6,500		)	—		—			(6,500		)
Contribution from parent	—			631			—		(631		)	—
Proceeds from revolving credit facility	16,000			—			—		—			16,000
Repayment of revolving credit facility	(12,000		)	—			—		—			(12,000		)
Net cash used in financing activities	(23,951		)	(5,869		)	—		(631		)	(30,451		)
Net change in cash and cash equivalents	(2,553		)	(909		)	—		—			(3,462		)
Cash and cash equivalents at beginning of year	4,010			15,898			—		—			19,908
Cash and cash equivalents at end of period	$	1,457		$	14,989		$	—	$	—		$	16,446

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	23,978		$	38,217		$	—	$	(38,217	)	$	23,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			6,643			—		—			6,643
Amortization of loan fees and debt premium	363			—			—		—			363
Unit-based compensation expense	834			—			—		—			834
Equity in earnings of subsidiaries	(38,217		)	—			—		38,217			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(23		)	8,359			—		—			8,336
Accounts receivable	—			115			—		—			115
Prepaids and other current assets	30			(628		)	—		—			(598		)
Accounts payable - affiliates	(1,470		)	(1,514		)	—		—			(2,984		)
Accounts payable and accrued liabilities	10,172			(3,264		)	—		—			6,908
Amounts due to (from) related parties	29,243			(29,243		)	—		—			—
Deferred revenue	—			(595		)	—		—			(595		)
Other assets and liabilities	—			(75		)	—		—			(75		)
Net cash provided by operating activities	24,910			18,015			—		—			42,925
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(3,953		)	—		—			(3,953		)
Investment in subsidiaries	(462		)	—			—		462			—
Net cash used in investing activities	$	(462	)	$	(3,953	)	$	—	$	462		$	(3,953	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Distributions to unitholders	$	(23,058	)	$	—		$	—	$	—		$	(23,058	)
Distributions to TVPC members	—			(5,000		)	—		—			(5,000		)
Contribution from parent	—			1,593			—		(462		)	1,131
Repayment of revolving credit facility	(9,700		)	—			—		—			(9,700		)
Net cash used in financing activities	(32,758		)	(3,407		)	—		(462		)	(36,627		)
Net change in cash and cash equivalents	(8,310		)	10,655			—		—			2,345
Cash and cash equivalents at beginning of year	10,909			8,755			—		—			19,664
Cash and cash equivalents at end of period	$	2,599		$	19,410		$	—	$	—		$	22,009

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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2016-02 and these additional ASUs are now codified as Accounting Standards Codification Standard 842 - “Leases” (“ASC 842”). ASC 842 supersedes the lease accounting guidance in Accounting Standards Codification 840 “Leases” (“ASC 840”), and requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Partnership adopted ASC 842 effective January 1, 2019, using a modified retrospective approach. The adoption of ASC 842 resulted in the inclusion of less than $1,000 of operating leases recorded on the Partnership’s balance sheets, with operating lease right of use assets recorded in “Other non-current assets” and operating lease liabilities recorded in “Accounts payable and accrued liabilities” or “Other long-term liabilities” based on the future timing of lease payments. The adoption of ASC 842 did not materially impact the Partnership’s statements of operations or statements of cash flows. The Partnership’s condensed consolidated financial statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Partnership’s historical accounting policy. See Note 2 “Revenue” of the Notes to Condensed Consolidated Financial Statements for additional information about the impact of ASC 842 to the Partnership as a lessor.

In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) to provide updated guidance on goodwill impairment testing. Under ASU 2017-04, goodwill impairment analysis Step 2 would be eliminated. This step required a comparison of the implied fair value and carrying value of goodwill of the reporting unit. Subsequent to the effective date of ASU 2017-04, during the annual, or if applicable, interim goodwill impairment assessment, entities would perform the test by comparing the fair value of the reporting unit with the carrying value of the reporting unit. The impairment charge would be the excess amount of which carrying value is greater than fair value, with the total amount limited to the carrying value of goodwill. ASU 2017-04 is effective for goodwill impairment assessments beginning after December 15, 2019. Early adoption is permitted, and the Partnership adopted the new standard in its condensed consolidated financial statements and related disclosures effective January 1, 2019, which is expected to have an immaterial impact to the Partnership.

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REVENUES (Tables)

3 Months Ended

Mar. 31, 2019

Revenues [Abstract]

Revenue from External Customers by Products and Services [Table Text Block]

	Three Months Ended March 31,
	2019		2018
Transportation and Terminaling Segment
Terminaling	$	32,353	$	27,051
Pipeline	18,627		18,489
Other	14,979		12,131
Total	65,959		57,671
Storage Segment
Storage	12,886		7,069
Total	12,886		7,069
Total Revenue	$	78,845	$	64,740

Schedule of Future Minimum Volume Commitments to be received [Table Text Block]

Remainder of 2019	$	85,525
2020	111,550
2021	111,293
2022	90,038
2023	87,549
Thereafter	173,287
Total MVC payments to be received (1)(2)	$	659,242

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

The table below presents the fixed component of the undiscounted cash flows to be received for each of the first five years and the total remaining years for the Partnership’s operating leases as of March 31, 2019:

Remainder of 2019	$	120,583
2020	160,528
2021	159,415
2022	149,212
2023	147,851
Thereafter	361,562
Total undiscounted future cash to be received	$	1,099,151

Assets Under Lease [Table Text Block]

The Partnership’s assets subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheet. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of March 31, 2019:

	March 31, 2019
Land	$	98,337
Pipelines	314,784
Terminals and equipment	49,309
Storage facilities	197,974
Construction in progress	4,487
	664,891
Accumulated depreciation	(57,044		)
Net assets under lease	$	607,847

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ACQUISITIONS Business Acquisition (Tables)

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price	$	58,000
Working capital	356
Total consideration	$	58,356

The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date:

	Fair Value Allocation
Prepaids and other current assets	$	356
Property, plant and equipment	45,768
Intangibles*	5,900
Goodwill	6,332
Fair value of net assets acquired	$	58,356

* Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

Business Acquisition, Pro Forma Information [Table Text Block]

The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the East Coast Storage Assets Acquisition financing.

	Three Months Ended March 31, 2018
(Unaudited)
Pro forma revenues	$	70,548
Pro forma net income attributable to PBF Logistics LP unitholders:	16,200

The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Knoxville Terminals Purchase financing.

	Three Months Ended March 31, 2018
(Unaudited)
Pro forma revenues	$	67,724
Pro forma net income attributable to PBF Logistics LP unitholders:	18,490

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PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

Property, plant and equipment, net consisted of the following:

	March 31, 2019			December 31, 2018
Land	$	115,957		$	115,957
Pipelines	337,536			337,474
Terminals and equipment	277,877			259,441
Storage facilities	215,816			213,937
Construction in progress	7,937			20,439
	955,123			947,248
Accumulated depreciation	(93,506		)	(85,131		)
Property, plant and equipment, net	$	861,617		$	862,117

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GOODWILL AND INTANGIBLES (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	March 31, 2019			December 31, 2018
Customer contracts	$	13,300		$	13,300
Customer relationships	5,900			5,900
	19,200			19,200
Accumulated amortization	(520		)	(395		)
Total intangibles*	$	18,680		$	18,805

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DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt

Total debt was comprised of the following:

	March 31, 2019			December 31, 2018
2023 Notes	$	525,000		$	525,000
Revolving credit facility (a)(b)	160,000			156,000
Total debt outstanding	685,000			681,000
Unamortized debt issuance costs	(9,903		)	(10,496		)
Unamortized 2023 Notes premium	2,676			2,820
Net carrying value of debt	$	677,773		$	673,324

___________________

(a) PBFX had $4,110 outstanding letters of credit and $335,890 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of March 31, 2019.

(b) During the three months endedMarch 31, 2019, PBFX made repayments of $12,000 and borrowed $16,000 under the Revolving Credit Facility to fund capital expenditures and working capital requirements.

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EQUITY (Tables)

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Equity [Abstract]

Schedule of Stock by Class [Table Text Block]

	Three Months Ended March 31,
	2019	2018
Balance at beginning of period	45,348,663	41,900,708
Vesting of phantom units, net of forfeitures	158	—
New units issued	10,000,000	—
Balance at end of period	55,348,821	41,900,708

Schedule of Stockholders Equity

	Common Units			Noncontrolling Interest			Total Equity
Balance at December 31, 2018	$	23,718		$	169,472		$	193,190
Quarterly distributions to unitholders ($0.5050 per unit)	(28,313		)	—			(28,313		)
Distributions to TVPC members	—			(6,500		)	(6,500		)
Net income attributable to the partners	17,357			4,719			22,076
Unit-based compensation expense	964			—			964
Other	259			—			259
Balance at March 31, 2019	$	13,985		$	167,691		$	181,676

	Net Investment			Common Units			IDR Holder			Noncontrolling Interest			Total Equity
Balance at December 31, 2017	$	10,665		$	(17,544	)	$	2,736		$	171,903		$	167,760
Net loss attributable to the Development Assets	(1,279		)	—			—			—			(1,279		)
Contributions to the Development Assets	1,131			—			—			—			1,131
Quarterly distributions to unitholders (including IDRs) ($0.4850 per unit)	—			(20,618		)	(2,736		)	—			(23,354		)
Distributions to TVPC members	—			—			—			(5,000		)	(5,000		)
Net income attributable to the partners	—			18,276			2,959			4,022			25,257
Unit-based compensation expense	—			834			—			—			834
Other	—			(11		)	—			—			(11		)
Balance at March 31, 2018	$	10,517		$	(19,063	)	$	2,959		$	170,925		$	165,338

Distributions Made to Unitholders

The allocation of total quarterly distributions to general and limited partners for the three months ended March 31, 2019 and 2018 is shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.5100 and $0.4900 per unit declared for the three months ended March 31, 2019 and 2018, respectively); therefore, the table represents total estimated distributions applicable to the period in which the distributions are earned:

	Three Months Ended March 31,
	2019		2018
IDR - PBF LLC (1)	$	—	$	2,959
Limited partners’ distributions:
Common	31,952		20,847
Total distributions	31,952		23,806
Total cash distributions (2)	$	31,716	$	23,582

(1) Subsequent to the closing of the IDR Restructuring, the IDRs were canceled, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions.

(2) Excludes phantom unit distributions which are accrued and paid upon vesting.

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NET INCOME PER UNIT (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Summary of calculation of net income per unit

The following table shows the calculation of earnings less distributions:

	Three Months Ended March 31, 2019
	Limited Partner Common Units
Net income attributable to the partners:
Distributions declared	$	31,952
Earnings less distributions	(14,595		)
Net income attributable to the partners	$	17,357
Weighted-average units outstanding - basic	49,151,927
Weighted-average units outstanding - diluted	49,318,133
Net income per limited partner unit - basic	$	0.35
Net income per limited partner unit - diluted	$	0.35

	Three Months Ended March 31, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	20,847		$	2,959	$	23,806
Earnings less distributions	(2,571		)	—		(2,571		)
Net income attributable to the partners	$	18,276		$	2,959	$	21,235
Weighted-average units outstanding - basic	42,129,377
Weighted-average units outstanding - diluted	42,236,092
Net income per limited partner unit - basic	$	0.43
Net income per limited partner unit - diluted	$	0.43

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RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2019

Related Party Transactions [Abstract]

Schedule of related party transactions

	Three Months Ended March 31,
	2019		2018
Revenue	$	71,332	$	60,864
Operating and maintenance expenses	2,105		1,674
General and administrative expenses	1,762		1,700

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SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of segment reporting

	Three Months Ended March 31, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	65,959	$	12,886	$	—		$	78,845
Depreciation and amortization expense	6,901		1,820		—			8,721
Income (loss) from operations	36,551		3,657		(6,010		)	34,198
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		12,122			12,122
Capital expenditures	10,544		676		—			11,220

	Three Months Ended March 31, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	57,671	$	7,069	$	—		$	64,740
Depreciation and amortization expense	5,718		925		—			6,643
Income (loss) from operations	34,226		3,991		(4,291		)	33,926
Interest expense, net and amortization of loan fees and debt premium	—		—		9,948			9,948
Capital expenditures	3,867		86		—			3,953

	Balance at March 31, 2019
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	733,191	$	221,319	$	2,737	$	957,247

	Balance at December 31, 2018
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	731,505	$	219,326	$	5,522	$	956,353

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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2019

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]

Condensed Balance Sheet

	March 31, 2019
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	1,457	$	14,989	$	—	$	—		$	16,446
Accounts receivable - affiliates	119		43,812		—		—			43,931
Accounts receivable	365		4,792		—		—			5,157
Prepaids and other current assets	796		3,814		—		—			4,610
Due from related parties	172,765		601,135		—		(773,900		)	—
Total current assets	175,502		668,542		—		(773,900		)	70,144
Property, plant and equipment, net	—		861,617		—		—			861,617
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		19,154		—		—			19,154
Investment in subsidiaries	1,169,668		—		—		(1,169,668		)	—
Total assets	$	1,345,170	$	1,555,645	$	—	$	(1,943,568	)	$	957,247
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	755	$	3,959	$	—	$	—		$	4,714
Accounts payable and accrued liabilities	51,522		14,100		—		—			65,622
Deferred revenue	—		2,895		—		—			2,895
Due to related parties	601,135		172,765		—		(773,900		)	—
Total current liabilities	653,412		193,719		—		(773,900		)	73,231
Long-term debt	677,773		—		—		—			677,773
Other long-term liabilities	—		24,567		—		—			24,567
Total liabilities	1,331,185		218,286		—		(773,900		)	775,571
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,169,668		—		(1,169,668		)	—
Common unitholders	13,985		—		—		—			13,985
Total PBF Logistics LP equity	13,985		1,169,668		—		(1,169,668		)	13,985
Noncontrolling interest	—		167,691		—		—			167,691
Total equity	13,985		1,337,359		—		(1,169,668		)	181,676
Total liabilities and equity	$	1,345,170	$	1,555,645	$	—	$	(1,943,568	)	$	957,247

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2018
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	4,010	$	15,898	$	—	$	—		$	19,908
Accounts receivable - affiliates	9		37,043		—		—			37,052
Accounts receivable	365		7,146		—		—			7,511
Prepaids and other current assets	1,137		3,461		—		—			4,598
Due from related parties	161,613		561,605		—		(723,218		)	—
Total current assets	167,134		625,153		—		(723,218		)	69,069
Property, plant and equipment, net	—		862,117		—		—			862,117
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		18,835		—		—			18,835
Investment in subsidiaries	1,133,775		—		—		(1,133,775		)	—
Total assets	$	1,300,909	$	1,512,437	$	—	$	(1,856,993	)	$	956,353
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	1,239	$	10,808	$	—	$	—		$	12,047
Accounts payable and accrued liabilities	41,023		9,949		—		—			50,972
Deferred revenue	—		2,960		—		—			2,960
Due to related parties	561,605		161,613		—		(723,218		)	—
Total current liabilities	603,867		185,330		—		(723,218		)	65,979
Long-term debt	673,324		—		—		—			673,324
Other long-term liabilities	—		23,860		—		—			23,860
Total liabilities	1,277,191		209,190		—		(723,218		)	763,163
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,133,775		—		(1,133,775		)	—
Common unitholders	23,718		—		—		—			23,718
Total PBF Logistics LP equity	23,718		1,133,775		—		(1,133,775		)	23,718
Noncontrolling interest	—		169,472		—		—			169,472
Total equity	23,718		1,303,247		—		(1,133,775		)	193,190
Total liabilities and equity	$	1,300,909	$	1,512,437	$	—	$	(1,856,993	)	$	956,353

Condensed Statement of Operations

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	71,332		$	—	$	—		$	71,332
Third-party	—			7,513			—		—			7,513
Total revenue	—			78,845			—		—			78,845
Costs and expenses:
Operating and maintenance expenses	—			29,916			—		—			29,916
General and administrative expenses	6,010			—			—		—			6,010
Depreciation and amortization	—			8,721			—		—			8,721
Total costs and expenses	6,010			38,637			—		—			44,647
Income (loss) from operations	(6,010		)	40,208			—		—			34,198
Other income (expense):
Equity in earnings of subsidiaries	39,722			—			—		(39,722		)	—
Interest expense, net	(10,913		)	—			—		—			(10,913		)
Amortization of loan fees and debt premium	(449		)	—			—		—			(449		)
Accretion on discounted liabilities	(274		)	(486		)	—		—			(760		)
Net income	22,076			39,722			—		(39,722		)	22,076
Less: Net income attributable to noncontrolling interest	—			4,719			—		—			4,719
Net income attributable to PBF Logistics LP unitholders	$	22,076		$	35,003		$	—	$	(39,722	)	$	17,357

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	60,864		$	—	$	—		$	60,864
Third-party	—			3,876			—		—			3,876
Total revenue	—			64,740			—		—			64,740
Costs and expenses:
Operating and maintenance expenses	—			19,880			—		—			19,880
General and administrative expenses	4,291			—			—		—			4,291
Depreciation and amortization	—			6,643			—		—			6,643
Total costs and expenses	4,291			26,523			—		—			30,814
Income (loss) from operations	(4,291		)	38,217			—		—			33,926
Other income (expense):
Equity in earnings of subsidiaries	38,217			—			—		(38,217		)	—
Interest expense, net	(9,585		)	—			—		—			(9,585		)
Amortization of loan fees and debt premium	(363		)	—			—		—			(363		)
Net income	23,978			38,217			—		(38,217		)	23,978
Less: Net loss attributable to Predecessor	—			(1,279		)	—		—			(1,279		)
Less: Net income attributable to noncontrolling interest	—			4,022			—		—			4,022
Net income attributable to the partners	23,978			35,474			—		(38,217		)	21,235
Less: Net income attributable to the IDR holder	2,959			—			—		—			2,959
Net income attributable to PBF Logistics LP unitholders	$	21,019		$	35,474		$	—	$	(38,217	)	$	18,276

Condensed Cash Flow Statement

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	22,076		$	39,722		$	—	$	(39,722	)	$	22,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			8,721			—		—			8,721
Amortization of loan fees and debt premium	449			—			—		—			449
Accretion on discounted liabilities	274			486			—		—			760
Unit-based compensation expense	964			—			—		—			964
Equity in earnings of subsidiaries	(39,722		)	—			—		39,722			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(110		)	(6,769		)	—		—			(6,879		)
Accounts receivable	—			2,354			—		—			2,354
Prepaids and other current assets	341			(353		)	—		—			(12		)
Accounts payable - affiliates	(484		)	(2,901		)	—		—			(3,385		)
Accounts payable and accrued liabilities	9,863			3,439			—		—			13,302
Amounts due to (from) related parties	28,378			(28,378		)	—		—			—
Deferred revenue	—			(65		)	—		—			(65		)
Other assets and liabilities	—			(76		)	—		—			(76		)
Net cash provided by operating activities	22,029			16,180			—		—			38,209
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(11,220		)	—		—			(11,220		)
Investment in subsidiaries	(631		)	—			—		631			—
Net cash used in investing activities	$	(631	)	$	(11,220	)	$	—	$	631		$	(11,220	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

	Three Months Ended March 31, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Distributions to unitholders	$	(27,951	)	$	—		$	—	$	—		$	(27,951	)
Distributions to TVPC members	—			(6,500		)	—		—			(6,500		)
Contribution from parent	—			631			—		(631		)	—
Proceeds from revolving credit facility	16,000			—			—		—			16,000
Repayment of revolving credit facility	(12,000		)	—			—		—			(12,000		)
Net cash used in financing activities	(23,951		)	(5,869		)	—		(631		)	(30,451		)
Net change in cash and cash equivalents	(2,553		)	(909		)	—		—			(3,462		)
Cash and cash equivalents at beginning of year	4,010			15,898			—		—			19,908
Cash and cash equivalents at end of period	$	1,457		$	14,989		$	—	$	—		$	16,446

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	23,978		$	38,217		$	—	$	(38,217	)	$	23,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			6,643			—		—			6,643
Amortization of loan fees and debt premium	363			—			—		—			363
Unit-based compensation expense	834			—			—		—			834
Equity in earnings of subsidiaries	(38,217		)	—			—		38,217			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(23		)	8,359			—		—			8,336
Accounts receivable	—			115			—		—			115
Prepaids and other current assets	30			(628		)	—		—			(598		)
Accounts payable - affiliates	(1,470		)	(1,514		)	—		—			(2,984		)
Accounts payable and accrued liabilities	10,172			(3,264		)	—		—			6,908
Amounts due to (from) related parties	29,243			(29,243		)	—		—			—
Deferred revenue	—			(595		)	—		—			(595		)
Other assets and liabilities	—			(75		)	—		—			(75		)
Net cash provided by operating activities	24,910			18,015			—		—			42,925
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(3,953		)	—		—			(3,953		)
Investment in subsidiaries	(462		)	—			—		462			—
Net cash used in investing activities	$	(462	)	$	(3,953	)	$	—	$	462		$	(3,953	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Distributions to unitholders	$	(23,058	)	$	—		$	—	$	—		$	(23,058	)
Distributions to TVPC members	—			(5,000		)	—		—			(5,000		)
Contribution from parent	—			1,593			—		(462		)	1,131
Repayment of revolving credit facility	(9,700		)	—			—		—			(9,700		)
Net cash used in financing activities	(32,758		)	(3,407		)	—		(462		)	(36,627		)
Net change in cash and cash equivalents	(8,310		)	10,655			—		—			2,345
Cash and cash equivalents at beginning of year	10,909			8,755			—		—			19,664
Cash and cash equivalents at end of period	$	2,599		$	19,410		$	—	$	—		$	22,009

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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Limited Partners' Capital Account [Line Items]
Operating Lease, Right-of-Use Asset		$ 1,000
PBF Energy [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Percentage of total economic interest	99.00%
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage	54.10%
Limited Partner, Public [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage	45.90%
Common Units [Member] | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Units owned	29,953,631
IDR Restructuring [Member]
Limited Partners' Capital Account [Line Items]
IDR Restructuring Costs	$ 2,032

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REVENUES (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Number of Operating Segments | segment		2
Lease term (up to)		15 years
Total revenue		$ 78,845	$ 64,740
Contract Receivable, Due in Next Twelve Months		85,525
Contract Receivable, Due in Year Two		111,550
Contract Receivable, Due in Year Three		111,293
Contract Receivable, Due in Year Four		90,038
Contract Receivable, Due in Year Five		87,549
Contract Receivable, Due after Year Five		173,287
Contract Receivable	[1],[2]	$ 659,242
Percentage of Total Undiscounted Future Rental Income from Leased Assets Represented by Affiliated Leases		93.00%
Operating Leases, Income Statement, Lease Revenue		$ 36,087	28,973
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year		120,583
Lessor, Operating Lease, Payments to be Received, Two Years		160,528
Lessor, Operating Lease, Payments to be Received, Three Years		159,415
Lessor, Operating Lease, Payments to be Received, Four Years		149,212
Lessor, Operating Lease, Payments to be Received, Five Years		147,851
Lessor, Operating Lease, Payments to be Received, Thereafter		361,562
Lessor, Operating Lease, Payments to be Received		1,099,151
Gross PP&E Assets Under Lease		955,123		$ 947,248
Accumulated Depreciation, Assets Under Lease		(93,506)		(85,131)
Net PP&E Assets Under Lease		861,617		862,117
Deferred revenue		2,895		2,960
Transportation And Terminaling Segment [Member]
Total revenue		65,959	57,671
Storage Segment [Member]
Total revenue		12,886	7,069
Terminaling Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue		32,353	27,051
Pipeline Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue		18,627	18,489
Other Services [Member] | Transportation And Terminaling Segment [Member]
Total revenue		14,979	12,131
Storage Service [Member] | Storage Segment [Member]
Total revenue		12,886	$ 7,069
Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		664,891
Accumulated Depreciation, Assets Under Lease		(57,044)
Net PP&E Assets Under Lease		607,847
Land [Member]
Gross PP&E Assets Under Lease		115,957		115,957
Land [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		98,337
Pipelines [Member]
Gross PP&E Assets Under Lease		337,536		337,474
Pipelines [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		314,784
Terminals and equipment [Member]
Gross PP&E Assets Under Lease		277,877		259,441
Terminals and equipment [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		49,309
Storage facilities [Member]
Gross PP&E Assets Under Lease		215,816		213,937
Storage facilities [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		197,974
Construction in progress [Member]
Gross PP&E Assets Under Lease		7,937		$ 20,439
Construction in progress [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		$ 4,487

[1] (1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded.

[2] (2) Arrangements deemed implicit leases are excluded from this table.

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ACQUISITIONS (Details) $ in Thousands						3 Months Ended
	Oct. 01, 2019 USD ($)	Apr. 24, 2019 USD ($) shares	Oct. 01, 2018 USD ($)	Jul. 31, 2018 USD ($) shares	Apr. 16, 2018 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues						$ 215,300	$ 0
Acquisition related costs						121	$ 483
Knoxville Terminals Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred					$ 58,356
Payments to Acquire Property, Plant, and Equipment					$ 58,000
Number Of Refined Product Terminals Acquired					2
East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			$ 126,989
Payments to Acquire Property, Plant, and Equipment			75,000
Other Payments to Acquire Businesses			$ 30,900
Term of Agreement			3 years
Business Combination, Contingent Consideration, Liability			$ 21,100			22,046		$ 21,100
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High						$ 27,978
Subsequent Event [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues		$ 135,000
Stock Issued During Period, Shares, New Issues | shares		6,585,500
Subsequent Event [Member] | East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Other Payments to Acquire Businesses	$ 32,000
Development Assets Acquisition [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues				$ 31,586
Stock Issued During Period, Shares, New Issues | shares				1,494,134

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ACQUISITIONS - Consideration (Details) - USD ($) $ in Thousands							3 Months Ended
		Oct. 01, 2019	Apr. 24, 2019	Oct. 01, 2018	Jul. 31, 2018	Apr. 16, 2018	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues							$ 215,300	$ 0
East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Initial Estimate	[1]			$ 105,900
Payments to Acquire Property, Plant, and Equipment				75,000
Business Combination, Consideration Transferred				126,989
Business Combination, Consideration Transferred, Working Capital Adjustments				(11)
Payment for Contingent Consideration Liability, Investing Activities				21,100
Other Payments to Acquire Businesses				$ 30,900
Knoxville Terminals Purchase [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross						$ 58,000
Payments to Acquire Property, Plant, and Equipment						58,000
Business Combination, Estimated Inventory And Working Capital Acquire						356
Business Combination, Consideration Transferred						$ 58,356
Development Assets Acquisition [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues					$ 31,586
Shares, Issued					1,494,134
Subsequent Event [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues			$ 135,000
Shares, Issued			6,585,500
Subsequent Event [Member] | East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Other Payments to Acquire Businesses		$ 32,000

[1] * Includes $30,900 net present value payable of $32,000 due to Crown Point one year after closing, which is included in “Accounts payable and accrued liabilities” within the Partnership’s condensed consolidated balance sheets

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ACQUISITIONS - Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands		Oct. 01, 2018	Apr. 16, 2018	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill				$ 6,332	$ 6,332
East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		$ 436
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets		1,770
Payments to Acquire Property, Plant, and Equipment		75,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		114,406
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		126,989
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[1]	13,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		(2,173)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other		$ (750)
Knoxville Terminals Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			$ 356
Payments to Acquire Property, Plant, and Equipment			58,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			45,768
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	[1]		5,900
Goodwill			6,332
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			$ 58,356

[1] * Intangibles are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

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ACQUISITIONS - Pro Forma (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$ 70,548
Pro forma net income available per limited partner units:
Business Acquisition, Pro Forma Net Income (Loss)	16,200
Knoxville Terminals Purchase [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	67,724
Pro forma net income available per limited partner units:
Business Acquisition, Pro Forma Net Income (Loss)	$ 18,490

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PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 955,123		$ 947,248
Accumulated depreciation	(93,506)		(85,131)
Property, plant and equipment, net	861,617		862,117
Depreciation	(8,596)	$ (6,643)
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	115,957		115,957
Pipelines [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	337,536		337,474
Terminals and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	277,877		259,441
Storage facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	215,816		213,937
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,937		$ 20,439

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GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 19,200		$ 19,200
Finite-Lived Intangible Assets, Accumulated Amortization	(520)		(395)
Intangible Assets, Net (Excluding Goodwill)	18,680		18,805
Amortization of Intangible Assets	125	$ 0
Customer Contracts [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	13,300		13,300
Customer Relationships [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,900		$ 5,900

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DEBT - Outstanding amounts (Details) - USD ($)	Mar. 31, 2019		Dec. 31, 2018	Jul. 30, 2018
Debt Instrument [Line Items]
Total debt outstanding	$ 685,000,000		$ 681,000,000
Unamortized debt issuance costs	9,903,000		10,496,000
Unamortized 2023 Notes premium	2,676,000		2,820,000
Net carrying value of debt	$ 677,773,000		673,324,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Total debt outstanding	$ 525,000,000		525,000,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Total debt outstanding	160,000,000	[1]	$ 156,000,000
Line of credit, outstanding	4,110,000
Remaining borrowing capacity	$ 335,890,000
Maximum borrowing capacity				$ 500,000,000

[1] PBFX had $4,110 outstanding letters of credit and $335,890 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of March 31, 2019.

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DEBT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018	Dec. 31, 2018	Jul. 30, 2018
Debt Instrument [Line Items]
Repayment of revolving credit facility	$ 12,000,000		$ 9,700,000
Proceeds from revolving credit facility	16,000,000		$ 0
Debt Instrument, Fair Value Disclosure	696,938,000			$ 671,336,000
Total debt outstanding	685,000,000			681,000,000
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	536,938,000			515,336,000
Senior Secured Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 500,000,000
Line of credit, outstanding	4,110,000
Line of Credit Facility, Remaining Borrowing Capacity	335,890,000
Total debt outstanding	$ 160,000,000	[1]		$ 156,000,000

[1] PBFX had $4,110 outstanding letters of credit and $335,890 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of March 31, 2019.

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EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 01, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Capital Unit [Line Items]
Cash Distribution Declared Per Unit		$ 0.5100	$ 0.4900
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 193,190	$ 167,760
Net loss attributable to PNGPC		0	(1,279)
Sponsor Contributions			1,131
Quarterly distributions to unitholders ($0.5050 per unit)		(28,313)	(23,354)
Distributions declared		(31,952)	(23,806)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		22,076	25,257
Unit-based compensation expense		964	834
Other		259	(11)
Ending balance		181,676	165,338
Cash distribution	$ 27,951
Cash distribution (in dollars per share)	$ 0.5050
TVPC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions declared		$ (6,500)	(5,000)
General Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance			10,665
Net loss attributable to PNGPC			(1,279)
Sponsor Contributions			1,131
Quarterly distributions to unitholders ($0.5050 per unit)			0
Distributions declared			0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			0
Unit-based compensation expense			0
Other			0
Ending balance			$ 10,517
Limited Partner, Public [Member]
Capital Unit [Line Items]
Limited partner interest percentage		45.90%
Increase (Decrease) in Partners' Capital [Roll Forward]
Cash distribution	$ 12,825
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Cash distribution	$ 15,126
Common Units [Member]
Capital Unit [Line Items]
Common units outstanding		55,348,821	41,900,708	45,348,663	41,900,708
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions declared		$ (31,952)	$ (20,847)
Common Units [Member] | Public Unit Holders [Member]
Capital Unit [Line Items]
Units owned		25,395,190
Common Units [Member] | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Capital Unit [Line Items]
Units owned		29,953,631
Common Units [Member] | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 23,718	(17,544)
Net loss attributable to PNGPC			0
Sponsor Contributions			0
Quarterly distributions to unitholders ($0.5050 per unit)		(28,313)	(20,618)
Distributions declared		0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		17,357	18,276
Unit-based compensation expense		964	834
Other		259	(11)
Ending balance		$ 13,985	$ (19,063)
Shares, Issued		10,000,000	0
Incentive Distribution Rights [Member] | PBF LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance			$ 2,736
Net loss attributable to PNGPC			0
Sponsor Contributions			0
Quarterly distributions to unitholders ($0.5050 per unit)			(2,736)
Distributions declared			0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			2,959
Unit-based compensation expense			0
Other			0
Ending balance			2,959
Noncontrolling Interest [Member] | PBF LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 169,472	171,903
Net loss attributable to PNGPC			0
Sponsor Contributions			0
Quarterly distributions to unitholders ($0.5050 per unit)		0	0
Distributions declared		(6,500)	(5,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		4,719	4,022
Unit-based compensation expense		0	0
Other		0	0
Ending balance		$ 167,691	$ 170,925
Torrance Valley Pipeline Company LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage		50.00%
Noncontrolling Interest in Variable Interest Entity		50.00%
PBF LLC [Member] | Limited Partner, Affiliate [Member]
Capital Unit [Line Items]
Limited partner interest percentage		54.10%
Phantom Unit Award [Member] | Common Units [Member] | Limited Partner [Member]
Capital Unit [Line Items]
Shares, Issued				233,993
Increase (Decrease) in Partners' Capital [Roll Forward]
Shares, Issued		158	0

XML

EQUITY CASH DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 01, 2019	Mar. 31, 2019	Mar. 31, 2018
Distribution Made to Limited Partner [Line Items]
Cash distribution	$ 27,951
Distributions declared		$ 31,952	$ 23,806
Cash distribution (in dollars per share)	$ 0.5050
Cash Distribution Declared Per Unit		$ 0.5100	$ 0.4900
Cash Distribution [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared		$ 31,716	$ 23,582
Incentive Distribution Rights - PBF LLC [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared		0	2,959
Common Units [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared		$ 31,952	$ 20,847
Limited Partner, Public [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution	$ 12,825
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution	$ 15,126

XML

NET INCOME PER UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Feb. 28, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	$ 31,952	$ 23,806
Earnings less distributions		(2,571)
Net income attributable to the partners	$ 17,357	$ 21,235
Weighted-average units outstanding - basic (in shares)	49,151,927	42,129,377
Weighted-average units outstanding - diluted (in shares)	49,318,133	42,236,092
Net income per limited partner unit - basic (in dollars per share)	$ 0.35	$ 0.43
Net income per limited partner unit - diluted (in dollars per share)	$ 0.35	$ 0.43
Phantom Unit Award [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0
Common Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	$ 31,952	$ 20,847
Earnings less distributions	(14,595)	(2,571)
Net income attributable to the partners	17,357	18,276
Incentive Distribution Rights - PBF LLC [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	$ 0	2,959
Earnings less distributions		0
Net income attributable to the partners		$ 2,959
Common Units [Member] | IDR Restructuring [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, Issued			10,000,000

XML

COMMITMENTS AND CONTINGENCIES (Details)							3 Months Ended	12 Months Ended
	Oct. 01, 2018 USD ($)	Apr. 16, 2018 USD ($)	Mar. 05, 2018 USD ($)	Mar. 10, 2017 USD ($)	Jan. 13, 2017 group	Mar. 01, 2011	Mar. 31, 2019 USD ($) terminal	Dec. 31, 2014 location gallon shipment	Dec. 31, 2018 USD ($)	Oct. 19, 2017 bbl / d	Aug. 31, 2016
Loss Contingencies [Line Items]
Number Of Days Barge Shipments Made								15 days
Barrels per day of ethanol loading | bbl / d										10,000
Number of Loading Arms										4
Maximum [Member]
Loss Contingencies [Line Items]
Accrual For Environmental Loss Contingencies, Expected Future Payments							$ 250,000
East Coast Storage Assets Acquisition [Member]
Loss Contingencies [Line Items]
Term of Agreement	3 years
Business Combination, Contingent Consideration, Liability	$ 21,100,000						$ 22,046,000		$ 21,100,000
Business Combination, Contingent Consideration, Discount Rate							8.79%
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High							$ 27,978,000
Plains All American Pipeline, L.P. [Member]
Loss Contingencies [Line Items]
Number Of Refined Product Terminals Acquired | terminal							4
Torrance Valley Pipeline Company LLC [Member] | PBF LLC [Member]
Loss Contingencies [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent											50.00%
Environmental Remediation Contingency [Domain] | DNREC [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party			$ 100,000
Environmental Issue [Member]
Loss Contingencies [Line Items]
Loss Contingency, Number Of Environmental Groups Appealing Permits | group					2
Accrual For Environmental Loss Contingencies, Expected Future Payments							$ 1,250,000
Accrual For Environmental Loss Contingencies, Expected Payment Period							5 years
Accrual for Environmental Loss Contingencies							$ 1,501,000		1,570,000
Accrual for Environmental Loss Contingencies, Discount Rate							1.83%
Environmental Issue [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Accrual For Environmental Loss Contingencies, Expected Payment Period							10 years
Environmental Issue [Member] | East Coast Storage Assets [Member]
Loss Contingencies [Line Items]
Accrual For Environmental Loss Contingencies, Expected Future Payments							$ 430,000
Accrual for Environmental Loss Contingencies							$ 885,000		1,000
Environmental Issue [Member] | PBFX and Cummins [Member]
Loss Contingencies [Line Items]
Environmental insurance policy term							10 years
Environmental Insurance Policies Coverage							$ 30,000,000
Environmental Issue [Member] | Sunoco, Inc. [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual, Insurance-Related Assessment, Expiration Of Liability Period						20 years
Environmental Issue [Member] | PBF Logistics Products Terminals LLC [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies, Gross							1,621,000
Environmental Issue [Member] | Torrance Valley Pipeline Company LLC [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies							$ 538,000		$ 132,000
Environmental Issue [Member] | PBF Logistics LP [Member]
Loss Contingencies [Line Items]
Environmental insurance policy term							10 years
Environmental Insurance Policies Coverage							$ 30,000,000
Environmental Issue [Member] | East Coast Storage Assets [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Site Contingency, Loss Exposure Not Accrued, Best Estimate							$ 500,000
Environmental Issue [Member] | Knoxville Terminals [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Site Contingency, Loss Exposure Not Accrued, Best Estimate		$ 5,800,000
Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | DNREC [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value				$ 150,000
Number Of Violated Locations | location								3
Number Of Barge Shipments | shipment								17
Number Of Gallons Of Crude Oil | gallon								35,700,000

XML

RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transactions [Abstract]
Affiliate	$ 71,332	$ 60,864
Operating and maintenance expenses	2,105	1,674
General and administrative expenses	$ 1,762	$ 1,700

XML

RELATED PARTY TRANSACTIONS -COMMERICAL AGREEMENTS (Details)					3 Months Ended
	Jan. 01, 2022	Jan. 01, 2019 bbl	Nov. 01, 2016	May 08, 2014 bbl / d	Mar. 31, 2019
Related Party Transaction [Line Items]
Number of Contract Renewals					2
Term of Renewal					5 years
PBF Holding [Member] | Amended and Restated Rail Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement				7 years 8 months
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity				125,000
PBF Holding [Member] | Delaware City Pipeline Services Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement			2 years 5 months
PBF Holding [Member] | Delaware City Terminaling Services Agreement [Member]
Related Party Transaction [Line Items]
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity				95,000
PBF Holding [Member] | East Coast Storage Assets Terminal Storage Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement		8 years
Oil And Gas Plant, Maximum Storage Capacity | bbl		2,953,725
PBF Holding [Member] | Scenario, Forecast [Member] | Delaware City Terminaling Services Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement	4 years
Number of Contract Renewals	2
Term of Renewal	5 years

XML

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Reportable segments | segment	2
Total revenue	$ 78,845	$ 64,740
Depreciation and amortization	8,721	6,643
Income (loss) from operations	34,198	33,926
Interest expense, net and amortization of loan fees	12,122	9,948
Capital expenditures	11,220	3,953
Total assets	957,247		$ 956,353
Terminaling Segment [Member]
Segment Reporting Information [Line Items]
Total revenue	65,959	57,671
Depreciation and amortization	6,901	5,718
Income (loss) from operations	36,551	34,226
Interest expense, net and amortization of loan fees	0	0
Capital expenditures	10,544	3,867
Total assets	733,191		731,505
Storage Segment [Member]
Segment Reporting Information [Line Items]
Total revenue	12,886	7,069
Depreciation and amortization	1,820	925
Income (loss) from operations	3,657	3,991
Interest expense, net and amortization of loan fees	0	0
Capital expenditures	676	86
Total assets	221,319		219,326
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total revenue	0	0
Depreciation and amortization	0	0
Income (loss) from operations	(6,010)	(4,291)
Interest expense, net and amortization of loan fees	12,122	9,948
Capital expenditures	0	$ 0
Total assets	$ 2,737		$ 5,522

XML

Subsequent events (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	May 01, 2019	Apr. 24, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues				$ 215,300	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash distribution (in dollars per share)	$ 0.5100
Stock Issued During Period, Shares, New Issues		6,585,500
Stock Issued During Period, Value, New Issues		$ 135,000
Subsequent Event [Member] | Torrance Valley Pipeline Company LLC [Member]
Subsequent Event [Line Items]
Wholly Owned Subsidiary, Percentage of Ownership			100.00%
Subsequent Event [Member] | PBF LLC [Member] | Torrance Valley Pipeline Company LLC [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred		$ 200,000

XML

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING BALANCE SHEET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Affiliate	$ 71,332	$ 60,864
Cash and cash equivalents	16,446	22,009	$ 19,908	$ 19,664
Due from Affiliates	0		0
Prepaids and other current assets	4,610		4,598
Due from Related Parties, Current	43,931		37,052
Accounts receivable	5,157		7,511
Total current assets	70,144		69,069
Property, plant and equipment, net	861,617		862,117
Goodwill	6,332		6,332
Other non-current assets	19,154		18,835
Investment in subsidiaries	0		0
Total assets	957,247		956,353
Accounts payable - affiliates	4,714		12,047
Accounts payable and accrued liabilities	65,622		50,972
Deferred revenue	(2,895)		(2,960)
Due to related parties	0		0
Total current liabilities	73,231		65,979
Long-term debt	677,773		673,324
Other long-term liabilities	24,567		23,860
Total liabilities	775,571		763,163
Net investment - Predecessor	0		0
Total PBF Logistics LP equity	13,985		23,718
Noncontrolling interest	167,691		169,472
Total equity	181,676	165,338	193,190	167,760
Total liabilities and equity	957,247		956,353
Common Units [Member]
Total PBF Logistics LP equity	13,985		23,718
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Affiliate	0	0
Cash and cash equivalents	0	0	0	0
Due from Affiliates	0		0
Prepaids and other current assets	0		0
Due from Related Parties, Current	0		0
Accounts receivable	0		0
Total current assets	0		0
Property, plant and equipment, net	0		0
Goodwill	0		0
Other non-current assets	0		0
Investment in subsidiaries	0		0
Total assets	0		0
Accounts payable - affiliates	0		0
Accounts payable and accrued liabilities	0		0
Deferred revenue	0		0
Due to related parties	0		0
Total current liabilities	0		0
Long-term debt	0		0
Other long-term liabilities	0		0
Total liabilities	0		0
Net investment - Predecessor	0		0
Total PBF Logistics LP equity	0		0
Noncontrolling interest	0		0
Total equity	0		0
Total liabilities and equity	0		0
Operating Segments [Member] | Guarantor Subsidiaries [Member]
Affiliate	71,332	60,864
Cash and cash equivalents	14,989	19,410	15,898	8,755
Due from Affiliates	601,135		561,605
Prepaids and other current assets	3,814		3,461
Due from Related Parties, Current	43,812		37,043
Accounts receivable	4,792		7,146
Total current assets	668,542		625,153
Property, plant and equipment, net	861,617		862,117
Goodwill	6,332		6,332
Other non-current assets	19,154		18,835
Investment in subsidiaries	0		0
Total assets	1,555,645		1,512,437
Accounts payable - affiliates	3,959		10,808
Accounts payable and accrued liabilities	14,100		9,949
Deferred revenue	(2,895)		(2,960)
Due to related parties	172,765		161,613
Total current liabilities	193,719		185,330
Long-term debt	0		0
Other long-term liabilities	24,567		23,860
Total liabilities	218,286		209,190
Net investment - Predecessor	1,169,668		1,133,775
Total PBF Logistics LP equity	1,169,668		1,133,775
Noncontrolling interest	167,691		169,472
Total equity	1,337,359		1,303,247
Total liabilities and equity	1,555,645		1,512,437
Operating Segments [Member] | Subsidiary Issuer [Member]
Affiliate	0	0
Cash and cash equivalents	1,457	2,599	4,010	10,909
Due from Affiliates	172,765		161,613
Prepaids and other current assets	796		1,137
Due from Related Parties, Current	119		9
Accounts receivable	365		365
Total current assets	175,502		167,134
Property, plant and equipment, net	0		0
Goodwill	0		0
Other non-current assets	0		0
Investment in subsidiaries	1,169,668		1,133,775
Total assets	1,345,170		1,300,909
Accounts payable - affiliates	755		1,239
Accounts payable and accrued liabilities	51,522		41,023
Deferred revenue	0		0
Due to related parties	601,135		561,605
Total current liabilities	653,412		603,867
Long-term debt	677,773		673,324
Other long-term liabilities	0		0
Total liabilities	1,331,185		1,277,191
Net investment - Predecessor	0		0
Total PBF Logistics LP equity	13,985		23,718
Noncontrolling interest	0		0
Total equity	13,985		23,718
Total liabilities and equity	1,345,170		1,300,909
Operating Segments [Member] | Common Units [Member] | Non-Guarantor Subsidiaries [Member]
Total PBF Logistics LP equity	0		0
Operating Segments [Member] | Common Units [Member] | Guarantor Subsidiaries [Member]
Total PBF Logistics LP equity	0		0
Operating Segments [Member] | Common Units [Member] | Subsidiary Issuer [Member]
Total PBF Logistics LP equity	13,985		23,718
Consolidation, Eliminations [Member]
Affiliate	0	0
Cash and cash equivalents	0	$ 0	0	$ 0
Due from Affiliates	(773,900)		(723,218)
Prepaids and other current assets	0		0
Due from Related Parties, Current	0		0
Accounts receivable	0		0
Total current assets	(773,900)		(723,218)
Property, plant and equipment, net	0		0
Goodwill	0		0
Other non-current assets	0		0
Investment in subsidiaries	(1,169,668)		(1,133,775)
Total assets	(1,943,568)		(1,856,993)
Accounts payable - affiliates	0		0
Accounts payable and accrued liabilities	0		0
Deferred revenue	0		0
Due to related parties	(773,900)		(723,218)
Total current liabilities	(773,900)		(723,218)
Long-term debt	0		0
Other long-term liabilities	0		0
Total liabilities	(773,900)		(723,218)
Net investment - Predecessor	(1,169,668)		(1,133,775)
Total PBF Logistics LP equity	(1,169,668)		(1,133,775)
Noncontrolling interest	0		0
Total equity	(1,169,668)		(1,133,775)
Total liabilities and equity	(1,943,568)		(1,856,993)
Consolidation, Eliminations [Member] | Common Units [Member]
Total PBF Logistics LP equity	$ 0		$ 0

XML

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Affiliate	$ 71,332	$ 60,864
Third-party	7,513	3,876
Total revenue	78,845	64,740
Operating and maintenance expenses	29,916	19,880
General and administrative expenses	6,010	4,291
Depreciation and amortization	8,721	6,643
Total costs and expenses	44,647	30,814
Income from operations	34,198	33,926
Equity in earnings (loss) of subsidiaries	0	0
Interest expense, net	(10,913)	(9,585)
Amortization of loan fees and debt premium	(449)	(363)
Accretion on discounted liabilities	760	0
Net income	22,076	23,978
Less: Net loss attributable to Predecessor	0	(1,279)
Less: Net income attributable to noncontrolling interest	4,719	4,022
Net income attributable to the partners	17,357	21,235
Less: Net income attributable to the IDR holder	0	2,959
Net income attributable to PBF Logistics LP unitholders	17,357	18,276
Operating Segments [Member] | Subsidiary Issuer [Member]
Affiliate	0	0
Third-party	0	0
Total revenue	0	0
Operating and maintenance expenses	0	0
General and administrative expenses	6,010	4,291
Depreciation and amortization	0	0
Total costs and expenses	6,010	4,291
Income from operations	(6,010)	(4,291)
Equity in earnings (loss) of subsidiaries	39,722	38,217
Interest expense, net	(10,913)	(9,585)
Amortization of loan fees and debt premium	(449)	(363)
Accretion on discounted liabilities	274
Net income	22,076	23,978
Less: Net loss attributable to Predecessor		0
Less: Net income attributable to noncontrolling interest	0	0
Net income attributable to the partners		23,978
Less: Net income attributable to the IDR holder		2,959
Net income attributable to PBF Logistics LP unitholders	22,076	21,019
Operating Segments [Member] | Guarantor Subsidiaries [Member]
Affiliate	71,332	60,864
Third-party	7,513	3,876
Total revenue	78,845	64,740
Operating and maintenance expenses	29,916	19,880
General and administrative expenses	0	0
Depreciation and amortization	8,721	6,643
Total costs and expenses	38,637	26,523
Income from operations	40,208	38,217
Equity in earnings (loss) of subsidiaries	0	0
Interest expense, net	0	0
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	486
Net income	39,722	38,217
Less: Net loss attributable to Predecessor		(1,279)
Less: Net income attributable to noncontrolling interest	4,719	4,022
Net income attributable to the partners		35,474
Less: Net income attributable to the IDR holder		0
Net income attributable to PBF Logistics LP unitholders	35,003	35,474
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Affiliate	0	0
Third-party	0	0
Total revenue	0	0
Operating and maintenance expenses	0	0
General and administrative expenses	0	0
Depreciation and amortization	0	0
Total costs and expenses	0	0
Income from operations	0	0
Equity in earnings (loss) of subsidiaries	0	0
Interest expense, net	0	0
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	0
Net income	0	0
Less: Net loss attributable to Predecessor		0
Less: Net income attributable to noncontrolling interest	0	0
Net income attributable to the partners		0
Less: Net income attributable to the IDR holder		0
Net income attributable to PBF Logistics LP unitholders	0	0
Consolidation, Eliminations [Member]
Affiliate	0	0
Third-party	0	0
Total revenue	0	0
Operating and maintenance expenses	0	0
General and administrative expenses	0	0
Depreciation and amortization	0	0
Total costs and expenses	0	0
Income from operations	0	0
Equity in earnings (loss) of subsidiaries	(39,722)	(38,217)
Interest expense, net	0	0
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	0
Net income	(39,722)	(38,217)
Less: Net loss attributable to Predecessor		0
Less: Net income attributable to noncontrolling interest	0	0
Net income attributable to the partners		(38,217)
Less: Net income attributable to the IDR holder		0
Net income attributable to PBF Logistics LP unitholders	$ (39,722)	$ (38,217)

XML

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Net income	$ 22,076	$ 23,978
Depreciation and amortization	8,721	6,643
Amortization of loan fees and debt premium	449	363
Accretion on discounted liabilities	760	0
Unit-based compensation expense	964	834
Equity in earnings of subsidiaries	0	0
Accounts receivable - affiliates	(6,879)	8,336
Accounts receivable	2,354	115
Prepaids and other current assets	(12)	(598)
Accounts payable - affiliates	(3,385)	(2,984)
Accounts payable and accrued liabilities	13,302	6,908
Amounts due to (from) related parties	0	0
Deferred revenue	(65)	(595)
Other assets and liabilities	(76)	(75)
Net cash provided by operating activities	38,209	42,925
Expenditures for property, plant and equipment	(11,220)	(3,953)
Investment in subsidiaries	0	0
Net cash used in investing activities	(11,220)	(3,953)
Distributions to unitholders	(27,951)	(23,058)
Contribution from parent	0	1,131
Distributions to TVPC members	(6,500)	(5,000)
Proceeds from revolving credit facility	16,000	0
Repayment of revolving credit facility	(12,000)	(9,700)
Net cash used in financing activities	(30,451)	(36,627)
Net change in cash and cash equivalents	(3,462)	2,345
Cash and cash equivalents	16,446	22,009	$ 19,908	$ 19,664
Operating Segments [Member] | Subsidiary Issuer [Member]
Net income	22,076	23,978
Depreciation and amortization	0	0
Amortization of loan fees and debt premium	449	363
Accretion on discounted liabilities	274
Unit-based compensation expense	964	834
Equity in earnings of subsidiaries	(39,722)	(38,217)
Accounts receivable - affiliates	(110)	(23)
Accounts receivable	0	0
Prepaids and other current assets	341	30
Accounts payable - affiliates	(484)	(1,470)
Accounts payable and accrued liabilities	9,863	10,172
Amounts due to (from) related parties	28,378	29,243
Deferred revenue	0	0
Other assets and liabilities	0	0
Net cash provided by operating activities	22,029	24,910
Expenditures for property, plant and equipment	0	0
Investment in subsidiaries	(631)	(462)
Net cash used in investing activities	(631)	(462)
Distributions to unitholders	(27,951)	(23,058)
Contribution from parent	0	0
Distributions to TVPC members	0	0
Proceeds from revolving credit facility	16,000
Repayment of revolving credit facility	(12,000)	(9,700)
Net cash used in financing activities	(23,951)	(32,758)
Net change in cash and cash equivalents	(2,553)	(8,310)
Cash and cash equivalents	1,457	2,599	4,010	10,909
Operating Segments [Member] | Guarantor Subsidiaries [Member]
Net income	39,722	38,217
Depreciation and amortization	8,721	6,643
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	486
Unit-based compensation expense	0	0
Equity in earnings of subsidiaries	0	0
Accounts receivable - affiliates	(6,769)	8,359
Accounts receivable	2,354	115
Prepaids and other current assets	(353)	(628)
Accounts payable - affiliates	(2,901)	(1,514)
Accounts payable and accrued liabilities	3,439	(3,264)
Amounts due to (from) related parties	(28,378)	(29,243)
Deferred revenue	(65)	(595)
Other assets and liabilities	(76)	(75)
Net cash provided by operating activities	16,180	18,015
Expenditures for property, plant and equipment	(11,220)	(3,953)
Investment in subsidiaries	0	0
Net cash used in investing activities	(11,220)	(3,953)
Distributions to unitholders	0	0
Contribution from parent	631	1,593
Distributions to TVPC members	(6,500)	(5,000)
Proceeds from revolving credit facility	0
Repayment of revolving credit facility	0	0
Net cash used in financing activities	(5,869)	(3,407)
Net change in cash and cash equivalents	(909)	10,655
Cash and cash equivalents	14,989	19,410	15,898	8,755
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Net income	0	0
Depreciation and amortization	0	0
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	0
Unit-based compensation expense	0	0
Equity in earnings of subsidiaries	0	0
Accounts receivable - affiliates	0	0
Accounts receivable	0	0
Prepaids and other current assets	0	0
Accounts payable - affiliates	0	0
Accounts payable and accrued liabilities	0	0
Amounts due to (from) related parties	0	0
Deferred revenue	0	0
Other assets and liabilities	0	0
Net cash provided by operating activities	0	0
Expenditures for property, plant and equipment	0	0
Investment in subsidiaries	0	0
Net cash used in investing activities	0	0
Distributions to unitholders	0	0
Contribution from parent	0	0
Distributions to TVPC members	0	0
Proceeds from revolving credit facility	0
Repayment of revolving credit facility	0	0
Net cash used in financing activities	0	0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents	0	0	0	0
Consolidation, Eliminations [Member]
Net income	(39,722)	(38,217)
Depreciation and amortization	0	0
Amortization of loan fees and debt premium	0	0
Accretion on discounted liabilities	0
Unit-based compensation expense	0	0
Equity in earnings of subsidiaries	39,722	38,217
Accounts receivable - affiliates	0	0
Accounts receivable	0	0
Prepaids and other current assets	0	0
Accounts payable - affiliates	0	0
Accounts payable and accrued liabilities	0	0
Amounts due to (from) related parties	0	0
Deferred revenue	0	0
Other assets and liabilities	0	0
Net cash provided by operating activities	0	0
Expenditures for property, plant and equipment	0	0
Investment in subsidiaries	631	462
Net cash used in investing activities	631	462
Distributions to unitholders	0	0
Contribution from parent	(631)	(462)
Distributions to TVPC members	0	0
Proceeds from revolving credit facility	0
Repayment of revolving credit facility	0	0
Net cash used in financing activities	(631)	(462)
Net change in cash and cash equivalents	0	0
Cash and cash equivalents	$ 0	$ 0	$ 0	$ 0

XML

Label	Element	Value
PBF Energy and Valero [Member] | DCR Assets [Member] | Environmental Issue [Member]
Environmental Insurance Policies Coverage	pbf_EnvironmentalInsurancePoliciesCoverage	$ 75,000,000
Environmental Insurance Policies, Term of Policies	pbf_EnvironmentalInsurancePoliciesTermOfPolicies	10 years
Valero [Member] | DCR Assets [Member] | Environmental Issue [Member]
Site Contingency, Loss Exposure Not Accrued, Best Estimate	us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate	$ 20,000,000
PBFX and Sunoco Logistics [Member] | Toledo Terminal [Member] | Environmental Issue [Member]
Site Contingency, Loss Exposure Not Accrued, Best Estimate	us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate	$ 2,000,000