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: September 30, 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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Units Representing Limited Partner Interests	PBFX	New York Stock Exchange

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 every Interactive Data File required to be submitted 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 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 October 28, 2019, there were 62,110,832 common units outstanding.

PBF LOGISTICS LP

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION	6
Item 1. Financial Statements (Unaudited)	6
Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	6
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018	7
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018	8
Notes to Condensed Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3. Quantitative and Qualitative Disclosures About Market Risk	59
Item 4. Controls and Procedures	59
PART II - OTHER INFORMATION	60
Item 1. Legal Proceedings	60
Item 1A. Risk Factors	60
Item 6. Exhibits	61
Signatures	62

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 September 30, 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 48.2% limited partner interest in PBFX, with the remaining 51.8% limited partner interest owned by public unitholders as of September 30, 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 PBF Holding’s subsidiaries and PBF Holding’s previously held subsidiaries. As of September 30, 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.

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References in this Form 10-Q to “PBF Logistics LP,” “PBFX,” the “Partnership” and “we,” “our,” or “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 on 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 (our “2018 Form 10-K”) and in our other filings with the 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 revenue 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 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 the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates;

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• 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 rail;

• 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)

	September 30, 2019		December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	52,578	$	19,908
Accounts receivable - affiliates	66,403		37,052
Accounts receivable	5,142		7,511
Prepaids and other current assets	4,842		4,598
Total current assets	128,965		69,069
Property, plant and equipment, net	856,203		862,117
Goodwill	6,332		6,332
Other non-current assets	18,828		18,835
Total assets	$	1,010,328	$	956,353
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	8,236	$	12,047
Accounts payable	6,554		4,660
Accrued liabilities	57,775		46,312
Deferred revenue	3,041		2,960
Total current liabilities	75,606		65,979
Long-term debt	801,663		673,324
Other long-term liabilities	25,924		23,860
Total liabilities	903,193		763,163
Commitments and contingencies (Note 9)
Equity:
Common unitholders (62,110,832 and 45,348,663 units issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively)	107,135		23,718
Total PBF Logistics LP equity	107,135		23,718
Noncontrolling interest	—		169,472
Total equity	107,135		193,190
Total liabilities and equity	$	1,010,328	$	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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenue:
Affiliate	$	78,026		$	66,140		$	224,014		$	190,789
Third-party	8,351			4,416			23,958			12,606
Total revenue	86,377			70,556			247,972			203,395
Costs and expenses:
Operating and maintenance expenses	28,356			20,803			86,825			61,407
General and administrative expenses	4,552			4,725			18,142			15,504
Depreciation and amortization	9,079			7,451			26,654			21,185
Total costs and expenses	41,987			32,979			131,621			98,096
Income from operations	44,390			37,577			116,351			105,299
Other expense:
Interest expense, net	(12,230		)	(10,070		)	(34,359		)	(29,684		)
Amortization of loan fees and debt premium	(444		)	(497		)	(1,339		)	(1,256		)
Accretion on discounted liabilities	(722		)	—			(2,255		)	—
Net income	30,994			27,010			78,398			74,359
Less: Net loss attributable to Predecessor	—			(80		)	—			(2,443		)
Less: Net income attributable to noncontrolling interest	—			4,725			7,881			13,110
Net income attributable to the partners	30,994			22,365			70,517			63,692
Less: Net income attributable to the IDR holder	—			3,641			—			10,011
Net income attributable to PBF Logistics LP unitholders	$	30,994		$	18,724		$	70,517		$	53,681
Net income per limited partner unit:
Common units - basic	$	0.50		$	0.42		$	1.23		$	1.25
Common units - diluted	0.50			0.42			1.23			1.25
Weighted-average limited partner units outstanding:
Common units - basic	62,361,974			44,518,365			57,314,382			42,965,502
Common units - diluted	62,460,669			44,612,522			57,385,166			43,015,817

See Notes to Condensed Consolidated Financial Statements.

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PBF LOGISTICS LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net income	$	78,398		$	74,359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,654			21,185
Amortization of loan fees and debt premium	1,339			1,256
Accretion on discounted liabilities	2,255			—
Unit-based compensation expense	5,622			4,549
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(29,351		)	7,363
Accounts receivable	2,369			(1,587		)
Prepaids and other current assets	(1,486		)	(1,703		)
Accounts payable - affiliates	137			9,307
Accounts payable	1,894			(3,887		)
Accrued liabilities	9,672			8,511
Deferred revenue	81			(255		)
Other assets and liabilities	(1,941		)	(1,516		)
Net cash provided by operating activities	95,643			117,582
Cash flows from investing activities:
Knoxville Terminals Purchase	—			(58,000		)
Expenditures for property, plant and equipment	(23,180		)	(28,627		)
Net cash used in investing activities	$	(23,180	)	$	(86,627	)

See Notes to Condensed Consolidated Financial Statements.

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PBF LOGISTICS LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(unaudited, in thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from financing activities:
Proceeds from issuance of common units	$	132,483		$	34,820
Acquisition of TVPC noncontrolling interest	(200,000		)	—
Distributions to unitholders	(91,611		)	(72,471		)
Distributions to TVPC members	(8,500		)	(16,250		)
Contribution from parent	—			4,201
Proceeds from revolving credit facility	228,000			64,000
Repayment of revolving credit facility	(101,000		)	(43,700		)
Deferred financing costs and other	835			(3,197		)
Net cash used in financing activities	(39,793		)	(32,597		)
Net change in cash and cash equivalents	32,670			(1,642		)
Cash and cash equivalents at beginning of year	19,908			19,664
Cash and cash equivalents at end of period	$	52,578		$	18,022
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures	$	338		$	85
Contribution of net assets from PBF LLC	242			—
Units issued in connection with the IDR Restructuring	215,300			—
Units issued as consideration for acquisitions	—			31,586
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 September 30, 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 48.2% limited partner interest in PBFX, with the remaining 51.8% limited partner interest owned by public unitholders as of September 30, 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 $2,104 for the nine months ended September 30, 2019 and are included in “General and administrative expenses” within the Partnership’s condensed consolidated statements 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.

On April 24, 2019, the Partnership entered into a Contribution Agreement with PBF LLC (the “TVPC Contribution Agreement”), pursuant to which PBF LLC contributed to the Partnership all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200,000 (the “TVPC Acquisition”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, the Partnership owns 100% of the equity interest in Torrance Valley Pipeline Company LLC (“TVPC”). Refer to Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements for further discussion regarding the TVPC Acquisition.

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 (i) 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 agreements that were entered into or amended with related parties in connection with these acquisitions and (ii) Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements for further discussion regarding the TVPC Acquisition.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, these unaudited condensed consolidated financial statements 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, results of operations and cash flows of PBFX for the periods presented. The results of operations for the three and nine months endedSeptember 30, 2019 are not necessarily indicative of the results that may be expected for the full year.

The Predecessor generally did not operate its respective assets for the purpose of generating revenue independent of other PBF Energy businesses prior to the IPO or the effective dates of the Acquisitions from PBF, 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.

Summary of Significant Accounting Policies

Reclassifications

Certain amounts previously reported in the Partnership’s condensed consolidated financial statements for prior periods have been reclassified to conform to the presentation within this Quarterly Report on Form 10-Q. These reclassifications include the separation of “Accounts payable” and “Accrued liabilities” into two line items within the Partnership’s condensed consolidated balance sheets and statements of cash flows, as well as the corresponding statements within Note 13 “Condensed Consolidating Financial Statements of PBF Logistics” of the Notes to Condensed Consolidated Financial Statements.

Recently Adopted Accounting Guidance

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASC 842”) to increase the transparency and comparability of leases among entities. ASC 842 supersedes the lease accounting guidance in ASC 840 “Leases,” 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 “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, Step 2 of the goodwill impairment analysis would be eliminated. This step required a comparison of the implied fair value to the 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. The Partnership early adopted the new standard effective January 1, 2019, and the adoption did not have a material impact on its condensed consolidated financial statements and related disclosures.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements and related disclosures.

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 revenue for each service category by segment for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Transportation and Terminaling Segment
Terminaling	$	39,399	$	31,387	$	105,904	$	87,848
Pipeline	21,089		19,886		60,042		57,592
Other	12,781		12,738		42,938		37,375
Total	73,269		64,011		208,884		182,815
Storage Segment
Storage	13,108		6,545		39,088		20,580
Total	13,108		6,545		39,088		20,580
Total Revenue	$	86,377	$	70,556	$	247,972	$	203,395

PBFX recognizes revenue by charging fees for crude oil and refined products terminaling, storage 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 transporting and handling crude oil, refined products and natural gas. Certain of the Transportation and Terminaling 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

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 revenue 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 revenue 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 crude oil and refined products storage contracts through capacity reservation agreements, under which 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.

MVC Payments to be Received

As of September 30, 2019, MVC payments to be received related to noncancelable commercial terminaling, pipeline and storage agreements were as follows:

Remainder of 2019	$	29,611
2020	114,252
2021	113,355
2022	91,476
2023	87,199
Thereafter	170,794
Total MVC payments to be received (1)(2)	$	606,687

(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 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 varying terms up to fifteen years, including leases of storage, terminaling and pipeline assets. Certain of these leases include options to extend or renew the lease 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 generally do not 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 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.

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 September 30, 2019, all of the Partnership’s leases have been determined to be operating leases. Some of the Partnership’s lease arrangements contain lease components

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

(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 for every asset class.

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 87% of the undiscounted contractual future rental income from the Partnership’s leased assets.

The table below quantifies lease revenue for the three and nine months endedSeptember 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Affiliate	$	39,615	$	30,088	$	114,395	$	86,915
Third-party	4,764		1,426		13,466		4,524
Total lease revenue	$	44,379	$	31,514	$	127,861	$	91,439

Undiscounted Cash Flows

The table below presents the fixed component of the undiscounted cash flows to be received for each of the periods presented for the Partnership’s operating leases with customers as of September 30, 2019:

Remainder of 2019	$	40,773
2020	179,016
2021	177,715
2022	162,708
2023	137,406
Thereafter	371,578
Total undiscounted future cash to be received	$	1,069,196

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Assets Under Lease

The Partnership’s assets that are subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheets. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of September 30, 2019:

	September 30, 2019
Land	$	98,337
Pipelines	315,249
Terminals and equipment	50,828
Storage facilities	200,144
	664,558
Accumulated depreciation	(69,035		)
Net assets subject to lease	$	595,523

Deferred Revenue

The Partnership records deferred revenue when cash payments are received or due in advance of performance, including amounts which are refundable. Deferred revenue was $3,041 and $2,960 as of September 30, 2019 and December 31, 2018, respectively. The increase in the deferred revenue balance as of September 30, 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 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.

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 in accordance with 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.

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PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 adjustments	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 nine months endedSeptember 30, 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 prior to April 16, 2018. On an unaudited pro forma basis, the revenue 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.

	Nine Months Ended September 30, 2018
(Unaudited)
Pro forma revenue	$	206,925
Pro forma net income attributable to PBF Logistics LP unitholders	54,093

East Coast Storage Assets Acquisition

On October 1, 2018, the Partnership closed the acquisition 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 a purchase and sale 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 future results of certain of the acquired idled assets (the “Contingent Consideration”), which recommenced operations on October 25, 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 that was paid one year after closing on October 1, 2019. 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

16

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

the Notes to Condensed Consolidated Financial Statements). The final purchase price and fair value allocation were completed as of September 30, 2019.

PBFX accounted for the East Coast Storage Assets Acquisition as a business combination in accordance with 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 fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price*	$	105,900
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 “Accrued liabilities” within the Partnership’s condensed consolidated balance sheets. The remaining $32,000 payment was paid in full on October 1, 2019.

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

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

	Fair Value Allocation
Accounts receivable	$	436
Prepaids and other current assets	555
Property, plant and equipment	115,621
Intangibles*	13,300
Accounts payable	(902		)
Accrued liabilities	(1,271		)
Other long-term liabilities	(750		)
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 purchase and sale agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. 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 nine months endedSeptember 30, 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 revenue 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.

17

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	Nine Months Ended September 30, 2018
(Unaudited)
Pro forma revenue	$	220,818
Pro forma net income attributable to PBF Logistics LP unitholders	46,078

Acquisitions from PBF

The following Acquisitions from PBF were transactions between affiliate companies. As a result, the acquisitions were accounted for as transfers of assets between entities under common control in accordance with GAAP. The assets and liabilities of the Acquisitions 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”).

TVPC Acquisition

On April 24, 2019, the Partnership entered into the TVPC Contribution Agreement, pursuant to which the Partnership acquired from PBF LLC all of the issued and outstanding limited liability company interests of TVP Holding, which held the remaining 50% equity interest in TVPC. The TVPC Acquisition closed on May 31, 2019 for total consideration of $200,000 in cash, which was financed through proceeds from the April Registered Direct Offering (as defined in Note 7 “Equity” of the Notes to Condensed Consolidated Financial Statements) and borrowings under the Partnership’s Revolving Credit Facility (as defined in Note 6 “Debt” of the Notes to Condensed Consolidated Financial Statements). As a result of the TVPC Acquisition, the Partnership owns 100% of the equity interest in TVPC.

Acquisition Expenses

PBFX incurred acquisition related costs of $234 and $1,285 for the three and nine months endedSeptember 30, 2019, respectively, primarily consisting of consulting and legal expenses related to the TVPC Acquisition and other pending and non-consummated acquisitions. PBFX incurred acquisition related costs of $832 and $1,984 for the three and nine months endedSeptember 30, 2018, respectively, primarily consisting of consulting and legal expenses related to the Knoxville Terminals Purchase, the Development Assets Acquisition, the East Coast Storage Assets Acquisition and other pending and non-consummated acquisitions. These costs are included in “General and administrative expenses” within the Partnership’s condensed consolidated statements of operations.

18

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:

	September 30, 2019			December 31, 2018
Land	$	115,957		$	115,957
Pipelines	339,323			337,474
Terminals and equipment	282,658			259,441
Storage facilities	217,989			213,937
Construction in progress	11,397			20,439
	967,324			947,248
Accumulated depreciation	(111,121		)	(85,131		)
Property, plant and equipment, net	$	856,203		$	862,117

Depreciation expense was $26,278 and $20,915 for the nine months endedSeptember 30, 2019 and 2018, respectively.

5. GOODWILL AND INTANGIBLES

Goodwill

As of September 30, 2019, the carrying amount of goodwill was $6,332, all of which was recorded within the Transportation and Terminaling segment. The Partnership performed its annual goodwill impairment assessment as of July 1, 2019 and determined that the carrying value of goodwill was not impaired.

Intangibles

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

	September 30, 2019			December 31, 2018
Customer contracts	$	13,300		$	13,300
Customer relationships	5,900			5,900
	19,200			19,200
Accumulated amortization	(771		)	(395		)
Total intangibles, net*	$	18,429		$	18,805

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

Amortization expense was $376 and $270 for the nine months endedSeptember 30, 2019 and 2018, respectively.

19

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

6. DEBT

Total debt was comprised of the following:

	September 30, 2019			December 31, 2018
2023 Notes	$	525,000		$	525,000
Revolving credit facility (a)(b)	283,000			156,000
Total debt outstanding	808,000			681,000
Unamortized debt issuance costs	(8,717		)	(10,496		)
Unamortized 2023 Notes premium	2,380			2,820
Net carrying value of debt	$	801,663		$	673,324

___________________

(a) PBFX had $4,768 outstanding letters of credit and $212,232 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 September 30, 2019.

(b) During the nine months endedSeptember 30, 2019, PBFX incurred net borrowings of $127,000 under the Revolving Credit Facility to fund the TVPC Acquisition, the remaining East Coast Storage Assets Acquisition payment, other 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 on 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 $543,136 and $515,336 at September 30, 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 $808,000 and $826,136 as of September 30, 2019, respectively, and $681,000 and $671,336 as of December 31, 2018, respectively.

7. EQUITY

PBFX had 32,157,201 common units held by the public outstanding as of September 30, 2019. PBF LLC owns 29,953,631 PBFX common units constituting an aggregate of 48.2% of PBFX’s limited partner interest as of September 30, 2019.

Share Activity

The partnership agreement authorizes PBFX to issue an unlimited number of additional partnership interests for the consideration of, 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.

20

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table presents changes in PBFX common units outstanding:

	Three Months Ended September 30,
	2019	2018
Balance at beginning of period	62,107,210	42,073,062
Vesting of phantom units, net of forfeitures	3,622	4,250
New units issued	—	3,269,884
Balance at end of period	62,110,832	45,347,196

	Nine Months Ended September 30,
	2019	2018
Balance at beginning of period	45,348,663	41,900,708
Vesting of phantom units, net of forfeitures	176,669	176,604
New units issued	16,585,500	3,269,884
Balance at end of period	62,110,832	45,347,196

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. 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.

Additionally, 233,993 of the Partnership’s phantom units issued under the PBFX 2014 Long-Term Incentive Plan 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

Prior to the TVPC Acquisition, PBFX’s wholly-owned subsidiary, PBFX Operating Company LP (“PBF Op Co”), held a 50% controlling equity interest in TVPC, with the other 50% equity interest in TVPC held by TVP Holding, a subsidiary of PBF Holding. PBFX Op Co was the sole managing member of TVPC. PBFX, through its ownership of PBFX Op Co, consolidated the financial results of TVPC and recorded a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations included 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 included the portion of net assets of TVPC attributable to TVP Holding.

Subsequent to the TVPC Acquisition, PBFX owns 100% of the equity interest in TVPC and no longer records a noncontrolling interest related to TVPC.

21

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Equity Activity

The following tables summarize the changes in the carrying amount of the Partnership’s equity during the nine months ended September 30, 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
Quarterly distributions to unitholders ($0.5100 per unit)	(32,079		)	—			(32,079		)
Distributions to TVPC members	—			(2,000		)	(2,000		)
Net income attributable to the partners	22,166			3,162			25,328
Acquisition of TVPC noncontrolling interest	(31,147		)	(168,853		)	(200,000		)
Unit-based compensation expense	3,387			—			3,387
Issuance of common units, net of expenses	132,483			—			132,483
Other	(1,801		)	—			(1,801		)
Balance at June 30, 2019	$	106,994		$	—		$	106,994
Quarterly distributions to unitholders ($0.5150 per unit)	(32,384		)	—			(32,384		)
Net income attributable to the partners	30,994			—			30,994
Unit-based compensation expense	1,271			—			1,271
Other	260			—			260
Balance at September 30, 2019	$	107,135		$	—		$	107,135

22

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	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
Net loss attributable to the Development Assets	(1,084		)	—			—			—			(1,084		)
Contributions to the Development Assets	3,062			—			—			—			3,062
Quarterly distributions to unitholders (including IDRs) ($0.4900 per unit)	—			(20,942		)	(2,955		)	—			(23,897		)
Distributions to TVPC members	—			—			—			(6,250		)	(6,250		)
Net income attributable to the partners	—			16,681			3,411			4,363			24,455
Unit-based compensation expense	—			2,663			—			—			2,663
Other	—			(1,048		)	—			—			(1,048		)
Balance at June 30, 2018	$	12,495		$	(21,709	)	$	3,415		$	169,038		$	163,239
Net loss attributable to the Development Assets	(80		)	—			—			—			(80		)
Contributions to the Development Assets	262			—			—			—			262
Allocation of the Development Assets acquired to unitholders	(12,677		)	12,677			—			—			—
Quarterly distributions to unitholders (including IDRs) ($0.4950 per unit)	—			(22,781		)	(3,415		)	—			(26,196		)
Distributions to TVPC members	—			—			—			(5,000		)	(5,000		)
Net income attributable to the partners	—			18,724			3,641			4,725			27,090
Unit-based compensation expense	—			1,052			—			—			1,052
Issuance of common units, net of expenses	—			34,820			—			—			34,820
Other	—			1			—			—			1
Balance at September 30, 2018	$	—		$	22,784		$	3,641		$	168,763		$	195,188

23

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 nine months endedSeptember 30, 2019, PBFX made distribution payments as follows:

Related Earnings Period:	Q4 2018		Q1 2019		Q2 2019
Distribution date	March 14, 2019		May 30, 2019		August 30, 2019
Record date	March 1, 2019		May 15, 2019		August 15, 2019
Per unit	$	0.5050	$	0.5100	$	0.5150
To public common unitholders	$	12,825	$	16,398	$	16,560
To PBF LLC	15,126		15,276		15,426
Total distribution	$	27,951	$	31,674	$	31,986

The allocation of total quarterly distributions to general and limited partners for the three and nine months ended September 30, 2019 and 2018 is shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.5200 and $0.5000 per unit declared for the three months ended September 30, 2019 and 2018, respectively, $0.5150 and $0.4950 per unit declared for the three months ended June 30, 2019 and 2018, respectively, and $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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
IDR - PBF LLC (1)	$	—	$	3,641	$	—	$	10,011
Limited partners’ distributions:
Common	32,709		23,028		97,188		66,792
Total distributions	32,709		26,669		97,188		76,803
Total cash distributions (2)	$	32,298	$	26,315	$	95,958	$	75,728

(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 625 and 13,063 anti-dilutive phantom units for the three and nine months endedSeptember 30, 2019, respectively, compared to 8,750 and 145,500 anti-dilutive phantom units for the three and nine months endedSeptember 30, 2018, respectively.

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.

24

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 tables show the calculation of net income per limited partner unit:

	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Net income attributable to the partners:
Distributions declared	$	32,709		$	97,188
Earnings less distributions	(1,715		)	(26,671		)
Net income attributable to the partners	$	30,994		$	70,517
Weighted-average units outstanding - basic	62,361,974			57,314,382
Weighted-average units outstanding - diluted	62,460,669			57,385,166
Net income per limited partner unit - basic	$	0.50		$	1.23
Net income per limited partner unit - diluted	0.50			1.23

	Three Months Ended September 30, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	23,028		$	3,641	$	26,669
Earnings less distributions	(4,304		)	—		(4,304		)
Net income attributable to the partners	$	18,724		$	3,641	$	22,365
Weighted-average units outstanding - basic	44,518,365
Weighted-average units outstanding - diluted	44,612,552
Net income per limited partner unit - basic	$	0.42
Net income per limited partner unit - diluted	0.42

	Nine Months Ended September 30, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	66,792		$	10,011	$	76,803
Earnings less distributions	(13,111		)	—		(13,111		)
Net income attributable to the partners	$	53,681		$	10,011	$	63,692
Weighted-average units outstanding - basic	42,965,502
Weighted-average units outstanding - diluted	43,015,817
Net income per limited partner unit - basic	$	1.25
Net income per limited partner unit - diluted	1.25

25

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

9. COMMITMENTS AND CONTINGENCIES

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.

PBFX recorded a total liability related to environmental remediation costs at certain of its assets of $2,408 and $2,587 as of September 30, 2019 and December 31, 2018, respectively, related to existing environmental liabilities.

During the first quarter of 2019, the Partnership notified certain agencies of an oil sheen present in the Schuylkill River near one of its facilities. Clean-up, identification and mitigation of the source was immediately initiated. The Partnership is working on a remedial investigation and action plan with the state agency. Although response activities are nearly complete, remediation costs will not be finalized until the action plan is complete. Incremental costs are not expected to be material to the Partnership.

Contingent Consideration

In connection with the East Coast Storage Assets Acquisition, the purchase and sale agreement between the Partnership and Crown Point included a provision for the Contingent Consideration. Pursuant to the purchase and sale agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. The Contingent Consideration recorded was $23,832 as of September 30, 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 included in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. At September 30, 2019, the estimated undiscounted liability totaled $27,978, based on the Partnership’s anticipated total annual earn-out payments. Certain of the acquired idled assets recommenced operations on October 25, 2019.

10. RELATED PARTY TRANSACTIONS

Agreements with PBF Energy Entities

Commercial Agreements

PBFX currently derives a 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 and the Services Agreement (each 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. 

26

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 table reflects activity during 2019 related to commercial agreements between PBFX and PBF Holding:

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)	See note (c)
Delaware City Terminaling Services Agreement (d)	1/1/2022	4 years	2 x 5	95,000 bpd
Amended and Restated Torrance Valley Pipeline Transportation Services Agreement- South Pipeline	8/31/2016	10 years	2 x 5	75,000 bpd (e)
Storage
East Coast Storage Assets Terminal Storage Agreement	1/1/2019	8 years	Evergreen	2,953,725 barrels (f)	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 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, subsequent to which, the Partnership has been billing actual throughput on the Magellan connection.

(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) In connection with the TVPC Acquisition on May 31, 2019, the Torrance Valley Pipeline Transportation Services Agreement- South Pipeline was amended and restated to increase the MVC from 70,000 bpd to 75,000 bpd.

(f) 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. PBF Holding’s available shell capacity may be subject to change as agreed to by the Partnership and PBF Holding.  

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

27

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue	$	78,026	$	66,140	$	224,014	$	190,789
Operating and maintenance expenses	2,171		1,979		6,447		5,327
General and administrative expenses	1,863		1,927		5,377		5,364

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.

The Partnership’s operating segments are organized into two reportable segments: (i) Transportation and Terminaling and (ii) Storage. Operations that are not included in either the Transportation and Terminaling or the Storage segments are included in Corporate. The Partnership does not have any foreign operations.

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.

Revenue is generated from third-party transactions as well as commercial agreements entered into with PBF Holding under which the Partnership receives fees for the transportation, terminaling and storage of crude oil, refined products and natural gas. The commercial agreements with PBF Holding are discussed in Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements. 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.

28

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	Three Months Ended September 30, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	73,269	$	13,108	$	—		$	86,377
Depreciation and amortization	7,051		2,028		—			9,079
Income (loss) from operations	43,596		5,346		(4,552		)	44,390
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		13,396			13,396
Capital expenditures	2,781		5,247		—			8,028

	Three Months Ended September 30, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	64,011	$	6,545	$	—		$	70,556
Depreciation and amortization	6,524		927		—			7,451
Income (loss) from operations	38,599		3,703		(4,725		)	37,577
Interest expense, net and amortization of loan fees and debt premium	—		—		10,567			10,567
Capital expenditures	20,199		757		—			20,956

	Nine Months Ended September 30, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	208,884	$	39,088	$	—		$	247,972
Depreciation and amortization	20,831		5,823		—			26,654
Income (loss) from operations	120,676		13,817		(18,142		)	116,351
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		37,953			37,953
Capital expenditures	15,014		8,166		—			23,180

	Nine Months Ended September 30, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	182,815	$	20,580	$	—		$	203,395
Depreciation and amortization	18,408		2,777		—			21,185
Income (loss) from operations	109,059		11,744		(15,504		)	105,299
Interest expense, net and amortization of loan fees and debt premium	—		—		30,940			30,940
Capital expenditures, including the Knoxville Terminals Purchase	85,782		845		—			86,627

29

PBF LOGISTICS LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	Balance at September 30, 2019
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	735,489	$	225,921	$	48,918	$	1,010,328

	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 October 31, 2019, PBF GP’s board of directors announced a cash distribution, based on the results of the third quarter of 2019, of $0.5200 per unit. The distribution is payable on November 26, 2019 to PBFX unitholders of record at the close of business on November 14, 2019.

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

Delaware City Logistics Company LLC, 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 September 30, 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’ investments in their subsidiaries are accounted for under the equity method of accounting.

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 BALANCE SHEET

	September 30, 2019
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	46,803	$	5,775	$	—	$	—		$	52,578
Accounts receivable - affiliates	194		66,209		—		—			66,403
Accounts receivable	365		4,777		—		—			5,142
Prepaids and other current assets	1,556		3,286		—		—			4,842
Due from related parties	190,789		712,286		—		(903,075		)	—
Total current assets	239,707		792,333		—		(903,075		)	128,965
Property, plant and equipment, net	—		856,203		—		—			856,203
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		18,828		—		—			18,828
Investment in subsidiaries	1,432,244		—		—		(1,432,244		)	—
Total assets	$	1,671,951	$	1,673,696	$	—	$	(2,335,319	)	$	1,010,328
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	1,708	$	6,528	$	—	$	—		$	8,236
Accounts payable	116		6,438		—		—			6,554
Accrued liabilities	49,043		8,732		—		—			57,775
Deferred revenue	—		3,041		—		—			3,041
Due to related parties	712,286		190,789		—		(903,075		)	—
Total current liabilities	763,153		215,528		—		(903,075		)	75,606
Long-term debt	801,663		—		—		—			801,663
Other long-term liabilities	—		25,924		—		—			25,924
Total liabilities	1,564,816		241,452		—		(903,075		)	903,193
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,432,244		—		(1,432,244		)	—
Common unitholders	107,135		—		—		—			107,135
Total equity	107,135		1,432,244		—		(1,432,244		)	107,135
Total liabilities and equity	$	1,671,951	$	1,673,696	$	—	$	(2,335,319	)	$	1,010,328

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 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	1,176		3,484		—		—			4,660
Accrued liabilities	39,847		6,465		—		—			46,312
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

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 OPERATIONS

	Three Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	78,026		$	—	$	—		$	78,026
Third-party	—			8,351			—		—			8,351
Total revenue	—			86,377			—		—			86,377
Costs and expenses:
Operating and maintenance expenses	—			28,356			—		—			28,356
General and administrative expenses	4,552			—			—		—			4,552
Depreciation and amortization	—			9,079			—		—			9,079
Total costs and expenses	4,552			37,435			—		—			41,987
Income (loss) from operations	(4,552		)	48,942			—		—			44,390
Other income (expense):
Equity in earnings of subsidiaries	48,499			—			—		(48,499		)	—
Interest expense, net	(12,230		)	—			—		—			(12,230		)
Amortization of loan fees and debt premium	(444		)	—			—		—			(444		)
Accretion on discounted liabilities	(279		)	(443		)	—		—			(722		)
Net income	30,994			48,499			—		(48,499		)	30,994
Less: Net income attributable to noncontrolling interest	—			—			—		—			—
Net income attributable to PBF Logistics LP unitholders	$	30,994		$	48,499		$	—	$	(48,499	)	$	30,994

34

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 September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	66,140		$	—	$	—		$	66,140
Third-party	—			4,416			—		—			4,416
Total revenue	—			70,556			—		—			70,556
Costs and expenses:
Operating and maintenance expenses	—			20,803			—		—			20,803
General and administrative expenses	4,725			—			—		—			4,725
Depreciation and amortization	—			7,451			—		—			7,451
Total costs and expenses	4,725			28,254			—		—			32,979
Income (loss) from operations	(4,725		)	42,302			—		—			37,577
Other income (expense):
Equity in earnings of subsidiaries	42,302			—			—		(42,302		)	—
Interest expense, net	(10,070		)	—			—		—			(10,070		)
Amortization of loan fees and debt premium	(497		)	—			—		—			(497		)
Net income	27,010			42,302			—		(42,302		)	27,010
Less: Net loss attributable to Predecessor	—			(80		)	—		—			(80		)
Less: Net income attributable to noncontrolling interest	—			4,725			—		—			4,725
Net income attributable to the partners	27,010			37,657			—		(42,302		)	22,365
Less: Net income attributable to the IDR holder	3,641			—			—		—			3,641
Net income attributable to PBF Logistics LP unitholders	$	23,369		$	37,657		$	—	$	(42,302	)	$	18,724

35

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

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	224,014		$	—	$	—		$	224,014
Third-party	—			23,958			—		—			23,958
Total revenue	—			247,972			—		—			247,972
Costs and expenses:
Operating and maintenance expenses	—			86,825			—		—			86,825
General and administrative expenses	18,142			—			—		—			18,142
Depreciation and amortization	—			26,654			—		—			26,654
Total costs and expenses	18,142			113,479			—		—			131,621
Income (loss) from operations	(18,142		)	134,493			—		—			116,351
Other income (expense):
Equity in earnings of subsidiaries	133,067			—			—		(133,067		)	—
Interest expense, net	(34,359		)	—			—		—			(34,359		)
Amortization of loan fees and debt premium	(1,339		)	—			—		—			(1,339		)
Accretion on discounted liabilities	(829		)	(1,426		)	—		—			(2,255		)
Net income	78,398			133,067			—		(133,067		)	78,398
Less: Net income attributable to noncontrolling interest	—			7,881			—		—			7,881
Net income attributable to PBF Logistics LP unitholders	$	78,398		$	125,186		$	—	$	(133,067	)	$	70,517

36

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

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	190,789		$	—	$	—		$	190,789
Third-party	—			12,606			—		—			12,606
Total revenue	—			203,395			—		—			203,395
Costs and expenses:
Operating and maintenance expenses	—			61,407			—		—			61,407
General and administrative expenses	15,504			—			—		—			15,504
Depreciation and amortization	—			21,185			—		—			21,185
Total costs and expenses	15,504			82,592			—		—			98,096
Income (loss) from operations	(15,504		)	120,803			—		—			105,299
Other income (expense):
Equity in earnings of subsidiaries	120,803			—			—		(120,803		)	—
Interest expense, net	(29,684		)	—			—		—			(29,684		)
Amortization of loan fees and debt premium	(1,256		)	—			—		—			(1,256		)
Net income	74,359			120,803			—		(120,803		)	74,359
Less: Net loss attributable to Predecessor	—			(2,443		)	—		—			(2,443		)
Less: Net income attributable to noncontrolling interest	—			13,110			—		—			13,110
Net income attributable to the partners	74,359			110,136			—		(120,803		)	63,692
Less: Net income attributable to the IDR holder	10,011			—			—		—			10,011
Net income attributable to PBF Logistics LP unitholders	$	64,348		$	110,136		$	—	$	(120,803	)	$	53,681

37

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

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	78,398		$	133,067		$	—	$	(133,067	)	$	78,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			26,654			—		—			26,654
Amortization of loan fees and debt premium	1,339			—			—		—			1,339
Accretion on discounted liabilities	829			1,426			—		—			2,255
Unit-based compensation expense	5,622			—			—		—			5,622
Equity in earnings of subsidiaries	(133,067		)	—			—		133,067			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(185		)	(29,166		)	—		—			(29,351		)
Accounts receivable	—			2,369			—		—			2,369
Prepaids and other current assets	(419		)	(1,067		)	—		—			(1,486		)
Accounts payable - affiliates	469			(332		)	—		—			137
Accounts payable	(1,060		)	2,954			—		—			1,894
Accrued liabilities	7,202			2,470			—		—			9,672
Amounts due to (from) related parties	121,505			(121,505		)	—		—			—
Deferred revenue	—			81			—		—			81
Other assets and liabilities	(1,784		)	(157		)	—		—			(1,941		)
Net cash provided by operating activities	78,849			16,794			—		—			95,643
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(23,180		)	—		—			(23,180		)
Investment in subsidiaries	(3,928		)	—			—		3,928			—
Net cash used in investing activities	$	(3,928	)	$	(23,180	)	$	—	$	3,928		$	(23,180	)

38

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)

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Net proceeds from issuance of common units	$	132,483		$	—		$	—	$	—		$	132,483
Acquisition of TVPC noncontrolling interest	(200,000		)	—			—		—			(200,000		)
Distributions to unitholders	(91,611		)	—			—		—			(91,611		)
Distributions to TVPC members	—			(8,500		)	—		—			(8,500		)
Contribution from parent	—			3,928			—		(3,928		)	—
Proceeds from revolving credit facility	228,000			—			—		—			228,000
Repayment of revolving credit facility	(101,000		)	—			—		—			(101,000		)
Deferred financing costs and other	—			835			—		—			835
Net cash used in financing activities	(32,128		)	(3,737		)	—		(3,928		)	(39,793		)
Net change in cash and cash equivalents	42,793			(10,123		)	—		—			32,670
Cash and cash equivalents at beginning of year	4,010			15,898			—		—			19,908
Cash and cash equivalents at end of period	$	46,803		$	5,775		$	—	$	—		$	52,578

39

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

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	74,359		$	120,803		$	—	$	(120,803	)	$	74,359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			21,185			—		—			21,185
Amortization of loan fees and debt premium	1,256			—			—		—			1,256
Unit-based compensation expense	4,549			—			—		—			4,549
Equity in earnings of subsidiaries	(120,803		)	—			—		120,803			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	—			7,363			—		—			7,363
Accounts receivable	—			(1,587		)	—		—			(1,587		)
Prepaids and other current assets	(1,528		)	(175		)	—		—			(1,703		)
Accounts payable - affiliates	(1,268		)	10,575			—		—			9,307
Accounts payable	(137		)	(3,750		)	—		—			(3,887		)
Accrued liabilities	9,245			(734		)	—		—			8,511
Amounts due to (from) related parties	54,391			(54,391		)	—		—			—
Deferred revenue	—			(255		)	—		—			(255		)
Other assets and liabilities	(1,049		)	(467		)	—		—			(1,516		)
Net cash provided by operating activities	19,015			98,567			—		—			117,582
Cash flows from investing activities:
Knoxville Terminals Purchase	—			(58,000		)	—		—			(58,000		)
Expenditures for property, plant and equipment	—			(28,627		)	—		—			(28,627		)
Investment in subsidiaries	(7,707		)	—			—		7,707			—
Net cash used in investing activities	$	(7,707	)	$	(86,627	)	$	—	$	7,707		$	(86,627	)

40

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)

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Net proceeds from issuance of common units	$	34,820		$	—		$	—	$	—		$	34,820
Distributions to unitholders	(72,471		)	—			—		—			(72,471		)
Distributions to TVPC members	—			(16,250		)	—		—			(16,250		)
Contribution from parent	—			11,908			—		(7,707		)	4,201
Proceeds from revolving credit facility	64,000			—			—		—			64,000
Repayment of revolving credit facility	(43,700		)	—			—		—			(43,700		)
Deferred financing costs and other	(3,197		)	—			—		—			(3,197		)
Net cash used in financing activities	(20,548		)	(4,342		)	—		(7,707		)	(32,597		)
Net change in cash and cash equivalents	(9,240		)	7,598			—		—			(1,642		)
Cash and cash equivalents at beginning of year	10,909			8,755			—		—			19,664
Cash and cash equivalents at end of period	$	1,669		$	16,353		$	—	$	—		$	18,022

41

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 effective dates of each of the Acquisitions from PBF (as defined below) 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 September 30, 2019, owned 99.0% of the total economic interest in PBF LLC. PBF LLC owns 29,953,631 PBFX common units constituting an aggregate 48.2% limited partner interest in PBFX, with the remaining 51.8% 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 the transaction contemplated by the 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 $2.1 million for the nine months ended September 30, 2019 and are included in “General and administrative expenses” within the Partnership’s condensed consolidated statements 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.

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.

42

TVPC Acquisition

On April 24, 2019, we entered into a Contribution Agreement with PBF LLC (the “TVPC Contribution Agreement”), pursuant to which PBF LLC contributed to us all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”), which held the remaining 50% equity interest in Torrance Valley Pipeline Company LLC (“TVPC”), for total consideration of $200.0 million (the “TVPC Acquisition”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, we own 100% of the equity interest in TVPC. The transaction was financed through a combination of proceeds from the April Registered Direct Offering and borrowings under our five-year $500.0 million amended and restated revolving credit facility (as amended, the “Revolving Credit Facility”).

Principles of Combination and Consolidation and Basis of Presentation

In general, our Predecessor did not historically operate its assets for the purpose of generating revenue 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 the 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 revenue. 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 a 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 and the Services Agreement (each 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.

Refer to our 2018 Form 10-K and Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements” for a more complete description of our commercial agreements with PBF Holding, including those identified as leases.

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.

We have also 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-

43

related services to the extent applicable to our operations. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that we may terminate any service upon 30-days’ notice.

See our 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 due to our recent acquisition activity, which is discussed in Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements,” the IDR Restructuring, recent debt and equity transactions and our annual inflation adjustment to our commercial agreements.

As a result of our recent acquisitions, we incurred additional revenue, operating and maintenance expenses and general and administrative expenses. As a result of the IDR Restructuring, which closed on February 28, 2019, IDRs held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions. As a result of the TVPC Acquisition, we no longer record a noncontrolling interest related to TVPC on either the condensed consolidated balance sheets or the condensed consolidated statements of operations.

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. A majority of our revenue is 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 for 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 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

44

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 September 30, 2019, PBF Holding accounts for a substantial majority of our revenue and we continue to expect that a 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.

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.

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, non-cash unit-based compensation expense and items that meet the conditions

45

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 condensed 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 EBITDA provides 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 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, income from operations, net cash provided by operating activities 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 definitions of such measures 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.

46

Results of Operations

A discussion and analysis of the factors contributing to our results of operations are 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 and nine months endedSeptember 30, 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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(In thousands)
Revenue:
Affiliate	$	78,026		$	66,140		$	224,014		$	190,789
Third-party	8,351			4,416			23,958			12,606
Total revenue	86,377			70,556			247,972			203,395
Costs and expenses:
Operating and maintenance expenses	28,356			20,803			86,825			61,407
General and administrative expenses	4,552			4,725			18,142			15,504
Depreciation and amortization	9,079			7,451			26,654			21,185
Total costs and expenses	41,987			32,979			131,621			98,096
Income from operations	44,390			37,577			116,351			105,299
Other expense:
Interest expense, net	(12,230		)	(10,070		)	(34,359		)	(29,684		)
Amortization of loan fees and debt premium	(444		)	(497		)	(1,339		)	(1,256		)
Accretion on discounted liabilities	(722		)	—			(2,255		)	—
Net income	30,994			27,010			78,398			74,359
Less: Net loss attributable to Predecessor	—			(80		)	—			(2,443		)
Less: Net income attributable to noncontrolling interest	—			4,725			7,881			13,110
Net income attributable to the partners	30,994			22,365			70,517			63,692
Less: Net income attributable to the IDR holder	—			3,641			—			10,011
Net income attributable to PBF Logistics LP unitholders	$	30,994		$	18,724		$	70,517		$	53,681
Other Data:
EBITDA attributable to PBFX	$	53,469		$	38,934		$	132,825		$	111,321
Adjusted EBITDA	55,451			40,818			146,744			117,854
Distributable cash flow	39,538			28,545			99,074			82,891
Capital expenditures, including acquisitions	8,028			20,956			23,180			86,627

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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, which is the most directly comparable GAAP financial measure of operating performance on a historical basis, for the periods indicated.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(In thousands)
Net income	$	30,994		$	27,010		$	78,398		$	74,359
Interest expense, net	12,230			10,070			34,359			29,684
Amortization of loan fees and debt premium	444			497			1,339			1,256
Accretion on discounted liabilities	722			—			2,255			—
Depreciation and amortization	9,079			7,451			26,654			21,185
EBITDA	53,469			45,028			143,005			126,484
Less: Predecessor EBITDA	—			(8		)	—			(2,051		)
Less: Noncontrolling interest EBITDA	—			6,102			10,180			17,214
EBITDA attributable to PBFX	53,469			38,934			132,825			111,321
Non-cash unit-based compensation expense	1,271			1,052			5,622			4,549
Cash interest	(12,334		)	(10,112		)	(34,760		)	(29,741		)
Maintenance capital expenditures attributable to PBFX	(2,868		)	(1,329		)	(4,613		)	(3,238		)
Distributable cash flow	$	39,538		$	28,545		$	99,074		$	82,891

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(In thousands)
Net cash provided by operating activities	$	39,757		$	52,255		$	95,643		$	117,582
Change in operating assets and liabilities	2,753			(16,245		)	18,625			(16,233		)
Interest expense, net	12,230			10,070			34,359			29,684
Non-cash unit-based compensation expense	(1,271		)	(1,052		)	(5,622		)	(4,549		)
EBITDA	53,469			45,028			143,005			126,484
Less: Predecessor EBITDA	—			(8		)	—			(2,051		)
Less: Noncontrolling interest EBITDA	—			6,102			10,180			17,214
EBITDA attributable to PBFX	53,469			38,934			132,825			111,321
Non-cash unit-based compensation expense	1,271			1,052			5,622			4,549
Cash interest	(12,334		)	(10,112		)	(34,760		)	(29,741		)
Maintenance capital expenditures attributable to PBFX	(2,868		)	(1,329		)	(4,613		)	(3,238		)
Distributable cash flow	$	39,538		$	28,545		$	99,074		$	82,891

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019		2018
	(In thousands)
Net income	$	30,994	$	27,010		$	78,398	$	74,359
Interest expense, net	12,230		10,070			34,359		29,684
Amortization of loan fees and debt premium	444		497			1,339		1,256
Accretion on discounted liabilities	722		—			2,255		—
Depreciation and amortization	9,079		7,451			26,654		21,185
EBITDA	53,469		45,028			143,005		126,484
Less: Predecessor EBITDA	—		(8		)	—		(2,051		)
Less: Noncontrolling interest EBITDA	—		6,102			10,180		17,214
EBITDA attributable to PBFX	53,469		38,934			132,825		111,321
Acquisition and transaction costs	281		832			3,389		1,984
Non-cash unit-based compensation expense	1,271		1,052			5,622		4,549
East Coast Terminals environmental remediation costs	430		—			4,026		—
PNGPC tariff true-up adjustment	—		—			882		—
Adjusted EBITDA	$	55,451	$	40,818		$	146,744	$	117,854

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands)
Net income attributable to noncontrolling interest	$	—	$	4,725	$	7,881	$	13,110
Depreciation and amortization related to noncontrolling interest*	—		1,377		2,299		4,104
Noncontrolling interest EBITDA	$	—	$	6,102	$	10,180	$	17,214

* Represents 50% of depreciation and amortization for TVPC for the five months ended May 31, 2019 and the three and nine months endedSeptember 30, 2018. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, we own 100% of the equity interest in TVPC and no longer record a noncontrolling interest.

Three Months Ended September 30, 2019 Compared to the Three Months Ended September 30, 2018

Summary.Our net income for the three months ended September 30, 2019increased by approximately $4.0 million to $31.0 million from $27.0 million for the three months ended September 30, 2018. The increase in net income was primarily due to the following:

• an increase in total revenue of approximately $15.8 million, or 22.4%, primarily attributable to operations of recently acquired or constructed assets, inflation rate adjustments implemented in accordance with certain of our commercial agreements (the “Inflation Rate Increase”) and higher throughput at certain of our assets; and

• a decrease in general and administrative expenses of approximately $0.2 million, or 3.7%, as a result of decreased acquisition costs, offset by higher unit-based compensation expense;

offset by the following:

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• an increase in operating and maintenance expenses of approximately $7.6 million, or 36.3%, as a result of expenses related to the operations of recently acquired assets, increased utility expenses coinciding with higher throughput at certain of our assets, increased property tax expenses within our Transportation and Terminaling segment, remediation of product contamination costs at one of our terminals and higher environmental clean-up remediation costs (refer to Note 9 “Commitments and Contingencies” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements” for a more complete description of our environmental clean-up remediation costs), offset by lower outside services expenses within our Transportation and Terminaling segment;

• an increase in depreciation and amortization expenses of approximately $1.6 million, or 21.8%, related to the timing of acquisitions and new assets being placed in service;

• an increase in interest expense, net of approximately $2.2 million, or 21.4%, attributable to higher borrowings under our Revolving Credit Facility; and

• an increase in accretion on discounted liabilities of approximately $0.7 million attributable to the accretion of the discounted liabilities recorded in connection with our purchase of CPI Operations LLC on October 1, 2018 (the “East Coast Storage Assets Acquisition”).

EBITDA attributable to PBFX for the three months ended September 30, 2019increased by approximately $14.5 million to $53.5 million from $38.9 million for the three months ended September 30, 2018 due to the factors noted above, excluding the impact of depreciation and amortization, interest expense, net, accretion on discounted liabilities and noncontrolling interest.

Adjusted EBITDA for the three months ended September 30, 2019increased by approximately $14.6 million to $55.5 million from $40.8 million for the three months ended September 30, 2018 due to the factors noted above, excluding the impact of acquisition costs, unit-based compensation and certain environmental remediation costs.

Nine Months Ended September 30, 2019 Compared to the Nine Months Ended September 30, 2018

Summary.Our net income for the nine months ended September 30, 2019increased by approximately $4.0 million to $78.4 million from $74.4 million for the nine months ended September 30, 2018. The increase in net income was primarily due to the following:

• an increase in total revenue of approximately $44.6 million, or 21.9%, primarily attributable to operations of recently acquired or constructed assets, the Inflation Rate Increase and higher throughput at certain of our assets, 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 first quarter of 2019 (the “PNGPC Rate Adjustment”);

offset by the following:

• an increase in operating and maintenance expenses of approximately $25.4 million, or 41.4%, as a result of expenses related to the operations of recently acquired assets, higher environmental clean-up remediation costs, remediation of product contamination costs at one of our terminals and increased utilities expenses coinciding with higher throughput at certain of our assets;

• an increase in general and administrative expenses of approximately $2.6 million, or 17.0%, as a result of transaction costs related to the IDR Restructuring and higher unit-based compensation expense, offset by lower acquisition related costs;

• an increase in depreciation and amortization expenses of approximately $5.5 million, or 25.8%, related to the timing of acquisitions and new assets being placed in service;

• an increase in interest expense, net of approximately $4.7 million, or 15.7%, attributable to higher borrowings under our Revolving Credit Facility; and

• an increase in accretion on discounted liabilities of approximately $2.3 million attributable to the accretion of the discounted liabilities recorded in connection with the East Coast Storage Assets Acquisition.

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EBITDA attributable to PBFX for the nine months ended September 30, 2019increased by approximately $21.5 million to $132.8 million from $111.3 million for the nine months ended September 30, 2018 due to the factors noted above, excluding the impact of depreciation and amortization, interest expense, net, accretion on discounted liabilities and noncontrolling interest.

Adjusted EBITDA for the nine months ended September 30, 2019increased by approximately $28.9 million to $146.7 million from $117.9 million for the nine months ended September 30, 2018 due to the factors noted above, excluding the impact of acquisition and transaction costs, unit-based compensation, certain environmental remediation costs and the PNGPC Rate Adjustment.

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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 our 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 provide an explanation of our results of operations of the Transportation and Terminaling segment for the three and nine months endedSeptember 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
(in thousands, except for total throughput and lease tank capacity)
Revenue:
Affiliate	$	67,872	$	59,595	$	193,814	$	170,209
Third-party	5,397		4,416		15,070		12,606
Total revenue	73,269		64,011		208,884		182,815
Costs and expenses:
Operating and maintenance expenses	22,622		18,888		67,377		55,348
Depreciation and amortization	7,051		6,524		20,831		18,408
Total costs and expenses	29,673		25,412		88,208		73,756
Transportation and Terminaling Segment Operating Income	$	43,596	$	38,599	$	120,676	$	109,059
Key Operating Information
Transportation and Terminaling Segment
Terminals
Total throughput (bpd) (1)	334,340		299,757		287,027		290,076
Lease tank capacity (average lease capacity barrels per month) (2)	2,088,044		1,713,988		2,229,890		1,970,347
Pipelines
Total throughput (bpd) (1)	165,757		166,275		158,307		162,027
Lease tank capacity (average lease capacity barrels per month) (2)	1,388,849		1,548,747		1,355,645		1,553,509

(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 September 30, 2019 Compared to theThree Months Ended September 30, 2018

Revenue.Revenue increased by approximately $9.3 million, or 14.5%, to $73.3 million for the three months ended September 30, 2019 compared to $64.0 million for the three months ended September 30, 2018. The increase

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in revenue was primarily attributable to operations of recently acquired or constructed assets, higher throughput at certain of our assets and the Inflation Rate Increase.

Operating and maintenance expenses. Operating and maintenance expenses increased by approximately $3.7 million, or 19.8%, to $22.6 million for the three months ended September 30, 2019 compared to $18.9 million for the three months ended September 30, 2018. The increase in operating and maintenance expenses was primarily attributable to expenses related to the operations of recently acquired assets, increased utility expenses coinciding with higher throughput at certain of our assets, increased property tax expenses, remediation of product contamination costs at one of our terminals and higher environmental clean-up remediation costs, offset by lower outside services expenses.

Depreciation and amortization. Depreciation and amortization expense increased by approximately $0.5 million, or 8.1%, to $7.1 million for the three months ended September 30, 2019 compared to $6.5 million for the three months ended September 30, 2018. The increase in depreciation and amortization expense was primarily attributable to the timing of new assets being placed in service.

Nine Months Ended September 30, 2019 Compared to theNine Months Ended September 30, 2018

Revenue.Revenue increased by approximately $26.1 million, or 14.3%, to $208.9 million for the nine months ended September 30, 2019 compared to $182.8 million for the nine months ended September 30, 2018. The increase in revenue was primarily attributable to operations of recently acquired or constructed assets, higher throughput at certain of our assets and the Inflation Rate Increase, offset by a decrease in revenue at the Paulsboro Natural Gas Pipeline due to the PNGPC Rate Adjustment.

Operating and maintenance expenses. Operating and maintenance expenses increased by approximately $12.0 million, or 21.7%, to $67.4 million for the nine months ended September 30, 2019 compared to $55.3 million for the nine months ended September 30, 2018. The increase in operating and maintenance expenses was primarily attributable to expenses related to the operations of recently acquired assets, higher environmental clean-up remediation costs, remediation of product contamination costs at one of our terminals and increased utility expenses coinciding with higher throughput at certain of our assets.

Depreciation and amortization. Depreciation and amortization expense increased by approximately $2.4 million, or 13.2%, to $20.8 million for the nine months ended September 30, 2019 compared to $18.4 million for the nine months ended September 30, 2018. The increase in depreciation and amortization expense was primarily attributable to the timing of our purchase of two refined product terminals located in Knoxville, Tennessee on April 16, 2018 (the “Knoxville Terminals Purchase”) and new assets being placed in service.

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Storage Segment

The following table and discussion provide an explanation of our results of operations of the Storage segment for the three and nine months endedSeptember 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
(in thousands, except for storage capacity reserved)
Revenue:
Affiliate	$	10,154	$	6,545	$	30,200	$	20,580
Third-party	2,954		—		8,888		—
Total revenue	13,108		6,545		39,088		20,580
Costs and expenses:
Operating and maintenance expenses	5,734		1,915		19,448		6,059
Depreciation and amortization	2,028		927		5,823		2,777
Total costs and expenses	7,762		2,842		25,271		8,836
Storage Segment Operating Income	$	5,346	$	3,703	$	13,817	$	11,744
Key Operating Information
Storage Segment
Storage capacity reserved (average shell capacity barrels per month) (1)	8,033,679		4,138,709		8,006,785		4,343,379

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

Three Months Ended September 30, 2019 Compared to theThree Months Ended September 30, 2018

Revenue. Revenue increased by approximately $6.6 million, or 100.3%, to $13.1 million for the three months ended September 30, 2019 compared to $6.5 million for the three months ended September 30, 2018. The increase in revenue was primarily attributable to the operations of the assets acquired in connection with the East Coast Storage Assets Acquisition (the “East Coast Storage Assets”) and the Inflation Rate Increase.

Operating and maintenance expenses. Operating and maintenance expenses increased by approximately $3.8 million, or 199.4%, to $5.7 million for the three months ended September 30, 2019 compared to $1.9 million for the three months ended September 30, 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 $1.1 million, or 118.8%, to $2.0 million for the three months ended September 30, 2019 compared to $0.9 million for the three months ended September 30, 2018. The increase in depreciation and amortization expense was primarily attributable to the timing of the East Coast Storage Assets Acquisition.

Nine Months Ended September 30, 2019 Compared to theNine Months Ended September 30, 2018

Revenue. Revenue increased by approximately $18.5 million, or 89.9%, to $39.1 million for the nine months ended September 30, 2019 compared to $20.6 million for the nine months ended September 30, 2018. The increase in revenue was primarily attributable to the East Coast Storage Assets operations and the Inflation Rate Increase.

Operating and maintenance expenses. Operating and maintenance expenses increased by approximately $13.4 million, or 221.0%, to $19.4 million for the nine months ended September 30, 2019 compared to $6.1 million

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for the nine months ended September 30, 2018. The increase in operating and maintenance expenses was primarily attributable to expenses associated with the East Coast Storage Assets, as well as increased maintenance activity.

Depreciation and amortization. Depreciation and amortization expense increased by approximately $3.0 million, or 109.7%, to $5.8 million for the nine months ended September 30, 2019 compared to $2.8 million for the nine months ended September 30, 2018. The increase in depreciation and amortization expense was primarily attributable to the timing of the East Coast Storage Assets Acquisition.

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 $18.9 million per quarter and approximately $75.6 million on an annualized basis based on the number of common units outstanding as of September 30, 2019.

During the nine months endedSeptember 30, 2019, we made cash distribution payments as follows (in thousands except per unit data):

Related Earnings Period:	Q4 2018		Q1 2019		Q2 2019
Distribution date	March 14, 2019		May 30, 2019		August 30, 2019
Record date	March 1, 2019		May 15, 2019		August 15, 2019
Per unit	$	0.5050	$	0.5100	$	0.5150
To public common unitholders	$	12,825	$	16,398	$	16,560
To PBF LLC	15,126		15,276		15,426
Total distribution	$	27,951	$	31,674	$	31,986

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 September 30, 2019.

During the nine months endedSeptember 30, 2019, we made repayments of $101.0 million and borrowed $228.0 million under the Revolving Credit Facility to fund the TVPC Acquisition, the remaining East Coast Storage Assets Acquisition payment, other capital expenditures and working capital requirements.

Our 6.875% Senior Notes due 2023 (the “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

55

other things, make distributions. These covenants are subject to a number of important limitations and exceptions. As of September 30, 2019, we are in compliance with all covenants under the 2023 Notes.

Cash Flows

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

	Nine Months Ended September 30,
	2019			2018
	(In thousands)
Net cash provided by operating activities	$	95,643		$	117,582
Net cash used in investing activities	(23,180		)	(86,627		)
Net cash used in financing activities	(39,793		)	(32,597		)
Net change in cash and cash equivalents	$	32,670		$	(1,642	)

Cash Flows from Operating Activities

Net cash provided by operating activities decreased by approximately $21.9 million to $95.6 million for the nine months ended September 30, 2019 compared to $117.6 million for the nine months ended September 30, 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 $34.9 million primarily driven by the timing of collection of accounts receivables and liability payments, 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 $8.9 million and an increase in net income of approximately $4.0 million.

Cash Flows from Investing Activities

Net cash used in investing activities decreased by approximately $63.4 million to $23.2 million for the nine months ended September 30, 2019 compared to $86.6 million for the nine months ended September 30, 2018. The decrease in net cash used in investing activities was primarily due to the Knoxville Terminals Purchase of $58.0 million in April 2018 and a decrease in capital expenditures of approximately $5.4 million primarily related to higher capital spend on organic growth projects in the prior year.

Cash Flows from Financing Activities

Net cash used in financing activities increased by approximately $7.2 million to $39.8 million for the nine months ended September 30, 2019 compared to $32.6 million for the nine months ended September 30, 2018. Net cash used in financing activities for the nine months ended September 30, 2019 consisted of the TVPC Acquisition for $200.0 million, distributions to unitholders of $91.6 million and distributions to TVPC members of $8.5 million, offset by proceeds from issuance of common units of $132.5 million, net borrowings from our Revolving Credit Facility of $127.0 million and deferred financing costs and other of $0.8 million. Net cash used in financing activities for the nine months ended September 30, 2018 consisted of distributions to unitholders of $72.5 million, distributions to TVPC members of $16.3 million and deferred financing costs and other of $3.2 million, offset by proceeds from issuance of common units of $34.8 million, net borrowings under our Revolving Credit Facility of $20.3 million and a contribution from PBF LLC of $4.2 million related to the pre-acquisition activities of the Acquisitions from PBF in 2018.

Capital Expenditures

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

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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 projects that provide 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 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 nine months ended September 30, 2019 and 2018 were as follows:

	Nine Months Ended September 30,
	2019		2018
	(In thousands)
Expansion*	$	17,730	$	82,908
Maintenance	4,992		3,401
Regulatory	458		318
Total capital expenditures	$	23,180	$	86,627

* Expansion capital expenditures include our acquisitions for the periods presented.

We currently expect to spend an additional aggregate of between $8.0 million and $12.0 million for the remainder of 2019 for capital expenditures. Of the total expected capital expenditures, between $3.0 million and $6.0 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 remainder of 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 the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to us all of the issued and outstanding limited liability company interests of TVP Holding for total consideration of $200.0 million. We financed 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 the IPO and each of the Acquisitions from PBF during the first five years after the closings of the IPO and each of 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” of the Notes to Condensed Consolidated Financial Statements included in “Item 1. Financial Statements” for additional information regarding our debt obligations.

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As of September 30, 2019, we incurred borrowings of $32.0 million on our Revolving Credit Facility to settle the remaining $32.0 million payable for the East Coast Storage Assets Acquisition, which was paid on October 1, 2019.

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 $4.8 million.

Environmental and Other Matters

Environmental Regulations

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, as well as the interpretation of such laws and regulations, are subject to changes 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 September 30, 2019, we have recorded a total liability related to environmental remediation costs of $2.4 million related to existing environmental liabilities. Refer to Note 9 “Commitments and Contingencies” of

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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 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, through the operations of 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 and nine months endedSeptember 30, 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 September 30, 2019, we had $283.0 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 $4.3 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 September 30, 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 September 30, 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 September 30, 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, except as follows:

On December 28, 2016, the Delaware Department of Natural Resources and Environmental Control issued a Coastal Zone Act 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 parties to the action have filed a joint motion with the Coastal Zone Board, requesting that the Coastal Zone Board concur with the parties’ proposal to secure from the Superior Court confirmation that all rights and claims are preserved for any subsequent appeal to the Superior Court, and that the matter then be scheduled for a hearing on the merits before the Coastal Zone Board.

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, except as follows:

The recommencement of the operations of certain of our acquired idled assets at our East Coast Storage Assets represents a new operational activity, which is subject to different risks and operational hazards than our existing operations.

We recommenced operations of certain of our acquired idled assets at our East Coast Storage Assets on October 25, 2019.

The operations of these restarted assets are subject to all of the risks and operational hazards inherent in processing petroleum, some of which are inherent in our current operations, including:

• damages to our facilities, related equipment and surrounding properties caused by floods, fires, severe weather, explosions and other natural disasters and acts of terrorism;

• interruption of service or processing capability due to a major accident, power outage, act of terrorism or other unforeseen events;

• failure to restart processing operations timely following a suspension or shutdown;

• mechanical or structural failures at our facility;

• curtailments of operations relative to severe seasonal weather;

• inadvertent damage to our facilities from construction, farm and utility equipment; and

60

• other hazards.

These risks could result in substantial losses due to personal injury and/or loss of life, severe damage to and destruction of property and equipment and pollution or other environmental damage, as well as business interruptions or shutdown of our facility. Any such event or unplanned shutdown could have a material adverse effect on our business, financial condition and results of operations. A significant accident at our facility could result in serious injury or death to our employees or contractors, could expose us to significant liability for personal injury claims and reputational risk. 

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
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.
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.
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:	October 31, 2019		By:	/s/ Erik Young
				Erik Young Senior Vice President, Chief Financial Officer and Director (Duly Authorized Officer and Principal Financial Officer)

62

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: October 31, 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: October 31, 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 September 30, 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

October 31, 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 September 30, 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

October 31, 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.

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NET INCOME PER UNIT

9 Months Ended

Sep. 30, 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 625 and 13,063 anti-dilutive phantom units for the three and nine months endedSeptember 30, 2019, respectively, compared to 8,750 and 145,500 anti-dilutive phantom units for the three and nine months endedSeptember 30, 2018, respectively.

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.

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 tables show the calculation of net income per limited partner unit:

	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Net income attributable to the partners:
Distributions declared	$	32,709		$	97,188
Earnings less distributions	(1,715		)	(26,671		)
Net income attributable to the partners	$	30,994		$	70,517
Weighted-average units outstanding - basic	62,361,974			57,314,382
Weighted-average units outstanding - diluted	62,460,669			57,385,166
Net income per limited partner unit - basic	$	0.50		$	1.23
Net income per limited partner unit - diluted	0.50			1.23

	Three Months Ended September 30, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	23,028		$	3,641	$	26,669
Earnings less distributions	(4,304		)	—		(4,304		)
Net income attributable to the partners	$	18,724		$	3,641	$	22,365
Weighted-average units outstanding - basic	44,518,365
Weighted-average units outstanding - diluted	44,612,552
Net income per limited partner unit - basic	$	0.42
Net income per limited partner unit - diluted	0.42

	Nine Months Ended September 30, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	66,792		$	10,011	$	76,803
Earnings less distributions	(13,111		)	—		(13,111		)
Net income attributable to the partners	$	53,681		$	10,011	$	63,692
Weighted-average units outstanding - basic	42,965,502
Weighted-average units outstanding - diluted	43,015,817
Net income per limited partner unit - basic	$	1.25
Net income per limited partner unit - diluted	1.25

XML

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Cash Distribution

On October 31, 2019, PBF GP’s board of directors announced a cash distribution, based on the results of the third quarter of 2019, of $0.5200 per unit. The distribution is payable on November 26, 2019 to PBFX unitholders of record at the close of business on November 14, 2019.

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ACQUISITIONS - Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands		Oct. 01, 2018	Apr. 16, 2018	Sep. 30, 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		555
Payments to Acquire Property, Plant, and Equipment		75,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		115,621
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		(902)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued Liabilities		1,271
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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PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 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:

	September 30, 2019			December 31, 2018
Land	$	115,957		$	115,957
Pipelines	339,323			337,474
Terminals and equipment	282,658			259,441
Storage facilities	217,989			213,937
Construction in progress	11,397			20,439
	967,324			947,248
Accumulated depreciation	(111,121		)	(85,131		)
Property, plant and equipment, net	$	856,203		$	862,117

Depreciation expense was $26,278 and $20,915 for the nine months endedSeptember 30, 2019 and 2018, respectively.

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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands		4 Months Ended	9 Months Ended
	May 31, 2019	Sep. 30, 2019	Sep. 30, 2019	Feb. 28, 2019	Jan. 01, 2019
Limited Partners' Capital Account [Line Items]
Operating Lease, Right-of-Use Asset					$ 1,000
Operating Lease, Liability					$ 1,000
PBF Energy [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Percentage of total economic interest		99.00%	99.00%
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage		48.20%	48.20%
Limited Partner, Public [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage		51.80%	51.80%
Common Units [Member] | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Units owned		29,953,631	29,953,631
Common Units [Member] | IDR Restructuring [Member]
Limited Partners' Capital Account [Line Items]
Shares, Issued				10,000,000
Torrance Valley Pipeline Company LLC [Member]
Limited Partners' Capital Account [Line Items]
Business Combination, Consideration Transferred	$ 200,000
Wholly Owned Subsidiary, Percentage of Ownership		100.00%
IDR Restructuring [Member]
Limited Partners' Capital Account [Line Items]
IDR Restructuring Costs			$ 2,104

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 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	Sep. 30, 2019
Document Fiscal Period Focus	Q3
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 Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Units, Units Outstanding (in shares)		62,110,832

XML

DEBT - Outstanding amounts (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018	Dec. 31, 2018	Jul. 30, 2018
Debt Instrument [Line Items]
Total debt outstanding	$ 808,000,000			$ 681,000,000
Unamortized debt issuance costs	8,717,000			10,496,000
Unamortized 2023 Notes premium	2,380,000			2,820,000
Net carrying value of debt	801,663,000			673,324,000
Proceeds from Lines of Credit	$ 228,000,000		$ 64,000,000
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	283,000,000	[1],[2]		$ 156,000,000
Line of credit, outstanding	4,768,000
Remaining borrowing capacity	212,232,000
Maximum borrowing capacity					$ 500,000,000
Torrance Valley Pipeline Company LLC [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit	$ 127,000,000

[1] During the nine months ended September 30, 2019, PBFX incurred net borrowings of $127,000 under the Revolving Credit Facility to fund the TVPC Acquisition, the remaining East Coast Storage Assets Acquisition payment, other capital expenditures and working capital requirements.

[2] PBFX had $4,768 outstanding letters of credit and $212,232 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 September 30, 2019.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 78,398	$ 74,359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,654	21,185
Amortization of loan fees and debt premium	1,339	1,256
Accretion on discounted liabilities	2,255	0
Unit-based compensation expense	5,622	4,549
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(29,351)	7,363
Accounts receivable	2,369	(1,587)
Prepaids and other current assets	(1,486)	(1,703)
Accounts payable - affiliates	137	9,307
Accounts payable	1,894	(3,887)
Accrued liabilities	9,672	8,511
Deferred revenue	81	(255)
Other assets and liabilities	(1,941)	(1,516)
Net cash provided by operating activities	95,643	117,582
Cash flows from investing activities:
Expenditures for property, plant and equipment	(23,180)	(28,627)
Net cash used in investing activities	(23,180)	(86,627)
Cash flows from financing activities:
Proceeds from issuance of common units	132,483	34,820
Payments of Distributions to Affiliates	(8,500)	(16,250)
Distributions to unitholders	(91,611)	(72,471)
Contribution from parent	0	4,201
Proceeds from revolving credit facility	228,000	64,000
Repayment of revolving credit facility	(101,000)	(43,700)
Deferred financing costs and other	835	(3,197)
Net cash used in financing activities	(39,793)	(32,597)
Net change in cash and cash equivalents	32,670	(1,642)
Cash and cash equivalents at beginning of year	19,908	19,664
Cash and cash equivalents at end of period	52,578	18,022
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures	338	85
Contribution of net assets from PBF LLC	242	0
Assets acquired under operating leases	482	0
IDR Restructuring [Member]
Supplemental disclosure of non-cash investing and financing activities:
Units issued in connection with the IDR Restructuring	215,300	0
Development Assets Acquisition [Member]
Supplemental disclosure of non-cash investing and financing activities:
Units issued in connection with the IDR Restructuring	0	31,586
Non-Guarantor Subsidiaries [Member]
Cash flows from financing activities:
Proceeds from issuance of common units		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	0	0
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:
Expenditures for property, plant and equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of common units	0
Payments of Distributions to Affiliates	0	0
Distributions to unitholders	0	0
Contribution from parent	0	0
Proceeds from revolving credit facility	0	0
Repayment of revolving credit facility	0	0
Deferred financing costs and other	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
Knoxville Terminals Purchase [Member]
Cash flows from investing activities:
Payments to Acquire Businesses, Gross	0	(58,000)
Torrance Valley Pipeline Company LLC [Member]
Cash flows from financing activities:
Payments of Distributions to Affiliates	(200,000)	$ 0
Proceeds from revolving credit facility	127,000
Torrance Valley Pipeline Company LLC [Member] | Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from financing activities:
Payments of Distributions to Affiliates	$ 0

XML

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2019

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]

Condensed Balance Sheet

	September 30, 2019
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	46,803	$	5,775	$	—	$	—		$	52,578
Accounts receivable - affiliates	194		66,209		—		—			66,403
Accounts receivable	365		4,777		—		—			5,142
Prepaids and other current assets	1,556		3,286		—		—			4,842
Due from related parties	190,789		712,286		—		(903,075		)	—
Total current assets	239,707		792,333		—		(903,075		)	128,965
Property, plant and equipment, net	—		856,203		—		—			856,203
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		18,828		—		—			18,828
Investment in subsidiaries	1,432,244		—		—		(1,432,244		)	—
Total assets	$	1,671,951	$	1,673,696	$	—	$	(2,335,319	)	$	1,010,328
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	1,708	$	6,528	$	—	$	—		$	8,236
Accounts payable	116		6,438		—		—			6,554
Accrued liabilities	49,043		8,732		—		—			57,775
Deferred revenue	—		3,041		—		—			3,041
Due to related parties	712,286		190,789		—		(903,075		)	—
Total current liabilities	763,153		215,528		—		(903,075		)	75,606
Long-term debt	801,663		—		—		—			801,663
Other long-term liabilities	—		25,924		—		—			25,924
Total liabilities	1,564,816		241,452		—		(903,075		)	903,193
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,432,244		—		(1,432,244		)	—
Common unitholders	107,135		—		—		—			107,135
Total equity	107,135		1,432,244		—		(1,432,244		)	107,135
Total liabilities and equity	$	1,671,951	$	1,673,696	$	—	$	(2,335,319	)	$	1,010,328

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	1,176		3,484		—		—			4,660
Accrued liabilities	39,847		6,465		—		—			46,312
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 September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	78,026		$	—	$	—		$	78,026
Third-party	—			8,351			—		—			8,351
Total revenue	—			86,377			—		—			86,377
Costs and expenses:
Operating and maintenance expenses	—			28,356			—		—			28,356
General and administrative expenses	4,552			—			—		—			4,552
Depreciation and amortization	—			9,079			—		—			9,079
Total costs and expenses	4,552			37,435			—		—			41,987
Income (loss) from operations	(4,552		)	48,942			—		—			44,390
Other income (expense):
Equity in earnings of subsidiaries	48,499			—			—		(48,499		)	—
Interest expense, net	(12,230		)	—			—		—			(12,230		)
Amortization of loan fees and debt premium	(444		)	—			—		—			(444		)
Accretion on discounted liabilities	(279		)	(443		)	—		—			(722		)
Net income	30,994			48,499			—		(48,499		)	30,994
Less: Net income attributable to noncontrolling interest	—			—			—		—			—
Net income attributable to PBF Logistics LP unitholders	$	30,994		$	48,499		$	—	$	(48,499	)	$	30,994

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	66,140		$	—	$	—		$	66,140
Third-party	—			4,416			—		—			4,416
Total revenue	—			70,556			—		—			70,556
Costs and expenses:
Operating and maintenance expenses	—			20,803			—		—			20,803
General and administrative expenses	4,725			—			—		—			4,725
Depreciation and amortization	—			7,451			—		—			7,451
Total costs and expenses	4,725			28,254			—		—			32,979
Income (loss) from operations	(4,725		)	42,302			—		—			37,577
Other income (expense):
Equity in earnings of subsidiaries	42,302			—			—		(42,302		)	—
Interest expense, net	(10,070		)	—			—		—			(10,070		)
Amortization of loan fees and debt premium	(497		)	—			—		—			(497		)
Net income	27,010			42,302			—		(42,302		)	27,010
Less: Net loss attributable to Predecessor	—			(80		)	—		—			(80		)
Less: Net income attributable to noncontrolling interest	—			4,725			—		—			4,725
Net income attributable to the partners	27,010			37,657			—		(42,302		)	22,365
Less: Net income attributable to the IDR holder	3,641			—			—		—			3,641
Net income attributable to PBF Logistics LP unitholders	$	23,369		$	37,657		$	—	$	(42,302	)	$	18,724

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	224,014		$	—	$	—		$	224,014
Third-party	—			23,958			—		—			23,958
Total revenue	—			247,972			—		—			247,972
Costs and expenses:
Operating and maintenance expenses	—			86,825			—		—			86,825
General and administrative expenses	18,142			—			—		—			18,142
Depreciation and amortization	—			26,654			—		—			26,654
Total costs and expenses	18,142			113,479			—		—			131,621
Income (loss) from operations	(18,142		)	134,493			—		—			116,351
Other income (expense):
Equity in earnings of subsidiaries	133,067			—			—		(133,067		)	—
Interest expense, net	(34,359		)	—			—		—			(34,359		)
Amortization of loan fees and debt premium	(1,339		)	—			—		—			(1,339		)
Accretion on discounted liabilities	(829		)	(1,426		)	—		—			(2,255		)
Net income	78,398			133,067			—		(133,067		)	78,398
Less: Net income attributable to noncontrolling interest	—			7,881			—		—			7,881
Net income attributable to PBF Logistics LP unitholders	$	78,398		$	125,186		$	—	$	(133,067	)	$	70,517

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	190,789		$	—	$	—		$	190,789
Third-party	—			12,606			—		—			12,606
Total revenue	—			203,395			—		—			203,395
Costs and expenses:
Operating and maintenance expenses	—			61,407			—		—			61,407
General and administrative expenses	15,504			—			—		—			15,504
Depreciation and amortization	—			21,185			—		—			21,185
Total costs and expenses	15,504			82,592			—		—			98,096
Income (loss) from operations	(15,504		)	120,803			—		—			105,299
Other income (expense):
Equity in earnings of subsidiaries	120,803			—			—		(120,803		)	—
Interest expense, net	(29,684		)	—			—		—			(29,684		)
Amortization of loan fees and debt premium	(1,256		)	—			—		—			(1,256		)
Net income	74,359			120,803			—		(120,803		)	74,359
Less: Net loss attributable to Predecessor	—			(2,443		)	—		—			(2,443		)
Less: Net income attributable to noncontrolling interest	—			13,110			—		—			13,110
Net income attributable to the partners	74,359			110,136			—		(120,803		)	63,692
Less: Net income attributable to the IDR holder	10,011			—			—		—			10,011
Net income attributable to PBF Logistics LP unitholders	$	64,348		$	110,136		$	—	$	(120,803	)	$	53,681

Condensed Cash Flow Statement

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	78,398		$	133,067		$	—	$	(133,067	)	$	78,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			26,654			—		—			26,654
Amortization of loan fees and debt premium	1,339			—			—		—			1,339
Accretion on discounted liabilities	829			1,426			—		—			2,255
Unit-based compensation expense	5,622			—			—		—			5,622
Equity in earnings of subsidiaries	(133,067		)	—			—		133,067			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(185		)	(29,166		)	—		—			(29,351		)
Accounts receivable	—			2,369			—		—			2,369
Prepaids and other current assets	(419		)	(1,067		)	—		—			(1,486		)
Accounts payable - affiliates	469			(332		)	—		—			137
Accounts payable	(1,060		)	2,954			—		—			1,894
Accrued liabilities	7,202			2,470			—		—			9,672
Amounts due to (from) related parties	121,505			(121,505		)	—		—			—
Deferred revenue	—			81			—		—			81
Other assets and liabilities	(1,784		)	(157		)	—		—			(1,941		)
Net cash provided by operating activities	78,849			16,794			—		—			95,643
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(23,180		)	—		—			(23,180		)
Investment in subsidiaries	(3,928		)	—			—		3,928			—
Net cash used in investing activities	$	(3,928	)	$	(23,180	)	$	—	$	3,928		$	(23,180	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (continued)

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Net proceeds from issuance of common units	$	132,483		$	—		$	—	$	—		$	132,483
Acquisition of TVPC noncontrolling interest	(200,000		)	—			—		—			(200,000		)
Distributions to unitholders	(91,611		)	—			—		—			(91,611		)
Distributions to TVPC members	—			(8,500		)	—		—			(8,500		)
Contribution from parent	—			3,928			—		(3,928		)	—
Proceeds from revolving credit facility	228,000			—			—		—			228,000
Repayment of revolving credit facility	(101,000		)	—			—		—			(101,000		)
Deferred financing costs and other	—			835			—		—			835
Net cash used in financing activities	(32,128		)	(3,737		)	—		(3,928		)	(39,793		)
Net change in cash and cash equivalents	42,793			(10,123		)	—		—			32,670
Cash and cash equivalents at beginning of year	4,010			15,898			—		—			19,908
Cash and cash equivalents at end of period	$	46,803		$	5,775		$	—	$	—		$	52,578

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	74,359		$	120,803		$	—	$	(120,803	)	$	74,359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			21,185			—		—			21,185
Amortization of loan fees and debt premium	1,256			—			—		—			1,256
Unit-based compensation expense	4,549			—			—		—			4,549
Equity in earnings of subsidiaries	(120,803		)	—			—		120,803			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	—			7,363			—		—			7,363
Accounts receivable	—			(1,587		)	—		—			(1,587		)
Prepaids and other current assets	(1,528		)	(175		)	—		—			(1,703		)
Accounts payable - affiliates	(1,268		)	10,575			—		—			9,307
Accounts payable	(137		)	(3,750		)	—		—			(3,887		)
Accrued liabilities	9,245			(734		)	—		—			8,511
Amounts due to (from) related parties	54,391			(54,391		)	—		—			—
Deferred revenue	—			(255		)	—		—			(255		)
Other assets and liabilities	(1,049		)	(467		)	—		—			(1,516		)
Net cash provided by operating activities	19,015			98,567			—		—			117,582
Cash flows from investing activities:
Knoxville Terminals Purchase	—			(58,000		)	—		—			(58,000		)
Expenditures for property, plant and equipment	—			(28,627		)	—		—			(28,627		)
Investment in subsidiaries	(7,707		)	—			—		7,707			—
Net cash used in investing activities	$	(7,707	)	$	(86,627	)	$	—	$	7,707		$	(86,627	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (continued)

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Net proceeds from issuance of common units	$	34,820		$	—		$	—	$	—		$	34,820
Distributions to unitholders	(72,471		)	—			—		—			(72,471		)
Distributions to TVPC members	—			(16,250		)	—		—			(16,250		)
Contribution from parent	—			11,908			—		(7,707		)	4,201
Proceeds from revolving credit facility	64,000			—			—		—			64,000
Repayment of revolving credit facility	(43,700		)	—			—		—			(43,700		)
Deferred financing costs and other	(3,197		)	—			—		—			(3,197		)
Net cash used in financing activities	(20,548		)	(4,342		)	—		(7,707		)	(32,597		)
Net change in cash and cash equivalents	(9,240		)	7,598			—		—			(1,642		)
Cash and cash equivalents at beginning of year	10,909			8,755			—		—			19,664
Cash and cash equivalents at end of period	$	1,669		$	16,353		$	—	$	—		$	18,022

XML

ACQUISITIONS Business Acquisition (Tables)

9 Months Ended

Sep. 30, 2019

Knoxville Terminals Purchase [Member]

Business Acquisition [Line Items]

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 adjustments	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 Knoxville Terminals Purchase financing.

	Nine Months Ended September 30, 2018
(Unaudited)
Pro forma revenue	$	206,925
Pro forma net income attributable to PBF Logistics LP unitholders	54,093

East Coast Storage Assets Acquisition [Member]

Business Acquisition [Line Items]

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*	$	105,900
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 “Accrued liabilities” within the Partnership’s condensed consolidated balance sheets. The remaining $32,000 payment was paid in full on October 1, 2019.

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

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

	Fair Value Allocation
Accounts receivable	$	436
Prepaids and other current assets	555
Property, plant and equipment	115,621
Intangibles*	13,300
Accounts payable	(902		)
Accrued liabilities	(1,271		)
Other long-term liabilities	(750		)
Fair value of net assets acquired	$	126,989

* 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.

	Nine Months Ended September 30, 2018
(Unaudited)
Pro forma revenue	$	220,818
Pro forma net income attributable to PBF Logistics LP unitholders	46,078

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EQUITY (Tables)

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Equity [Abstract]

Schedule of Stock by Class [Table Text Block]

The following table presents changes in PBFX common units outstanding:

	Three Months Ended September 30,
	2019	2018
Balance at beginning of period	62,107,210	42,073,062
Vesting of phantom units, net of forfeitures	3,622	4,250
New units issued	—	3,269,884
Balance at end of period	62,110,832	45,347,196

	Nine Months Ended September 30,
	2019	2018
Balance at beginning of period	45,348,663	41,900,708
Vesting of phantom units, net of forfeitures	176,669	176,604
New units issued	16,585,500	3,269,884
Balance at end of period	62,110,832	45,347,196

Schedule of Stockholders Equity

The following tables summarize the changes in the carrying amount of the Partnership’s equity during the nine months ended September 30, 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
Quarterly distributions to unitholders ($0.5100 per unit)	(32,079		)	—			(32,079		)
Distributions to TVPC members	—			(2,000		)	(2,000		)
Net income attributable to the partners	22,166			3,162			25,328
Acquisition of TVPC noncontrolling interest	(31,147		)	(168,853		)	(200,000		)
Unit-based compensation expense	3,387			—			3,387
Issuance of common units, net of expenses	132,483			—			132,483
Other	(1,801		)	—			(1,801		)
Balance at June 30, 2019	$	106,994		$	—		$	106,994
Quarterly distributions to unitholders ($0.5150 per unit)	(32,384		)	—			(32,384		)
Net income attributable to the partners	30,994			—			30,994
Unit-based compensation expense	1,271			—			1,271
Other	260			—			260
Balance at September 30, 2019	$	107,135		$	—		$	107,135

	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
Net loss attributable to the Development Assets	(1,084		)	—			—			—			(1,084		)
Contributions to the Development Assets	3,062			—			—			—			3,062
Quarterly distributions to unitholders (including IDRs) ($0.4900 per unit)	—			(20,942		)	(2,955		)	—			(23,897		)
Distributions to TVPC members	—			—			—			(6,250		)	(6,250		)
Net income attributable to the partners	—			16,681			3,411			4,363			24,455
Unit-based compensation expense	—			2,663			—			—			2,663
Other	—			(1,048		)	—			—			(1,048		)
Balance at June 30, 2018	$	12,495		$	(21,709	)	$	3,415		$	169,038		$	163,239
Net loss attributable to the Development Assets	(80		)	—			—			—			(80		)
Contributions to the Development Assets	262			—			—			—			262
Allocation of the Development Assets acquired to unitholders	(12,677		)	12,677			—			—			—
Quarterly distributions to unitholders (including IDRs) ($0.4950 per unit)	—			(22,781		)	(3,415		)	—			(26,196		)
Distributions to TVPC members	—			—			—			(5,000		)	(5,000		)
Net income attributable to the partners	—			18,724			3,641			4,725			27,090
Unit-based compensation expense	—			1,052			—			—			1,052
Issuance of common units, net of expenses	—			34,820			—			—			34,820
Other	—			1			—			—			1
Balance at September 30, 2018	$	—		$	22,784		$	3,641		$	168,763		$	195,188

Distributions Made to Limited Partner, by Distribution [Table Text Block]

During the nine months endedSeptember 30, 2019, PBFX made distribution payments as follows:

Related Earnings Period:	Q4 2018		Q1 2019		Q2 2019
Distribution date	March 14, 2019		May 30, 2019		August 30, 2019
Record date	March 1, 2019		May 15, 2019		August 15, 2019
Per unit	$	0.5050	$	0.5100	$	0.5150
To public common unitholders	$	12,825	$	16,398	$	16,560
To PBF LLC	15,126		15,276		15,426
Total distribution	$	27,951	$	31,674	$	31,986

Distributions Made to Unitholders

The allocation of total quarterly distributions to general and limited partners for the three and nine months ended September 30, 2019 and 2018 is shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.5200 and $0.5000 per unit declared for the three months ended September 30, 2019 and 2018, respectively, $0.5150 and $0.4950 per unit declared for the three months ended June 30, 2019 and 2018, respectively, and $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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
IDR - PBF LLC (1)	$	—	$	3,641	$	—	$	10,011
Limited partners’ distributions:
Common	32,709		23,028		97,188		66,792
Total distributions	32,709		26,669		97,188		76,803
Total cash distributions (2)	$	32,298	$	26,315	$	95,958	$	75,728

(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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RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transactions [Abstract]
Affiliate	$ 78,026	$ 66,140	$ 224,014	$ 190,789
Operating and maintenance expenses	2,171	1,979	6,447	5,327
General and administrative expenses	$ 1,863	$ 1,927	$ 5,377	$ 5,364

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EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended						4 Months Ended	5 Months Ended	9 Months Ended
	Aug. 15, 2019	May 15, 2019	Apr. 29, 2019	Mar. 01, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	May 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Feb. 28, 2019	Dec. 31, 2018	Dec. 31, 2017
Capital Unit [Line Items]
Cash Distribution Declared Per Unit					$ 0.5200	$ 0.5150	$ 0.5100	$ 0.5000	$ 0.4950	$ 0.4900
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance					$ 106,994	$ 181,676	$ 193,190	$ 163,239	$ 165,338	$ 167,760		$ 193,190	$ 193,190	$ 167,760
Net loss attributable to PNGPC					0			(80)	(1,084)	(1,279)			0	(2,443)
Sponsor Contributions								262	3,062	1,131
Allocation Of Net Sponsor Investment To Unitholders								0
Quarterly distributions to unitholders ($0.5050 per unit)					(32,384)	(32,079)	(28,313)	(26,196)	(23,897)	(23,354)
Distributions declared					(32,709)			(26,669)					(97,188)	(76,803)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest					30,994	25,328	22,076	27,090	24,455	25,257
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests						(200,000)
Unit-based compensation expense					1,271	3,387	964	1,052	2,663	834
Proceeds from issuance of common units						132,483		34,820					132,483	34,820
Other					260	(1,801)	259	1	(1,048)	(11)
Ending balance					$ 107,135	106,994	181,676	195,188	163,239	165,338	$ 107,135		$ 107,135	195,188
Cash distribution	$ 31,986	$ 31,674		$ 27,951
Cash distribution (in dollars per share)	$ 515.0000	$ 0.5100		$ 0.5050
Shares, Issued			6,585,500
Units issued in connection with the IDR Restructuring			$ 135,000
TVPC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions declared						$ (2,000)	(6,500)	(5,000)	(6,250)	(5,000)
Torrance Valley Pipeline Company LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Wholly Owned Subsidiary, Percentage of Ownership											100.00%
General Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance								12,495	10,517	10,665				10,665
Net loss attributable to PNGPC								(80)	(1,084)	(1,279)
Sponsor Contributions								262	3,062	1,131
Allocation Of Net Sponsor Investment To Unitholders								(12,677)
Quarterly distributions to unitholders ($0.5050 per unit)								0	0	0
Distributions declared								0	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest								0	0	0
Unit-based compensation expense								0	0	0
Proceeds from issuance of common units								0
Other								0	0	0
Ending balance								$ 0	$ 12,495	10,517				$ 0
Limited Partner, Public [Member]
Capital Unit [Line Items]
Limited partner interest percentage					51.80%						51.80%		51.80%
Increase (Decrease) in Partners' Capital [Roll Forward]
Cash distribution	$ 16,560	$ 16,398		$ 12,825
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Cash distribution	$ 15,426	$ 15,276		$ 15,126
Common Units [Member]
Capital Unit [Line Items]
Common units outstanding					62,110,832	62,107,210		45,347,196	42,073,062		62,110,832		62,110,832	45,347,196		45,348,663	41,900,708
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions declared					$ (32,709)			$ (23,028)					$ (97,188)	$ (66,792)
Common Units [Member] | Public Unit Holders [Member]
Capital Unit [Line Items]
Units owned					32,157,201						32,157,201		32,157,201
Common Units [Member] | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Capital Unit [Line Items]
Units owned					29,953,631						29,953,631		29,953,631
Common Units [Member] | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance					$ 106,994	$ 13,985	23,718	(21,709)	$ (19,063)	(17,544)		23,718	$ 23,718	(17,544)
Net loss attributable to PNGPC								0	0	0
Sponsor Contributions								0	0	0
Allocation Of Net Sponsor Investment To Unitholders								12,677
Quarterly distributions to unitholders ($0.5050 per unit)					(32,384)	(32,079)	(28,313)	(22,781)	(20,942)	(20,618)
Distributions declared						0	0	0	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest					30,994	22,166	17,357	18,724	16,681	18,276
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests						(31,147)
Unit-based compensation expense					1,271	3,387	964	1,052	2,663	834
Proceeds from issuance of common units						132,483		34,820
Other					260	(1,801)	259	1	(1,048)	(11)
Ending balance					$ 107,135	106,994	13,985	$ 22,784	(21,709)	(19,063)	$ 107,135		$ 107,135	$ 22,784
Shares, Issued					0			3,269,884					16,585,500	3,269,884
Incentive Distribution Rights [Member] | PBF LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance								$ 3,415	2,959	2,736				$ 2,736
Net loss attributable to PNGPC								0	0	0
Sponsor Contributions								0	0	0
Allocation Of Net Sponsor Investment To Unitholders								0
Quarterly distributions to unitholders ($0.5050 per unit)								(3,415)	(2,955)	(2,736)
Distributions declared								0	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest								3,641	3,411	2,959
Unit-based compensation expense								0	0	0
Proceeds from issuance of common units								0
Other								0	0	0
Ending balance								3,641	3,415	2,959				3,641
Noncontrolling Interest [Member] | PBF LLC [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance					$ 0	167,691	169,472	169,038	170,925	171,903		$ 169,472	$ 169,472	171,903
Net loss attributable to PNGPC								0	0	0
Sponsor Contributions								0	0	0
Allocation Of Net Sponsor Investment To Unitholders								0
Quarterly distributions to unitholders ($0.5050 per unit)					0	0	0	0	0	0
Distributions declared						(2,000)	(6,500)	(5,000)	(6,250)	(5,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest					0	3,162	4,719	4,725	4,363	4,022
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests						(168,853)
Unit-based compensation expense					0	0	0	0	0	0
Proceeds from issuance of common units						0		0
Other					0	0	0	0	0	0
Ending balance					$ 0	$ 0	$ 167,691	$ 168,763	$ 169,038	$ 170,925	$ 0		$ 0	$ 168,763
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					48.20%						48.20%		48.20%
Common Units [Member] | IDR Restructuring [Member]
Capital Unit [Line Items]
Shares, Issued															10,000,000
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					3,622			4,250					176,669	176,604

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CONDENSED CONSOLIDATING BALANCE SHEET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and cash equivalents	$ 52,578	$ 18,022	$ 52,578	$ 18,022			$ 19,908			$ 19,664
Accounts receivable - affiliates	66,403		66,403				37,052
Accounts receivable	5,142		5,142				7,511
Prepaids and other current assets	4,842		4,842				4,598
Due from related parties	0		0				0
Affiliate	78,026	66,140	224,014	190,789
Total current assets	128,965		128,965				69,069
Property, plant and equipment, net	856,203		856,203				862,117
Goodwill	6,332		6,332				6,332
Other non-current assets	18,828		18,828				18,835
Investment in subsidiaries	0		0				0
Total assets	1,010,328		1,010,328				956,353
Accounts payable - affiliates	8,236		8,236				12,047
Accounts payable	6,554		6,554				4,660
Accrued liabilities	57,775		57,775				46,312
Deferred revenue	(3,041)		(3,041)				(2,960)
Due to related parties	0		0				0
Total current liabilities	75,606		75,606				65,979
Long-term debt	801,663		801,663				673,324
Other long-term liabilities	25,924		25,924				23,860
Total liabilities	903,193		903,193				763,163
Net investment	0		0				0
Total PBF Logistics LP equity	107,135		107,135				23,718
Noncontrolling interest	0		0				169,472
Total equity	107,135	195,188	107,135	195,188	$ 106,994	$ 181,676	193,190	$ 163,239	$ 165,338	167,760
Total liabilities and equity	1,010,328		1,010,328				956,353
Common Units [Member]
Total PBF Logistics LP equity	107,135		107,135				23,718
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	0	0	0	0			0			0
Accounts receivable - affiliates	0		0				0
Accounts receivable	0		0				0
Prepaids and other current assets	0		0				0
Due from related parties	0		0				0
Affiliate	0	0	0	0
Total current assets	0		0				0
Property, plant and equipment, net	0		0				0
Goodwill	0		0				0
Other non-current assets	0		0				0
Investment in subsidiaries	0		0				0
Total assets	0		0				0
Accounts payable - affiliates	0		0				0
Accounts payable	0		0				0
Accrued liabilities	0		0				0
Deferred revenue	0		0				0
Due to related parties	0		0				0
Total current liabilities	0		0				0
Long-term debt	0		0				0
Other long-term liabilities	0		0				0
Total liabilities	0		0				0
Net investment	0		0				0
Total PBF Logistics LP equity							0
Noncontrolling interest							0
Total equity	0		0				0
Total liabilities and equity	0		0				0
Operating Segments [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	5,775	16,353	5,775	16,353			15,898			8,755
Accounts receivable - affiliates	66,209		66,209				37,043
Accounts receivable	4,777		4,777				7,146
Prepaids and other current assets	3,286		3,286				3,461
Due from related parties	712,286		712,286				561,605
Affiliate	78,026	66,140	224,014	190,789
Total current assets	792,333		792,333				625,153
Property, plant and equipment, net	856,203		856,203				862,117
Goodwill	6,332		6,332				6,332
Other non-current assets	18,828		18,828				18,835
Investment in subsidiaries	0		0				0
Total assets	1,673,696		1,673,696				1,512,437
Accounts payable - affiliates	6,528		6,528				10,808
Accounts payable	6,438		6,438				3,484
Accrued liabilities	8,732		8,732				6,465
Deferred revenue	(3,041)		(3,041)				(2,960)
Due to related parties	190,789		190,789				161,613
Total current liabilities	215,528		215,528				185,330
Long-term debt	0		0				0
Other long-term liabilities	25,924		25,924				23,860
Total liabilities	241,452		241,452				209,190
Net investment	1,432,244		1,432,244				1,133,775
Total PBF Logistics LP equity							1,133,775
Noncontrolling interest							169,472
Total equity	1,432,244		1,432,244				1,303,247
Total liabilities and equity	1,673,696		1,673,696				1,512,437
Operating Segments [Member] | Subsidiary Issuer [Member]
Cash and cash equivalents	46,803	1,669	46,803	1,669			4,010			10,909
Accounts receivable - affiliates	194		194				9
Accounts receivable	365		365				365
Prepaids and other current assets	1,556		1,556				1,137
Due from related parties	190,789		190,789				161,613
Affiliate	0	0	0	0
Total current assets	239,707		239,707				167,134
Property, plant and equipment, net	0		0				0
Goodwill	0		0				0
Other non-current assets	0		0				0
Investment in subsidiaries	1,432,244		1,432,244				1,133,775
Total assets	1,671,951		1,671,951				1,300,909
Accounts payable - affiliates	1,708		1,708				1,239
Accounts payable	116		116				1,176
Accrued liabilities	49,043		49,043				39,847
Deferred revenue	0		0				0
Due to related parties	712,286		712,286				561,605
Total current liabilities	763,153		763,153				603,867
Long-term debt	801,663		801,663				673,324
Other long-term liabilities	0		0				0
Total liabilities	1,564,816		1,564,816				1,277,191
Net investment	0		0				0
Total PBF Logistics LP equity							23,718
Noncontrolling interest							0
Total equity	107,135		107,135				23,718
Total liabilities and equity	1,671,951		1,671,951				1,300,909
Operating Segments [Member] | Common Units [Member] | Non-Guarantor Subsidiaries [Member]
Total PBF Logistics LP equity	0		0				0
Operating Segments [Member] | Common Units [Member] | Guarantor Subsidiaries [Member]
Total PBF Logistics LP equity	0		0				0
Operating Segments [Member] | Common Units [Member] | Subsidiary Issuer [Member]
Total PBF Logistics LP equity	107,135		107,135				23,718
Consolidation, Eliminations [Member]
Cash and cash equivalents	0	0	0	0			0			$ 0
Accounts receivable - affiliates	0		0				0
Accounts receivable	0		0				0
Prepaids and other current assets	0		0				0
Due from related parties	(903,075)		(903,075)				(723,218)
Affiliate	0	$ 0	0	$ 0
Total current assets	(903,075)		(903,075)				(723,218)
Property, plant and equipment, net	0		0				0
Goodwill	0		0				0
Other non-current assets	0		0				0
Investment in subsidiaries	(1,432,244)		(1,432,244)				(1,133,775)
Total assets	(2,335,319)		(2,335,319)				(1,856,993)
Accounts payable - affiliates	0		0				0
Accounts payable	0		0				0
Accrued liabilities	0		0				0
Deferred revenue	0		0				0
Due to related parties	(903,075)		(903,075)				(723,218)
Total current liabilities	(903,075)		(903,075)				(723,218)
Long-term debt	0		0				0
Other long-term liabilities	0		0				0
Total liabilities	(903,075)		(903,075)				(723,218)
Net investment	(1,432,244)		(1,432,244)				(1,133,775)
Total PBF Logistics LP equity							(1,133,775)
Noncontrolling interest							0
Total equity	(1,432,244)		(1,432,244)				(1,133,775)
Total liabilities and equity	(2,335,319)		(2,335,319)				(1,856,993)
Consolidation, Eliminations [Member] | Common Units [Member]
Total PBF Logistics LP equity	$ 0		$ 0				$ 0

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REVENUE (Tables)

9 Months Ended

Sep. 30, 2019

Revenues [Abstract]

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

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Transportation and Terminaling Segment
Terminaling	$	39,399	$	31,387	$	105,904	$	87,848
Pipeline	21,089		19,886		60,042		57,592
Other	12,781		12,738		42,938		37,375
Total	73,269		64,011		208,884		182,815
Storage Segment
Storage	13,108		6,545		39,088		20,580
Total	13,108		6,545		39,088		20,580
Total Revenue	$	86,377	$	70,556	$	247,972	$	203,395

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

As of September 30, 2019, MVC payments to be received related to noncancelable commercial terminaling, pipeline and storage agreements were as follows:

Remainder of 2019	$	29,611
2020	114,252
2021	113,355
2022	91,476
2023	87,199
Thereafter	170,794
Total MVC payments to be received (1)(2)	$	606,687

(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 leases are excluded from this table.

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 periods presented for the Partnership’s operating leases with customers as of September 30, 2019:

Remainder of 2019	$	40,773
2020	179,016
2021	177,715
2022	162,708
2023	137,406
Thereafter	371,578
Total undiscounted future cash to be received	$	1,069,196

Assets Under Lease [Table Text Block]

The Partnership’s assets that are subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheets. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of September 30, 2019:

	September 30, 2019
Land	$	98,337
Pipelines	315,249
Terminals and equipment	50,828
Storage facilities	200,144
	664,558
Accumulated depreciation	(69,035		)
Net assets subject to lease	$	595,523

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DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt

Total debt was comprised of the following:

	September 30, 2019			December 31, 2018
2023 Notes	$	525,000		$	525,000
Revolving credit facility (a)(b)	283,000			156,000
Total debt outstanding	808,000			681,000
Unamortized debt issuance costs	(8,717		)	(10,496		)
Unamortized 2023 Notes premium	2,380			2,820
Net carrying value of debt	$	801,663		$	673,324

___________________

(a) PBFX had $4,768 outstanding letters of credit and $212,232 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 September 30, 2019.

(b) During the nine months endedSeptember 30, 2019, PBFX incurred net borrowings of $127,000 under the Revolving Credit Facility to fund the TVPC Acquisition, the remaining East Coast Storage Assets Acquisition payment, other capital expenditures and working capital requirements.

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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of segment reporting

	Three Months Ended September 30, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	73,269	$	13,108	$	—		$	86,377
Depreciation and amortization	7,051		2,028		—			9,079
Income (loss) from operations	43,596		5,346		(4,552		)	44,390
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		13,396			13,396
Capital expenditures	2,781		5,247		—			8,028

	Three Months Ended September 30, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	64,011	$	6,545	$	—		$	70,556
Depreciation and amortization	6,524		927		—			7,451
Income (loss) from operations	38,599		3,703		(4,725		)	37,577
Interest expense, net and amortization of loan fees and debt premium	—		—		10,567			10,567
Capital expenditures	20,199		757		—			20,956

	Nine Months Ended September 30, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	208,884	$	39,088	$	—		$	247,972
Depreciation and amortization	20,831		5,823		—			26,654
Income (loss) from operations	120,676		13,817		(18,142		)	116,351
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		37,953			37,953
Capital expenditures	15,014		8,166		—			23,180

	Nine Months Ended September 30, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	182,815	$	20,580	$	—		$	203,395
Depreciation and amortization	18,408		2,777		—			21,185
Income (loss) from operations	109,059		11,744		(15,504		)	105,299
Interest expense, net and amortization of loan fees and debt premium	—		—		30,940			30,940
Capital expenditures, including the Knoxville Terminals Purchase	85,782		845		—			86,627

	Balance at September 30, 2019
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	735,489	$	225,921	$	48,918	$	1,010,328

	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 STATEMENT OF OPERATIONS (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Affiliate	$ 78,026,000	$ 66,140,000			$ 224,014,000	$ 190,789,000
Third-party	8,351,000	4,416,000			23,958,000	12,606,000
Total revenue	86,377,000	70,556,000			247,972,000	203,395,000
Operating and maintenance expenses	28,356,000	20,803,000			86,825,000	61,407,000
General and administrative expenses	4,552,000	4,725,000			18,142,000	15,504,000
Depreciation and amortization	9,079,000	7,451,000			26,654,000	21,185,000
Total costs and expenses	41,987,000	32,979,000			131,621,000	98,096,000
Income from operations	44,390,000	37,577,000			116,351,000	105,299,000
Equity in earnings (loss) of subsidiaries	0	0			0	0
Interest expense, net	(12,230,000)	(10,070,000)			(34,359,000)	(29,684,000)
Amortization of loan fees and debt premium	(444,000)	(497,000)			(1,339,000)	(1,256,000)
Accretion on discounted liabilities	(722,000)	0			(2,255,000)	0
Net income	30,994,000	27,010,000			78,398,000	74,359,000
Less: Net loss attributable to Predecessor	0	(80,000)	$ (1,084,000)	$ (1,279,000)	0	(2,443,000)
Less: Net income attributable to noncontrolling interest	0	4,725,000			7,881,000	13,110,000
Net income attributable to the partners	30,994,000	22,365,000			70,517,000	63,692,000
Less: Net income attributable to the IDR holder	0	3,641,000			0	10,011,000
Net income attributable to PBF Logistics LP unitholders	30,994,000	18,724,000			70,517,000	53,681,000
Operating Segments [Member] | Subsidiary Issuer [Member]
Affiliate	0	0			0	0
Third-party	0	0			0	0
Total revenue	0	0			0	0
Operating and maintenance expenses	0	0			0	0
General and administrative expenses	4,552,000	4,725,000			18,142,000	15,504,000
Depreciation and amortization	0	0			0	0
Total costs and expenses	4,552,000	4,725,000			18,142,000	15,504,000
Income from operations	(4,552,000)	(4,725,000)			(18,142,000)	(15,504,000)
Equity in earnings (loss) of subsidiaries	48,499,000	42,302,000			133,067,000	120,803,000
Interest expense, net	(12,230,000)	(10,070,000)			(34,359,000)	(29,684,000)
Amortization of loan fees and debt premium	(444,000)	(497,000)			(1,339,000)	(1,256,000)
Accretion on discounted liabilities	(279,000)				(829,000)
Net income	30,994,000	27,010,000			78,398,000	74,359,000
Less: Net loss attributable to Predecessor		0				0
Less: Net income attributable to noncontrolling interest	0	0			0	0
Net income attributable to the partners		27,010,000				74,359,000
Less: Net income attributable to the IDR holder		3,641,000				10,011,000
Net income attributable to PBF Logistics LP unitholders	30,994,000	23,369,000			78,398,000	64,348,000
Operating Segments [Member] | Guarantor Subsidiaries [Member]
Affiliate	78,026,000	66,140,000			224,014,000	190,789,000
Third-party	8,351,000	4,416,000			23,958,000	12,606,000
Total revenue	86,377,000	70,556,000			247,972,000	203,395,000
Operating and maintenance expenses	28,356,000	20,803,000			86,825,000	61,407,000
General and administrative expenses	0	0			0	0
Depreciation and amortization	9,079,000	7,451,000			26,654,000	21,185,000
Total costs and expenses	37,435,000	28,254,000			113,479,000	82,592,000
Income from operations	48,942,000	42,302,000			134,493,000	120,803,000
Equity in earnings (loss) of subsidiaries	0	0			0	0
Interest expense, net	0	0			0	0
Amortization of loan fees and debt premium	0	0			0	0
Accretion on discounted liabilities	(443,000)				(1,426,000)
Net income	48,499,000	42,302,000			133,067,000	120,803,000
Less: Net loss attributable to Predecessor		(80,000)				(2,443,000)
Less: Net income attributable to noncontrolling interest	0	4,725,000			7,881,000	13,110,000
Net income attributable to the partners		37,657,000				110,136,000
Less: Net income attributable to the IDR holder		0				0
Net income attributable to PBF Logistics LP unitholders	48,499,000	37,657,000			125,186,000	110,136,000
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Affiliate	0	0			0	0
Third-party	0	0			0	0
Total revenue	0	0			0	0
Operating and maintenance expenses	0	0			0	0
General and administrative expenses	0	0			0	0
Depreciation and amortization	0	0			0	0
Total costs and expenses	0	0			0	0
Income from operations	0	0			0	0
Equity in earnings (loss) of subsidiaries	0	0			0	0
Interest expense, net	0	0			0	0
Amortization of loan fees and debt premium	0	0			0	0
Accretion on discounted liabilities	0				0
Net income	0	0			0	0
Less: Net loss attributable to Predecessor		0				0
Less: Net income attributable to noncontrolling interest	0	0			0	0
Net income attributable to the partners		0				0
Less: Net income attributable to the IDR holder		0				0
Net income attributable to PBF Logistics LP unitholders	0	0			0	0
Consolidation, Eliminations [Member]
Affiliate	0	0			0	0
Third-party	0	0			0	0
Total revenue	0	0			0	0
Operating and maintenance expenses	0	0			0	0
General and administrative expenses	0	0			0	0
Depreciation and amortization	0	0			0	0
Total costs and expenses	0	0			0	0
Income from operations	0	0			0	0
Equity in earnings (loss) of subsidiaries	(48,499,000)	(42,302,000)			(133,067,000)	(120,803,000)
Interest expense, net	0	0			0	0
Amortization of loan fees and debt premium	0	0			0	0
Accretion on discounted liabilities	0				0
Net income	(48,499,000)	(42,302,000)			(133,067,000)	(120,803,000)
Less: Net loss attributable to Predecessor		0				0
Less: Net income attributable to noncontrolling interest	0	0			0	0
Net income attributable to the partners		(42,302,000)				(120,803,000)
Less: Net income attributable to the IDR holder		0				0
Net income attributable to PBF Logistics LP unitholders	$ (48,499,000)	$ (42,302,000)			$ (133,067,000)	$ (120,803,000)

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RELATED PARTY TRANSACTIONS - COMMERICAL AGREEMENTS (Details)							9 Months Ended
	Jan. 01, 2022	May 31, 2019 bbl / d	Jan. 01, 2019 bbl	Nov. 01, 2016	Aug. 31, 2016 bbl / d	May 08, 2014 bbl / d	Sep. 30, 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
Torrance Valley Pipeline - South [Member] | PBF Holding [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement					10 years
Number of Contract Renewals					2
Term of Renewal					5 years
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity					75,000
Torrance Valley Pipeline - South [Member] | PBF Holding [Member] | Amount Prior to Amendment [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member]
Related Party Transaction [Line Items]
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity		70,000
Torrance Valley Pipeline - South [Member] | PBF Holding [Member] | Updated Agreement Amount [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member]
Related Party Transaction [Line Items]
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity		75,000

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EQUITY CASH DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended							9 Months Ended
		Aug. 15, 2019	May 15, 2019	Mar. 01, 2019	Sep. 30, 2019		Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019		Sep. 30, 2018
Distribution Made to Limited Partner [Line Items]
Cash distribution		$ 31,986	$ 31,674	$ 27,951
Distributions declared					$ 32,709				$ 26,669			$ 97,188		$ 76,803
Cash distribution (in dollars per share)		$ 515.0000	$ 0.5100	$ 0.5050
Cash Distribution Declared Per Unit					$ 0.5200		$ 0.5150	$ 0.5100	$ 0.5000	$ 0.4950	$ 0.4900
Cash Distribution [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared	[1]				$ 32,298				$ 26,315			95,958		75,728
Incentive Distribution Rights - PBF LLC [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared					0	[2]			3,641			0	[2]	10,011
Common Units [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared					$ 32,709				$ 23,028			$ 97,188		$ 66,792
Limited Partner, Public [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution		$ 16,560	$ 16,398	$ 12,825
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution		$ 15,426	$ 15,276	$ 15,126

[1] Excludes phantom unit distributions, which are accrued and paid upon vesting.

[2] (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.

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Net income				$ 78,398	$ 74,359
Depreciation and amortization	$ 9,079		$ 7,451	26,654	21,185
Amortization of loan fees and debt premium	444		497	1,339	1,256
Accretion on discounted liabilities	722		0	2,255	0
Unit-based compensation expense				5,622	4,549
Equity in earnings of subsidiaries	0		0	0	0
Accounts receivable - affiliates				(29,351)	7,363
Accounts receivable				2,369	(1,587)
Prepaids and other current assets				(1,486)	(1,703)
Accounts payable - affiliates				137	9,307
Accounts payable				1,894	(3,887)
Accrued liabilities				9,672	8,511
Amounts due to (from) related parties				0	0
Deferred revenue				81	(255)
Other assets and liabilities				(1,941)	(1,516)
Net cash provided by operating activities				95,643	117,582
Expenditures for property, plant and equipment				(23,180)	(28,627)
Investment in subsidiaries				0	0
Net cash used in investing activities				(23,180)	(86,627)
Proceeds from issuance of common units		$ 132,483	34,820	132,483	34,820
Distributions to unitholders				(91,611)	(72,471)
Contribution from parent				0	4,201
Payments of Distributions to Affiliates				(8,500)	(16,250)
Proceeds from revolving credit facility				228,000	64,000
Repayment of revolving credit facility				(101,000)	(43,700)
Deferred financing costs and other				835	(3,197)
Net cash used in financing activities				(39,793)	(32,597)
Net change in cash and cash equivalents				32,670	(1,642)
Cash and cash equivalents	52,578		18,022	52,578	18,022	$ 19,908	$ 19,664
Guarantor Subsidiaries [Member]
Proceeds from issuance of common units					0
Non-Guarantor Subsidiaries [Member]
Proceeds from issuance of common units					0
Operating Segments [Member] | Subsidiary Issuer [Member]
Net income				78,398	74,359
Depreciation and amortization	0		0	0	0
Amortization of loan fees and debt premium	444		497	1,339	1,256
Accretion on discounted liabilities	279			829
Unit-based compensation expense				5,622	4,549
Equity in earnings of subsidiaries	(48,499)		(42,302)	(133,067)	(120,803)
Accounts receivable - affiliates				(185)	0
Accounts receivable				0	0
Prepaids and other current assets				(419)	(1,528)
Accounts payable - affiliates				469	(1,268)
Accounts payable				(1,060)	(137)
Accrued liabilities				7,202	9,245
Amounts due to (from) related parties				121,505	54,391
Deferred revenue				0	0
Other assets and liabilities				(1,784)	(1,049)
Net cash provided by operating activities				78,849	19,015
Expenditures for property, plant and equipment				0	0
Investment in subsidiaries				(3,928)	(7,707)
Net cash used in investing activities				(3,928)	(7,707)
Proceeds from issuance of common units				132,483	34,820
Distributions to unitholders				(91,611)	(72,471)
Contribution from parent				0	0
Payments of Distributions to Affiliates				0	0
Proceeds from revolving credit facility				228,000	64,000
Repayment of revolving credit facility				(101,000)	(43,700)
Deferred financing costs and other				0	(3,197)
Net cash used in financing activities				(32,128)	(20,548)
Net change in cash and cash equivalents				42,793	(9,240)
Cash and cash equivalents	46,803		1,669	46,803	1,669	4,010	10,909
Operating Segments [Member] | Guarantor Subsidiaries [Member]
Net income				133,067	120,803
Depreciation and amortization	9,079		7,451	26,654	21,185
Amortization of loan fees and debt premium	0		0	0	0
Accretion on discounted liabilities	443			1,426
Unit-based compensation expense				0	0
Equity in earnings of subsidiaries	0		0	0	0
Accounts receivable - affiliates				(29,166)	7,363
Accounts receivable				2,369	(1,587)
Prepaids and other current assets				(1,067)	(175)
Accounts payable - affiliates				(332)	10,575
Accounts payable				2,954	(3,750)
Accrued liabilities				2,470	(734)
Amounts due to (from) related parties				(121,505)	(54,391)
Deferred revenue				81	(255)
Other assets and liabilities				(157)	(467)
Net cash provided by operating activities				16,794	98,567
Expenditures for property, plant and equipment				(23,180)	(28,627)
Investment in subsidiaries				0	0
Net cash used in investing activities				(23,180)	(86,627)
Proceeds from issuance of common units				0
Distributions to unitholders				0	0
Contribution from parent				3,928	11,908
Payments of Distributions to Affiliates				(8,500)	(16,250)
Proceeds from revolving credit facility				0	0
Repayment of revolving credit facility				0	0
Deferred financing costs and other				835	0
Net cash used in financing activities				(3,737)	(4,342)
Net change in cash and cash equivalents				(10,123)	7,598
Cash and cash equivalents	5,775		16,353	5,775	16,353	15,898	8,755
Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Net income				0	0
Depreciation and amortization	0		0	0	0
Amortization of loan fees and debt premium	0		0	0	0
Accretion on discounted liabilities	0			0
Unit-based compensation expense				0	0
Equity in earnings of subsidiaries	0		0	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				0	0
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
Proceeds from issuance of common units				0
Distributions to unitholders				0	0
Contribution from parent				0	0
Payments of Distributions to Affiliates				0	0
Proceeds from revolving credit facility				0	0
Repayment of revolving credit facility				0	0
Deferred financing costs and other				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	0	0
Consolidation, Eliminations [Member]
Net income				(133,067)	(120,803)
Depreciation and amortization	0		0	0	0
Amortization of loan fees and debt premium	0		0	0	0
Accretion on discounted liabilities	0			0
Unit-based compensation expense				0	0
Equity in earnings of subsidiaries	48,499		42,302	133,067	120,803
Accounts receivable - affiliates				0	0
Accounts receivable				0	0
Prepaids and other current assets				0	0
Accounts payable - affiliates				0	0
Accounts payable				0	0
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				3,928	7,707
Net cash used in investing activities				3,928	7,707
Proceeds from issuance of common units				0	0
Distributions to unitholders				0	0
Contribution from parent				(3,928)	(7,707)
Payments of Distributions to Affiliates				0	0
Proceeds from revolving credit facility				0	0
Repayment of revolving credit facility				0	0
Deferred financing costs and other				0	0
Net cash used in financing activities				(3,928)	(7,707)
Net change in cash and cash equivalents				0	0
Cash and cash equivalents	$ 0		$ 0	0	0	$ 0	$ 0
Toledo Terminal Acquisition [Member]
Payments to Acquire Businesses, Gross					58,000
Toledo Terminal Acquisition [Member] | Operating Segments [Member] | Subsidiary Issuer [Member]
Payments to Acquire Businesses, Gross					0
Toledo Terminal Acquisition [Member] | Operating Segments [Member] | Guarantor Subsidiaries [Member]
Payments to Acquire Businesses, Gross					58,000
Toledo Terminal Acquisition [Member] | Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Payments to Acquire Businesses, Gross					0
Toledo Terminal Acquisition [Member] | Consolidation, Eliminations [Member]
Payments to Acquire Businesses, Gross					0
Torrance Valley Pipeline Company LLC [Member]
Payments of Distributions to Affiliates				(200,000)	$ 0
Proceeds from revolving credit facility				127,000
Torrance Valley Pipeline Company LLC [Member] | Operating Segments [Member] | Subsidiary Issuer [Member]
Payments of Distributions to Affiliates				(200,000)
Torrance Valley Pipeline Company LLC [Member] | Operating Segments [Member] | Guarantor Subsidiaries [Member]
Payments of Distributions to Affiliates				0
Torrance Valley Pipeline Company LLC [Member] | Operating Segments [Member] | Non-Guarantor Subsidiaries [Member]
Payments of Distributions to Affiliates				0
Torrance Valley Pipeline Company LLC [Member] | Consolidation, Eliminations [Member]
Payments of Distributions to Affiliates				$ 0

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EQUITY

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

EQUITY

EQUITY

PBFX had 32,157,201 common units held by the public outstanding as of September 30, 2019. PBF LLC owns 29,953,631 PBFX common units constituting an aggregate of 48.2% of PBFX’s limited partner interest as of September 30, 2019.

Share Activity

The partnership agreement authorizes PBFX to issue an unlimited number of additional partnership interests for the consideration of, 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 September 30,
	2019	2018
Balance at beginning of period	62,107,210	42,073,062
Vesting of phantom units, net of forfeitures	3,622	4,250
New units issued	—	3,269,884
Balance at end of period	62,110,832	45,347,196

	Nine Months Ended September 30,
	2019	2018
Balance at beginning of period	45,348,663	41,900,708
Vesting of phantom units, net of forfeitures	176,669	176,604
New units issued	16,585,500	3,269,884
Balance at end of period	62,110,832	45,347,196

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. 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.

Additionally, 233,993 of the Partnership’s phantom units issued under the PBFX 2014 Long-Term Incentive Plan 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

Prior to the TVPC Acquisition, PBFX’s wholly-owned subsidiary, PBFX Operating Company LP (“PBF Op Co”), held a 50% controlling equity interest in TVPC, with the other 50% equity interest in TVPC held by TVP Holding, a subsidiary of PBF Holding. PBFX Op Co was the sole managing member of TVPC. PBFX, through its ownership of PBFX Op Co, consolidated the financial results of TVPC and recorded a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations included 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 included the portion of net assets of TVPC attributable to TVP Holding.

Subsequent to the TVPC Acquisition, PBFX owns 100% of the equity interest in TVPC and no longer records a noncontrolling interest related to TVPC.

Equity Activity

The following tables summarize the changes in the carrying amount of the Partnership’s equity during the nine months ended September 30, 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
Quarterly distributions to unitholders ($0.5100 per unit)	(32,079		)	—			(32,079		)
Distributions to TVPC members	—			(2,000		)	(2,000		)
Net income attributable to the partners	22,166			3,162			25,328
Acquisition of TVPC noncontrolling interest	(31,147		)	(168,853		)	(200,000		)
Unit-based compensation expense	3,387			—			3,387
Issuance of common units, net of expenses	132,483			—			132,483
Other	(1,801		)	—			(1,801		)
Balance at June 30, 2019	$	106,994		$	—		$	106,994
Quarterly distributions to unitholders ($0.5150 per unit)	(32,384		)	—			(32,384		)
Net income attributable to the partners	30,994			—			30,994
Unit-based compensation expense	1,271			—			1,271
Other	260			—			260
Balance at September 30, 2019	$	107,135		$	—		$	107,135

	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
Net loss attributable to the Development Assets	(1,084		)	—			—			—			(1,084		)
Contributions to the Development Assets	3,062			—			—			—			3,062
Quarterly distributions to unitholders (including IDRs) ($0.4900 per unit)	—			(20,942		)	(2,955		)	—			(23,897		)
Distributions to TVPC members	—			—			—			(6,250		)	(6,250		)
Net income attributable to the partners	—			16,681			3,411			4,363			24,455
Unit-based compensation expense	—			2,663			—			—			2,663
Other	—			(1,048		)	—			—			(1,048		)
Balance at June 30, 2018	$	12,495		$	(21,709	)	$	3,415		$	169,038		$	163,239
Net loss attributable to the Development Assets	(80		)	—			—			—			(80		)
Contributions to the Development Assets	262			—			—			—			262
Allocation of the Development Assets acquired to unitholders	(12,677		)	12,677			—			—			—
Quarterly distributions to unitholders (including IDRs) ($0.4950 per unit)	—			(22,781		)	(3,415		)	—			(26,196		)
Distributions to TVPC members	—			—			—			(5,000		)	(5,000		)
Net income attributable to the partners	—			18,724			3,641			4,725			27,090
Unit-based compensation expense	—			1,052			—			—			1,052
Issuance of common units, net of expenses	—			34,820			—			—			34,820
Other	—			1			—			—			1
Balance at September 30, 2018	$	—		$	22,784		$	3,641		$	168,763		$	195,188

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 nine months endedSeptember 30, 2019, PBFX made distribution payments as follows:

Related Earnings Period:	Q4 2018		Q1 2019		Q2 2019
Distribution date	March 14, 2019		May 30, 2019		August 30, 2019
Record date	March 1, 2019		May 15, 2019		August 15, 2019
Per unit	$	0.5050	$	0.5100	$	0.5150
To public common unitholders	$	12,825	$	16,398	$	16,560
To PBF LLC	15,126		15,276		15,426
Total distribution	$	27,951	$	31,674	$	31,986

The allocation of total quarterly distributions to general and limited partners for the three and nine months ended September 30, 2019 and 2018 is shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.5200 and $0.5000 per unit declared for the three months ended September 30, 2019 and 2018, respectively, $0.5150 and $0.4950 per unit declared for the three months ended June 30, 2019 and 2018, respectively, and $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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
IDR - PBF LLC (1)	$	—	$	3,641	$	—	$	10,011
Limited partners’ distributions:
Common	32,709		23,028		97,188		66,792
Total distributions	32,709		26,669		97,188		76,803
Total cash distributions (2)	$	32,298	$	26,315	$	95,958	$	75,728

(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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SEGMENT INFORMATION

9 Months Ended

Sep. 30, 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: (i) Transportation and Terminaling and (ii) Storage. Operations that are not included in either the Transportation and Terminaling or the Storage segments are included in Corporate. The Partnership does not have any foreign operations.

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.

Revenue is generated from third-party transactions as well as commercial agreements entered into with PBF Holding under which the Partnership receives fees for the transportation, terminaling and storage of crude oil, refined products and natural gas. The commercial agreements with PBF Holding are discussed in Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements. 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 September 30, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	73,269	$	13,108	$	—		$	86,377
Depreciation and amortization	7,051		2,028		—			9,079
Income (loss) from operations	43,596		5,346		(4,552		)	44,390
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		13,396			13,396
Capital expenditures	2,781		5,247		—			8,028

	Three Months Ended September 30, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	64,011	$	6,545	$	—		$	70,556
Depreciation and amortization	6,524		927		—			7,451
Income (loss) from operations	38,599		3,703		(4,725		)	37,577
Interest expense, net and amortization of loan fees and debt premium	—		—		10,567			10,567
Capital expenditures	20,199		757		—			20,956

	Nine Months Ended September 30, 2019
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	208,884	$	39,088	$	—		$	247,972
Depreciation and amortization	20,831		5,823		—			26,654
Income (loss) from operations	120,676		13,817		(18,142		)	116,351
Interest expense, net, amortization of loan fees and debt premium and accretion on discounted liabilities	—		—		37,953			37,953
Capital expenditures	15,014		8,166		—			23,180

	Nine Months Ended September 30, 2018
	Transportation and Terminaling		Storage		Corporate			Consolidated Total
Total revenue	$	182,815	$	20,580	$	—		$	203,395
Depreciation and amortization	18,408		2,777		—			21,185
Income (loss) from operations	109,059		11,744		(15,504		)	105,299
Interest expense, net and amortization of loan fees and debt premium	—		—		30,940			30,940
Capital expenditures, including the Knoxville Terminals Purchase	85,782		845		—			86,627

	Balance at September 30, 2019
	Transportation and Terminaling		Storage		Corporate		Consolidated Total
Total assets	$	735,489	$	225,921	$	48,918	$	1,010,328

	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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DEBT (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018	Dec. 31, 2018	Jul. 30, 2018
Debt Instrument [Line Items]
Proceeds from revolving credit facility	$ 228,000,000		$ 64,000,000
Debt Instrument, Fair Value Disclosure	826,136,000			$ 671,336,000
Total debt outstanding	$ 808,000,000			681,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Total debt outstanding	$ 525,000,000			525,000,000
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	543,136,000			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	4,768,000
Line of Credit Facility, Remaining Borrowing Capacity	212,232,000
Total debt outstanding	$ 283,000,000	[1],[2]		$ 156,000,000

[1] During the nine months ended September 30, 2019, PBFX incurred net borrowings of $127,000 under the Revolving Credit Facility to fund the TVPC Acquisition, the remaining East Coast Storage Assets Acquisition payment, other capital expenditures and working capital requirements.

[2] PBFX had $4,768 outstanding letters of credit and $212,232 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 September 30, 2019.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Affiliate	$ 78,026	$ 66,140	$ 224,014	$ 190,789
Third-party	8,351	4,416	23,958	12,606
Total revenue	86,377	70,556	247,972	203,395
Costs and expenses:
Operating and maintenance expenses	28,356	20,803	86,825	61,407
General and administrative expenses	4,552	4,725	18,142	15,504
Depreciation and amortization	9,079	7,451	26,654	21,185
Total costs and expenses	41,987	32,979	131,621	98,096
Income from operations	44,390	37,577	116,351	105,299
Other expense:
Interest expense, net	(12,230)	(10,070)	(34,359)	(29,684)
Amortization of loan fees and debt premium	(444)	(497)	(1,339)	(1,256)
Accretion on discounted liabilities	(722)	0	(2,255)	0
Net income	30,994	27,010	78,398	74,359
Less: Net loss attributable to Predecessor	0	(80)	0	(2,443)
Less: Net income attributable to noncontrolling interest	0	4,725	7,881	13,110
Net income attributable to the partners	30,994	22,365	70,517	63,692
Less: Net income attributable to the IDR holder	0	3,641	0	10,011
Net income attributable to PBF Logistics LP unitholders	30,994	18,724	70,517	53,681
Common Units [Member]
Other expense:
Net income attributable to the partners	$ 30,994	$ 18,724	$ 70,517	$ 53,681
Net income per limited partner unit:
Common - basic (in dollars per share)	$ 0.50	$ 0.42	$ 1.23	$ 1.25
Common - diluted (in dollars per share)	$ 0.50	$ 0.42	$ 1.23	$ 1.25
Weighted-average limited partner units outstanding:
Common - basic (in shares)	62,361,974	44,518,365	57,314,382	42,965,502
Common - diluted (in shares)	62,460,669	44,612,522	57,385,166	43,015,817

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ACQUISITIONS - Pro Forma (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
East Coast Storage Assets Acquisition [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$ 220,818
Pro forma net income available per limited partner units:
Business Acquisition, Pro Forma Net Income (Loss)	46,078
Knoxville Terminals Purchase [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	206,925
Pro forma net income available per limited partner units:
Business Acquisition, Pro Forma Net Income (Loss)	$ 54,093

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ACQUISITIONS

9 Months Ended

Sep. 30, 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.

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 in accordance with 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 adjustments	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 nine months endedSeptember 30, 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 prior to April 16, 2018. On an unaudited pro forma basis, the revenue 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.

	Nine Months Ended September 30, 2018
(Unaudited)
Pro forma revenue	$	206,925
Pro forma net income attributable to PBF Logistics LP unitholders	54,093

East Coast Storage Assets Acquisition

On October 1, 2018, the Partnership closed the acquisition 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 a purchase and sale 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 future results of certain of the acquired idled assets (the “Contingent Consideration”), which recommenced operations on October 25, 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 that was paid one year after closing on October 1, 2019. 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 final purchase price and fair value allocation were completed as of September 30, 2019.

PBFX accounted for the East Coast Storage Assets Acquisition as a business combination in accordance with 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 fair values of the assets and liabilities at the acquisition date were as follows:

	Purchase Price
Gross purchase price*	$	105,900
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 “Accrued liabilities” within the Partnership’s condensed consolidated balance sheets. The remaining $32,000 payment was paid in full on October 1, 2019.

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

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

	Fair Value Allocation
Accounts receivable	$	436
Prepaids and other current assets	555
Property, plant and equipment	115,621
Intangibles*	13,300
Accounts payable	(902		)
Accrued liabilities	(1,271		)
Other long-term liabilities	(750		)
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 purchase and sale agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. 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 nine months endedSeptember 30, 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 revenue 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.

	Nine Months Ended September 30, 2018
(Unaudited)
Pro forma revenue	$	220,818
Pro forma net income attributable to PBF Logistics LP unitholders	46,078

Acquisitions from PBF

The following Acquisitions from PBF were transactions between affiliate companies. As a result, the acquisitions were accounted for as transfers of assets between entities under common control in accordance with GAAP. The assets and liabilities of the Acquisitions 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”).

TVPC Acquisition

On April 24, 2019, the Partnership entered into the TVPC Contribution Agreement, pursuant to which the Partnership acquired from PBF LLC all of the issued and outstanding limited liability company interests of TVP Holding, which held the remaining 50% equity interest in TVPC. The TVPC Acquisition closed on May 31, 2019 for total consideration of $200,000 in cash, which was financed through proceeds from the April Registered Direct Offering (as defined in Note 7 “Equity” of the Notes to Condensed Consolidated Financial Statements) and borrowings under the Partnership’s Revolving Credit Facility (as defined in Note 6 “Debt” of the Notes to Condensed Consolidated Financial Statements). As a result of the TVPC Acquisition, the Partnership owns 100% of the equity interest in TVPC.

Acquisition Expenses

PBFX incurred acquisition related costs of $234 and $1,285 for the three and nine months endedSeptember 30, 2019, respectively, primarily consisting of consulting and legal expenses related to the TVPC Acquisition and other pending and non-consummated acquisitions. PBFX incurred acquisition related costs of $832 and $1,984 for the three and nine months endedSeptember 30, 2018, respectively, primarily consisting of consulting and legal expenses related to the Knoxville Terminals Purchase, the Development Assets Acquisition, the East Coast Storage Assets Acquisition and other pending and non-consummated acquisitions. These costs are included in “General and administrative expenses” within the Partnership’s condensed consolidated statements of operations.

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REVENUE (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Number of Operating Segments | segment				2
Total revenue		$ 86,377	$ 70,556	$ 247,972	$ 203,395
Contract Receivable, Due in Next Twelve Months		29,611		29,611
Contract Receivable, Due in Year Two		114,252		114,252
Contract Receivable, Due in Year Three		113,355		113,355
Contract Receivable, Due in Year Four		91,476		91,476
Contract Receivable, Due in Year Five		87,199		87,199
Contract Receivable, Due after Year Five		170,794		170,794
Contract Receivable	[1],[2]	$ 606,687		$ 606,687
Lease term (up to)		15 years		15 years
Percentage of Total Undiscounted Future Rental Income from Leased Assets Represented by Affiliated Leases		87.00%		87.00%
Operating Leases, Income Statement, Lease Revenue		$ 44,379	31,514	$ 127,861	91,439
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year		40,773		40,773
Lessor, Operating Lease, Payments to be Received, Two Years		179,016		179,016
Lessor, Operating Lease, Payments to be Received, Three Years		177,715		177,715
Lessor, Operating Lease, Payments to be Received, Four Years		162,708		162,708
Lessor, Operating Lease, Payments to be Received, Five Years		137,406		137,406
Lessor, Operating Lease, Payments to be Received, Thereafter		371,578		371,578
Lessor, Operating Lease, Payments to be Received		1,069,196		1,069,196
Gross PP&E Assets Under Lease		967,324		967,324		$ 947,248
Accumulated Depreciation, Assets Under Lease		(111,121)		(111,121)		(85,131)
Net PP&E Assets Under Lease		856,203		856,203		862,117
Deferred revenue		3,041		3,041		2,960
Transportation And Terminaling Segment [Member]
Total revenue		73,269	64,011	208,884	182,815
Storage Segment [Member]
Total revenue		13,108	6,545	39,088	20,580
Terminaling Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue		39,399	31,387	105,904	87,848
Pipeline Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue		21,089	19,886	60,042	57,592
Other Services [Member] | Transportation And Terminaling Segment [Member]
Total revenue		12,781	12,738	42,938	37,375
Storage Service [Member] | Storage Segment [Member]
Total revenue		13,108	6,545	39,088	20,580
Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		664,558		664,558
Accumulated Depreciation, Assets Under Lease		(69,035)		(69,035)
Net PP&E Assets Under Lease		595,523		595,523
Land [Member]
Gross PP&E Assets Under Lease		115,957		115,957		115,957
Land [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		98,337		98,337
Pipelines [Member]
Gross PP&E Assets Under Lease		339,323		339,323		337,474
Pipelines [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		315,249		315,249
Terminals and equipment [Member]
Gross PP&E Assets Under Lease		282,658		282,658		259,441
Terminals and equipment [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		50,828		50,828
Storage facilities [Member]
Gross PP&E Assets Under Lease		217,989		217,989		$ 213,937
Storage facilities [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease		200,144		200,144
Lease with Affiliate [Member]
Operating Leases, Income Statement, Lease Revenue		$ 39,615	30,088	$ 114,395	86,915
Lease with Affiliate [Member] | Minimum [Member]
Lessee, Operating Lease, Term of Contract		1 year		1 year
Lease with Affiliate [Member] | Maximum [Member]
Lessee, Operating Lease, Term of Contract		15 years		15 years
Third Party Lease [Member]
Operating Leases, Income Statement, Lease Revenue		$ 4,764	$ 1,426	$ 13,466	$ 4,524

[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 leases are excluded from this table.

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PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

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

	September 30, 2019			December 31, 2018
Land	$	115,957		$	115,957
Pipelines	339,323			337,474
Terminals and equipment	282,658			259,441
Storage facilities	217,989			213,937
Construction in progress	11,397			20,439
	967,324			947,248
Accumulated depreciation	(111,121		)	(85,131		)
Property, plant and equipment, net	$	856,203		$	862,117

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NET INCOME PER UNIT (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Summary of calculation of net income per unit

The following tables show the calculation of net income per limited partner unit:

	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Net income attributable to the partners:
Distributions declared	$	32,709		$	97,188
Earnings less distributions	(1,715		)	(26,671		)
Net income attributable to the partners	$	30,994		$	70,517
Weighted-average units outstanding - basic	62,361,974			57,314,382
Weighted-average units outstanding - diluted	62,460,669			57,385,166
Net income per limited partner unit - basic	$	0.50		$	1.23
Net income per limited partner unit - diluted	0.50			1.23

	Three Months Ended September 30, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	23,028		$	3,641	$	26,669
Earnings less distributions	(4,304		)	—		(4,304		)
Net income attributable to the partners	$	18,724		$	3,641	$	22,365
Weighted-average units outstanding - basic	44,518,365
Weighted-average units outstanding - diluted	44,612,552
Net income per limited partner unit - basic	$	0.42
Net income per limited partner unit - diluted	0.42

	Nine Months Ended September 30, 2018
	Limited Partner Common Units			IDRs - PBF LLC		Total
Net income attributable to the partners:
Distributions declared	$	66,792		$	10,011	$	76,803
Earnings less distributions	(13,111		)	—		(13,111		)
Net income attributable to the partners	$	53,681		$	10,011	$	63,692
Weighted-average units outstanding - basic	42,965,502
Weighted-average units outstanding - diluted	43,015,817
Net income per limited partner unit - basic	$	1.25
Net income per limited partner unit - diluted	1.25

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Subsequent events (Details)	Oct. 31, 2019 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash distribution (in dollars per share)	$ 0.5200

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Oct. 01, 2018	Sep. 30, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies		$ 2,408	$ 2,587
East Coast Storage Assets Acquisition [Member]
Loss Contingencies [Line Items]
Term of Agreement	3 years
Business Combination, Contingent Consideration, Liability	$ 21,100	$ 23,832	$ 21,100
Business Combination, Contingent Consideration, Discount Rate		8.79%
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 27,978

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 52,578	$ 19,908
Accounts receivable - affiliates	66,403	37,052
Accounts receivable	5,142	7,511
Prepaids and other current assets	4,842	4,598
Total current assets	128,965	69,069
Property, plant and equipment, net	856,203	862,117
Goodwill	6,332	6,332
Other non-current assets	18,828	18,835
Total assets	1,010,328	956,353
Current liabilities:
Accounts payable - affiliates	8,236	12,047
Accounts payable	6,554	4,660
Accrued liabilities	57,775	46,312
Deferred revenue	3,041	2,960
Total current liabilities	75,606	65,979
Long-term debt	801,663	673,324
Other long-term liabilities	25,924	23,860
Total liabilities	903,193	763,163
Commitments and contingencies (Note 9)
Equity:
Total PBF Logistics LP equity	107,135	23,718
Noncontrolling interest	0	169,472
Total equity	107,135	193,190
Total liabilities and equity	1,010,328	956,353
Common Units [Member]
Equity:
Total PBF Logistics LP equity	$ 107,135	$ 23,718

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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 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 September 30, 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 48.2% limited partner interest in PBFX, with the remaining 51.8% limited partner interest owned by public unitholders as of September 30, 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 $2,104 for the nine months ended September 30, 2019 and are included in “General and administrative expenses” within the Partnership’s condensed consolidated statements 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.

On April 24, 2019, the Partnership entered into a Contribution Agreement with PBF LLC (the “TVPC Contribution Agreement”), pursuant to which PBF LLC contributed to the Partnership all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200,000 (the “TVPC Acquisition”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, the Partnership owns 100% of the equity interest in Torrance Valley Pipeline Company LLC (“TVPC”). Refer to Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements for further discussion regarding the TVPC Acquisition.

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 (i) 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 agreements that were entered into or amended with related parties in connection with these acquisitions and (ii) Note 3 “Acquisitions” of the Notes to Condensed Consolidated Financial Statements for further discussion regarding the TVPC Acquisition.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, these unaudited condensed consolidated financial statements 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, results of operations and cash flows of PBFX for the periods presented. The results of operations for the three and nine months endedSeptember 30, 2019 are not necessarily indicative of the results that may be expected for the full year.

The Predecessor generally did not operate its respective assets for the purpose of generating revenue independent of other PBF Energy businesses prior to the IPO or the effective dates of the Acquisitions from PBF, 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.

Summary of Significant Accounting Policies

Reclassifications

Certain amounts previously reported in the Partnership’s condensed consolidated financial statements for prior periods have been reclassified to conform to the presentation within this Quarterly Report on Form 10-Q. These reclassifications include the separation of “Accounts payable” and “Accrued liabilities” into two line items within the Partnership’s condensed consolidated balance sheets and statements of cash flows, as well as the corresponding statements within Note 13 “Condensed Consolidating Financial Statements of PBF Logistics” of the Notes to Condensed Consolidated Financial Statements.

Recently Adopted Accounting Guidance

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASC 842”) to increase the transparency and comparability of leases among entities. ASC 842 supersedes the lease accounting guidance in ASC 840 “Leases,” 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 “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, Step 2 of the goodwill impairment analysis would be eliminated. This step required a comparison of the implied fair value to the 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. The Partnership early adopted the new standard effective January 1, 2019, and the adoption did not have a material impact on its condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements and related disclosures.

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GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 6,332		$ 6,332
Intangible Assets, Gross (Excluding Goodwill)	19,200		19,200
Finite-Lived Intangible Assets, Accumulated Amortization	(771)		(395)
Intangible Assets, Net (Excluding Goodwill)	18,429		18,805
Amortization of Intangible Assets	376	$ 270
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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ACQUISITIONS - Consideration (Details) - USD ($) $ in Thousands							9 Months Ended
		Oct. 01, 2019	Apr. 29, 2019	Oct. 01, 2018	Jul. 31, 2018	Apr. 16, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues			$ 135,000
Shares, Issued			6,585,500
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	[2]			21,100
Other Payments to Acquire Businesses				$ 30,900
Knoxville Terminals Purchase [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross						$ 58,000	$ 0	$ 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		$ 0	$ 31,586
Shares, Issued					1,494,134
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 “Accrued liabilities” within the Partnership’s condensed consolidated balance sheets

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

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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2019

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

Delaware City Logistics Company LLC, 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 September 30, 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’ investments in their subsidiaries are accounted for under the equity method of accounting.

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING BALANCE SHEET

	September 30, 2019
	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	46,803	$	5,775	$	—	$	—		$	52,578
Accounts receivable - affiliates	194		66,209		—		—			66,403
Accounts receivable	365		4,777		—		—			5,142
Prepaids and other current assets	1,556		3,286		—		—			4,842
Due from related parties	190,789		712,286		—		(903,075		)	—
Total current assets	239,707		792,333		—		(903,075		)	128,965
Property, plant and equipment, net	—		856,203		—		—			856,203
Goodwill	—		6,332		—		—			6,332
Other non-current assets	—		18,828		—		—			18,828
Investment in subsidiaries	1,432,244		—		—		(1,432,244		)	—
Total assets	$	1,671,951	$	1,673,696	$	—	$	(2,335,319	)	$	1,010,328
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable - affiliates	$	1,708	$	6,528	$	—	$	—		$	8,236
Accounts payable	116		6,438		—		—			6,554
Accrued liabilities	49,043		8,732		—		—			57,775
Deferred revenue	—		3,041		—		—			3,041
Due to related parties	712,286		190,789		—		(903,075		)	—
Total current liabilities	763,153		215,528		—		(903,075		)	75,606
Long-term debt	801,663		—		—		—			801,663
Other long-term liabilities	—		25,924		—		—			25,924
Total liabilities	1,564,816		241,452		—		(903,075		)	903,193
Commitments and contingencies (Note 9)
Equity:
Net investment	—		1,432,244		—		(1,432,244		)	—
Common unitholders	107,135		—		—		—			107,135
Total equity	107,135		1,432,244		—		(1,432,244		)	107,135
Total liabilities and equity	$	1,671,951	$	1,673,696	$	—	$	(2,335,319	)	$	1,010,328

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	1,176		3,484		—		—			4,660
Accrued liabilities	39,847		6,465		—		—			46,312
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 September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	78,026		$	—	$	—		$	78,026
Third-party	—			8,351			—		—			8,351
Total revenue	—			86,377			—		—			86,377
Costs and expenses:
Operating and maintenance expenses	—			28,356			—		—			28,356
General and administrative expenses	4,552			—			—		—			4,552
Depreciation and amortization	—			9,079			—		—			9,079
Total costs and expenses	4,552			37,435			—		—			41,987
Income (loss) from operations	(4,552		)	48,942			—		—			44,390
Other income (expense):
Equity in earnings of subsidiaries	48,499			—			—		(48,499		)	—
Interest expense, net	(12,230		)	—			—		—			(12,230		)
Amortization of loan fees and debt premium	(444		)	—			—		—			(444		)
Accretion on discounted liabilities	(279		)	(443		)	—		—			(722		)
Net income	30,994			48,499			—		(48,499		)	30,994
Less: Net income attributable to noncontrolling interest	—			—			—		—			—
Net income attributable to PBF Logistics LP unitholders	$	30,994		$	48,499		$	—	$	(48,499	)	$	30,994

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Three Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	66,140		$	—	$	—		$	66,140
Third-party	—			4,416			—		—			4,416
Total revenue	—			70,556			—		—			70,556
Costs and expenses:
Operating and maintenance expenses	—			20,803			—		—			20,803
General and administrative expenses	4,725			—			—		—			4,725
Depreciation and amortization	—			7,451			—		—			7,451
Total costs and expenses	4,725			28,254			—		—			32,979
Income (loss) from operations	(4,725		)	42,302			—		—			37,577
Other income (expense):
Equity in earnings of subsidiaries	42,302			—			—		(42,302		)	—
Interest expense, net	(10,070		)	—			—		—			(10,070		)
Amortization of loan fees and debt premium	(497		)	—			—		—			(497		)
Net income	27,010			42,302			—		(42,302		)	27,010
Less: Net loss attributable to Predecessor	—			(80		)	—		—			(80		)
Less: Net income attributable to noncontrolling interest	—			4,725			—		—			4,725
Net income attributable to the partners	27,010			37,657			—		(42,302		)	22,365
Less: Net income attributable to the IDR holder	3,641			—			—		—			3,641
Net income attributable to PBF Logistics LP unitholders	$	23,369		$	37,657		$	—	$	(42,302	)	$	18,724

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	224,014		$	—	$	—		$	224,014
Third-party	—			23,958			—		—			23,958
Total revenue	—			247,972			—		—			247,972
Costs and expenses:
Operating and maintenance expenses	—			86,825			—		—			86,825
General and administrative expenses	18,142			—			—		—			18,142
Depreciation and amortization	—			26,654			—		—			26,654
Total costs and expenses	18,142			113,479			—		—			131,621
Income (loss) from operations	(18,142		)	134,493			—		—			116,351
Other income (expense):
Equity in earnings of subsidiaries	133,067			—			—		(133,067		)	—
Interest expense, net	(34,359		)	—			—		—			(34,359		)
Amortization of loan fees and debt premium	(1,339		)	—			—		—			(1,339		)
Accretion on discounted liabilities	(829		)	(1,426		)	—		—			(2,255		)
Net income	78,398			133,067			—		(133,067		)	78,398
Less: Net income attributable to noncontrolling interest	—			7,881			—		—			7,881
Net income attributable to PBF Logistics LP unitholders	$	78,398		$	125,186		$	—	$	(133,067	)	$	70,517

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenue:
Affiliate	$	—		$	190,789		$	—	$	—		$	190,789
Third-party	—			12,606			—		—			12,606
Total revenue	—			203,395			—		—			203,395
Costs and expenses:
Operating and maintenance expenses	—			61,407			—		—			61,407
General and administrative expenses	15,504			—			—		—			15,504
Depreciation and amortization	—			21,185			—		—			21,185
Total costs and expenses	15,504			82,592			—		—			98,096
Income (loss) from operations	(15,504		)	120,803			—		—			105,299
Other income (expense):
Equity in earnings of subsidiaries	120,803			—			—		(120,803		)	—
Interest expense, net	(29,684		)	—			—		—			(29,684		)
Amortization of loan fees and debt premium	(1,256		)	—			—		—			(1,256		)
Net income	74,359			120,803			—		(120,803		)	74,359
Less: Net loss attributable to Predecessor	—			(2,443		)	—		—			(2,443		)
Less: Net income attributable to noncontrolling interest	—			13,110			—		—			13,110
Net income attributable to the partners	74,359			110,136			—		(120,803		)	63,692
Less: Net income attributable to the IDR holder	10,011			—			—		—			10,011
Net income attributable to PBF Logistics LP unitholders	$	64,348		$	110,136		$	—	$	(120,803	)	$	53,681

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	78,398		$	133,067		$	—	$	(133,067	)	$	78,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			26,654			—		—			26,654
Amortization of loan fees and debt premium	1,339			—			—		—			1,339
Accretion on discounted liabilities	829			1,426			—		—			2,255
Unit-based compensation expense	5,622			—			—		—			5,622
Equity in earnings of subsidiaries	(133,067		)	—			—		133,067			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	(185		)	(29,166		)	—		—			(29,351		)
Accounts receivable	—			2,369			—		—			2,369
Prepaids and other current assets	(419		)	(1,067		)	—		—			(1,486		)
Accounts payable - affiliates	469			(332		)	—		—			137
Accounts payable	(1,060		)	2,954			—		—			1,894
Accrued liabilities	7,202			2,470			—		—			9,672
Amounts due to (from) related parties	121,505			(121,505		)	—		—			—
Deferred revenue	—			81			—		—			81
Other assets and liabilities	(1,784		)	(157		)	—		—			(1,941		)
Net cash provided by operating activities	78,849			16,794			—		—			95,643
Cash flows from investing activities:
Expenditures for property, plant and equipment	—			(23,180		)	—		—			(23,180		)
Investment in subsidiaries	(3,928		)	—			—		3,928			—
Net cash used in investing activities	$	(3,928	)	$	(23,180	)	$	—	$	3,928		$	(23,180	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (continued)

	Nine Months Ended September 30, 2019
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Net proceeds from issuance of common units	$	132,483		$	—		$	—	$	—		$	132,483
Acquisition of TVPC noncontrolling interest	(200,000		)	—			—		—			(200,000		)
Distributions to unitholders	(91,611		)	—			—		—			(91,611		)
Distributions to TVPC members	—			(8,500		)	—		—			(8,500		)
Contribution from parent	—			3,928			—		(3,928		)	—
Proceeds from revolving credit facility	228,000			—			—		—			228,000
Repayment of revolving credit facility	(101,000		)	—			—		—			(101,000		)
Deferred financing costs and other	—			835			—		—			835
Net cash used in financing activities	(32,128		)	(3,737		)	—		(3,928		)	(39,793		)
Net change in cash and cash equivalents	42,793			(10,123		)	—		—			32,670
Cash and cash equivalents at beginning of year	4,010			15,898			—		—			19,908
Cash and cash equivalents at end of period	$	46,803		$	5,775		$	—	$	—		$	52,578

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income	$	74,359		$	120,803		$	—	$	(120,803	)	$	74,359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			21,185			—		—			21,185
Amortization of loan fees and debt premium	1,256			—			—		—			1,256
Unit-based compensation expense	4,549			—			—		—			4,549
Equity in earnings of subsidiaries	(120,803		)	—			—		120,803			—
Changes in operating assets and liabilities:
Accounts receivable - affiliates	—			7,363			—		—			7,363
Accounts receivable	—			(1,587		)	—		—			(1,587		)
Prepaids and other current assets	(1,528		)	(175		)	—		—			(1,703		)
Accounts payable - affiliates	(1,268		)	10,575			—		—			9,307
Accounts payable	(137		)	(3,750		)	—		—			(3,887		)
Accrued liabilities	9,245			(734		)	—		—			8,511
Amounts due to (from) related parties	54,391			(54,391		)	—		—			—
Deferred revenue	—			(255		)	—		—			(255		)
Other assets and liabilities	(1,049		)	(467		)	—		—			(1,516		)
Net cash provided by operating activities	19,015			98,567			—		—			117,582
Cash flows from investing activities:
Knoxville Terminals Purchase	—			(58,000		)	—		—			(58,000		)
Expenditures for property, plant and equipment	—			(28,627		)	—		—			(28,627		)
Investment in subsidiaries	(7,707		)	—			—		7,707			—
Net cash used in investing activities	$	(7,707	)	$	(86,627	)	$	—	$	7,707		$	(86,627	)

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF LOGISTICS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (continued)

	Nine Months Ended September 30, 2018
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from financing activities:
Net proceeds from issuance of common units	$	34,820		$	—		$	—	$	—		$	34,820
Distributions to unitholders	(72,471		)	—			—		—			(72,471		)
Distributions to TVPC members	—			(16,250		)	—		—			(16,250		)
Contribution from parent	—			11,908			—		(7,707		)	4,201
Proceeds from revolving credit facility	64,000			—			—		—			64,000
Repayment of revolving credit facility	(43,700		)	—			—		—			(43,700		)
Deferred financing costs and other	(3,197		)	—			—		—			(3,197		)
Net cash used in financing activities	(20,548		)	(4,342		)	—		(7,707		)	(32,597		)
Net change in cash and cash equivalents	(9,240		)	7,598			—		—			(1,642		)
Cash and cash equivalents at beginning of year	10,909			8,755			—		—			19,664
Cash and cash equivalents at end of period	$	1,669		$	16,353		$	—	$	—		$	18,022

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GOODWILL AND INTANGIBLES

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES

Goodwill

As of September 30, 2019, the carrying amount of goodwill was $6,332, all of which was recorded within the Transportation and Terminaling segment. The Partnership performed its annual goodwill impairment assessment as of July 1, 2019 and determined that the carrying value of goodwill was not impaired.

Intangibles

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

	September 30, 2019			December 31, 2018
Customer contracts	$	13,300		$	13,300
Customer relationships	5,900			5,900
	19,200			19,200
Accumulated amortization	(771		)	(395		)
Total intangibles, net*	$	18,429		$	18,805

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

Amortization expense was $376 and $270 for the nine months endedSeptember 30, 2019 and 2018, respectively.

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

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.

PBFX recorded a total liability related to environmental remediation costs at certain of its assets of $2,408 and $2,587 as of September 30, 2019 and December 31, 2018, respectively, related to existing environmental liabilities.

During the first quarter of 2019, the Partnership notified certain agencies of an oil sheen present in the Schuylkill River near one of its facilities. Clean-up, identification and mitigation of the source was immediately initiated. The Partnership is working on a remedial investigation and action plan with the state agency. Although response activities are nearly complete, remediation costs will not be finalized until the action plan is complete. Incremental costs are not expected to be material to the Partnership.

Contingent Consideration

In connection with the East Coast Storage Assets Acquisition, the purchase and sale agreement between the Partnership and Crown Point included a provision for the Contingent Consideration. Pursuant to the purchase and sale agreement, the Partnership and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. The Contingent Consideration recorded was $23,832 as of September 30, 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 included in “Other long-term liabilities” within the Partnership’s condensed consolidated balance sheets. At September 30, 2019, the estimated undiscounted liability totaled $27,978, based on the Partnership’s anticipated total annual earn-out payments. Certain of the acquired idled assets recommenced operations on October 25, 2019.

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PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 967,324		$ 947,248
Accumulated depreciation	(111,121)		(85,131)
Property, plant and equipment, net	856,203		862,117
Depreciation	(26,278)	$ (20,915)
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	339,323		337,474
Terminals and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	282,658		259,441
Storage facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	217,989		213,937
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,397		$ 20,439

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ACQUISITIONS (Details) $ in Thousands							3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Oct. 01, 2019 USD ($)	May 31, 2019 USD ($)	Apr. 29, 2019 USD ($) shares	Oct. 01, 2018 USD ($)	Jul. 31, 2018 USD ($) shares	Apr. 16, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	May 30, 2019	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Stock Issued During Period, Value, New Issues			$ 135,000
Acquisition related costs							$ 234	$ 832			$ 1,285	$ 1,984
Stock Issued During Period, Shares, New Issues | shares			6,585,500
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			$ 23,832		$ 23,832		23,832		$ 21,100
Torrance Valley Pipeline Company LLC [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 200,000
Wholly Owned Subsidiary, Percentage of Ownership									100.00%
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						$ 0	$ 31,586
Stock Issued During Period, Shares, New Issues | shares					1,494,134
TVP Holding [Member] | Torrance Valley Pipeline Company LLC [Member]
Business Acquisition [Line Items]
Wholly Owned Subsidiary, Percentage of Ownership										50.00%

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - Common Units [Member] - shares	Sep. 30, 2019	Dec. 31, 2018
Common units issued	62,110,832	45,348,663
Common units outstanding	62,110,832	45,348,663

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REVENUE

9 Months Ended

Sep. 30, 2019

Revenues [Abstract]

REVENUE

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 revenue for each service category by segment for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Transportation and Terminaling Segment
Terminaling	$	39,399	$	31,387	$	105,904	$	87,848
Pipeline	21,089		19,886		60,042		57,592
Other	12,781		12,738		42,938		37,375
Total	73,269		64,011		208,884		182,815
Storage Segment
Storage	13,108		6,545		39,088		20,580
Total	13,108		6,545		39,088		20,580
Total Revenue	$	86,377	$	70,556	$	247,972	$	203,395

PBFX recognizes revenue by charging fees for crude oil and refined products terminaling, storage 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 transporting and handling crude oil, refined products and natural gas. Certain of the Transportation and Terminaling 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 revenue 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 revenue 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 crude oil and refined products storage contracts through capacity reservation agreements, under which 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.

MVC Payments to be Received

As of September 30, 2019, MVC payments to be received related to noncancelable commercial terminaling, pipeline and storage agreements were as follows:

Remainder of 2019	$	29,611
2020	114,252
2021	113,355
2022	91,476
2023	87,199
Thereafter	170,794
Total MVC payments to be received (1)(2)	$	606,687

(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 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 varying terms up to fifteen years, including leases of storage, terminaling and pipeline assets. Certain of these leases include options to extend or renew the lease 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 generally do not 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 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.

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 September 30, 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 for every asset class.

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 87% of the undiscounted contractual future rental income from the Partnership’s leased assets.

The table below quantifies lease revenue for the three and nine months endedSeptember 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Affiliate	$	39,615	$	30,088	$	114,395	$	86,915
Third-party	4,764		1,426		13,466		4,524
Total lease revenue	$	44,379	$	31,514	$	127,861	$	91,439

Undiscounted Cash Flows

The table below presents the fixed component of the undiscounted cash flows to be received for each of the periods presented for the Partnership’s operating leases with customers as of September 30, 2019:

Remainder of 2019	$	40,773
2020	179,016
2021	177,715
2022	162,708
2023	137,406
Thereafter	371,578
Total undiscounted future cash to be received	$	1,069,196

Assets Under Lease

The Partnership’s assets that are subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheets. The table below quantifies by property, plant and equipment category the assets that are subject to lease as of September 30, 2019:

	September 30, 2019
Land	$	98,337
Pipelines	315,249
Terminals and equipment	50,828
Storage facilities	200,144
	664,558
Accumulated depreciation	(69,035		)
Net assets subject to lease	$	595,523

Deferred Revenue

The Partnership records deferred revenue when cash payments are received or due in advance of performance, including amounts which are refundable. Deferred revenue was $3,041 and $2,960 as of September 30, 2019 and December 31, 2018, respectively. The increase in the deferred revenue balance as of September 30, 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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DEBT

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

DEBT

DEBT

Total debt was comprised of the following:

	September 30, 2019			December 31, 2018
2023 Notes	$	525,000		$	525,000
Revolving credit facility (a)(b)	283,000			156,000
Total debt outstanding	808,000			681,000
Unamortized debt issuance costs	(8,717		)	(10,496		)
Unamortized 2023 Notes premium	2,380			2,820
Net carrying value of debt	$	801,663		$	673,324

___________________

(a) PBFX had $4,768 outstanding letters of credit and $212,232 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 September 30, 2019.

(b) During the nine months endedSeptember 30, 2019, PBFX incurred net borrowings of $127,000 under the Revolving Credit Facility to fund the TVPC Acquisition, the remaining East Coast Storage Assets Acquisition payment, other 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 on 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 $543,136 and $515,336 at September 30, 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 $808,000 and $826,136 as of September 30, 2019, respectively, and $681,000 and $671,336 as of December 31, 2018, respectively.

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RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Agreements with PBF Energy Entities

Commercial Agreements

PBFX currently derives a 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 and the Services Agreement (each 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 table reflects activity during 2019 related to commercial agreements between PBFX and PBF Holding:

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)	See note (c)
Delaware City Terminaling Services Agreement (d)	1/1/2022	4 years	2 x 5	95,000 bpd
Amended and Restated Torrance Valley Pipeline Transportation Services Agreement- South Pipeline	8/31/2016	10 years	2 x 5	75,000 bpd (e)
Storage
East Coast Storage Assets Terminal Storage Agreement	1/1/2019	8 years	Evergreen	2,953,725 barrels (f)	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 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, subsequent to which, the Partnership has been billing actual throughput on the Magellan connection.

(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) In connection with the TVPC Acquisition on May 31, 2019, the Torrance Valley Pipeline Transportation Services Agreement- South Pipeline was amended and restated to increase the MVC from 70,000 bpd to 75,000 bpd.

(f) 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. PBF Holding’s available shell capacity may be subject to change as agreed to by the Partnership and PBF Holding.  

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue	$	78,026	$	66,140	$	224,014	$	190,789
Operating and maintenance expenses	2,171		1,979		6,447		5,327
General and administrative expenses	1,863		1,927		5,377		5,364

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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)

9 Months Ended

Sep. 30, 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)” (“ASC 842”) to increase the transparency and comparability of leases among entities. ASC 842 supersedes the lease accounting guidance in ASC 840 “Leases,” 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 “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, Step 2 of the goodwill impairment analysis would be eliminated. This step required a comparison of the implied fair value to the 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. The Partnership early adopted the new standard effective January 1, 2019, and the adoption did not have a material impact on its condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements and related disclosures.

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GOODWILL AND INTANGIBLES (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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

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

	September 30, 2019			December 31, 2018
Customer contracts	$	13,300		$	13,300
Customer relationships	5,900			5,900
	19,200			19,200
Accumulated amortization	(771		)	(395		)
Total intangibles, net*	$	18,429		$	18,805

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

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RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Schedule of related party 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue	$	78,026	$	66,140	$	224,014	$	190,789
Operating and maintenance expenses	2,171		1,979		6,447		5,327
General and administrative expenses	1,863		1,927		5,377		5,364

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SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Reportable segments | segment			2
Total revenue	$ 86,377	$ 70,556	$ 247,972	$ 203,395
Depreciation and amortization	9,079	7,451	26,654	21,185
Income (loss) from operations	44,390	37,577	116,351	105,299
Interest expense, net and amortization of loan fees	13,396	10,567	37,953	30,940
Capital expenditures	8,028	20,956	23,180	86,627
Total assets	1,010,328		1,010,328		$ 956,353
Terminaling Segment [Member]
Segment Reporting Information [Line Items]
Total revenue	73,269	64,011	208,884	182,815
Depreciation and amortization	7,051	6,524	20,831	18,408
Income (loss) from operations	43,596	38,599	120,676	109,059
Interest expense, net and amortization of loan fees	0	0	0	0
Capital expenditures	2,781	20,199	15,014	85,782
Total assets	735,489		735,489		731,505
Storage Segment [Member]
Segment Reporting Information [Line Items]
Total revenue	13,108	6,545	39,088	20,580
Depreciation and amortization	2,028	927	5,823	2,777
Income (loss) from operations	5,346	3,703	13,817	11,744
Interest expense, net and amortization of loan fees	0	0	0	0
Capital expenditures	5,247	757	8,166	845
Total assets	225,921		225,921		219,326
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Depreciation and amortization	0	0	0	0
Income (loss) from operations	(4,552)	(4,725)	(18,142)	(15,504)
Interest expense, net and amortization of loan fees	13,396	10,567	37,953	30,940
Capital expenditures	0	$ 0	0	$ 0
Total assets	$ 48,918		$ 48,918		$ 5,522

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NET INCOME PER UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	$ 32,709		$ 26,669	$ 97,188		$ 76,803
Undistributed Earnings, Basic			(4,304)			(13,111)
Net income attributable to the partners	$ 30,994		$ 22,365	$ 70,517		$ 63,692
Weighted-average units outstanding - basic (in shares)	62,361,974		44,518,365			42,965,502
Weighted-average units outstanding - diluted (in shares)	62,460,669		44,612,552			43,015,817
Net income per limited partner unit - basic (in dollars per share)	$ 0.50		$ 0.42	$ 1.23		$ 1.25
Net income per limited partner unit - diluted (in dollars per share)	$ 0.50		$ 0.42	$ 1.23		$ 1.25
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	625		8,750	13,063		145,500
Incentive Distribution Rights - PBF LLC [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	$ 0	[1]	$ 3,641	$ 0	[1]	$ 10,011
Undistributed Earnings, Basic			0			0
Net income attributable to the partners			3,641			10,011
Common Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared	32,709		23,028	97,188		66,792
Undistributed Earnings, Basic	(1,715)		(4,304)	(26,671)		(13,111)
Net income attributable to the partners	$ 30,994		$ 18,724	$ 70,517		$ 53,681
Weighted Average Limited Partnership Units Outstanding, Basic	62,361,974		44,518,365	57,314,382		42,965,502
Weighted Average Limited Partnership Units Outstanding, Diluted	62,460,669		44,612,522	57,385,166		43,015,817

[1] (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.