Page 15 - NorthAmOil Week 06 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

DOWNSTREAM

PBF Energy reports fourth-

quarter 2020 results

PBF Energy today reported fourth quarter
2020 loss from operations of $328.1mn as
compared to income from operations of
$123.0mn for the fourth quarter of 2019.
Excluding special items, fourth quarter
2020 loss from operations was $499.3mn
as compared to income from operations of
$149.8mn for the fourth quarter of 2019.
PBF Energy’s financial results reflect the
consolidation of PBF Logistics, a master
limited partnership of which PBF indirectly
owned the general partner and approximately
48% of the limited partner interests as of
December 31, 2020.
The company reported fourth quarter 2020
requirements and reduce operational costs. pilot. Using RIPA™, Crux OCM helps energy net loss of $286.0mn and net loss attributable
Benefits for shippers include the ability companies create a safer operation that to PBF Energy Inc. of $298.4mn or $(2.49)
to: capture daily, monthly and seasonal price maximises utilisation and efficiency. per share. This compares to net income of
volatility/spreads; balance demand and Phillips 66, a diversified energy $69.1mn, and net income attributable to PBF
supply needs - meet peaking requirements, manufacturing and logistics company, has Energy Inc. of $53.0mn or $0.44 per share for
diversify supply and protect downstream chosen Crux OCM’s marquee product, the fourth quarter of 2019. Special items in the
markets; hedge commodity purchases – fixed pipeBOT™, for the pilot. fourth quarter 2020 results, which decreased
gas costs and protection from gas price The number of manual commands it takes net loss by a net, after-tax benefit of $246.4mn,
run-ups; improve load factor on upstream for control room operators to manage pipeline or $2.04 per share, primarily consisted of a
and downstream pipelines by right sizing functionality is staggering. PipeBOT™ offers lower-of-cost-or-market (LCM) inventory
storage; bundle storage with other services autonomous startup and shutdown controls adjustment, a benefit related to the change in
like C1/M12 transportation to satisfy market to assist in pipeline control centre operations. our tax receivable agreement liability, a net
opportunities in Ontario, Quebec, and the US It increases throughput by achieving target tax expense on remeasurement of deferred
Northeast. flowrates faster while enabling control rooms tax assets and a gain on the sale of land at
The Enbridge Gas Dawn Hub is one of the to operate at maximum safety, utilization and our Torrance refinery, partially offset by asset
largest integrated natural gas storage facilities efficiency. write-offs, project abandonments, a LIFO
in North America. Strategically located Crux OCM pipeBOT™ is designed to inventory decrement, severance and other
in southwestern Ontario, Dawn provides reduce manual commands through intelligent charges primarily associated with the East
shippers with direct access to North America’s automation, which curbs control room Coast Refining Reconfiguration (described
major supply basins. With multiple supply operator fatigue and enables control room below) and a charge associated with the
routes from Appalachia, Western Canada, operators to perform more essential higher- residual costs on the early return of certain
mid-continent, the Rockies, and the Gulf of level functions, while ensuring safety and leased railcars. Adjusted fully-converted net
Mexico, as well as the ability to serve markets performance. Also, these improvements loss for the fourth quarter 2020, excluding
in the mid-west, eastern Canada and the US may reach target flow rates up to 40% faster, special items, was $547.4mn, or $(4.53) per
Northeast, the Enbridge Gas Dawn Hub is a improve equipment reliability and reduce share on a fully-exchanged, fully-diluted basis,
reliable, secure, and liquid natural gas trading pressure cycle fatigue. as described below, compared to adjusted
hub. Vicki Knott, CEO of Crux OCM explains, fully-converted net income of $73.6mn or
ENBRIDGE GAS, February 08, 2021 “Pipeline operations have long relied on PLCs $0.60 per share, for the fourth quarter 2019.
and SCADA for operations. At Crux OCM, Tom Nimbley, PBF Energy’s Chairman and
Crux OCM Selected by we’ve reimagined what PLCs and SCADA CEO, said, “The unprecedented challenges of
are capable of, bundling functionalities of
2020 provided PBF with the opportunity to
Phillips 66 for pipeline multiple controllers and ML to create fully become a better company. Our employees,
contractors and business partners operated
automated procedures, checklists and rules of
control centre operations thumb for control room operators to leverage under enormous pressure during the year
within our RIPA™ platform. You may think
and their resilience allowed PBF to operate
pilot you’ve reached the peak of what automation safely and reliably through what has hopefully
been the worst of the pandemic. We evaluated
can do for your operations, but the reality is
Crux OCM, the pioneer of robotic industrial most industries are still just scratching the many aspects of our business with the goal
process automation (RIPA™) for oil and gas surface. Crux OCM is the engine that will of reducing operating expenses and driving
operations, has been selected by Phillips drive the control rooms of the future.” efficiency in our capital program. We believe
66 for a pipeline control centre operations CRUX OCM, February 11, 2021 the measures we took in 2020, and continue to

Week 06 11•February•2021 www. NEWSBASE .com P15