“Despite these headwinds, we continue to believe in our strategy of sourcing the lowest cost feedstocks for our refineries and positioning PBF to benefit from positive market conditions,” said Tom Nimbley, PBF Energy’s CEO.

PBF’s first quarter 2013 operating income was $100.1 million versus an operating loss of $164.1 million for the first quarter of 2012.

Adjusted Pro Forma Net Income for the first quarter 2013 was $46.7 million, compared to a loss of $122.6 million for the first quarter 2012. Net income attributable to PBF Energy Inc. for the quarter was $11.4 million.

PBF owns and operates the 190,000-b/d Delaware City refinery, the 180,000-b/d Paulsboro New Jersey refining facility (Billingsport & Paradise) and 170,000-b/d Toledo refinery.

Apart from stronger first-quarter results, Nimbley said that the company’s 70,000-b/d double-loop track at Delaware City continues to operate better than originally planned.

The ongoing expansion project to double the company’s heavy crude unloading capability to 80,000 b/d is expected to be completed during the fourth quarter
of this year.

Upon completion, PBF Energy will be able to deliver more than 150,000 b/d of crude-by-rail directly into the Delaware City refinery.

During the first quarter 2013, the company ran approximately 55,000 b/d of cost-advantaged crudes though its East Coast system and expects to add to this throughput in the second quarter as it increases deliveries of crude by rail and experiences a full quarter of operations of the double-loop track.

Additionally, PBF Energy has entered into several agreements focused on advancing its crude-by-rail strategy. The company has signed long-term agreements with BNSF Railway and Norfolk Southern for the provision of rail services as PBF seeks to move increased volumes of North American crude across the rail system.

PBF has also reached an agreement with Savage to transload Bakken crude oil at Savage’s Trenton, N.J., rail facility for delivery to PBF’s East Coast refineries.

Furthermore, PBF Energy has signed a new agreement with Trinity for the acquisition of 1,000 additional coiled and insulated railcars. This brings the total expected number of PBF’s railcars to 5,900, including 4,600 coiled and insulated cars. The railcars are scheduled to be delivered over the next eight to 10 quarters.

“With our recently announced supply agreement for Bakken crude oil with Continental Resources and our arrangements with the rail companies, PBF has effectively established a rail pipeline for crude direct from the producers to our refineries on the East Coast,” Nimbley said.

Throughput for the quarter averaged approximately 441,600 b/d. Throughput in the Midcontinent averaged approximately 122,700 b/d and throughput on the East Coast averaged approximately 318,900 b/d. Throughput in the first quarter of 2013 was adversely impacted by the unplanned 18-day outage at the Toledo refinery.