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QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA
(unaudited, in thousands, except per share data)
The following table summarizes quarterly financial data for the years ended December 31, 2018 and 2017.
 
PBF Energy
 
2018 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
Revenues
 
$
5,802,776

 
$
7,444,083

 
$
7,646,360

 
$
6,292,874

Income (loss) from operations
 
95,660

 
422,263

 
286,433

 
(446,236
)
Net income (loss)
 
41,811

 
287,687

 
192,466

 
(346,673
)
Net income (loss) attributable to PBF Energy Inc. stockholders
 
30,366

 
272,153

 
179,538

 
(353,742
)
Earnings (loss) per common share - assuming dilution
 
$
0.27

 
$
2.37

 
$
1.50

 
$
(2.97
)
 
PBF Energy
 
2017 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31 
Revenues
 
$
4,754,473

 
$
5,017,225

 
$
5,478,951

 
$
6,535,988

Income (loss) from operations
 
795

 
(111,048
)
 
587,260

 
254,613

Net income (loss)
 
(20,030
)
 
(104,151
)
 
347,226

 
260,386

Net income (loss) attributable to PBF Energy Inc. stockholders
 
(31,077
)
 
(109,663
)
 
314,365

 
241,892

Earnings (loss) per common share -assuming dilution
 
$
(0.29
)
 
$
(1.01
)
 
$
2.85

 
$
2.14


PBF LLC
 
2018 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
Revenues
 
$
5,802,776

 
$
7,444,083

 
$
7,646,360

 
$
6,292,874

Income (loss) from operations
 
95,912

 
422,704

 
286,759

 
(445,505
)
Net income (loss)
 
51,743

 
385,622

 
244,913

 
(502,132
)
Net income (loss) attributable to PBF Energy Company LLC
 
41,586

 
376,196

 
234,379

 
(514,323
)
PBF LLC
 
2017 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
Revenues
 
$
4,754,473

 
$
5,017,225

 
$
5,478,951

 
$
6,535,988

Income (loss) from operations
 
831

 
(110,976
)
 
587,308

 
254,782

Net income (loss)
 
(41,853
)
 
(183,778
)
 
553,077

 
223,799

Net income (loss) attributable to PBF Energy Company LLC
 
(54,756
)
 
(195,894
)
 
538,345

 
212,382



During the three months ended December 31, 2018, the Company recorded an adjustment to value its inventories to the lower of cost or market which resulted in a net pre-tax income charge of $651,734 reflecting the change in the LCM inventory reserve from no LCM inventory reserve at September 30, 2018 to $651,734 at December 31, 2018. During the three months ended December 31, 2017, the Company recorded an adjustment to the lower of cost or market which resulted in a net pre-tax income benefit of $197,589 reflecting the change in the LCM inventory reserve from $498,045 at September 30, 2017 to approximately $300,456 at December 31, 2017.