<SEC-DOCUMENT>0001140361-22-035532.txt : 20221230
<SEC-HEADER>0001140361-22-035532.hdr.sgml : 20221230
<ACCEPTANCE-DATETIME>20220930172054
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-22-035532
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PBF Energy Inc.
		CENTRAL INDEX KEY:			0001534504
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		973-455-7500

	MAIL ADDRESS:	
		STREET 1:		1 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PBF Logistics LP
		CENTRAL INDEX KEY:			0001582568
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				352470286
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE SYLVAN WAY, SECOND FLOOR
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		973-455-7500

	MAIL ADDRESS:	
		STREET 1:		ONE SYLVAN WAY, SECOND FLOOR
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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            <div style="margin-left: 7.2pt;"><img src="ny20004999x4_correspimg01.jpg" height="46" width="159"></div>
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            <div style="font-family: Arial,Helvetica,'sans-serif'; font-size: 8pt; color: rgb(0, 0, 0);">HUNTON ANDREWS KURTH LLP</div>
            <div style="font-family: Arial,Helvetica,'sans-serif'; font-size: 8pt; color: rgb(0, 0, 0);">600 TRAVIS, SUITE 4200</div>
            <div style="font-family: Arial,Helvetica,'sans-serif'; font-size: 8pt; color: rgb(0, 0, 0);">HOUSTON, TEXAS 77002-2929</div>
            <div style="font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0); font-size: 8pt;">&#160;</div>
            <div><font style="font-size: 8pt; font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0);">TEL</font></div>
            <div style="margin: -10pt 0px 0px 27pt;"><font style="font-size: 8pt; font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0);">713 &#8226; 220 &#8226; 4200</font></div>
            <div><font style="font-size: 8pt; font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0);">FAX</font></div>
            <div style="margin: -10pt 0px 0px 27pt;"><font style="font-size: 8pt; font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0);">713 &#8226; 220 &#8226; 4285</font></div>
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    <div style="text-align: right;">FOIA confidential treatment requested by PBF Logistics LP and PBF Energy Inc.</div>
    <div style="text-align: right;">Pursuant to 17 C.F.R. Sec. 200.83 (Rule 83)</div>
    <div><br>
    </div>
    <div style="text-align: right;">September 30, 2022</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Office of Mergers &amp; Acquisitions</div>
    <div style="text-align: justify;">United States Securities and Exchange Commission</div>
    <div style="text-align: justify;">Division of Corporation Finance</div>
    <div style="text-align: justify;">100 F Street, N.E.</div>
    <div style="text-align: justify;">Washington, D.C. 20549-3561</div>
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            <div style="margin-left: 18pt; font-weight: bold;">Re:</div>
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            <div style="font-weight: bold;">PBF Logistics LP</div>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">Schedule 13E-3</div>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">Filed August 29, 2022</div>
          </td>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">File No. 005-088397</div>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">&#160;</td>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">PBF Energy Inc.</div>
          </td>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">Registration Statement on Form S-4</div>
          </td>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">Filed August 26, 2022</div>
          </td>
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          <td style="width: 54pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">File No. 333-267119</div>
          </td>
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              <div style="text-align: justify;">Attn:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;">Liz Packebusch</div>
              <div style="text-align: justify;">Kevin Dougherty</div>
              <div style="text-align: justify;">David Plattner</div>
            </td>
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    <div style="text-align: justify; text-indent: 36pt;">On behalf of PBF Logistics LP (&#8220;<font style="font-weight: bold; font-style: italic;">PBFX</font>&#8221;) and PBF Energy Inc. (&#8220;<font style="font-weight: bold; font-style: italic;">PBF Energy</font>), set
      forth below are responses to comments received from the staff of the Division of Corporation Finance (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the United States Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) by letter dated September 23, 2022 (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff Letter</font>&#8221;), with respect to (i) PBFX&#8217;s Schedule 13E-3, filed with the
      Commission on August 29, 2022 (the &#8220;<font style="font-weight: bold; font-style: italic;">13E-3</font>&#8221;), and (ii) PBF Energy&#8217;s Registration Statement on Form S-4, filed with the Commission on August 26, 2022 (the &#8220;<font style="font-weight: bold; font-style: italic;">S-4</font>&#8221;). Concurrently with the submission of this letter, we are filing Amendment No. 1 to the 13E&#8209;3 (the &#8220;<font style="font-weight: bold; font-style: italic;">Amended 13E-3</font>&#8221;) and Amendment No. 1 to the S-4 (the &#8220;<font style="font-weight: bold; font-style: italic;">Amended S-4</font>&#8221;), via EDGAR submission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For your convenience, each response is prefaced by the exact text of the Staff&#8217;s corresponding comment in the Staff Letter in bold, italicized text. All references to page numbers and captions
      correspond to the Amended 13E-3 or Amended S-4, as applicable, unless otherwise specified. All capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Amended 13E&#8209;3 or Amended S-4, as applicable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Pursuant to 17 C.F.R. Sec. 200.83 (&#8220;<font style="font-weight: bold; font-style: italic;">Rule 83</font>&#8221;), PBFX and PBF Energy request confidential treatment for portions of the response to comment 1
      of the Staff Letter. Specifically, PBFX and PBF Energy request that portions of the response to comment 1 of the Staff Letter that have been redacted from the version of this response letter filed via the Commission&#8217;s EDGAR system and marked by
      bracketed asterisks (&#8220;[***]&#8221;) be maintained in confidence, not be made part of any public record and not be disclosed to any person, including in response to any request under the Freedom of Information Act, 5 U.S.C. Sec. 552 (&#8220;<font style="font-weight: bold; font-style: italic;">FOIA</font>&#8221;), as such responses contain confidential information. An unredacted version of this response letter is being provided to the Commission under separate cover along with the request for
      confidential treatment under Rule 83.</div>
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    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div style="text-align: justify;">September 30, 2022</div>
    <div style="text-align: justify;">Page 2</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Schedule 13E-3 filed August 29, 2022</u></div>
    <div style="text-align: justify;"><u>General</u></div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">We note the disclosure in the Schedule 13E-3 and the S-4 regarding the 19.9% Cap Adjustment Mechanism. Please disclose why such a mechanism is needed, given that it appears that the number of
              shares of PBF Energy Common Stock to be issued will not come particularly close to exceeding 20% of the outstanding shares. It would also seem that the risk of tripping up such threshold would be within the control of PBF Energy. Therefore,
              please disclose in detail the underlying reasons for including this provision.</div>
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    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment.&#160; As a result of the fixed exchange ratio, the 19.9% Cap Adjustment Mechanism is generally not applicable but we considered that there were certain
      scenarios where it would be beneficial if PBF Energy desired to take certain actions [***] prior to the closing date of the Merger.&#160; At the time the Merger Agreement was being negotiated, PBF Energy&#8217;s management was considering possible strategic
      opportunities and wanted to preserve the ability to pursue those options prior to the closing of the Merger.&#160; These potential strategic opportunities included transactions that would have the effect of reducing the outstanding PBF Energy Common
      Stock.&#160; The inclusion of the 19.9% Cap Adjustment Mechanism maintained PBF Energy&#8217;s ability to pursue and seamlessly execute any such strategic opportunity without negatively impacting the consummation of the pending Merger as PBF Energy would not be
      required to either seek (i) to amend the Merger Agreement or (ii) to obtain PBF Energy Stockholder approval if the NYSE approval threshold were to be triggered. The parties to the Merger Agreement view the inclusion of the 19.9% Cap Adjustment
      Mechanism as an effective solution to ensure that (i) the Stock Issuance complied with Section 312.03 of the NYSE Listed Company Manual, and (ii) the conditions to the consummation of the Merger were clear as of the execution date of the Merger
      Agreement.</div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">We note the following disclosure: &#8220;...the Cash Consideration will be increased by an amount equal to the product of $31.14, multiplied by the difference between the Exchange Ratio and the
              Adjusted Exchange Ratio.&#8221; Please revise the wording to clarify that the figure is the product of (i) $31.14 and (ii) &#8220;the difference between... .&#8221; Please also disclose the reason for using $31.14 as a reference point. Please make such changes
              throughout both the 13E-3 and the S-4.</div>
          </td>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and have revised the disclosure on page 1 of the 13E-3 and on the inside cover page and pages 2, 13, 26 and 74 of the Amended S-4.</div>
    <div><br>
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    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div style="text-align: justify;">September 30, 2022</div>
    <div style="text-align: justify;">Page 3</div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">Please disclose the reasons behind using, on the one hand, a formula based on recent trading prices to calculate the cash consideration payable in exchange for fractional shares, and, on the
              other hand, using a fixed formula keyed off of $31.14 for the additional cash consideration payable in the event of the 19.9% Cap Adjustment Mechanism being triggered.</div>
          </td>
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    <div><br>
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    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and respectfully submit that in negotiating the Merger Agreement the desired outcome was to provide more certainty around the proposed Merger
      Consideration.&#160; In the event of adjustments to the Exchange Ratio, the parties to the Merger Agreement believed it was important to use a fixed value against which such adjustment would be multiplied in order to allow the parties to analyze the
      outcome of potential changes to the total Merger Consideration as a result of upward adjustments or downward adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">With respect to fractional shares, the parties to the Merger Agreement determined that the value associated with a fractional share should be tied to the value of the PBF Energy Common Stock as of
      the closing date under the Merger Agreement. After acknowledging the extreme volatility in the stock market and the possibility that the closing date under the Merger Agreement could occur on a trading day in which stock market volatility resulted in
      a reduced price, the parties agreed that a price reflective of the average closing sale prices of the PBF Energy Common Stock on the NYSE for the ten (10) consecutive full trading days ending on the full trading day immediately prior to the closing
      date under the Merger Agreement was an appropriate value for any fractional share.</div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">Please attach a preliminary form of proxy to the proxy statement.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and have attached a preliminary form of proxy as Exhibit 99.2 to the Amended S-4.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><u>Form S-4</u></div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><u>Summary Term Sheet, page 1</u></div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">We note the following disclosure on page 9: &#8220;The total amount of funds necessary to fund the Cash Consideration portion of the Merger Consideration is anticipated to be approximately $303.3
              million.&#8221; With a view toward revised disclosure, please explain how this estimate was calculated, in particular given the apparent potential for various adjustments to the Cash Consideration needing to be made.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and respectfully submit that this estimate was calculated based on the product of (i) $9.25 (the Cash Consideration per PBFX Public Common Unit)
      and (ii) 32,786,559 (the number of PBFX Public Common Units issued and outstanding as of August 24, 2022). We believe that the resulting product provided readers of the S-4 with a reasonable estimate of the potential funds necessary to fund the Cash
      Consideration. In the Amended S-4, we have revised the disclosure on pages 8, 9 and 66 to clarify that (i) our estimate of funds necessary to fund the Cash Consideration (x) assumes the 19.9% Cap Adjustment Mechanism is not triggered and (y) is based
      on the number of PBFX Public Common Units issued and outstanding as of September 28, 2022, and (ii) to the extent that the 19.9% Cap Adjustment Mechanism is triggered, the total amount of funds necessary to consummate the Cash Consideration portion
      of the Merger Consideration would exceed $303.3 million.</div>
    <div><br>
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    </div>
    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div style="text-align: justify;">September 30, 2022</div>
    <div style="text-align: justify;">Page 4</div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">Please add, to the table of prices on page 10, a column that shows the total per unit consideration payable once the $9.25 cash portion of the consideration is also factored in.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and have revised the disclosure on page 10 of the Amended S-4.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Background of the Merger, page 34</u></div>
    <div><br>
    </div>
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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">We note the following disclosure at the bottom of page 34: &#8220;On June 14, 2022, PBF Energy management met telephonically with representatives of Barclays and Hunton AK to discuss the acquisition
              by PBF Energy of all of the PBFX Public Common Units through a merger transaction in exchange for a combination of cash and shares of PBF Energy Common Stock, at a to-be-determined fixed exchange ratio.&#8221; Please disclose the reasons for
              proposing a fixed exchange ratio, and whether any consideration was given to proposing a floating exchange ratio. Relatedly, please disclose in this section of the S-4 any discussions or negotiations between the parties as to the possibility
              of using a floating exchange ratio rather than a fixed exchange ratio.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and respectfully submit that, following discussion with Barclays and Hunton AK, including discussion of the merger consideration agreed upon in a
      number of similar master limited partnership merger transactions, it was collectively determined that a fixed exchange ratio was consistent with precedent transactions and would be viewed favorably by the Conflicts Committee. No consideration was
      given to proposing a floating exchange ratio. We have revised the disclosure on page 33 of the Amended S-4 to include this statement.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa9c15b1d2ba4e008e24f51dd1e8e5b0" cellpadding="0" cellspacing="0">

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          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">On page 38, revise to ensure that the disclosure follows a clear chronology.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and have revised the disclosure on pages 36 and 37 of the Amended S-4.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div style="text-align: justify;">September 30, 2022</div>
    <div style="text-align: justify;">Page 5</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d818f637e0a4519874520c5093f73c6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">In this section, please disclose the background behind the Adjusted Exchange Ratio -- how and why it was first proposed, whether there was any negotiation regarding it, etc. The disclosure in
              this section appears to omit mention of the Adjusted Exchange Ratio altogether.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and respectfully submit that the Adjusted Exchange Ratio was a defined term inserted into the S-4 solely for convenience as the disclosure around
      the 19.9% Cap Adjustment Mechanism was becoming quite long and repetitive. The concept of the Adjusted Exchange Ratio, while not a defined term in the Merger Agreement, is included in Section 3.2(k) of the Merger Agreement. The applicable text of
      Section 3.2(k) is included below for the Staff&#8217;s reference. Please note that the quote is unaltered and, as a result, capitalized terms used therein are as used in the text of the Merger Agreement and certain terms differ from the capitalized terms
      used in the S-4.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">&#8220;If the aggregate number of Parent Shares to be issued in connection with the Merger would exceed nineteen and nine-tenths percent (19.9%) of the issued and outstanding Parent Shares immediately
      prior to the Effective Time (the &#8220;<u>Stock Threshold</u>&#8221;), (A) the Exchange Ratio will be reduced to the minimum extent necessary (rounded down to the nearest one-thousandth) such that the aggregate number of Parent Shares to be issued in the Merger
      does not exceed the Stock Threshold&#8230;&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">Due to the defined term &#8220;Adjusted Exchange Ratio&#8221; being included solely for convenience of the reader, no specific discussions took place regarding its use and we have not included any responsive
      disclosure in the Amended S-4.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Recommendations of the Conflicts Committee and the GP Board and their Reasons for the Merger, page 46</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf16cff8754924f42afb6d4e3cce21974" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">Please disclose what consideration the Conflicts Committee and the GP Board gave to the fact that Intrepid&#8217;s fairness opinion expressly declined to take into account &#8220;any potential adjustment
              to the Exchange Ratio and Cash Consideration under the Merger Agreement.&#8221;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and submit that the Conflicts Committee discussed the relatively low likelihood that the 19.9% Cap Adjustment Mechanism would be triggered and the
      uncertainties of value associated with any such potential adjustment to the Exchange Ratio and Cash Consideration.&#160; In view of the low likelihood, and the difficulty of assessing the impact, of triggering the 19.9% Cap Adjustment Mechanism, it was
      not taken into account in Intrepid&#8217;s opinion. We have revised the disclosure on page 46 of the Amended S-4.<br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Opinion of the Financial Advisor to the Conflicts Committee, page 54</u></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div style="text-align: justify;">September 30, 2022</div>
    <div style="text-align: justify;">Page 6</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc3d1965b25e4906809915f213586dce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">We note your disclosure that, as requested by the Conflicts Committee, Intrepid Partners, LLC was provided a sensitivity case (the &#8220;Sensitivity Case&#8221;) prepared by management of the general
              partner and PBF Energy based on regional refining margin inputs provided by Intrepid on behalf of the Conflicts Committee, which reflects an alternative forecast that is more conservative than the PBF Energy Base Case. As the Sensitivity Case
              projections appear to have been used by Intrepid in preparation of the discounted cash flow analysis, please revise to disclose such projections. Refer to Item 1015(b)(6) of Regulation M-A, as contemplated by Part I, Item 4(b) of Form S-4 and
              Item 14(b)(6) of Schedule 14A.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and we have revised the disclosure on pages 54-56 of the Amended S-4.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5099060f4e9044419e53ef61356151c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">Relatedly, we also note references in this section and elsewhere to projections prepared by PBFX. Please disclose such projections, along with any other projections that have not already been
              disclosed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and respectfully submit that the references to &#8220;financial projections by PBFX,&#8221; &#8220;financial projections of PBFX prepared by the management of PBFX
      GP,&#8221; &#8220;the PBFX Base Case&#8221; and similar references refer to the PBFX forecast currently included in the S-4 under the heading &#8220;Special Factors&#8212;Unaudited Projected Financial Information&#8212;PBFX Forecast.&#8221; There are no additional PBFX projections to
      include. With the inclusion of the Sensitivity Case referenced in our response to comment 11 above, all other projections that have not already been disclosed are now disclosed in the Amended S-4.</div>
    <div><br>
    </div>
    <div><u>Fees and Expenses, page 67</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc512dca86e24e1ba5405aa9d5edd2d5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 36pt; font-style: italic; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;">Please fill in the fee table.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><u>RESPONSE</u>: We acknowledge the Staff&#8217;s comment and we have revised the disclosure on page 67 of the Amended S-4.</div>
    <div><br>
    </div>
    <div style="text-align: center;">* * * * *</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div style="text-align: justify;">September 30, 2022</div>
    <div style="text-align: justify;">Page 7</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If the Staff has any questions with respect to the foregoing or requires additional supplemental information, please contact the undersigned at (713) 220-4329.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb910cd75fc754ba290de59c30e9527a5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 49.89%; vertical-align: top;">&#160;</td>
          <td style="width: 50.11%; vertical-align: top;">
            <div style="text-align: justify;">Sincerely,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.89%; vertical-align: top;">&#160;</td>
          <td style="width: 50.11%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.89%; vertical-align: top;">&#160;</td>
          <td style="width: 50.11%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.89%; vertical-align: top;">&#160;</td>
          <td style="width: 50.11%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Philip Haines</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.89%; vertical-align: top;">&#160;</td>
          <td style="width: 50.11%; vertical-align: top;">
            <div style="text-align: justify;">Philip Haines</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5b2dd1b074b4464baf82f8f86e1e2f07" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top;">
            <div style="text-align: justify;">cc:</div>
          </td>
          <td style="vertical-align: top;">
            <div style="text-align: justify;">Trecia Canty, PBF Energy Inc./PBF Logistics LP</div>
            <div style="text-align: justify;">Jordan Hirsch, Hunton Andrews Kurth LLP</div>
            <div style="text-align: justify;">Michael Swidler, Baker Botts L.L.P.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
