SEGMENT INFORMATION The Companys operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining and Logistics segments are included in Corporate. Intersegment transactions are eliminated in the Condensed Consolidated Financial Statements and are included in Eliminations. Refining The Companys Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Companys refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States and Canada, and is able to ship products to other international destinations. Logistics The Companys Logistics segment is comprised of PBFX, a publicly-traded MLP, formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFXs assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Companys refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenues and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Companys chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFXs individual operating segments. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segments revenues include intersegment transactions with the Companys Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Companys business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refining segments operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segments operations. Corporate assets consist primarily of deferred tax assets, non-operating property, plant and equipment and other assets not directly related to the Companys refinery and logistics operations. Disclosures regarding the Companys reportable segments with reconciliations to consolidated totals for the three and six months ended June 30, 2020 and June 30, 2019 are presented below. In connection with certain contributions by PBF LLC to PBFX, the accompanying segment information is retrospectively adjusted to include the historical results of those assets in the Logistics segment for all periods presented prior to such contributions, as applicable. Three Months Ended June 30, 2020 PBF Energy - (in millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 2,499.1 $ 89.2 $  $ (72.5) $ 2,515.8 Depreciation and amortization expense 111.1 11.2 2.8  125.1 Income (loss) from operations 614.6 50.1 (43.9)  620.8 Interest expense, net 0.7 12.7 52.1  65.5 Capital expenditures 143.8 1.8 2.2  147.8 Three Months Ended June 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,551.9 $ 82.8 $  $ (74.7) $ 6,560.0 Depreciation and amortization expense 95.3 8.9 2.9  107.1 Income (loss) from operations (1)(2) 23.7 37.8 (48.8) (3.2) 9.5 Interest expense, net 0.9 12.5 28.7  42.1 Capital expenditures 235.9 4.0 1.4  241.3 Six Months Ended June 30, 2020 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,759.1 $ 182.2 $  $ (148.0) $ 7,793.3 Depreciation and amortization expense 216.5 22.5 5.7  244.7 Income (loss) from operations (771.8) 97.8 (72.0)  (746.0) Interest expense, net 1.5 25.5 87.7  114.7 Capital expenditures (3) 1,447.9 7.9 7.2  1,463.0 Six Months Ended June 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 11,760.6 $ 161.6 $  $ (146.0) $ 11,776.2 Depreciation and amortization expense 189.6 17.6 5.7  212.9 Income (loss) from operations (1)(2) 413.2 72.0 (103.2) (7.9) 374.1 Interest expense, net 1.4 24.6 55.6  81.6 Capital expenditures 483.0 15.2 3.7  501.9 Balance at June 30, 2020 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 8,947.7 $ 950.5 $ 230.2 $ (55.1) $ 10,073.3 Balance at December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 8,154.8 $ 973.0 $ 52.7 $ (48.1) $ 9,132.4 Three Months Ended June 30, 2020 PBF LLC - (in millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 2,499.1 $ 89.2 $  $ (72.5) $ 2,515.8 Depreciation and amortization expense 111.1 11.2 2.8  125.1 Income (loss) from operations 614.6 50.1 (43.6)  621.1 Interest expense, net 0.7 12.7 54.7  68.1 Capital expenditures 143.8 1.8 2.2  147.8 Three Months Ended June 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,551.9 $ 82.8 $  $ (74.7) $ 6,560.0 Depreciation and amortization expense 95.3 8.9 2.9  107.1 Income (loss) from operations (1)(2) 23.7 37.8 (48.4) (3.2) 9.9 Interest expense, net 0.9 12.5 31.1  44.5 Capital expenditures 235.9 4.0 1.4  241.3 Six Months Ended June 30, 2020 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,759.1 $ 182.2 $  $ (148.0) $ 7,793.3 Depreciation and amortization expense 216.5 22.5 5.7  244.7 Income (loss) from operations (771.8) 97.8 (71.7)  (745.7) Interest expense, net 1.5 25.5 92.8  119.8 Capital expenditures (3) 1,447.9 7.9 7.2  1,463.0 Six Months Ended June 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 11,760.6 $ 161.6 $  $ (146.0) $ 11,776.2 Depreciation and amortization expense 189.6 17.6 5.7  212.9 Income (loss) from operations (1)(2) 413.2 72.0 (102.5) (7.9) 374.8 Interest expense, net 1.4 24.6 60.0  86.0 Capital expenditures 483.0 15.2 3.7  501.9 Balance at June 30, 2020 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 8,947.7 $ 950.5 $ 46.2 $ (55.1) $ 9,889.3 Balance at December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 8,154.8 $ 973.0 $ 49.4 $ (48.1) $ 9,129.1 (1) On April 24, 2019, PBFX entered into a contribution agreement with PBF LLC (the TVPC Contribution Agreement), pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (TVP Holding) for total consideration of $200.0 million (the TVPC Acquisition). Prior to the TVPC Acquisition, TVP Holding owned a 50% equity interest in Torrance Valley Pipeline Company LLC (TVPC). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Companys Condensed Consolidated Financial Statements, PBF Holdings equity income in investee and PBFXs net income attributable to noncontrolling interest eliminated in consolidation. (3) The Refining segment includes capital expenditures of $1,176.2 million for the acquisition of the Martinez refinery in the first quarter of 2020.