TREASURY UNITS

9 Months Ended

Sep. 30, 2015

TREASURY UNITS

On August 19, 2014, PBF Energy's Board of Directors authorized the repurchase of up to $200,000 of the Company's Series C Units, through the repurchase of PBF Energy’s Class A common stock (the "Repurchase Program"). On October 29, 2014, PBF Energy's Board of Directors approved an additional $100,000 increase to the existing Repurchase Program. As of September 30, 2015, the Company has purchased approximately 6.05 million of the Company's Series C Units under the Repurchase Program, for a total of $150,804 through the purchase of PBF Energy’s Class A common stock in open market transactions. During the three and nine months ended September 30, 2015, the Company repurchased 142,487 and 284,771 of the Company's Series C Units, respectively, for $4,073 and $8,073, respectively through the purchase of PBF Energy’s Class A common stock in open market transactions. During both, the three and nine months ended September 30, 2014, the Company repurchased 1,354,943 of the Company's Series C Units for $32,593 through the purchase of PBF Energy’s Class A common stock in open market transactions.

The following table summarizes PBF Energy's Class A common stock repurchase activity under the Repurchase Program:



	Number of shares purchased ⁽¹⁾	Cost of purchased shares
Shares purchased as of December 31, 2014	5,765,946	$	142,731
Shares purchased during the nine months ended September 30, 2015	284,771	8,073
Shares purchased as of September 30, 2015	6,050,717	$	150,804
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(1) - The shares purchased include only those shares that have settled as of the period end date.

These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected through Rule 10b5-1 and Rule 10b-18 plans. The timing and number of shares repurchased will depend on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. PBF Energy is not obligated to purchase any shares under the Repurchase Program, and repurchases may be suspended or discontinued at any time without prior notice.

As of September 30, 2015, PBF Energy has the ability to purchase an additional $149,196 in Class A common stock under the approved Repurchase Program.

PBF Energy Co LLC 10-Q