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PBF Energy Announces Second Quarter 2025 Results and Declares Dividend of $0.275 per Share
- Second quarter income from operations of $43.0 million (excluding special items, second quarter loss from operations of $110.0 million)
- Martinez refinery partial operations restored
- Declared quarterly dividend of $0.275 per share
PARSIPPANY, N.J., July 31, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second quarter 2025 income from operations of $43.0 million as compared to loss from operations of $74.6 million for the second quarter of 2024. Excluding special items, second quarter 2025 loss from operations was $110.0 million as compared to loss from operations of $72.5 million for the second quarter of 2024.
The company reported second quarter 2025 net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share. This compares to net loss of $66.0 million and net loss attributable to PBF Energy Inc. of $65.2 million or $(0.56) per share for the second quarter 2024. Non-cash special items included in the second quarter 2025 results, which increased net income by a net, after-tax benefit of $113.2 million, or $0.98 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery and our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment, both of which were partially offset by expenses associated with the Martinez fire and severance and other charges related to PBF's Refinery Business Improvement initiative ("RBI"). Adjusted fully-converted net loss for the second quarter 2025, excluding special items, was $118.5 million, or $(1.03) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $64.2 million or $(0.54) per share, for the second quarter 2024.
Matt Lucey, PBF's President and CEO, said, "Performance improved across all PBF's regions in the second quarter. We successfully restored partial operations at Martinez and expect to run at reduced capacity until repairs can be completed. The rest of our system ran as expected and benefited from the seasonally higher margin environment." Mr. Lucey continued, "We continue to face challenges in the feedstock markets, specifically the narrow light-heavy differentials, but near-term volatility in our cyclical, commodity-dependent business does not reflect our broader, favorable outlook that global supply and demand balances remain tight."
Mr. Lucey concluded, "As PBF's financial position improves, we will continue to prioritize conservative management of our balance sheet and debt reduction. We are focused on the elements of our business that we can control. We have implemented across a number of functional areas, and are seeing benefits from, our refining business improvement initiative. We are continuing the roll-out of this initiative across our entire footprint in a dedicated push to improve operations, efficiency, and reliability, and to generate cash savings. We remain committed to safe, reliable and responsible operations."
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2025, to shareholders of record at the close of business on August 14, 2025.
Martinez Refinery Update
Subsequent to the February 1, 2025 fire at the Martinez refinery, limited operations were restored during the second quarter. Total throughput during the period of limited operations is expected in the range of 85,000 to 105,000 barrels per day, and the refinery began producing limited quantities of gasoline, jet fuel, and intermediates. The refinery is expected to run in the current configuration until full operations can be restored. Based on current estimates and expectations, restart of the remaining units is planned to occur by year-end 2025. Restart of these units is dependent on factors impacting our ability to effect necessary repairs, including those outside of our control such as regulatory permitting and approvals and the availability of certain critical equipment and components.
The company expects the cost of rebuilding the fire damaged units and restoring the refinery to full operational status will largely be covered by property insurance, subject to our deductible and retentions totaling $30.0 million. The company's insurance includes business interruption insurance that contains a 60-day waiting period. This coverage commenced on April 3, 2025. The insurance claims process is ongoing and is not expected to be fully closed until after full operations have been restored.
During the second quarter, PBF's insurers paid an unallocated first installment of insurance proceeds of $280 million, $250 million net to PBF after deductibles and retentions. The timing and amount of any agreed future interim payments will be dependent on the quantum of actual, covered expenditures and calculated losses.
Sale of Terminal Assets
On April 30, 2025, the company, through a subsidiary of PBF Logistics LP, entered into an agreement to sell two of its refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175 million. The combined assets include 38 storage tanks with approximately 1.9 million barrels of storage capacity, and associated truck racks. Subject to satisfaction of customary closing conditions and certain regulatory approvals, we expect the transaction to close in the third quarter.
PBF Guidance Update and Outlook
PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. We continue to examine and advance opportunities within our portfolio to generate potential incremental value for shareholders. At quarter-end, we had approximately $591 million of cash and approximately $2.4 billion of total debt.
RBI is an integral part of our ongoing strategic process to extract incremental value across our business. We expect to generate greater than $200 million of annualized, run-rate sustainable cost savings by year-end 2025, and greater than $350 million by year-end 2026. Since inception of the initiative, we have generated over 500 cost savings ideas through more than 40 idea generation sessions. Our teams are building out these ideas with actionable, quantifiable, and measurable plans. Initially, we are focused on five main areas, including projects and turnarounds, strategic procurement opportunities, the East Coast refining system, the Torrance Refinery and the refining organizational structure.
As a result of an ongoing analysis of operations and market conditions, we now expect full-year capital expenditures in the $750 to $ 775 million range. This amount excludes the costs to restore the damage to the Martinez Refinery resulting from the February 2025 incident. We expect interest expense for the full-year 2025 to be in the $165 to $185 million range.
Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current second quarter throughput expectations are included in the table below.
| Expected throughput ranges (barrels per day) | ||
| | Third Quarter 2025 | |
| | Low | High |
| East Coast | 320,000 | 340,000 |
| Mid-continent | 150,000 | 160,000 |
| Gulf Coast | 175,000 | 185,000 |
| West Coast | 220,000 | 230,000 |
| Total | 865,000 | 915,000 |
Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.
St. Bernard Renewables
SBR averaged approximately 14,200 barrels per day of renewable diesel production in the second quarter. During the quarter, SBR operations reflected a catalyst change beginning in March and completed in April. Renewable diesel production for the third quarter is expected to average approximately 16,000 to 18,000 barrels per day.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies.
See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July 31, 2025, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, expectations, and intentions with respect to the full and partial restart of the Martinez refinery following the February 1, 2025 fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's Refining Business Improvement Initiatives as well as the Company's future earnings and operations overall, including those of our 50- 50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to procure necessary permits and equipment and materials required to rebuild the Martinez refinery; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing of thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations and other events that could negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.
Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994
| PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||
| EARNINGS RELEASE TABLES | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
| (Unaudited, in millions, except share and per share data) | ||||||||||
| | | | | | | | | | | |
| | | | | Three Months Ended | | Six Months Ended | ||||
| | | | | June 30, | | June 30, | ||||
| | | | | 2025 | | 2024 | | 2025 | | 2024 |
| Revenues | $ 7,475.3 | | $ 8,736.1 | | $ 14,541.7 | | $ 17,381.7 | |||
| Cost and expenses: | | | | | | | | |||
| | Cost of products and other | 6,743.7 | | 7,962.4 | | 13,330.8 | | 15,560.3 | ||
| | Operating expenses (excluding depreciation and amortization expense as reflected below) | 631.7 | | 612.6 | | 1,363.5 | | 1,300.7 | ||
| | Depreciation and amortization expense | 157.9 | | 154.8 | | 325.6 | | 296.2 | ||
| Cost of sales | 7,533.3 | | 8,729.8 | | 15,019.9 | | 17,157.2 | |||
| | General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 80.3 | | 65.0 | | 150.7 | | 128.2 | ||
| | Gain on insurance recoveries | (189.0) | | — | | (189.0) | | — | ||
| | Depreciation and amortization expense | 3.6 | | 3.3 | | 7.2 | | 6.5 | ||
| | Change in fair value of contingent consideration, net | — | | — | | — | | (3.3) | ||
| | Equity loss in investee | 4.3 | | 12.4 | | 21.3 | | 13.2 | ||
| | Loss on formation of SBR equity method investment | — | | — | | — | | 8.7 | ||
| | (Gain) loss on sale of assets | (0.2) | | 0.2 | | (0.2) | | 0.7 | ||
| Total cost and expenses | 7,432.3 | | 8,810.7 | | 15,009.9 | | 17,311.2 | |||
| Income (loss) from operations | 43.0 | | (74.6) | | (468.2) | | 70.5 | |||
| Other income (expense): | | | | | | | | |||
| | Interest expense (net of interest income of $4.1, $14.3, $8.6, and $32.1, respectively) | (53.8) | | (17.3) | | (90.7) | | (27.8) | ||
| | Other non-service components of net periodic benefit cost | 0.3 | | 0.6 | | 0.6 | | 1.2 | ||
| Income (loss) before income taxes | (10.5) | | (91.3) | | (558.3) | | 43.9 | |||
| Income tax (benefit) expense | (5.1) | | (25.3) | | (147.0) | | 2.4 | |||
| Net income (loss) | (5.4) | | (66.0) | | (411.3) | | 41.5 | |||
| | Less: net income (loss) attributable to noncontrolling interest | (0.2) | | (0.8) | | (4.3) | | 0.1 | ||
| Net income (loss) attributable to PBF Energy Inc. stockholders | $ (5.2) | | $ (65.2) | | $ (407.0) | | $ 41.4 | |||
| | | | | | | | | | | |
| Net income (loss) available to Class A common stock per share: | | | | | | | | |||
| | | Basic | $ (0.05) | | $ (0.56) | | $ (3.58) | | $ 0.35 | |
| | | Diluted | $ (0.05) | | $ (0.56) | | $ (3.58) | | $ 0.33 | |
| | | Weighted-average shares outstanding-basic | 113,852,406 | | 117,043,158 | | 113,803,619 | | 118,965,510 | |
| | | Weighted-average shares outstanding-diluted | 114,715,186 | | 117,905,938 | | 114,666,399 | | 124,195,155 | |
| | | | | | | | | | | |
| Dividends per common share | $ 0.275 | | $ 0.25 | | $ 0.55 | | $ 0.50 | |||
| | | | | | | | | | | |
| Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1): | | | | | | | | |||
| | | Adjusted fully-converted net income (loss) | $ (5.3) | | $ (65.8) | | $ (410.2) | | $ 41.5 | |
| | | Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share | $ (0.05) | | $ (0.56) | | $ (3.58) | | $ 0.33 | |
| | | Adjusted fully-converted shares outstanding - diluted (Note 6) | 114,715,186 | | 117,905,938 | | 114,666,399 | | 124,195,155 | |
| | | | | | | | | | | |
| See Footnotes to Earnings Release Tables | ||||||||||
| PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||
| RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | ||||||||||||
| (Unaudited, in millions, except share and per share data) | ||||||||||||
| | | | | | | | | | | | | |
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1) | | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | |||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | |||||
| Net income (loss) attributable to PBF Energy Inc. stockholders | | $ (5.2) | | $ (65.2) | | $ (407.0) | | $ 41.4 | ||||
| | Less: Income allocated to participating securities | | — | | — | | — | | — | |||
| Income (loss) available to PBF Energy Inc. stockholders – basic | | (5.2) | | (65.2) | | (407.0) | | 41.4 | ||||
| | Add: Net income (loss) attributable to noncontrolling interest (Note 2) | | (0.2) | | (0.8) | | (4.3) | | 0.1 | |||
| | Less: Income tax benefit (Note 3) | | 0.1 | | 0.2 | | 1.1 | | — | |||
| Adjusted fully-converted net income (loss) | | $ (5.3) | | $ (65.8) | | $ (410.2) | | $ 41.5 | ||||
| Special items (Note 4): | | | | | | | | | ||||
| | Add: LCM inventory adjustment – SBR | | (8.0) | | 2.1 | | (16.7) | | (4.5) | |||
| | Add: Martinez refinery fire expenses | | 30.4 | | — | | 108.5 | | — | |||
| | Add: Gain on insurance recoveries | | (189.0) | | — | | (189.0) | | — | |||
| | Add: Severance and related charges | | 13.6 | | — | | 13.6 | | — | |||
| | Add: Change in fair value of contingent consideration, net | | — | | — | | — | | (3.3) | |||
| | Add: Loss on formation of SBR equity method investment | | — | | — | | — | | 8.7 | |||
| | Less: Recomputed income tax on special items (Note 3) | | 39.8 | | (0.5) | | 21.7 | | (0.2) | |||
| Adjusted fully-converted net income (loss) excluding special items | | $ (118.5) | | $ (64.2) | | $ (472.1) | | $ 42.2 | ||||
| | | | | | | | | | | | | |
| Weighted-average shares outstanding of PBF Energy Inc. | | 113,852,406 | | 117,043,158 | | 113,803,619 | | 118,965,510 | ||||
| Conversion of PBF LLC Series A Units (Note 5) | | 862,780 | | 862,780 | | 862,780 | | 862,780 | ||||
| Common stock equivalents (Note 6) | | — | | — | | — | | 4,366,865 | ||||
| Fully-converted shares outstanding – diluted | | 114,715,186 | | 117,905,938 | | 114,666,399 | | 124,195,155 | ||||
| | | | | | | | | | | | | |
| Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) | | $ (0.05) | | $ (0.56) | | $ (3.58) | | $ 0.33 | ||||
| | ||||||||||||
| Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) | | $ (1.03) | | $ (0.54) | | $ (4.12) | | $ 0.34 | ||||
| | ||||||||||||
| | | | | | | Three Months Ended | | Six Months Ended | ||||
| RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS | | June 30, | | June 30, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | |||||
| Income (loss) from operations | | $ 43.0 | | $ (74.6) | | $ (468.2) | | $ 70.5 | ||||
| Special Items (Note 4): | | | | | | | | | ||||
| | Add: LCM inventory adjustment - SBR | | (8.0) | | 2.1 | | (16.7) | | (4.5) | |||
| | Add: Martinez refinery fire expenses | | 30.4 | | — | | 108.5 | | — | |||
| | Add: Gain on insurance recoveries | | (189.0) | | — | | (189.0) | | — | |||
| | Add: Severance and related charges | | 13.6 | | — | | 13.6 | | — | |||
| | Add: Change in fair value of contingent consideration, net | | — | | — | | — | | (3.3) | |||
| | Add: Loss on formation of SBR equity method investment | | — | | — | | — | | 8.7 | |||
| Income (loss) from operations excluding special items | | $ (110.0) | | $ (72.5) | | $ (551.8) | | $ 71.4 | ||||
| | ||||||||||||
| See Footnotes to Earnings Release Tables | ||||||||||||
| PBF ENERGY INC. AND SUBSIDIARIES | |||||||||||||
| RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | |||||||||||||
| EBITDA RECONCILIATIONS (Note 7) | |||||||||||||
| (Unaudited, in millions) | |||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | Three Months Ended | | Six Months Ended | ||||
| | | | | | | | June 30, | | June 30, | ||||
| RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS | | 2025 | | 2024 | | 2025 | | 2024 | |||||
| Net income (loss) | | $ (5.4) | | $ (66.0) | | $ (411.3) | | $ 41.5 | |||||
| Add: Depreciation and amortization expense | | 161.5 | | 158.1 | | 332.8 | | 302.7 | |||||
| Add: Interest expense, net | | 53.8 | | 17.3 | | 90.7 | | 27.8 | |||||
| Add: Income tax (benefit) expense | | (5.1) | | (25.3) | | (147.0) | | 2.4 | |||||
| EBITDA | | $ 204.8 | | $ 84.1 | | $ (134.8) | | $ 374.4 | |||||
| Special Items (Note 4): | | | | | | | | | |||||
| Add: LCM inventory adjustment - SBR | | (8.0) | | 2.1 | | (16.7) | | (4.5) | |||||
| Add: Martinez refinery fire expenses | | 30.4 | | — | | 108.5 | | — | |||||
| Add: Gain on insurance recoveries | | (189.0) | | — | | (189.0) | | — | |||||
| Add: Severance and related charges | | 13.6 | | — | | 13.6 | | — | |||||
| Add: Change in fair value of contingent consideration, net | | — | | — | | — | | (3.3) | |||||
| Add: Loss on formation of SBR equity method investment | | — | | — | | — | | 8.7 | |||||
| EBITDA excluding special items | | $ 51.8 | | $ 86.2 | | $ (218.4) | | $ 375.3 | |||||
| | | | | | | | | | | | | | |
| | | | | | | | Three Months Ended | | Six Months Ended | ||||
| | | | | | | | June 30, | | June 30, | ||||
| RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | | 2025 | | 2024 | | 2025 | | 2024 | |||||
| EBITDA | | $ 204.8 | | $ 84.1 | | $ (134.8) | | $ 374.4 | |||||
| Add: Stock-based compensation | | 10.0 | | 8.6 | | 21.4 | | 21.0 | |||||
| Special Items (Note 4): | | | | | | | | | | | |||
| Add: LCM inventory adjustment - SBR | | (8.0) | | 2.1 | | (16.7) | | (4.5) | |||||
| Add: Martinez refinery fire expenses | | 30.4 | | — | | 108.5 | | — | |||||
| Add: Gain on insurance recoveries | | (189.0) | | — | | (189.0) | | — | |||||
| Add: Severance and related charges | | 13.6 | | — | | 13.6 | | — | |||||
| Add: Change in fair value of contingent consideration, net | | — | | — | | — | | (3.3) | |||||
| Add: Loss on formation of SBR equity method investment | | — | | — | | — | | 8.7 | |||||
| Adjusted EBITDA | | $ 61.8 | | $ 94.8 | | $ (197.0) | | $ 396.3 | |||||
| | |||||||||||||
| See Footnotes to Earnings Release Tables | |||||||||||||
| PBF ENERGY INC. AND SUBSIDIARIES | |||||||
| EARNINGS RELEASE TABLES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||||
| (Unaudited, in millions) | |||||||
| | | | | | | | |
| | | | | | June 30, | | December 31, |
| Balance Sheet Data: | 2025 | | 2024 | ||||
| | Cash and cash equivalents | $ 590.7 | | $ 536.1 | |||
| | Inventories | 2,769.9 | | 2,595.3 | |||
| | Total assets | 12,980.4 | | 12,703.2 | |||
| | Total debt | 2,390.2 | | 1,457.3 | |||
| | Total equity | 5,216.3 | | 5,678.6 | |||
| | Total equity excluding special items (Note 4, 13) | $ 4,162.6 | | $ 4,686.8 | |||
| | | | | | | | |
| | Total debt to capitalization ratio (Note 13) | 31 % | | 20 % | |||
| | Total debt to capitalization ratio, excluding special items (Note 13) | 36 % | | 24 % | |||
| | Net debt to capitalization ratio (Note 13) | 26 % | | 14 % | |||
| | Net debt to capitalization ratio, excluding special items (Note 13) | 30 % | | 16 % | |||
| | | | | | | | |
| | | | | | |||
| SUMMARIZED STATEMENT OF CASH FLOW DATA | |||||||
| (Unaudited, in millions) | |||||||
| | | | | | Six Months Ended June 30, | ||
| | | | | | 2025 | | 2024 |
| Cash flows (used in) provided by operating activities | $ (470.3) | | $ 441.1 | ||||
| Cash flows used in investing activities | (371.3) | | (617.6) | ||||
| Cash flows provided by (used in) financing activities | 896.2 | | (239.8) | ||||
| Net change in cash and cash equivalents | 54.6 | | (416.3) | ||||
| Cash and cash equivalents, beginning of period | 536.1 | | 1,783.5 | ||||
| Cash and cash equivalents, end of period | $ 590.7 | | $ 1,367.2 | ||||
| | | | | | | | |
| | | | | | | | |
| See Footnotes to Earnings Release Tables | |||||||
| PBF ENERGY INC. AND SUBSIDIARIES | |||||||||
| EARNINGS RELEASE TABLES | |||||||||
| CONSOLIDATING FINANCIAL INFORMATION (Note 8) | |||||||||
| (Unaudited, in millions) | |||||||||
| | | | | | | | | | |
| | Three Months Ended June 30, 2025 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 7,465.6 | | $ 98.0 | | $ — | | $ (88.3) | | $ 7,475.3 |
| Cost of products and other | 6,825.4 | | 2.2 | | — | | (83.9) | | 6,743.7 |
| Operating expenses (income) | 607.5 | | 28.6 | | — | | (4.4) | | 631.7 |
| Depreciation and amortization expense | 148.8 | | 9.1 | | 3.6 | | — | | 161.5 |
| Other segment (income) expenses, net (1) | (189.0) | | 1.8 | | 82.6 | | — | | (104.6) |
| Income (loss) from operations | 72.8 | | 56.3 | | (86.1) | | — | | 43.0 |
| Interest (income) expense, net | (4.8) | | (0.6) | | 59.2 | | — | | 53.8 |
| Capital expenditures (3) | 144.5 | | 8.2 | | 2.0 | | — | | 154.7 |
| | | | | | | | | | |
| | Three Months Ended June 30, 2024 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 8,726.6 | | $ 98.5 | | $ — | | $ (89.0) | | $ 8,736.1 |
| Cost of products and other | 8,045.7 | | 1.4 | | — | | (84.7) | | 7,962.4 |
| Operating expenses (income) | 581.9 | | 35.1 | | — | | (4.4) | | 612.6 |
| Depreciation and amortization expense | 145.7 | | 9.1 | | 3.3 | | — | | 158.1 |
| Other segment expenses, net (1) | 0.2 | | 1.9 | | 75.5 | | — | | 77.6 |
| Income (loss) from operations | (46.9) | | 51.0 | | (78.7) | | — | | (74.6) |
| Interest (income) expense, net | (2.7) | | (0.4) | | 20.4 | | — | | 17.3 |
| Capital expenditures | 330.3 | | 0.6 | | 2.5 | | — | | 333.4 |
| | | | | | | | | | |
| | Six Months Ended June 30, 2025 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 14,522.7 | | $ 192.5 | | $ — | | $ (173.5) | | $ 14,541.7 |
| Cost of products and other | 13,490.8 | | 4.8 | | — | | (164.8) | | 13,330.8 |
| Operating expenses (income) | 1,313.8 | | 58.4 | | — | | (8.7) | | 1,363.5 |
| Depreciation and amortization expense | 307.4 | | 18.2 | | 7.2 | | — | | 332.8 |
| Other segment (income) expenses, net (1) | (189.0) | | 3.4 | | 168.4 | | — | | (17.2) |
| Income (loss) from operations | (400.4) | | 107.7 | | (175.5) | | — | | (468.2) |
| Interest (income) expense, net | (9.3) | | (0.8) | | 100.8 | | — | | 90.7 |
| Capital expenditures (3) | 360.1 | | 10.6 | | 2.3 | | — | | 373.0 |
| | | | | | | | | | |
| | Six Months Ended June 30, 2024 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Revenues | $ 17,363.0 | | $ 194.6 | | $ — | | $ (175.9) | | $ 17,381.7 |
| Cost of products and other | 15,723.8 | | 3.8 | | — | | (167.3) | | 15,560.3 |
| Operating expenses (income) | 1,236.6 | | 72.8 | | — | | (8.7) | | 1,300.7 |
| Depreciation and amortization expense | 278.0 | | 18.2 | | 6.5 | | — | | 302.7 |
| Other segment expenses, net (1) (2) | 0.8 | | 3.7 | | 143.0 | | — | | 147.5 |
| Income (loss) from operations (2) | 123.7 | | 96.1 | | (149.3) | | — | | 70.5 |
| Interest (income) expense, net | (6.8) | | (1.0) | | 35.6 | | — | | 27.8 |
| Capital expenditures (3) | 613.4 | | 1.7 | | 3.0 | | — | | 618.1 |
| | | ||||||||
| | Balance at June 30, 2025 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Total assets (4) | $ 11,293.8 | | $ 769.5 | | $ 878.9 | | $ 38.2 | | $ 12,980.4 |
| | | | | | | | | | |
| | Balance at December 31, 2024 | ||||||||
| | Refining | | Logistics | | Corporate | | Eliminations | | Consolidated |
| Total assets (4) | $ 10,945.5 | | $ 781.9 | | $ 1,015.4 | | $ (39.6) | | $ 12,703.2 |
| | |||||||||
| (1) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, Change in fair value of contingent consideration, net, Equity loss in investee, Loss on formation of SBR equity method investment, and (Gain) loss on sale of assets. | |||||||||
| | |||||||||
| (2) Income (loss) from operations and Other segment expenses, net within Corporate for the six months ended June 30, 2024 included a $8.7 million reduction of the gain associated with the formation of the SBR equity method investment. | |||||||||
| | |||||||||
| (3) For the three and six months ended June 30, 2025, the company's refining segment capital expenditures exclude $132.0 million of costs associated with the repair of units damaged by the Martinez fire that were reimbursed by insurance proceeds. For the six months ended June 30, 2024, the company's refining segment included $5.6 million of capital expenditures related to the Renewable Diesel Facility. | |||||||||
| | |||||||||
| (4) As of June 30, 2025 and December 31, 2024, Corporate assets include the Company's Equity method investment in SBR of $843.9 million and $866.8 million, respectively. | |||||||||
| | | | | | | | | | |
| See Footnotes to Earnings Release Tables | |||||||||
| PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||
| EARNINGS RELEASE TABLES | ||||||||||||
| MARKET INDICATORS AND KEY OPERATING INFORMATION | ||||||||||||
| (Unaudited) | ||||||||||||
| | | | | | | | | | | | | |
| | | | | | | Three Months Ended | | Six Months Ended | ||||
| | | | | | | June 30, | | June 30, | ||||
| Market Indicators (dollars per barrel) (Note 9) | 2025 | | 2024 | | 2025 | | 2024 | |||||
| Dated Brent crude oil | $ 67.70 | | $ 85.02 | | $ 71.64 | | $ 84.09 | |||||
| West Texas Intermediate (WTI) crude oil | $ 63.81 | | $ 80.82 | | $ 67.60 | | $ 78.95 | |||||
| Light Louisiana Sweet (LLS) crude oil | $ 66.12 | | $ 83.65 | | $ 70.22 | | $ 81.72 | |||||
| Alaska North Slope (ANS) crude oil | $ 68.82 | | $ 86.42 | | $ 72.30 | | $ 83.91 | |||||
| Crack Spreads: | | | | | | | | |||||
| | Dated Brent (NYH) 2-1-1 | $ 22.24 | | $ 21.46 | | $ 19.58 | | $ 21.26 | ||||
| | WTI (Chicago) 4-3-1 | $ 21.16 | | $ 19.48 | | $ 17.47 | | $ 18.33 | ||||
| | LLS (Gulf Coast) 2-1-1 | $ 20.26 | | $ 18.48 | | $ 18.77 | | $ 21.42 | ||||
| | ANS (West Coast-LA) 4-3-1 | $ 28.85 | | $ 27.44 | | $ 26.00 | | $ 28.21 | ||||
| | ANS (West Coast-SF) 3-2-1 | $ 36.07 | | $ 29.92 | | $ 30.85 | | $ 28.94 | ||||
| Crude Oil Differentials: | | | | | | | | |||||
| | Dated Brent (foreign) less WTI | $ 3.90 | | $ 4.21 | | $ 4.04 | | $ 5.15 | ||||
| | Dated Brent less Maya (heavy, sour) | $ 9.22 | | $ 12.14 | | $ 9.86 | | $ 12.53 | ||||
| | Dated Brent less WTS (sour) | $ 4.03 | | $ 4.10 | | $ 3.95 | | $ 4.93 | ||||
| | Dated Brent less ASCI (sour) | $ 3.19 | | $ 3.88 | | $ 3.26 | | $ 5.08 | ||||
| | WTI less WCS (heavy, sour) | $ 10.65 | | $ 13.60 | | $ 11.86 | | $ 15.58 | ||||
| | WTI less Bakken (light, sweet) | $ 0.65 | | $ 0.86 | | $ 1.19 | | $ 1.77 | ||||
| | WTI less Syncrude (light, sweet) | $ (0.93) | | $ (1.45) | | $ 0.83 | | $ 1.17 | ||||
| | WTI less LLS (light, sweet) | $ (2.31) | | $ (2.84) | | $ (2.61) | | $ (2.77) | ||||
| | WTI less ANS (light, sweet) | $ (5.01) | | $ (5.60) | | $ (4.69) | | $ (4.97) | ||||
| Effective RIN basket price | $ 6.14 | | $ 3.38 | | $ 5.45 | | $ 3.53 | |||||
| Natural gas (dollars per MMBTU) | $ 3.51 | | $ 2.32 | | $ 3.69 | | $ 2.21 | |||||
| | | | | | | | | | | | | |
| Key Operating Information | | | | | | | | |||||
| Production (barrels per day ("bpd") in thousands) | 845.8 | | 926.7 | | 789.5 | | 918.0 | |||||
| Crude oil and feedstocks throughput (bpd in thousands) | 839.1 | | 921.3 | | 785.1 | | 909.5 | |||||
| Total crude oil and feedstocks throughput (millions of barrels) | 76.4 | | 83.8 | | 142.1 | | 165.5 | |||||
| Consolidated gross margin per barrel of throughput | $ (0.76) | | $ 0.08 | | $ (3.37) | | $ 1.36 | |||||
| Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) | $ 8.38 | | $ 8.12 | | $ 7.26 | | $ 9.91 | |||||
| Refining operating expense, per barrel of throughput (Note 11) | $ 7.96 | | $ 6.94 | | $ 9.25 | | $ 7.47 | |||||
| Crude and feedstocks (% of total throughput) (Note 12) | | | | | | | | |||||
| | Heavy | 25 % | | 34 % | | 27 % | | 29 % | ||||
| | Medium | 35 % | | 34 % | | 35 % | | 39 % | ||||
| | Light | 26 % | | 18 % | | 24 % | | 17 % | ||||
| | Other feedstocks and blends | 14 % | | 14 % | | 14 % | | 15 % | ||||
| | | Total throughput | 100 % | | 100 % | | 100 % | | 100 % | |||
| Yield (% of total throughput) | | | | | | | | |||||
| | Gasoline and gasoline blendstocks | 44 % | | 46 % | | 46 % | | 47 % | ||||
| | Distillates and distillate blendstocks | 34 % Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||||||||