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PBF Energy Announces First Quarter 2026 Results, Declares Dividend of $0.275 per Share and Update on Restart of Martinez RefineryApril 30, 2026 6:30 AM
PR Newswire (US)
First quarter income from operations of $299.6 million (excluding special items, first quarter loss from operations of $108.4 million, including a $208.8 million mark-to-market derivative loss)Martinez Refinery restart progressing with full planned rates expected in early MayDeclared quarterly dividend of $0.275 per sharePBF received a fourth unallocated installment of $106.5 million related to the Martinez refinery firePARSIPPANY, N.J., April 30, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported first quarter 2026 income from operations of $299.6 million as compared to loss from operations of $511.2 million for the first quarter of 2025. Excluding special items, first quarter 2026 loss from operations was $108.4 million as compared to loss from operations of $441.8 million for the first quarter of 2025.
The company reported first quarter 2026 net income of $200.2 million and net income attributable to PBF Energy Inc. of $198.3 million or $1.65 per share. This compares to net loss of $405.9 million and net loss attributable to PBF Energy Inc. of $401.8 million or $(3.53) per share for the first quarter 2025. Non-cash special items included in the first quarter 2026 results, which increased net income by a net, after-tax benefit of $302.0 million, or $2.53 per share, primarily consisted of PBF LCM ("lower-of-cost-or-market") inventory adjustment, gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire"), and our share of the St. Bernard Renewables LLC ("SBR") LCM inventory adjustment, partially offset by expenses associated with the Martinez refinery fire, and costs related to PBF's Refinery Business Improvement initiative ("RBI"). Adjusted fully-converted net loss for the first quarter 2026, excluding special items, was $102.4 million, or $(0.88) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $353.6 million or $(3.09) per share, for the first quarter 2025.Matt Lucey, PBF's President and CEO, said, "Following a year of extensive work and exhaustive efforts by all involved, our Martinez refinery is returning to full operations at a time when the markets are calling for products from all available sources. The team at Martinez conducted repairs as expeditiously as possible and, more importantly, safely." Mr. Lucey continued, "The rest of our refineries operated well through the first quarter, battling severe cold at times, and we also completed a significant turnaround at our Torrance refinery. We continue to improve our overall cost structure through the implementation of our Refining Business Improvement initiative and remain dedicated to the continuous improvement of our operations, efficiency, and reliability."Mr. Lucey concluded, "Beyond the elements of our business we can control, the commodity markets and refining environment were historically turbulent during the first quarter, and that looks like it will persist in the near-term. However, the underlying fundamentals for refining remain strong with tight global supply and demand balances. In these volatile markets, our underlying commitment, as always, is 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 May 29, 2026, to shareholders of record at the close of business on May 14, 2026.Martinez Refinery Update
Following completion of the construction activities in February, assets were transferred to Refinery Operations for commissioning and restart. The startup process extended beyond previous expectations due to the volume of safety and process checks required to ensure successful restoration of full operations. The Alkylation unit and Cat Feed Hydrotreater were successfully restarted and are producing finished products and intermediates required for the sequential startup of downstream units. The Fluid Catalytic Cracking unit is now in the restart process and expected to be producing finished products in early May.As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the first quarter, PBF's insurers paid a fourth, unallocated, installment of insurance proceeds of $106.5 million, totaling $1.0 billion of unallocated insurance reimbursements received to date, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses.PBF Guidance Update and Outlook
We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF's cost structure and we expect to continue this effort beyond our current goals. Concurrent with the goal of improving system-wide reliability and efficiency, we expect to realize the benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.At quarter-end, we had approximately $542 million of cash and approximately $2.3 billion of net debt. We paid approximately $32 million in dividends in 2026.Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current throughput expectations are included in the table below.Expected throughput ranges (barrels per day)
Second Quarter 2026
LowHighEast Coast280,000300,000Mid-continent145,000155,000Gulf Coast175,000185,000West Coast250,000270,000Total850,000910,000Guidance 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.Renewable Diesel
SBR averaged approximately 16,700 barrels per day of renewable diesel production in the first quarter. Renewable diesel production for the second quarter is expected to average approximately 15,000 to 16,000 barrels per day. Additionally, a catalyst change was completed at SBR in April 2026.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, April 30, 2026, 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 Martinez refinery fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's RBI Initiative 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 successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing 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; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise 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: 973.455.8994PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, in millions, except share and per share data)
Three Months Ended
March 31,
2026
2025Revenues$ 7,904.3
$ 7,066.4Cost and expenses:
Cost of products and other6,781.9
6,587.1
Operating expenses (excluding depreciation and amortization expense as reflected below)688.9
731.8
Depreciation and amortization expense 155.0
167.7Cost of sales7,625.8
7,486.6
General and administrative expenses (excluding depreciation and amortization expense as reflected below)89.6
70.4
Depreciation and amortization expense3.8
3.6
Gain on insurance recoveries, net(106.5)
—
Equity (gain) loss in investee(8.3)
17.0
Loss on sale of assets0.3
—Total cost and expenses7,604.7
7,577.6Income (loss) from operations299.6
(511.2)Other income (expense):
Interest expense (net of interest income of $3.5 and $4.5, respectively)(42.1)
(36.9)
Other non-service components of net periodic benefit cost1.0
0.3Income (loss) before income taxes258.5
(547.8)Income tax expense (benefit)58.3
(141.9)Net income (loss)200.2
(405.9)
Less: net income (loss) attributable to noncontrolling interest1.9
(4.1)Net income (loss) attributable to PBF Energy Inc. stockholders$ 198.3
$ (401.8)
Net income (loss) available to Class A common stock per share:
Basic$ 1.69
$ (3.53)
Diluted$ 1.65
$ (3.53)
Weighted-average shares outstanding-basic117,194,615
113,754,290
Weighted-average shares outstanding-diluted120,581,062
114,617,070
Dividends per common share$ 0.275
$ 0.275
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)$ 199.6
$ (404.9)
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share $ 1.65
$ (3.53)
Adjusted fully-converted shares outstanding - diluted (Note 6)120,581,062
114,617,070
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION 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
March 31,
2026
2025Net income (loss) attributable to PBF Energy Inc. stockholders
$ 198.3
$ (401.8)
Less: Income allocated to participating securities
—
—Income (loss) available to PBF Energy Inc. stockholders - basic
198.3
(401.8)
Add: Net income (loss) attributable to noncontrolling interest (Note 2)
1.8
(4.1)
Less: Income tax (expense) benefit (Note 3)
(0.5)
1.0Adjusted fully-converted net income (loss)
$ 199.6
$ (404.9)Special items (Note 4):
Add: LCM inventory adjustment
(313.0)
—
Add: LCM inventory adjustment - SBR
(9.4)
(8.7)
Add: Martinez refinery fire expenses
11.5
78.1
Add: Gain on insurance recoveries, net
(106.5)
—
Add: Costs related to RBI initiative
9.4
—
Less: Recomputed income tax on special items (Note 3)
106.0
(18.1)Adjusted fully-converted net income (loss) excluding special items
$ (102.4)
$ (353.6)
Weighted-average shares outstanding of PBF Energy Inc.
117,194,615
113,754,290Conversion of PBF LLC Series A Units (Note 5)
862,219
862,780Common stock equivalents (Note 6)
2,524,228
—Fully-converted shares outstanding - diluted
120,581,062
114,617,070
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)
$ 1.65
$ (3.53)
Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)
$ (0.88)
$ (3.09)
Three Months EndedRECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS
March 31,
2026
2025Income (loss) from operations
$ 299.6
$ (511.2)Special Items (Note 4):
Add: LCM inventory adjustment
(313.0)
—
Add: LCM inventory adjustment - SBR
(9.4)
(8.7)
Add: Martinez refinery fire expenses
11.5
78.1
Add: Gain on insurance recoveries, net
(106.5)
—
Add: Costs related to RBI initiative
9.4
—Income (loss) from operations excluding special items
$ (108.4)
$ (441.8)
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAPEBITDA RECONCILIATIONS (Note 7)(Unaudited, in millions)
Three Months Ended
March 31,RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS2026
2025Net income (loss)$ 200.2
$ (405.9)Add: Depreciation and amortization expense158.8
171.3Add: Interest expense, net42.1
36.9Add: Income tax expense (benefit) 58.3
(141.9)EBITDA$ 459.4
$ (339.6)Special Items (Note 4):
Add: LCM inventory adjustment(313.0)
—Add: LCM inventory adjustment - SBR(9.4)
(8.7)Add: Martinez refinery fire expenses11.5
78.1Add: Gain on insurance recoveries, net(106.5)
—Add: Costs related to RBI initiative9.4
—EBITDA excluding special items$ 51.4
$ (270.2)
Three Months Ended
March 31,RECONCILIATION OF EBITDA TO ADJUSTED EBITDA2026
2025EBITDA$ 459.4
$ (339.6)Add: Stock-based compensation 8.4
11.4Add: Interest, depreciation, and amortization expense - SBR8.9
16.6Special Items (Note 4):
Add: LCM inventory adjustment (313.0)
—Add: LCM inventory adjustment - SBR(9.4)
(8.7)Add: Martinez refinery fire expenses11.5
78.1Add: Gain on insurance recoveries, net(106.5)
—Add: Costs related to RBI initiative9.4
—Adjusted EBITDA$ 68.7
$ (242.2)
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONDENSED CONSOLIDATED BALANCE SHEET DATA(Unaudited, in millions)
March 31,
December 31,Balance Sheet Data:2026
2025
Cash and cash equivalents$ 541.8
$ 527.9
Inventories3,078.2
2,563.1
Total assets14,718.6
13,019.9
Total debt2,802.3
2,148.3
Total equity5,652.7
5,449.9
Total equity excluding special items (Note 4, 14)$ 4,044.3
$ 4,143.5
Total debt to capitalization ratio (Note 14)33 %
28 %
Total debt to capitalization ratio, excluding special items (Note 14)41 %
34 %
Net debt to capitalization ratio (Note 14) 29 %
23 %
Net debt to capitalization ratio, excluding special items (Note 14)36 %
28 %
SUMMARIZED STATEMENT OF CASH FLOW DATA(Unaudited, in millions)
Three Months Ended March 31,
2026
2025Cash flows used in operating activities$ (323.7)
$ (661.4)Cash flows used in investing activities(401.8)
(217.5)Cash flows provided by financing activities739.4
811.4Net change in cash and cash equivalents13.9
(67.5)Cash and cash equivalents, beginning of period527.9
536.1Cash and cash equivalents, end of period$ 541.8
$ 468.6
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONSOLIDATING FINANCIAL INFORMATION (Note 8)(Unaudited, in millions)
Three Months Ended March 31, 2026
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalRevenues$ 7,899.8
$ 93.2
$ —
$ (88.7)
$ 7,904.3Cost of products and other6,862.9
3.2
—
(84.2)
6,781.9Operating expenses (income)661.2
32.2
—
(4.5)
688.9Depreciation and amortization expense146.7
8.3
3.8
—
158.8Other segment (income) expenses, net (a) (106.2)
1.8
79.5
—
(24.9)Income (loss) from operations335.3
47.6
(83.3)
—
299.6Interest (income) expense, net(16.4)
(0.2)
58.7
—
42.1Capital expenditures (b)316.1
1.6
2.4
—
320.1
Three Months Ended March 31, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalRevenues$ 7,057.1
$ 94.5
$ —
$ (85.2)
$ 7,066.4Cost of products and other6,665.4
2.6
—
(80.9)
6,587.1Operating expenses (income)706.3
29.8
—
(4.3)
731.8Depreciation and amortization expense158.6
9.1
3.6
—
171.3Other segment expenses, net (a)—
1.6
85.8
—
87.4Income (loss) from operations(473.2)
51.4
(89.4)
—
(511.2)Interest (income) expense, net(4.5)
(0.2)
41.6
—
36.9Capital expenditures215.6
2.4
0.3
—
218.3
Balance at March 31, 2026
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalTotal assets (c)$ 13,103.3
$ 670.0
$ 984.5
$ (39.2)
$ 14,718.6
Balance at December 31, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalTotal assets (c)$ 11,469.1
$ 683.4
$ 906.3
$ (38.9)
$ 13,019.9
(a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, net, Equity (gain) loss in investee, and Loss on sale of assets.(b) For the three months ended March 31, 2026, the Company's refining segment Capital expenditures exclude $189.4 million of costs associated with the rebuild of units damaged by the Martinez refinery fire. (c) As of March 31, 2026 and December 31, 2025, Corporate assets include the Company's Equity method investment in SBR of $833.4 million and $826.3 million, respectively.
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESMARKET INDICATORS AND KEY OPERATING INFORMATION(Unaudited)
Three Months Ended
March 31,Market Indicators (dollars per barrel) (Note 9)2026
2025Dated Brent crude oil$ 81.51
$ 75.64West Texas Intermediate (WTI) crude oil$ 72.73
$ 71.47Light Louisiana Sweet (LLS) crude oil $ 75.33
$ 74.38Alaska North Slope (ANS) crude oil $ 77.55
$ 75.83Crack Spreads:
Dated Brent (NYH) 2-1-1$ 26.48
$ 16.89
WTI (Chicago) 4-3-1$ 19.39
$ 13.73
LLS (Gulf Coast) 2-1-1$ 29.95
$ 17.27
ANS (West Coast-LA) 4-3-1$ 36.65
$ 23.09
ANS (West Coast-SF) 3-2-1$ 40.92
$ 25.55Crude Oil Differentials:
Dated Brent (foreign) less WTI$ 8.77
$ 4.18
Dated Brent less Maya (heavy, sour)$ 14.26
$ 10.51
Dated Brent less WTS (sour)$ 10.21
$ 3.86
Dated Brent less ASCI (sour)$ 7.28
$ 3.32
WTI less WCS (heavy, sour)$ 15.51
$ 13.18
WTI less Bakken (light, sweet)$ 2.00
$ 1.74
WTI less Syncrude (light, sweet)$ 1.13
$ 2.69
WTI less LLS (light, sweet) $ (2.59)
$ (2.91)
WTI less ANS (light, sweet) $ (4.82)
$ (4.37)Effective RIN basket price$ 8.76
$ 4.75Natural gas (dollars per MMBTU)$ 3.47
$ 3.87
Key Operating Information
Production (barrels per day ("bpd") in thousands)841.2
732.7Crude oil and feedstocks throughput (bpd in thousands)844.2
730.4Total crude oil and feedstocks throughput (millions of barrels)76.0
65.7Consolidated gross margin per barrel of throughput $ 3.66
$ (6.39)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)$ 9.53
$ 5.96Refining operating expense, per barrel of throughput (Note 11)$ 8.70
$ 10.74Crude and feedstocks (% of total throughput) (Note 13)
Heavy24 %
28 %
Medium39 %
36 %
Light21 %
22 %
Other feedstocks and blends16 %
14 %
Total throughput100 %
100 %Yield (% of total throughput)
Gasoline and gasoline blendstocks43 %
48 %
Distillates and distillate blendstocks34 %
35 %
Lubes1 %
1 %
Chemicals1 %
1 %
Other21 %
15 %
Total yield100 %
100 %
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION(Unaudited)
Three Months Ended
March 31,
2026
2025Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)
Production (bpd in thousands)302.7
258.4Crude oil and feedstocks throughput (bpd in thousands)304.4
262.2Total crude oil and feedstocks throughput (millions of barrels)27.3
23.6Gross margin per barrel of throughput $ 8.90
$ (4.15)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)$ 11.68
$ 5.86Refining operating expense, per barrel of throughput (Note 11, 12)$ 6.68
$ 7.88Crude and feedstocks (% of total throughput) (Note 13):
Heavy15 %
27 %
Medium49 %
40 %
Light16 %
13 %
Other feedstocks and blends20 %
20 %
Total throughput100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks37 %
39 %
Distillates and distillate blendstocks38 %
40 %
Lubes2 %
2 %
Chemicals1 %
1 %
Other21 %
17 %
Total yield99 %
99 %
Supplemental Operating Information - Mid-Continent (Toledo)
Production (bpd in thousands)145.2
139.1Crude oil and feedstocks throughput (bpd in thousands)144.0
137.4Total crude oil and feedstocks throughput (millions of barrels)13.0
12.3Gross margin per barrel of throughput $ 13.99
$ (2.48)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)$ 7.34
$ 6.76Refining operating expense, per barrel of throughput (Note 11, 12)$ 7.47
$ 7.12Crude and feedstocks (% of total throughput) (Note 13):
Medium40 %
40 %
Light56 %
56 %
Other feedstocks and blends4 %
4 %
Total throughput100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks51 %
54 %
Distillates and distillate blendstocks42 %
40 %
Chemicals3 %
2 %
Other5 %
5 %
Total yield101 %
101 %
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESSUPPLEMENTAL OPERATING INFORMATION(Unaudited)
Three Months Ended
March 31,
2026
2025Supplemental Operating Information - Gulf Coast (Chalmette)
Production (bpd in thousands)187.5
158.9Crude oil and feedstocks throughput (bpd in thousands)185.1
157.8Total crude oil and feedstocks throughput (millions of barrels)16.7
14.2Gross margin per barrel of throughput$ 3.99
$ (2.34)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)$ 11.34
$ 5.32Refining operating expense, per barrel of throughput (Note 11, 12)$ 5.63
$ 6.15Crude and feedstocks (% of total throughput) (Note 13):
Heavy16 %
11 %
Medium39 %
41 %
Light25 %
32 %
Other feedstocks and blends20 %
16 %
Total throughput100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks46 %
49 %
Distillates and distillate blendstocks33 %
31 %
Chemicals1 %
1 %
Other21 %
20 %
Total yield101 %
101 %
Supplemental Operating Information - West Coast (Torrance and Martinez)
Production (bpd in thousands)205.8
176.3Crude oil and feedstocks throughput (bpd in thousands)210.7
173.0Total crude oil and feedstocks throughput (millions of barrels)19.0
15.6Gross margin per barrel of throughput$ (13.18)
$ (20.00)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)$ 6.31
$ 6.05Refining operating expense, per barrel of throughput (Note 11, 12)$ 14.49
$ 22.17Crude and feedstocks (% of total throughput) (Note 13):
Heavy61 %
65 %
Medium21 %
24 %
Light2 %
— %
Other feedstocks and blends16 %
11 %
Total throughput100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks45 %
57 %
Distillates and distillate blendstocks24 %
30 %
Other29 %
15 %
Total yield98 %
102 %
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAPGROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)(Unaudited, in millions, except per barrel amounts)
Three Months Ended March 31,
2026
2025RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS$
per barrel
ofthroughput
$
per barrel
ofthroughputCalculation of consolidated gross margin:
Revenues$ 7,904.3
$ 104.03
$ 7,066.4
$ 107.50Less: Cost of sales7,625.8
100.37
7,486.6
113.89Consolidated gross margin$ 278.5
$ 3.66
$ (420.2)
$ (6.39)Reconciliation of consolidated gross margin to gross refining margin:
Consolidated gross margin$ 278.5
$ 3.66
$ (420.2)
$ (6.39)
Add: Logistics operating expense32.2
0.42
29.8
0.46
Add: Logistics depreciation expense8.3
0.11
9.1
0.14
Less: Logistics gross margin(90.0)
(1.17)
(91.9)
(1.40)
Add: Refining operating expense661.2
8.70
706.3
10.74
Add: Refining depreciation expense146.7
1.93
158.6
2.41Gross refining margin$ 1,036.9
$ 13.65
$ 391.7
$ 5.96 Special Items (Note 4):
Add: LCM inventory adjustment (313.0)
(4.12)
—
—Gross refining margin excluding special items$ 723.9
$ 9.53
$ 391.7
$ 5.96
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESFOOTNOTES TO EARNINGS RELEASE TABLES
(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6.
(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc., as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock.
(3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2026 and 2025 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2.
(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items and gross refining margin excluding special items. Special items for the periods presented relate to LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, and costs related to RBI initiative, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 14. Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Special Items:
LCM inventory adjustment - LCM is a GAAP requirement for inventory valuation that mandates inventory to be stated at the lower of cost or market. Our inventories are valued at the lower of cost or market with cost determined using the last-in, first-out ("LIFO") inventory valuation methodology, under which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. When the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between periods. The net impact of these LCM inventory adjustments is included in the Refining segment's income from operations, but excluded from the operating results presented, as applicable, to ensure comparability between periods.PBF Energy LCM inventory adjustment - During the three months ended March 31, 2026, we reversed the $313.0 million LCM inventory reserve recorded at December 31, 2025. This reversal increased income from operations and net income by $313.0 million and $231.6 million, respectively, and resulted in no LCM inventory reserve at March 31, 2026. There were no such adjustments in the three months ended March 31, 2025.SBR LCM inventory adjustment - During the three months ended March 31, 2026, SBR recorded adjustments to value its inventory to the LCM which increased its income from operations by $18.8 million. During the three months ended March 31, 2025, SBR recorded adjustments to value its inventory to the LCM which increased its income from operations by $17.4 million. Our Equity loss in investee includes our 50% share of these adjustments. For the three months ended March 31, 2026 and March 31, 2025, these LCM adjustments increased our income from operations by $9.4 million and $8.7 million, respectively ($7.0 million and $6.4 million, respectively, net of tax).
Martinez refinery fire expenses - During the three months ended March 31, 2026 and March 31, 2025, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $11.5 million and $78.1 million, respectively ($8.5 million and $57.8 million, respectively, net of tax).
Gain on insurance recoveries, net - During the three months ended March 31, 2026, we recorded gains on insurance recoveries associated with the Martinez refinery fire that increased income from operations and net income by $106.5 million and $78.8 million, respectively. There were no such gains in the three months ended March 31, 2025.
Costs related to RBI initiative - During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. As a result, for the three months ended March 31, 2026, we recorded expenses related to the execution of this initiative that decreased income from operations and net income by $9.4 million and $7.0 million, respectively. These charges are included within General and administrative expenses. There were no such charges in the three months ended March 31, 2025.
Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rates shown in (3) above.
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2.
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three months ended March 31, 2026 and 2025, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 966,874 and 6,955,541 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months ended March 31, 2026 and March 31, 2025, respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of SBR interest, depreciation, and amortization expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. As of March 31, 2026, our share of SBR interest, depreciation, and amortization expense, recorded within Equity loss in investee in the Condensed Consolidated Statements of Operations, is treated as an adjustment to EBITDA. Prior-period amounts in the table above has been conformed to the 2026 presentation.
(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of March 31, 2026, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our 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 revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments.
(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on information as reported by Argus.
(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as such benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.
(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput.
(12) Refining operating expenses per barrel at the regional level exclude the impact of nonpermanent loss adjusted excess insurance premium costs.
(13) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees.
(14) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.
March 31,
December 31,
2026
2025
(in millions)Total debt$ 2,802.3
$ 2,148.3Total equity 5,652.7
5,449.9Total capitalization $ 8,455.0
$ 7,598.2
Total debt $ 2,802.3
$ 2,148.3Total equity excluding special items 4,044.3
4,143.5Total capitalization excluding special items$ 6,846.6
$ 6,291.8
Total equity$ 5,652.7
$ 5,449.9 Special Items (Note 4)
Add: LCM inventory adjustment(313.0)
—Add: LCM inventory adjustment - SBR(9.4)
—Add: Martinez refinery fire expenses 11.5
—Add: Gain on insurance recoveries, net(106.5)
—Add: Costs related to RBI initiative9.4
—Add: Cumulative historical equity adjustments (a)(1,753.3)
(1,753.3)Less: Recomputed income tax on special items552.9
446.9 Net impact of special items(1,608.4)
(1,306.4)Total equity excluding special items$ 4,044.3
$ 4,143.5
Total debt$ 2,802.3
$ 2,148.3 Less: Cash and cash equivalents541.8
527.9Net debt
$ 2,260.5
$ 1,620.4
Total debt to capitalization ratio33 %
28 %Total debt to capitalization ratio, excluding special items41 %
34 %Net debt to capitalization ratio29 %
23 %Net debt to capitalization ratio, excluding special items36 %
28 %
(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income tax effect. Refer to the Company's 2025 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2026.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-announces-first-quarter-2026-results-declares-dividend-of-0-275-per-share-and-update-on-restart-of-martinez-refinery-302758577.htmlSOURCE PBF Energy Inc.
Original: PBF Energy Announces First Quarter 2026 Results, Declares Dividend of $0.275 per Share and Update on Restart of Martinez Refinery
US Market News
5月前
PBF Energy Reports Fourth Quarter and Full Year 2025 Results, Declares Dividend of $0.275 per ShareFebruary 12, 2026 6:30 AM
PR Newswire (US)
Fourth quarter income from operations of $128.0 million (excluding special items, fourth quarter income from operations of $99.4 million)Full year loss from operations of $54.3 million (excluding special items, full year loss from operations of $479.5 million)Declares quarterly dividend of $0.275 per shareMartinez refinery restart on schedulePARSIPPANY, N.J., Feb. 12, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported fourth quarter 2025 income from operations of $128.0 million as compared to loss from operations of $383.2 million for the fourth quarter of 2024. Excluding special items, fourth quarter 2025 income from operations was $99.4 million as compared to loss from operations of $427.9 million for the fourth quarter of 2024.
The company reported fourth quarter 2025 net income of $79.1 million and net income attributable to PBF Energy Inc. of $78.4 million or $0.66 per share. This compares to net loss of $292.6 million, and net loss attributable to PBF Energy Inc. of $289.3 million or $(2.54) per share for the fourth quarter of 2024. Special items in the fourth quarter 2025 results, which increased our net income by a net, after-tax benefit of $21.0 million, or $0.17 per share, consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire") and our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment, partially offset by PBF's LCM inventory adjustment, expenses associated with the Martinez refinery fire, costs related to PBF's Refinery Business Improvement ("RBI") initiative, and a LIFO decrement. Adjusted fully-converted net income for the fourth quarter 2025, excluding special items, was $57.8 million, or $0.49 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $324.5 million or $(2.82) per share, for the fourth quarter 2024.PBF's President and Chief Executive Officer Matthew Lucey said, "2025 presented significant challenges and opportunities for PBF. Early in the year, unexpected downtime at our Martinez refinery resulted in substantial work and an unplanned use of resources. However, while this challenge was being addressed, we were also able to pursue efficiencies across the company, improving our cost structure, and building a stronger operating base for the future. We are now in the final stages of restoration at Martinez, and our full system will soon be operational—positioning us well as the competitive landscape improves."Mr. Lucey continued, "Oil markets remain dynamic, and many recent headwinds are now converting to tailwinds for refiners, particularly for PBF. Global refining capacity remains structurally constrained, with expected demand growth and rationalization outpacing new capacity additions. In this environment, our highly-complex, predominantly coastal refining system positions us favorably for the next cycle." Mr. Lucey concluded, "Our focus remains unwavering: safety, reliability, equipment availability, and environmentally responsible operations. By executing on these fundamentals, we will position our refineries to capture the market opportunities ahead."Loss from operations was $54.3 million for the year ended December 31, 2025 as compared to loss from operations of $699.0 million for the year ended December 31, 2024. Excluding special items, loss from operations was $479.5 million for the year ended December 31, 2025 as compared to loss from operations of $588.0 million for the year ended December 31, 2024.Adjusted fully-converted net loss for the year ended December 31, 2025, excluding special items, was $474.6 million, or $(4.13) per share on a fully-exchanged, fully-diluted basis, as compared to an adjusted fully-converted net loss, excluding special items, of $456.1 million, or $(3.89) per share, for the year ended December 31, 2024.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 March 11, 2026, to shareholders of record at the close of business on February 25, 2026.Martinez Refinery Update
Construction activities are expected to be complete by February 16, 2026, at the 157,000 barrel per day Martinez, California refinery following the February 1, 2025, incident. The commissioning phase of utility systems and certain idled equipment has been underway since early January, and a sequenced restart of the refinery will progress following successful completion of quality assurance and control processes. We expect that start-up of the Catalytic Cracking Unit will be complete in the first week of March.As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the fourth quarter, PBF's insurers paid a third, unallocated, installment of insurance proceeds of $393.5 million, totaling $893.5 million of unallocated insurance reimbursements received in 2025, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses.PBF Guidance Update and Outlook
PBF ended 2025 with clear priorities for 2026. We are committed to running all of our assets in a safe, reliable and environmentally responsible manner. We are finalizing the work to restore full operational capability at our Martinez refinery and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of [$230] million of run-rate cost improvements, expected to be fully realized in 2026. We are identifying and implementing additional efficiency and reliability measures throughout 2026 and expect to achieve run-rate cost improvements of [$350] million by year-end 2026. Beyond improving operations, we expect to realize the benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.At year-end, we had approximately $530 million of cash and approximately $1,620 million of net debt. We paid approximately $126 million in dividends in 2025.In 2026, PBF is committed to investing in the business by conducting extensive maintenance and multiple turnarounds across our refining system. In addition to the ongoing repair work at our Martinez refinery, our current planned turnaround schedule for the first half of 2026 is as follows:Torrance - Q1, CHD/HDTMartinez - Q2, HydrocrackerTiming and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. First quarter throughput expectations are included in the table below.Expected throughput ranges (barrels per day)
First Quarter 2026
LowHighEast Coast280,000300,000Mid-continent135,000145,000Gulf Coast175,000185,000West Coast220,000240,000Guidance constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions and configuration. 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.Renewable Diesel
SBR averaged approximately 16,700 barrels per day of renewable diesel production in the fourth quarter. Renewable diesel production for the first 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, February 12, 2026, 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 Martinez refinery fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's RBI Initiative 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 fuel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing 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; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise 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: 973.455.7578Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8981PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, in millions, except share and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Revenues
$ 7,139.5
$ 7,351.3
$ 29,332.3
$ 33,115.3Cost and expenses:
Cost of products and other
6,456.9
6,844.1
26,627.0
30,266.7
Operating expenses (excluding depreciation and amortization expense as
reflected below)
669.0
655.8
2,646.0
2,606.2
Depreciation and amortization expense
145.6
159.9
630.3
614.6Cost of sales
7,271.5
7,659.8
29,903.3
33,487.5
General and administrative expenses (excluding depreciation and amortization
expense as reflected below)
107.6
66.8
332.3
260.4
Depreciation and amortization expense
3.6
3.4
14.4
13.2
Gain on insurance recoveries, net
(393.5)
—
(832.5)
—
Change in fair value of contingent consideration, net
—
—
—
(3.3)
Equity loss in investee
21.2
4.8
62.2
47.4
Loss on formation of SBR equity method investment
—
—
—
8.7
Loss (gain) on sale of assets
1.1
(0.3)
(93.1)
0.4Total cost and expenses
7,011.5
7,734.5
29,386.6
33,814.3Income (loss) from operations
128.0
(383.2)
(54.3)
(699.0)Other income (expense):
Interest expense (net of interest income of $7.1, $7.7, $24.3, and $51.2,
respectively)
(40.6)
(22.8)
(181.6)
(72.0)
Other non-service components of net periodic benefit cost
0.3
0.7
1.3
2.4Income (loss) before income taxes
87.7
(405.3)
(234.6)
(768.6)Income tax expense (benefit)
8.6
(112.7)
(74.1)
(228.4)Net income (loss)
79.1
(292.6)
(160.5)
(540.2)
Less: net income (loss) attributable to noncontrolling interests
0.7
(3.3)
(2.0)
(6.4)Net income (loss) attributable to PBF Energy Inc. stockholders
$ 78.4
$ (289.3)
$ (158.5)
$ (533.8)
Net income (loss) available to Class A common stock per share:
Basic
$ 0.67
$ (2.54)
$ (1.39)
$ (4.59)
Diluted
$ 0.66
$ (2.54)
$ (1.39)
$ (4.60)
Weighted-average shares outstanding-basic
116,657,218
114,087,570
114,052,733
116,248,827
Weighted-average shares outstanding-diluted
119,122,545
114,950,350
114,915,513
117,111,607
Dividends per common share
$ 0.275
$ 0.275
$ 1.10
$ 1.025
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)
$ 78.8
$ (291.5)
$ (160.1)
$ (538.3)
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted
share
$ 0.66
$ (2.54)
$ (1.39)
$ (4.60)
Adjusted fully-converted shares outstanding - diluted (Note 6)
119,122,545
114,950,350
114,915,513
117,111,607
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (Note 7)(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
Year Ended
December 31,
December 31,
2025
2024
2025
2024Net income (loss) attributable to PBF Energy Inc. stockholders
$ 78.4
$ (289.3)
$ (158.5)
$ (533.8)
Less: Income allocated to participating securities
0.1
0.1
0.1
0.1Income (loss) available to PBF Energy Inc. stockholders - basic
78.3
(289.4)
(158.6)
(533.9)
Add: Net income (loss) attributable to noncontrolling interest (Note 2)
0.6
(3.0)
(2.1)
(6.0)
Less: Income tax benefit (expense) (Note 3)
(0.1)
0.9
0.6
1.6Adjusted fully-converted net income (loss)
$ 78.8
$ (291.5)
$ (160.1)
$ (538.3)
Special Items (Note 4):
Add: LCM inventory adjustment
313.0
(154.5)
313.0
—
Add: LCM inventory adjustment - SBR
(2.2)
(14.7)
(10.4)
(18.9)
Add: LIFO inventory decrement
5.4
124.5
5.4
124.5
Add: Martinez refinery fire expenses
40.6
—
163.7
—
Add: Gain on insurance recoveries, net
(393.5)
—
(832.5)
—
Add: Costs related to RBI initiative
8.1
—
29.6
—
Add: Gain on sale of terminal assets
—
—
(94.0)
—
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)
7.6
11.7
110.7
(28.8)Adjusted fully-converted net income (loss) excluding special items
$ 57.8
$ (324.5)
$ (474.6)
$ (456.1)
Weighted-average shares outstanding of PBF Energy Inc
116,657,218
114,087,570
114,052,733
116,248,827Conversion of PBF LLC Series A Units (Note 5)
862,780
862,780
862,780
862,780Common stock equivalents (Note 6)
1,602,547
—
—
—Fully-converted shares outstanding - diluted
119,122,545
114,950,350
114,915,513
117,111,607
Adjusted fully-converted net income (loss) per fully exchanged, fully
diluted shares outstanding (Note 6)
$ 0.66
$ (2.54)
$ (1.39)
$ (4.60)
Adjusted fully-converted net income (loss) excluding special items per
fully exchanged, fully diluted shares outstanding (Note 4, 6)
$ 0.49
$ (2.82)
$ (4.13)
$ (3.89)
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS
TO INCOME (LOSS) FROM OPERATIONS EXCLUDING
SPECIAL ITEMS
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Income (loss) from operations
$ 128.0
$ (383.2)
$ (54.3)
$ (699.0)
Special Items (Note 4):
Add: LCM inventory adjustment
313.0
(154.5)
313.0
—
Add: LCM inventory adjustment - SBR
(2.2)
(14.7)
(10.4)
(18.9)
Add: LIFO inventory decrement
5.4
124.5
5.4
124.5
Add: Martinez refinery fire expenses
40.6
—
163.7
—
Add: Gain on insurance recoveries, net
(393.5)
—
(832.5)
—
Add: Costs related to RBI initiative
8.1
—
29.6
—
Add: Gain on sale of terminal assets
—
—
(94.0)
—
Add: Change in fair value of contingent consideration, net
—
—
—
(3.3)
Add: Loss on formation of SBR equity method investment
—
—
—
8.7Income (loss) from operations excluding special items
$ 99.4
$ (427.9)
$ (479.5)
$ (588.0)
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAPEBITDA RECONCILIATIONS (Note 7)(Unaudited, in millions)
Three Months Ended
Year EndedRECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND
EBITDA EXCLUDING SPECIAL ITEMS
December 31,
December 31,
2025
2024
2025
2024Net income (loss)
$ 79.1
$ (292.6)
$ (160.5)
$ (540.2)
Add: Depreciation and amortization expense
149.2
163.3
644.7
627.8
Add: Interest expense, net
40.6
22.8
181.6
72.0
Add: Income tax expense (benefit)
8.6
(112.7)
(74.1)
(228.4)EBITDA
$ 277.5
$ (219.2)
$ 591.7
$ (68.8)Special Items (Note 4):
Add: LCM inventory adjustment
313.0
(154.5)
313.0
—
Add: LCM inventory adjustment - SBR
(2.2)
(14.7)
(10.4)
(18.9)
Add: LIFO inventory decrement
5.4
124.5
5.4
124.5
Add: Martinez refinery fire expenses
40.6
—
163.7
—
Add: Gain on insurance recoveries, net
(393.5)
—
(832.5)
—
Add: Costs related to RBI initiative
8.1
—
29.6
—
Add: Gain on sale of terminal assets
—
—
(94.0)
—
Add: Change in fair value of contingent consideration, net
—
—
—
(3.3)
Add: Loss on formation of SBR equity method investment
—
—
—
8.7EBITDA excluding special items
$ 248.9
$ (263.9)
$ 166.5
$ 42.2
Three Months Ended
Year Ended
December 31,
December 31,RECONCILIATION OF EBITDA TO ADJUSTED EBITDA
2025
2024
2025
2024EBITDA
$ 277.5
$ (219.2)
$ 591.7
$ (68.8)
Add: Stock-based compensation
9.2
14.2
39.0
44.3Special Items (Note 4):
Add: LCM inventory adjustment
313.0
(154.5)
313.0
—
Add: LCM inventory adjustment - SBR
(2.2)
(14.7)
(10.4)
(18.9)
Add: LIFO inventory decrement
5.4
124.5
5.4
124.5
Add: Martinez refinery fire expenses
40.6
—
163.7
—
Add: Gain on insurance recoveries, net
(393.5)
—
(832.5)
—
Add: Costs related to RBI initiative
8.1
—
29.6
—
Add: Gain on sale of terminal assets
—
—
(94.0)
—
Add: Change in fair value of contingent consideration, net
—
—
—
(3.3)
Add: Loss on formation of SBR equity method investment
—
—
—
8.7Adjusted EBITDA
$ 258.1
$ (249.7)
$ 205.5
$ 86.5
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONSOLIDATED BALANCE SHEET DATA(Unaudited, in millions)
December 31,
December 31,
2025
2024Balance Sheet Data:
Cash and cash equivalents$ 527.9
$ 536.1
Inventories2,563.1
2,595.3
Total assets13,019.9
12,703.2
Total debt2,148.3
1,457.3
Total equity5,449.9
5,678.6
Total equity excluding special items (Note 4, 13)4,143.5
4,686.8
Total debt to capitalization ratio (Note 13)28 %
20 %
Total debt to capitalization ratio, excluding special items (Note 13)34 %
24 %
Net debt to capitalization ratio (Note 13)23 %
14 %
Net debt to capitalization ratio, excluding special items (Note 13)28 %
16 %
SUMMARIZED STATEMENT OF CASH FLOW DATA(Unaudited, in millions)
Year Ended December 31,
2025
2024Cash flows (used in) provided by operations$ (78.0)
$ 43.4Cash flows used in investing activities(480.2)
(1,041.5)Cash flows provided by (used in) financing activities550.0
(249.3)Net change in cash and cash equivalents(8.2)
(1,247.4)Cash and cash equivalents, beginning of period536.1
1,783.5Cash and cash equivalents, end of period$ 527.9
$ 536.1
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONSOLIDATING FINANCIAL INFORMATION (Note 8)(Unaudited, in millions)
Three Months Ended December 31, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalRevenues$ 7,133.4
$ 93.5
$ —
$ (87.4)
$ 7,139.5Cost of products and other6,538.8
1.2
—
(83.1)
6,456.9Operating expenses (income)644.0
29.4
—
(4.4)
669.0Depreciation and amortization expense137.3
8.3
3.6
—
149.2Other segment (income) expenses, net (a) (b)(392.4)
2.0
126.8
—
(263.6)Income (loss) from operations205.7
52.7
(130.4)
—
128.0Interest (income) expense, net(11.6)
(0.4)
52.6
—
40.6Capital expenditures (c)113.6
3.1
7.5
—
124.2
Three Months Ended December 31, 2024
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalRevenues$ 7,342.1
$ 97.6
$ —
$ (88.4)
$ 7,351.3Cost of products and other6,923.6
4.5
—
(84.0)
6,844.1Operating expenses (income)629.8
30.4
—
(4.4)
655.8Depreciation and amortization expense150.8
9.1
3.4
—
163.3Other segment expenses, net (a) (b)—
1.9
69.4
—
71.3Income (loss) from operations (b)(362.0)
51.7
(72.9)
—
(383.2)Interest (income) expense, net(4.1)
(0.4)
27.3
—
22.8Capital expenditures (c)230.5
3.9
3.0
—
237.4
Year Ended December 31, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalRevenues$ 29,297.7
$ 383.5
$ —
$ (348.9)
$ 29,332.3Cost of products and other26,950.2
8.3
—
(331.5)
26,627.0Operating expenses (income)2,547.0
116.5
—
(17.5)
2,646.0Depreciation and amortization expense594.2
36.1
14.4
—
644.7Other segment (income) expenses, net (a) (b)(831.4)
(86.9)
387.2
—
(531.1)Income (loss) from operations37.6
309.6
(401.5)
—
(54.3)Interest (income) expense, net(27.7)
(1.6)
210.9
—
181.6Capital expenditures (c)598.1
17.0
13.8
—
628.9
Year Ended December 31, 2024
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalRevenues$ 33,077.9
$ 386.8
$ —
$ (349.4)
$ 33,115.3Cost of products and other30,590.4
8.3
—
(332.0)
30,266.7Operating expenses (income)2,487.8
135.8
—
(17.4)
2,606.2Depreciation and amortization expense578.4
36.2
13.2
—
627.8Other segment expenses, net (a) (b)0.9
7.3
305.4
—
313.6Income (loss) from operations (b)(579.5)
199.1
(318.6)
—
(699.0)Interest (income) expense, net(14.1)
(1.9)
88.0
—
72.0Capital expenditures (c)994.8
6.5
7.0
—
1,008.3
Balance at December 31, 2025
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalTotal Assets (d)$ 11,469.1
$ 683.4
$ 906.3
$ (38.9)
$ 13,019.9
Balance at December 31, 2024
Refining
Logistics
Corporate
Eliminations
Consolidated
TotalTotal Assets (d)$ 10,945.5
$ 781.9
$ 1,015.4
$ (39.6)
$ 12,703.2
(a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and
amortization expense), Gain on insurance recoveries, net, Change in fair value of contingent consideration, net, Equity loss
in investee, Loss (gain) on formation of SBR equity method investment, and (Gain) loss on sale of assets(b) Income (loss) from operations and Other segment (income) expenses, net within Corporate for the year ended
December 31, 2024, included a $8.7 million reduction of the gain associated with the formation of the SBR equity method
investment(c) For the three months and year ended December 31, 2025, the Company's refining segment Capital expenditures exclude
$273.4 million and $532.9 million, respectively, of costs associated with the rebuild of units damaged by the Martinez
refinery fire. For the year ended December 31, 2024, the Company's refining segment includes $5.6 million of capital
expenditures related to the construction of the biorefinery co-located with the Chalmette refinery in Louisiana (the
"Renewable Diesel Facility")(d) As of December 31, 2025 and December 31, 2024, Corporate assets include the Company's Equity method investment in
SBR of $826.3 million and $866.8 million, respectively
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESMARKET INDICATORS AND KEY OPERATING INFORMATION(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,Market Indicators (dollars per barrel) (Note 9)2025
2024
2025
2024Dated Brent crude oil$ 63.70
$ 74.80
$ 69.03
$ 80.72West Texas Intermediate (WTI) crude oil$ 59.24
$ 70.42
$ 64.87
$ 75.87Light Louisiana Sweet (LLS) crude oil$ 60.75
$ 72.60
$ 67.08
$ 78.33Alaska North Slope (ANS) crude oil$ 64.02
$ 74.28
$ 69.67
$ 80.24Crack Spreads:
Dated Brent (NYH) 2-1-1$ 25.24
$ 14.32
$ 22.59
$ 18.24
WTI (Chicago) 4-3-1$ 16.16
$ 11.01
$ 18.31
$ 16.27
LLS (Gulf Coast) 2-1-1$ 24.94
$ 14.07
$ 21.76
$ 18.21
ANS (West Coast-LA) 4-3-1$ 28.66
$ 17.90
$ 27.52
$ 23.36
ANS (West Coast-SF) 3-2-1$ 28.29
$ 17.81
$ 30.14
$ 24.62Crude Oil Differentials:
Dated Brent (foreign) less WTI$ 4.46
$ 4.38
$ 4.16
$ 4.84
Dated Brent less Maya (heavy, sour)$ 9.37
$ 12.66
$ 9.31
$ 12.31
Dated Brent less WTS (sour)$ 5.26
$ 4.72
$ 4.34
$ 4.85
Dated Brent less ASCI (sour)$ 5.50
$ 4.93
$ 4.12
$ 5.23
WTI less WCS (heavy, sour)$ 12.52
$ 12.92
$ 12.17
$ 14.82
WTI less Bakken (light, sweet)$ 1.49
$ 1.17
$ 1.21
$ 1.39
WTI less Syncrude (light, sweet)$ 1.58
$ 1.08
$ 0.97
$ 0.75
WTI less LLS (light, sweet)$ (1.51)
$ (2.18)
$ (2.21)
$ (2.45)
WTI less ANS (light, sweet)$ (4.78)
$ (3.86)
$ (4.80)
$ (4.36)Effective RIN basket price$ 6.11
$ 4.05
$ 5.85
$ 3.75Natural gas (dollars per MMBTU)$ 4.04
$ 2.98
$ 3.62
$ 2.41
Key Operating Information
Production (barrels per day ("bpd") in thousands)897.3
871.1
838.5
913.1Crude oil and feedstocks throughput (bpd in thousands)888.9
862.0
832.9
904.0Total crude oil and feedstocks throughput (millions of barrels)81.8
79.3
304.0
330.9Consolidated gross margin per barrel of throughput$ (1.62)
$ (3.89)
$ (1.87)
$ (1.13)Gross refining margin, excluding special items, per barrel of throughput (Note 4,
Note 10)$ 11.16
$ 4.89
$ 8.77
$ 7.89Refinery operating expense, per barrel of throughput (Note 11)$ 7.87
$ 7.94
$ 8.38
$ 7.52Crude and feedstocks (% of total throughput) (Note 12)
Heavy22 %
33 %
25 %
31 %
Medium42 %
35 %
37 %
38 %
Light16 %
19 %
21 %
17 %
Other feedstocks and blends20 %
13 %
17 %
14 %
Total throughput100 %
100 %
100 %
100 %Yield (% of total throughput)
Gasoline and gasoline blendstocks45 %
46 %
45 %
47 %
Distillate and distillate blendstocks35 %
36 %
35 %
34 %
Lubes1 %
1 %
1 %
1 %
Chemicals1 %
1 %
1 %
1 %
Other19 %
17 %
19 %
18 %
Total yield101 %
101 %
101 %
101 %
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Supplemental Operating Information - East Coast Refining System (Delaware City
and Paulsboro)
Production (bpd in thousands)330.5
280.2
297.6
301.7Crude oil and feedstocks throughput (bpd in thousands)330.6
281.4
300.3
305.2Total crude oil and feedstocks throughput (millions of barrels)30.4
25.9
109.6
111.7Gross margin per barrel of throughput$ (0.26)
$ 2.28
$ (0.43)
$ (3.18)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note
10)$ 11.50
$ 4.42
$ 8.39
$ 4.74Refinery operating expense, per barrel of throughput (Note 11)$ 5.24
$ 6.31
$ 5.76
$ 5.66Crude and feedstocks (% of total throughput) (Note 12):
Heavy15 %
28 %
21 %
25 %
Medium54 %
40 %
47 %
42 %
Light9 %
14 %
12 %
14 %
Other feedstocks and blends22 %
18 %
20 %
19 %
Total throughput100 %
100 %
100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks37 %
38 %
37 %
35 %
Distillates and distillate blendstocks39 %
38 %
39 %
36 %
Lubes2 %
2 %
2 %
2 %
Chemicals1 %
2 %
1 %
1 %
Other21 %
20 %
20 %
25 %
Total yield100 %
100 %
99 %
99 %
Supplemental Operating Information - Mid-Continent (Toledo)
Production (bpd in thousands)149.4
153.7
149.4
143.3Crude oil and feedstocks throughput (bpd in thousands)147.0
150.6
147.0
140.7Total crude oil and feedstocks throughput (millions of barrels)13.6
13.8
53.7
51.5Gross margin per barrel of throughput$ (12.67)
$ 5.82
$ (2.29)
$ 2.28Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note
10)$ 9.96
$ 5.85
$ 9.53
$ 10.33Refinery operating expense, per barrel of throughput (Note 11)$ 6.12
$ 6.16
$ 6.26
$ 6.10Crude and feedstocks (% of total throughput) (Note 12):
Medium43 %
38 %
39 %
38 %
Light52 %
58 %
58 %
59 %
Other feedstocks and blends5 %
4 %
3 %
3 %
Total throughput100 %
100 %
100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks52 %
52 %
53 %
54 %
Distillate and distillate blendstocks40 %
41 %
38 %
37 %
Chemicals4 %
4 %
4 %
4 %
Other6 %
5 %
7 %
7 %
Total yield102 %
102 %
102 %
102 %
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Supplemental Operating Information - Gulf Coast (Chalmette)
Production (bpd in thousands)182.3
146.8
177.7
162.8Crude oil and feedstocks throughput (bpd in thousands)179.4
148.4
174.8
162.2Total crude oil and feedstocks throughput (millions of barrels)16.5
13.7
63.8
59.4Gross margin per barrel of throughput$ 6.43
$ (7.44)
$ 2.28
$ 0.34Gross refining margin, excluding special items, per barrel of throughput (Note 4,
Note 10)$ 12.66
$ 2.87
$ 9.04
$ 7.83Refinery operating expense, per barrel of throughput (Note 11)$ 5.37
$ 6.54
$ 5.55
$ 6.00Crude and feedstocks (% of total throughput) (Note 12):
Heavy14 %
14 %
12 %
14 %
Medium43 %
47 %
42 %
50 %
Light21 %
25 %
26 %
19 %
Other feedstocks and blends22 %
14 %
20 %
17 %
Total throughput100 %
100 %
100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks48 %
34 %
47 %
42 %
Distillate and distillate blendstocks31 %
35 %
32 %
35 %
Chemicals2 %
2 %
1 %
1 %
Other21 %
28 %
22 %
22 %
Total yield102 %
99 %
102 %
100 %
Supplemental Operating Information - West Coast (Torrance and Martinez)
Production (bpd in thousands)235.1
290.4
213.8
305.3Crude oil and feedstocks throughput (bpd in thousands)231.9
281.6
210.8
295.9Total crude oil and feedstocks throughput (millions of barrels)21.3
25.9
76.9
108.3Gross margin per barrel of throughput$ (5.32)
$ (15.44)
$ (10.00)
$ (3.33)Gross refining margin, excluding special items, per barrel of throughput (Note 4,
Note 10)$ 10.28
$ 5.94
$ 8.55
$ 10.02Refinery operating expense, per barrel of throughput (Note 11)$ 14.68
$ 11.26
$ 15.93
$ 10.95Crude and feedstocks (% of total throughput) (Note 12):
Heavy51 %
66 %
59 %
61 %
Medium23 %
21 %
19 %
26 %
Light2 %
— %
3 %
— %
Other feedstocks and blends24 %
13 %
19 %
13 %
Total throughput100 %
100 %
100 %
100 %Yield (% of total throughput):
Gasoline and gasoline blendstocks51 %
59 %
50 %
59 %
Distillate and distillate blendstocks28 %
30 %
29 %
29 %
Other22 %
14 %
22 %
15 %
Total yield101 %
103 %
101 %
103 %
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAPGROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)(Unaudited, in millions, except per barrel amounts)
Three Months Ended
Three Months Ended
December 31, 2025
December 31, 2024RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO
GROSS REFINING MARGIN AND GROSS REFINING MARGIN
EXCLUDING SPECIAL ITEMS$
per barrel ofthroughput
$
per barrel ofthroughputCalculation of consolidated gross margin:
Revenues$ 7,139.5
$ 87.28
$ 7,351.3
$ 92.70Less: Cost of sales7,271.5
88.90
7,659.8
96.59Consolidated gross margin$ (132.0)
$ (1.62)
$ (308.5)
$ (3.89)Reconciliation of consolidated gross margin to gross refining
margin:
Consolidated gross margin$ (132.0)
$ (1.62)
$ (308.5)
$ (3.89)
Add: Logistics operating expense29.4
0.36
30.4
0.38
Add: Logistics depreciation expense8.3
0.10
9.1
0.11
Less: Logistics gross margin(92.4)
(1.13)
(93.0)
(1.17)
Add: Refining operating expense644.0
7.87
629.8
7.94
Add: Refining depreciation expense137.3
1.68
150.8
1.90Gross refining margin$ 594.6
$ 7.26
$ 418.6
$ 5.27 Special Items (Note 4):
Add: LCM inventory adjustment313.0
3.83
(154.5)
(1.95)
Add: LIFO inventory decrement5.4
0.07
124.5
1.57Gross refining margin excluding special items$ 913.0
$ 11.16
$ 388.6
$ 4.89
Year Ended
Year Ended
December 31, 2025
December 31, 2024RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO
GROSS REFINING MARGIN AND GROSS REFINING MARGIN
EXCLUDING SPECIAL ITEMS$
per barrel ofthroughput
$
per barrel ofthroughputCalculation of consolidated gross margin:
Revenues$ 29,332.3
$ 96.49
$ 33,115.3
$ 100.08Less: Cost of sales29,903.3
98.36
33,487.5
101.21Consolidated gross margin$ (571.0)
$ (1.87)
$ (372.2)
$ (1.13)Reconciliation of consolidated gross margin to gross refining
margin:
Consolidated gross margin$ (571.0)
$ (1.87)
$ (372.2)
$ (1.13)
Add: Logistics operating expense116.5
0.38
135.8
0.41
Add: Logistics depreciation expense36.1
0.12
36.2
0.11
Less: Logistics gross margin(375.3)
(1.24)
(378.4)
(1.15)
Add: Refining operating expense2,547.0
8.38
2,487.8
7.52
Add: Refining depreciation expense594.2
1.95
578.4
1.75Gross refining margin$ 2,347.5
$ 7.72
$ 2,487.6
$ 7.51 Special Items (Note 4):
Add: LCM inventory adjustment313.0
1.03
—
—
Add: LIFO inventory decrement5.4
0.02
124.5
0.38Gross refining margin excluding special items$ 2,665.9
$ 8.77
$ 2,612.1
$ 7.89
See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
FOOTNOTES TO EARNINGS RELEASE TABLES
(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP
measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare
our results across the periods presented and facilitates an understanding of our operating results. We also use
these measures to evaluate our operating performance. These measures should not be considered a substitute for,
or superior to, measures of financial performance prepared in accordance with GAAP. The differences between
adjusted fully-converted and GAAP results are explained in footnotes 2 through 6
(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of
PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc., as if such members had fully exchanged
their PBF LLC Series A Units for shares of PBF Energy Class A common stock
(3) Represents an adjustment to reflect PBF Energy's annualized statutory corporate tax rate of approximately
26.0% for both the 2025 and 2024 periods, applied to net income (loss) attributable to noncontrolling interest
for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as
described in footnote 2
(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special
items, income (loss) from operations excluding special items, EBITDA excluding special items and gross
refining margin excluding special items. Special items for the periods presented relate to LCM inventory
adjustment, our share of the SBR LCM inventory adjustments, a LIFO inventory decrement, expenses associated
with the Martinez refinery fire, gain on insurance recoveries, net, costs related to the RBI initiative, gain on sale
of terminal assets, net changes in fair value of contingent consideration, and loss on the formation of the SBR
equity method investment, all as discussed further below. Additionally, the cumulative effects of all current and
prior period special items on equity are shown in footnote 13 Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful
supplemental information to investors regarding the results and performance of our business and allow for useful
period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and
not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP
Special Items: LCM inventory adjustment - LCM is a GAAP requirement related to inventory valuation that mandates inventory
to be stated at the lower of cost or market. Our inventories are stated at the lower of cost or market. Cost is
determined using the last-in, first-out ("LIFO") inventory valuation methodology, in which the most recently
incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price
is determined based on an assessment of the current estimated replacement cost and net realizable selling price
of the inventory. In periods where the market price of our inventory declines substantially, cost values of
inventory may exceed market values. In such instances, we record an adjustment to write down the value of
inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed,
and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between
the prior period and the current period. The net impact of these LCM inventory adjustments is included in the
Refining segment's income from operations, but are excluded from the operating results presented, as applicable,
in order to make such information comparable between periods PBF Energy LCM inventory adjustment - During both the three months and year ended December 31, 2025,
we recorded an adjustment to value our inventories to the LCM which decreased income from operations and
net income by $313.0 million and $231.6 million, respectively. During the three months ended December 31,
2024, we recorded an adjustment to the LCM reserve which increased income from operations and net income
by $154.5 million and $114.3 million, respectively. There were no such adjustments in any of the other periods
presented SBR LCM inventory adjustment - During the years ended December 31, 2025 and December 31, 2024, SBR
recorded adjustments to the LCM reserve which increased its income from operations by $20.8 million and
$37.7 million, respectively. Our Equity loss in investee includes our 50% share of these adjustments. During the
three months and year ended December 31, 2025 these LCM adjustments increased our income from operations
by $2.2 million and $10.4 million, respectively ($1.6 million and $7.7 million, respectively, net of tax). During
the three months and year ended December 31, 2024 these LCM adjustments increased our income from
operations by $14.7 million and $18.9 million, respectively ($10.9 million and $14.0 million, respectively, net
of tax)
LIFO inventory decrement - During both the three months and year ended December 31, 2025, the Company
recorded a pre-tax charge to cost of products and other related to a LIFO inventory layer decrement, primarily
associated with the Martinez refinery. These charges decreased income from operations and net income by
$5.4 million and $4.0 million, respectively, for both the three months and year ended December 31, 2025. During
both the three months and year ended December 31, 2024, the Company recorded a pre-tax charge to cost of
products and other related to a LIFO inventory layer decrement, primarily related to our East Coast and Gulf
Coast LIFO inventory layers. These charges decreased income from operations and net income by
$124.5 million and $92.1 million, respectively, for both the three months and year ended December 31, 2024
Martinez refinery fire expenses - During the three months and year ended December 31, 2025, we recorded
operating expenses associated with the Martinez refinery fire that decreased income from operations by $40.6
million and $163.7 million, respectively ($30.0 million and $121.1 million, respectively, net of tax). There were
no such costs in any of the other periods presented
Gain on insurance recoveries, net - During the three months and year ended December 31, 2025, we recorded
gains on insurance recoveries associated with the Martinez refinery fire that increased income from operations
by $393.5 million and $832.5 million, respectively ($291.2 million and $616.1 million, respectively, net of tax).
There were no such gains in any of the other periods presented
Costs related to RBI initiative - During the year ended December 31, 2025, we launched our RBI initiative as
part of our ongoing strategic efforts to extract incremental value across our business. As a result, during the three
months and year ended December 31, 2025, we recorded expenses related to the execution of this initiative
which decreased income by $8.1 million and $29.6 million, respectively ($6.0 million and $21.9 million, net of
tax, respectively). There were no such costs in any of the other periods presented
Gain on sale of terminal assets - During the year ended December 31, 2025, we recorded a gain on the sale of
our terminal assets, through a subsidiary of PBFX, which increased income from operations and net income by
$94.0 million and $69.6 million, respectively. There were no such gains during any of the other periods
presented
Change in fair value of contingent consideration, net - During the year ended December 31, 2024, we recorded a
net change in fair value of contingent consideration related to the earn-out liability associated with the
acquisition of the Martinez refinery (the "Martinez Contingent Consideration"), which increased income from
operations and net income by $3.3 million and $2.4 million, respectively. The Martinez Contingent
Consideration final earn-out payment of $18.8 million was paid in full during the second quarter of 2024
Loss on formation of SBR equity method investment - During the year ended December 31, 2024, we recorded a
reduction of our gain associated with the formation of the SBR equity method investment, which decreased
income from operations and net income by $8.7 million and $6.4 million, respectively
Recomputed income tax on special items - The income tax impact on special items was calculated using the tax
rates shown in footnote 3 above
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of
existing PBF LLC Series A Units as described in footnote 2 above
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock
equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options
for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent
the impact of such exchange would not be anti-dilutive) for the three months and years ended December 31,
2025 and 2024, respectively. Common stock equivalents exclude the effects of performance share units and
options and warrants to purchase 1,902,642 and 6,771,051 shares of PBF Energy Class A common stock and
PBF LLC Series A Units because they are anti-dilutive for the three months and year ended December 31, 2025,
respectively. Common stock equivalents exclude the effects of performance share units and options and warrants
to purchase 5,880,949 and 4,413,417 shares of PBF Energy Class A common stock and PBF LLC Series A Units
because they are anti-dilutive for the three months and year ended December 31, 2024, respectively. For periods
showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA
are supplemental measures of performance that are not required by, or presented in accordance with, GAAP.
Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation
expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, LIFO inventory
decrement, expenses associated with the Martinez refinery fire, gain on insurance recoveries, net, costs related
to RBI initiative, gain on sale of our terminal assets, net change in the fair value of contingent consideration,
loss on the formation of the SBR equity method investment, loss on extinguishment of debt, gain on land sales,
changes in the Tax Receivable Agreement liability, and certain other non-cash items. We use these Non-GAAP
financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and
trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are
not defined by GAAP and should not be considered substitutes for net income as determined in accordance with
GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all
companies, they are not necessarily comparable to other similarly titled measures used by other companies.
EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them
in isolation or as substitutes for analysis of our results as reported under GAAP
(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the
Refining and Logistics segments are included in Corporate. As of December 31, 2025, the Refining segment
includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New
Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics
segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF
Energy and PBF LLC, which owns or leases, operates, develops and acquires crude oil and refined petroleum
products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of
rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were
acquired from or contributed by PBF LLC and are located at, or nearby, our 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 revenue and intersegment related-party revenues are
eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the
Logistics segment as a whole without regard to any of PBFX's individual operating segments
(9) As reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated
based on information as reported by Argus
(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because
they exclude refinery operating expenses, depreciation and amortization and gross margin of PBFX. Gross
refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe
they are important measures of operating performance and provide useful information to investors because gross
refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in
the Market Indicators Tables, as the industry benchmarks do not include a charge for refinery operating expenses
and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining
margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput
have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP
(11) Represents refinery operating expenses, including corporate-owned logistics assets, excluding depreciation
and amortization, divided by total crude oil and feedstocks throughput
(12) We define heavy crude oil as crude oil with American Petroleum Institute (API) gravity less than 24 degrees.
We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil
with API gravity higher than 35 degrees
(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total
equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage.
Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting
cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we
have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our
debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios
excluding the cumulative effects of special items on equity
December 31,
December 31,
2025
2024
(in millions)Total debt$ 2,148.3
$ 1,457.3Total equity5,449.9
5,678.6Total capitalization$ 7,598.2
$ 7,135.9
Total debt$ 2,148.3
$ 1,457.3Total equity excluding special items4,143.5
4,686.8Total capitalization excluding special items$ 6,291.8
$ 6,144.1
Total equity$ 5,449.9
$ 5,678.6 Special Items (Note 4)
Add: LCM inventory adjustments313.0
—Add: LCM inventory adjustment - SBR(10.4)
—Add: LIFO inventory decrement5.4
—Add: Martinez refinery fire expenses163.7
—Add: Gain on insurance recoveries, net(832.5)
—Add: Costs related to RBI initiative29.6
—Add: Gain on sale of terminal assets(94.0)
—Add: Cumulative historical equity adjustments (a)(1,328.1)
(1,328.1)Less: Recomputed income tax on special items446.9
336.3 Net impact of special items to equity(1,306.4)
(991.8)Total equity excluding special items$ 4,143.5
$ 4,686.8
Total debt$ 2,148.3
$ 1,457.3 Less: Cash and cash equivalents527.9
536.1Net debt
$ 1,620.4
$ 921.2
Total debt to capitalization ratio28 %
20 %Total debt to capitalization ratio, excluding special items34 %
24 %Net debt to capitalization ratio23 %
14 %Net debt to capitalization ratio, excluding special items28 %
16 %(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income tax effect. Refer to the Company's 2024 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2025
View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-reports-fourth-quarter-and-full-year-2025-results-declares-dividend-of-0-275-per-share-302686115.htmlSOURCE PBF Energy Inc.
Original: PBF Energy Reports Fourth Quarter and Full Year 2025 Results, Declares Dividend of $0.275 per Share
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