PBF Energy Inc (PBF)

PBF Energy to Release Second Quarter 2026 Earnings ResultsJune 23, 2026 5:00 PM
PR Newswire (US) PARSIPPANY, N.J., June 23, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) announced today that it will release its earnings results for the second quarter 2026 on Thursday, July 30, 2026. The company will host a conference call and webcast regarding results and other business matters on Thursday, July 30, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed on 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 on the company's website.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: 973.455.8981 View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-to-release-second-quarter-2026-earnings-results-302805150.htmlSOURCE PBF Energy Inc. Original: PBF Energy to Release Second Quarter 2026 Earnings Results

PBF Energy to Participate in Bank of America Energy and Power Credit ConferenceMay 29, 2026 5:00 PM
PR Newswire (US) PARSIPPANY, N.J., May 29, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today announced that members of its management team will participate in the Bank of America Energy and Power Credit Conference on June 3, 2026. Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com.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: 973.455.8981 View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-to-participate-in-bank-of-america-energy-and-power-credit-conference-302783488.htmlSOURCE PBF Energy Inc. Original: PBF Energy to Participate in Bank of America Energy and Power Credit Conference

PBF Energy Announces Pricing of $500 Million of Senior Notes due 2034May 26, 2026 4:21 PM
PR Newswire (US) PARSIPPANY, N.J., May 26, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) ("PBF Energy") today announced that its indirect subsidiary, PBF Holding Company LLC ("PBF Holding"), priced $500 million in aggregate principal amount of 7.25% senior notes due 2034 (the "Notes") in a private offering. The offering is expected to close on May 28, 2026, subject to customary closing conditions. The Notes will be co-issued by PBF Finance Corporation, a wholly owned subsidiary of PBF Holding. PBF Holding intends to use the net proceeds from the offering and available cash to fund the redemption in full of its outstanding 6.00% Senior Notes due 2028 (the "2028 Notes"). The Notes will be offered in a private placement and are expected to be resold by the initial purchasers to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The offer of the Notes will be made only by means of a private offering memorandum to qualified investors and has not been and will not be registered under the Securities Act or any applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act.This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.This press release does not constitute a notice of redemption under the indenture governing the 2028 Notes. On May 26, 2026, PBF Holding and PBF Finance issued a notice of conditional optional full redemption for all $801.6 million of the outstanding 2028 Notes at a redemption price equal to 100.000% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the redemption date of June 25, 2026. The redemption of the 2028 Notes is conditioned upon successful completion by PBF Holding and PBF Finance of one or more debt financings with aggregate gross proceeds of no less than $500.0 million after the date of such notice.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, without limitation, the risks relating to the offering, the proposed redemption, the securities markets generally and the company's expectations with respect to the closing of the offering and the anticipated use of proceeds therefrom. 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. 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 securities laws.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: 973.455.8994 View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-announces-pricing-of-500-million-of-senior-notes-due-2034-302782294.htmlSOURCE PBF Energy Inc. Original: PBF Energy Announces Pricing of $500 Million of Senior Notes due 2034

PBF Energy Announces Intention to Offer $500 Million of Senior Notes due 2034May 26, 2026 7:55 AM
PR Newswire (US) PARSIPPANY, N.J., May 26, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) ("PBF Energy") today announced that its indirect subsidiary, PBF Holding Company LLC ("PBF Holding"), intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of senior notes due 2034 (the "Notes") in a private offering. The Notes will be co-issued by PBF Finance Corporation, a wholly owned subsidiary of PBF Holding. Completion of the offering is subject to, among other things, pricing and market conditions. PBF Holding intends to use the net proceeds from the proposed offering and available cash to fund the redemption in full of its outstanding 6.00% Senior Notes due 2028 (the "2028 Notes"). The Notes will be offered in a private placement and are expected to be resold by the initial purchasers to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The offer of the Notes will be made only by means of a private offering memorandum to qualified investors and has not been and will not be registered under the Securities Act or any applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act.This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.Forward-Looking StatementsStatements 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, without limitation, the risks relating to the proposed offering, the proposed redemption, the securities markets generally and the company's expectations with respect to the timing and size of the proposed offering and the anticipated use of proceeds therefrom. 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. 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 securities laws.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: 973.455.8994 View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-announces-intention-to-offer-500-million-of-senior-notes-due-2034-302781776.htmlSOURCE PBF Energy Inc. Original: PBF Energy Announces Intention to Offer $500 Million of Senior Notes due 2034

PBF Energy falls despite earnings beat as refinery delays weighApril 30, 2026 10:14 AM
IH Market News
PBF Energy Inc. (NYSE:PBF) reported first-quarter results on Thursday that topped analyst expectations, but shares dropped more than 7% as investors focused on ongoing operational issues at its Martinez refinery.The independent refiner posted an adjusted loss per share of -$0.88, compared with analyst expectations for a smaller loss of -$0.35.Revenue came in at $7.9 billion, exceeding the $7.39 billion consensus estimate and rising 12% from $7.07 billion in the same quarter of 2025.On a GAAP basis, the company reported earnings of $1.65 per share, supported by special items including a $313.0 million inventory adjustment reversal and $106.5 million in insurance recoveries tied to the Martinez refinery fire.Despite the earnings beat, the stock declined as the restart timeline for the Martinez facility extended beyond prior expectations.The refinery’s Fluid Catalytic Cracking unit is now expected to resume production of finished products in early May, with full operating rates anticipated shortly after. The company also received a fourth insurance payment of $106.5 million, bringing total unallocated reimbursements to $1.0 billion.“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,” said President and CEO Matt Lucey.For the second quarter, PBF expects total throughput to range between 850,000 and 910,000 barrels per day.The company added that its Refining Business Improvement initiative delivered more than $230 million in run-rate cost savings in 2025 and is expected to exceed $350 million by the end of 2026.PBF also declared a quarterly dividend of $0.275 per share.PBF Energy stock price

Original: PBF Energy falls despite earnings beat as refinery delays weigh

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

PBF Energy to Release First Quarter 2026 Earnings ResultsMarch 25, 2026 5:00 PM
PR Newswire (US)

PARSIPPANY, N.J., March 25, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) announced today that it will release its earnings results for the first quarter 2026 on Thursday, April 30, 2026. The company will host a conference call and webcast regarding 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 on 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 on the company's website.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: 973.455.8981



View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-to-release-first-quarter-2026-earnings-results-302725214.htmlSOURCE PBF Energy Inc.

Original: PBF Energy to Release First Quarter 2026 Earnings Results

PBF Energy to Participate in Piper Sandler Energy ConferenceMarch 12, 2026 4:30 PM
PR Newswire (US)

PARSIPPANY, N.J., March 12, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today announced that members of its management team will participate in the Piper Sandler Energy Conference on March 16-17, 2026.







Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com.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: 973.455.8981



View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-to-participate-in-piper-sandler-energy-conference-302712672.htmlSOURCE PBF Energy Inc.

Original: PBF Energy to Participate in Piper Sandler Energy Conference

PBF Energy to Participate in Industry ConferencesFebruary 20, 2026 4:15 PM
PR Newswire (US)

PARSIPPANY, N.J., Feb. 20, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today announced that members of its management team will participate in the Scotiabank Global Energy Conference on February 25, 2026; the Raymond James Institutional Investor Conference on March 2-3, 2026; and the Wolfe Research Refining Conference on March 5, 2026.







Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com.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: 973.455.8981



View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-to-participate-in-industry-conferences-302693784.htmlSOURCE PBF Energy Inc.

Original: PBF Energy to Participate in Industry Conferences

PBF Energy climbs more than 3% after Q4 profit crushes forecastsFebruary 12, 2026 9:37 AM
IH Market News
PBF Energy Inc. (NYSE:PBF) gained over 3% in after-hours trading Thursday after reporting fourth-quarter earnings that far exceeded Wall Street expectations.The refiner posted net income of $78.4 million, or $0.66 per share, for the fourth quarter of 2025 — a sharp beat compared with analyst estimates that had called for a loss of $0.20 per share.Revenue totaled $7.14 billion, slightly below the $7.17 billion consensus forecast and down 2.9% from $7.35 billion in the same period a year earlier.Operating performance improved significantly. Fourth-quarter income from operations reached $128.0 million, compared with a loss of $383.2 million in the prior-year quarter. Excluding special items, operating income came in at $99.4 million.“2025 presented significant challenges and opportunities for PBF,” said Matthew Lucey, PBF’s President and Chief Executive Officer. “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.”The company is nearing completion of restoration efforts at its Martinez, California refinery following a fire in February 2025. Construction work is expected to wrap up by February 16, 2026, with the Catalytic Cracking Unit scheduled to restart in the first week of March.Insurance proceeds have covered most of the restoration expenses, with $893.5 million in reimbursements received during 2025.PBF also announced a quarterly dividend of $0.275 per share, payable March 11 to shareholders on record as of February 25.Its Refinery Business Improvement initiative delivered more than $230 million in annualized cost savings in 2025, with full realization expected in 2026. Management now targets $350 million in run-rate cost reductions by the end of 2026.The company closed 2025 with approximately $530 million in cash and $1.62 billion in net debt, positioning it to manage ongoing volatility in refining markets.PBF Energy stock price

Original: PBF Energy climbs more than 3% after Q4 profit crushes forecasts

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

Another big dump by Carlos Slim.

Carlos Slim pulling out of PBF?
Looks like it.

another pop riding the rest gl,

Yep should get nice pop especially is west ban Russia oil the profit taking

Potential of 30.00+ > Oil stocks sector in play Monday. I am holding
Crude futures going up tomorrow.

West Texas Intermediate (WTI) crude rose $10.83, or 9.4%, to $126.51, putting both contracts on track for their highest daily percentage gains since May 2020.

In the first few minutes of trade on Sunday, both benchmarks rose to their highest since July 2008 with Brent at $139.13 a barrel and WTI at $130.50.

The need for fossil fuels during the multi-decade energy transition and the current environment of underinvestment point to an opportunity for investors right now, even though energy stocks have already risen so much.

Earnings this week.
Will we break out?

My all time favorite company

This will be the last bad quarter.
COVID-19 will start to fade just in time for Summer Driving season.
PBF is going to shake the dust off and watch the PPS head back to $30.
Ask Carlos Slim.

$PBF in $9.90

6.88 U.S. refining shares soar on vaccine news, hopes for renewed fuel demand
https://www.reuters.com/article/usa-refiners-demand-shares/u-s-refining-shares-soar-on-vaccine-news-hopes-for-renewed-fuel-demand-idUSL1N2HV26E

https://www.pbfenergy.com/

Hopefully it tanks

Key My Ass just got laid off!! But hell I hope the stock climbs I need my money back!!! 10 years down the drain

EFY

So do you see this running anytime soon?
Tia

PBF

Amended Statement of Ownership (sc 13g/a)

Source: Edgar (US Regulatory)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G


Under the Securities Exchange Act of 1934
(Amendment No. 01)*

PBF ENERGY INC.
(Name of Issuer)

Common Stock par value $.001
(Title of Class of Securities)

69318G106
(CUSIP Number)

May 29, 2020
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

o Rule 13d-1(c)

o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).





CUSIP No. 69318G106


1 NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JPMORGAN CHASE & CO.

13-2624428

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)



(a) o
(b) o

3 SEC USE ONLY



4 CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 5 SOLE VOTING POWER

2,481,389

6 SHARED VOTING POWER

0

7 SOLE DISPOSITIVE POWER

2,502,532

8 SHARED DISPOSITIVE POWER

0

9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,502,947

10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

o

11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

2.0 %

12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

HC


FOOTNOTES






Item 1.



(a)
Name of Issuer


PBF ENERGY INC.



(b)
Address of Issuer’s Principal Executive Offices


One Sylvan Way, Second Floor
Parsippany, New Jersey 07054


Item 2.



(a)
Name of Person Filing


JPMORGAN CHASE & CO.



(b)
Address of Principal Business Office or, if none, Residence


383 Madison Avenue
New York, NY 10179



(c)
Citizenship


Delaware



(d)
Title of Class of Securities


Common Stock par value $.001



(e)
CUSIP Number


69318G106



Item 3.
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:



(a)
o
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).



(b)
o
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).



(c)
o
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).



(d)
o
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).



(e)
o
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);



(f)
o
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);



(g)
x
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);



(h)
o
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);



(i)
o
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);



(j)
o
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J).



(k)
o
A group, in accordance with § 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:







Item 4.
Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.



(a)
Amount beneficially owned: 2,502,947



(b)
Percent of class: 2.0 %



(c)
Number of shares as to which the person has:



(i)
Sole power to vote or to direct the vote: 2,481,389



(ii)
Shared power to vote or to direct the vote: 0



(iii)
Sole power to dispose or to direct the disposition of: 2,502,532



(iv)
Shared power to dispose or to direct the disposition of: 0


Item 5.
Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following x .



Item 6.
Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable

Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company

J.P. Morgan Investment Management Inc.
JPMorgan Chase Bank, National Association
JPMorgan Asset Management (UK) Limited
J.P. Morgan Trust Company of Delaware
J.P. Morgan Securities LLC

Item 8.
Identification and Classification of Members of the Group

Not Applicable

Item 9.
Notice of Dissolution of Group

Not Applicable






Item 10.
Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.




SIGNATURE


After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


JPMORGAN CHASE & CO.



Date: June 05, 2020
By:
/s/ Michael T. Lees
Name: Michael T. Lees
Title: Executive Director


Footnotes:


Attention:
Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)

https://www.tradingview.com/x/M4meDBpR/

https://www.wfmz.com/news/pr_newswire/pr_newswire_business/pbf-logistics-declares-quarterly-distribution-of-0-30-per-unit-and-announces-first-quarter-2020/article_446734b8-da6b-5dc9-b549-215dd61a7825.html

https://theolympiareport.com/2020/05/20/pbf-energy-nysepbf-pt-raised-to-18-00.html

Price target upgrade

https://www.prnewswire.com/news-releases/pbf-energy-announces-intention-to-offer-1-000-0-million-of-senior-secured-notes-301054882.html

Must be this December for sure.

k ~ 9.39

6.52 NEWS


Air Products Signs Agreements to Acquire Five Operating Hydrogen Plants for $530 Million and Long-Term Hydrogen Supply to PBF Energy
7:00 AM ET 3/30/20 | PR Newswire



Asset Acquisitions in California and Delaware Add Nearly 300 Million Standard Cubic Feet Per Day of Hydrogen Production Capacity;

LEHIGH VALLEY, Pa., March 30, 2020 /PRNewswire/ -- Air Products (NYSE: APD) today announced it has signed agreements with PBF Energy Inc. (NYSE: PBF) that include the $530 million purchase of five hydrogen steam methane reformer (SMR) hydrogen production plants and the long-term supply of hydrogen from those already operating plants to PBF refineries. The SMRs, with a combined nearly 300 million standard cubic feet per day of production capacity, are located in Torrance and Martinez, California and Delaware City, Delaware. The deal is targeted to close during the third quarter of Air Products' 2020 fiscal year.

"Air Products has a very strong balance sheet. This puts us in an outstanding financial position to execute our strategy of investing in long-term onsite deals, which includes asset acquisitions like the one we are announcing today. With this acquisition, not only do we gain five SMR plants, but we also secure a long-term hydrogen sale of gas agreement with an existing customer who is one of the largest independent refiners in North America," said Seifi Ghasemi, Chairman, President and Chief Executive Officer at Air Products.

PBF Energy Chairman and Chief Executive Officer Thomas Nimbley said, "PBF is excited about expanding our long-standing relationship with Air Products. We are pleased to partner with a global leader in the industrial gas business and ensuring that our facilities continue to be supplied by a premier provider."

Air Products is known as a leader in the supply of hydrogen to refineries in order to make cleaner burning transportation fuels. Hydrogen is widely used in petroleum refining processes to remove impurities found in crude oil such as sulphur, olefins and aromatics to meet product fuels specifications. Removing these components allows gasoline and diesel to burn cleaner and thus makes hydrogen a critical component in the production of cleaner fuels needed by modern, efficient internal combustion engines.

The company also operates one of the most successful carbon capture projects in the world in Port Arthur, Texas, where the captured carbon dioxide (CO(2) ) is injected into the ground and used for enhanced oil recovery in the state. Since 2013, Air Products has captured nearly 10 million tons of CO(2) at Port Arthur that has been put to beneficial use.

Air Products currently operates 12 industrial gas facilities in California, which includes five hydrogen production plants. The hydrogen from these plants is used in the making of ultra-low sulphur transportation fuels (gasoline, diesel and jet). Air Products also supplies hydrogen for fueling and fueling infrastructure in California to support the growing fleet of hydrogen fuel cell electric vehicles.

The SMR being purchased in Delaware City would be Air Products' first major asset operating in Delaware.









https://investors.pbfenergy.com/news/2020

Me either, but I bought the dip.

Oil rallies and this one takes a 10% dump?

The shorts are in control here. Would love to see it break $23.00 and the $23.30 resistance that was created.

With the sector moving, might see a nice reversal.

(I don't see why it should have dropped 10% today.)

The biggest competitor to PBF in the Philadelphia market is shut down and closing their refinery.
The next earnings report should reflect this.

Why didn’t that happen?

My prediction 60$ December

PBF Energy setting records all year. I love this company!

PBF energy is my personal favorite!!

PBF Energy downgraded by Barclays today to Underweight. High uncertainty but fundamentals show over 20% downside: analysis

PBF Energy (PBF +0.6%) late yesterday said it completed the repair and restart of its 82K bbl/day Delaware City refining unit that had been crippled by fire Aug. 21.

The breakdown and loss of a major air compressor system in the plant’s catalytic cracking unit reportedly idled the system for weeks, prompting operation of some plant systems at reduced rates.

Full details and the cost and cause of the incident have not been made public, but PBF cuts 10K bbl/day off its projected Q3 production range for its east coast refining plants, which include both the Delaware City and Paulsboro, N.J., refineries, to 300K-320K bbl/day.

A key gasoline-making unit at PBF Energy’s (PBF -6%) 182K bbl/day Delaware City refinery reportedly is expected to be shut down for at least a month, and possibly much longer, after an explosion and fire on Friday.

PBF Energy (NYSE:PBF): Q2 EPS of $0.88 misses by $0.06.

Revenue of $3.55B (-33.0% Y/Y) beats by $280M.

PBF Energy (PBF +16.5%) agrees to acquire Chalmette Refining, a joint venture between Exxon Mobil (XOM +1.2%) and Venezuela's PDVSA consisting of the 189K bbl/day Chalmette Refinery in Louisiana and related logistics assets, for $322M.

Someone is buying...Seth Klarman owns this as well...