PBF Energy (PBF) Company Report

PBF Energy announced that rebuild activities at its 157,000 barrel per day Martinez, California refinery are now expected to progress into February 2026, with planned operating rates anticipated by the beginning of March 2026, a delay from the previously projected year-end 2025 restart.
The company expects fire-related restoration costs to be largely covered by insurance, subject to a $30 million deductible and retentions, and business interruption insurance is anticipated to significantly offset financial losses. In 2025, PBF received $893.5 million in unallocated insurance reimbursements, including $393.5 million in the fourth quarter.
PBF Energy issued its 2026 annual guidance, providing expected throughput ranges for its East Coast, Mid-continent, Gulf Coast, and West Coast operations, and outlining its planned turnaround schedule for the year.

Jan 2, 2026, 10:30 PM

Press Release

PBF Energy Reports Q3 2025 Results, Announces CFO Change, and Provides Martinez Restart Update

PBF

Earnings

CFO Change

Guidance Update

PBF Energy reported an adjusted net loss of $0.52 per share and adjusted EBITDA of $144.4 million for the third quarter of 2025. The company ended the quarter with $482 million in cash and $1.9 billion of net debt.
The Martinez refinery is on schedule for a December restart, with plans for it to be fully operational by the end of the year. The company recognized a $250 million gain on insurance recoveries related to the Martinez fire in Q3 2025, with most of it received in Q4.
Joe Marino has been appointed as the new Chief Financial Officer, and Karen Davis has returned to the Board of Directors.
The Refining Business Improvement (RBI) program is on track to achieve $230 million in annualized run-rate savings by the end of 2025, with approximately $210 million of these savings already implemented on a run-rate basis as of the third quarter.

Oct 30, 2025, 12:30 PM

Transcript

PBF Energy Reports Q3 2025 Results and Martinez Refinery Restart Progress

PBF

Earnings

CFO Change

Guidance Update

PBF Energy reported an adjusted net loss of $0.52 per share and adjusted EBITDA of $144.4 million for the third quarter of 2025.
The Martinez refinery is on schedule for a December restart, with the company planning for it to be fully operational by the end of the year.
Joe Marino was introduced as PBF's new Chief Financial Officer, having been with the company since before its 2012 IPO.
The company is on track to implement $230 million of annualized run-rate savings by the end of 2025 through its Refining Business Improvement (RBI) program, with full realization expected in 2026.
PBF ended the quarter with $482 million in cash and approximately $1.9 billion of net debt, maintaining approximately $2.1 billion in liquidity.

Oct 30, 2025, 12:30 PM

Transcript

PBF Energy Reports Q3 2025 Results, Provides Martinez Restart Update, and Announces New CFO

PBF

Earnings

Guidance Update

CFO Change

PBF Energy reported an adjusted net loss of $0.52 per share and adjusted EBITDA of $144.4 million for Q3 2025.
The Martinez refinery is on schedule for a December restart and is expected to be fully operational by the end of 2025.
The Refining Business Improvement (RBI) program is on track to deliver $230 million in annualized run-rate savings by the end of 2025, with approximately $210 million already implemented on a run-rate basis as of Q3.
The company ended Q3 2025 with $482 million in cash and $1.9 billion of net debt, maintaining $2.1 billion in liquidity.
Joe Marino was introduced as PBF's new Chief Financial Officer.

Oct 30, 2025, 12:30 PM

Transcript

PBF Energy Announces Third Quarter 2025 Results and Declares Dividend

PBF

Earnings

Dividends

Guidance Update

PBF Energy reported Q3 2025 net income of $171.7 million or $1.45 per share, and an adjusted fully-converted net loss of $(60.3) million or $(0.52) per share.
The company declared a quarterly dividend of $0.275 per share.
PBF closed the sale of terminal assets for $175.4 million and expects to receive a second unallocated installment of $250 million related to the Martinez Refinery Fire, bringing total unallocated net insurance reimbursements to $500 million.
The Martinez refinery is planned to restore full operations by year-end 2025, and the company anticipates generating over $230 million in annualized savings by year-end 2025 from its Refinery Business Improvement initiative.
Full-year capital expenditures are projected to be between $750 million and $775 million, excluding Martinez restoration costs.

Oct 30, 2025, 10:43 AM

8-K

PBF Energy Announces Third Quarter 2025 Results and Declares Dividend

PBF

Earnings

Dividends

Guidance Update

PBF Energy reported Q3 2025 net income attributable to PBF Energy Inc. of $170.1 million or $1.45 per diluted share, a significant improvement from a net loss of $285.9 million or $(2.49) per share in Q3 2024.
The company's income from operations for Q3 2025 was $285.9 million, compared to a loss from operations of $386.3 million for Q3 2024. Excluding special items, the Q3 2025 loss from operations was $27.1 million, an improvement from a loss of $231.5 million in Q3 2024.
PBF Energy declared a quarterly dividend of $0.275 per share of Class A common stock, payable on November 26, 2025.
The company closed the sale of terminal assets for $175.4 million and is set to receive a second unallocated installment of $250 million related to the Martinez Refinery Fire insurance, bringing total unallocated net insurance reimbursements to $500 million.
PBF expects full-year capital expenditures in the $750 to $775 million range and had approximately $482 million of cash and $2.4 billion of total debt at quarter-end.

Oct 30, 2025, 10:30 AM

Press Release

PBF Energy Closes Terminal Assets Sale

PBF

M&A

PBF Energy Inc. announced the closing of the sale of terminal assets on September 30, 2025.
The sale involved two refined product terminal facilities located in Philadelphia, PA, and Knoxville, TN.
The transaction generated $175 million in cash for PBF Energy.
The sold assets included 38 storage tanks with approximately 1.9 million barrels of storage capacity.
PBF Energy's CFO, Karen Davis, stated that the sale monetized non-core assets and increased liquidity for the company.

Sep 30, 2025, 8:30 PM

Press Release

PBF Energy Reports Q4 2024 Adjusted Net Loss and Discusses Martinez Refinery Fire

PBF

Earnings

Guidance Update

Share Buyback

PBF Energy reported an adjusted net loss of $2.82 per share and an adjusted EBITDA loss of $249.7 million for Q4 2024, ending the quarter with approximately $536 million in cash and $921 million of net debt.
A fire occurred at the Martinez Refinery on February 1, 2025, during planned maintenance, with investigations ongoing to assess damage; the company stated it is properly insured for such an event.
The company launched a Refining Business Improvement program targeting over $200 million in run rate cost savings to be implemented by the end of 2025, with energy usage and turnarounds identified as key opportunity areas.
PBF returned approximately $60 million to shareholders in Q4 2024 through share repurchases and a regular quarterly dividend of $0.275 per share.
Despite challenging market conditions in late 2024, PBF maintains a strong financial position and expects to be free cash flow positive in 2025, with a focus on deleveraging as the market rebalances.