PBF
PBF Energy Inc.26.64
-3.29-11%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Heavy leverage to crude diffs quantified
Q&A quantified PBF's heavy punch on sour crude diffs—55-60% throughput capacity yields $200M per $1 widening, deemed structural from Venezuela's instant supply surge. California turns tighter post-Phillips 66 closure, needing 250k bpd gasoline imports against looser crudes, amplifying Martinez's early March restart appeal. RBI details: $160M OpEx via procurement/energy, $70M CapEx cuts; offsets inflation, nat gas sensitivity $100M/$1. Delevering trumps returns near-term amid strength. Analysts probed insurance (full property coverage expected, BI nuanced) and RINs (rolling working capital). Bullish tone intact. Watch diff persistence, West Coast capture.
Key Stats
Market Cap
3.09BP/E (TTM)
-Basic EPS (TTM)
-4.59Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
No financial statements, quarterly breakdowns, or performance metrics disclosed in the 10-K filing. PBF Energy's FY2025 ended December 31, 2025, with market value of non-affiliate shares at $2.5 billion as of June 30, 2025. Shares outstanding totaled 116,926,814 Class A as of February 6, 2026. Q4 results not provided. Cash on hand unknown. Volatility in refining margins looms large.
8-K
Q4 profit on insurance gains
PBF Energy swung to Q4 income from operations of $128.0 million, boosted by $393.5 million insurance recovery from the Martinez refinery fire. Martinez restart nears completion by February 16, 2026. RBI efficiencies delivered over $230 million run-rate savings. Quarterly dividend holds at $0.275 per share.
8-K
Martinez restart delayed to Feb
PBF Energy updated on its Martinez refinery rebuild, pushing full restart into February 2026 from year-end 2025 expectations, with planned operating rates by early March after operating at 85,000-105,000 bpd since Q2 2025. Insurance covers most costs beyond $30M deductible, with $893.5M received in 2025 including a recent $393.5M installment; business interruption offsets downtime losses. 2026 throughput guidance spans 885,000-945,000 bpd amid multiple turnarounds. Restart delays hinge on commissioning and QA.
8-K
Q3 profit on insurance, sale
PBF Energy swung to Q3 income from operations of $285.9 million, fueled by $250 million insurance proceeds from the Martinez refinery fire and $175.4 million terminal sale gain. Excluding special items, operations lost $27.1 million amid narrow differentials, yet refineries ran near plan. Martinez restarts by year-end. Dividend holds at $0.275/share.
10-Q
Q3 FY2025 results
PBF Energy swung to Q3 operating income of $285.9M from a $386.3M loss y/y, driven by $7.7B revenue (down 8.8% y/y, derived) and $250M insurance gain from the February Martinez refinery fire, plus $94M gain on terminal asset sale. Diluted EPS hit $1.45 versus $(2.49) y/y, confirmed against 118M shares; YTD operating loss narrowed to $182.3M from $315.8M despite fire downtime. Cash fell to $482M with $2.4B debt (up from $1.5B y/y) after issuing $800M 9.875% notes due 2030; revolver drew $350M of $3.5B facility. Operating cash used $444.6M YTD versus $373.1M provided y/y. Martinez fire probes loom.
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