Key Takeaways PBF Energy reports a Q3 adjusted loss of 52 cents per share, beating estimates and improving year over year.Revenues fall to $7.7B from $8.4B, but results benefit from lower costs and expenses.Refining segment swings to $232M profit, while Logistics profit triples to $149M from last year.PBF Energy Inc. (PBF) reported a third-quarter 2025 adjusted loss of 52 cents per share, narrower than the Zacks Consensus Estimate of a loss of 69 cents. The bottom line also improved from the year-ago quarte ...

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $0.52 per share and an adjusted EBITDA of $144.4 million for the third quarter [16] - Cash flow from operations for the quarter was approximately $25 million, which included a working capital draw of approximately $74 million [18] - The company ended the quarter with $482 million in cash and approximately $1.9 billion of net debt, maintaining a resilient balance sheet [19][20] Business Line Data and Key Metrics Changes - The Martinez refinery is on schedule for a December restart, with maintenance teams expected to turn over impacted units to operations in early December [4][5] - The Torrance refinery successfully completed a hydrocracker turnaround in the third quarter, while Toledo experienced throughput impacts due to an unplanned outage [12] - 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 implemented savings to date [13][40] Market Data and Key Metrics Changes - Strong product cracks and improving crude dynamics are expected to create a favorable environment for the company and its shareholders [6][7] - The company anticipates that refined product supply constraints, coupled with a well-supplied crude market, will support tight product balances [6] - The market is experiencing a shift with crude differentials widening, which is expected to enhance capture rates for the company [25][27] Company Strategy and Development Direction - The company is focused on safe, reliable, and responsible operations while enhancing efficiency through the RBI program [14][15] - The company aims to capture favorable market conditions as it moves forward, particularly with the full operational capacity of the Martinez refinery by year-end [6][7] - The company is well-positioned in California's refining market, especially with recent capacity closures by competitors [63][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the restart of the Martinez refinery, emphasizing a good relationship with regulatory bodies and the importance of safety [25][26] - The company noted that global demand continues to outstrip net refining capacity additions, which is expected to support market conditions [6] - Management highlighted the challenges in the renewable diesel market but remains optimistic about the asset's performance due to its top quartile status [86] Other Important Information - The company received a $250 million gain on insurance recoveries related to the Martinez fire, with expectations for additional payments as claims progress [16][17] - The company approved a regular quarterly dividend of $0.275 per share [19] Q&A Session Summary Question: Confidence in Martinez Restart - Management expressed confidence in the restart of the Martinez refinery, stating that all permits are in place and emphasizing the team's efforts [25][26] Question: Outlook for Heavy-Light Differentials - Management noted that the market has been constrained and that recent OPEC+ moves have led to a loosening of crude, which is expected to improve capture rates [27][28] Question: Insurance Proceeds Timeline - Management indicated that the $250 million insurance payment received shortly after the quarter was not included in Q3 results and discussed the ongoing relationship with insurance providers [35][36] Question: RBI Program Progress - Management confirmed that they are on track for $230 million in savings, with approximately $210 million already captured, and discussed the continuous improvement journey beyond 2026 [39][44] Question: Impact of Phillips LA Closure - Management acknowledged the significant impact of the Phillips LA closure on the market, noting that it would lead to a reduction in local gasoline supply [75][76] Question: Renewable Diesel Market Challenges - Management discussed the challenges in the renewable diesel market but emphasized the asset's competitive position and potential for higher RIN prices [86]

PBF Energy (PBF) came out with a quarterly loss of $0.52 per share versus the Zacks Consensus Estimate of a loss of $0.69. This compares to a loss of $1.5 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +24.64%. A quarter ago, it was expected that this refiner would post a loss of $1.19 per share when it actually produced a loss of $1.03, delivering a surprise of +13.45%.Over the last four quarters, the company has surpassed c ...

Commodity Derivatives and Inventories - As of September 30, 2025, the company had gross open commodity derivative contracts representing 21.5 million barrels with an unrealized net gain of $4.1 million[296]. - The company's hydrocarbon inventories totaled approximately 32.2 million barrels at September 30, 2025, with an average cost of $79.61 per barrel on a LIFO basis[297]. - The average cost of hydrocarbon inventories was approximately $80.46 per barrel at December 31, 2024, indicating a slight decrease in average cost year-over-year[297]. Market Risks - The company is exposed to market risks related to changes in commodity prices, which significantly affect earnings, cash flow, and liquidity[294]. - A $1.00 per MMBTU change in natural gas prices would increase or decrease the company's natural gas costs by approximately $70.0 million to $90.0 million annually[298]. - The company manages exposure to commodity price risks through supply and offtake agreements and various commodity derivative instruments[295]. Credit Facilities and Interest Rates - The maximum commitment under the company's Revolving Credit Facility is $3.5 billion, with an outstanding balance of $350.0 million in variable interest debt as of September 30, 2025[303]. - A 1.0% change in the interest rate on the Revolving Credit Facility would increase or decrease the company's interest expense by approximately $25.2 million annually[303]. Regulatory and Compliance Risks - The company's overall Renewable Identification Numbers (RINs) obligation is based on a percentage of domestic shipments of on-road fuels, which may require purchasing RINs on the open market if blending requirements are not met[300]. - The company is subject to risks associated with complying with federal and state legislative measures to address greenhouse gas emissions, which may result in increased operational costs[301].

Financial Performance - Third quarter 2025 income from operations was $285.9 million, compared to a loss of $386.3 million in Q3 2024[1] - Net income for Q3 2025 was $171.7 million, or $1.45 per share, compared to a net loss of $289.1 million, or $(2.49) per share in Q3 2024[2] - Revenues for Q3 2025 were $7,651.1 million, a decrease of 9.0% from $8,382.3 million in Q3 2024[24] - Net income attributable to PBF Energy Inc. stockholders for Q3 2025 was $170.1 million, compared to a net loss of $285.9 million in Q3 2024[26] - Adjusted fully-converted net income for Q3 2025 was $171.3 million, while in Q3 2024 it was a loss of $288.3 million[26] - Basic net income per share for Q3 2025 was $1.47, compared to a loss of $2.48 per share in Q3 2024[24] - EBITDA for Q3 2025 reached $449.0 million, compared to a negative EBITDA of $224.0 million in Q3 2024, indicating a strong recovery[28] - Consolidated revenues for the nine months ended September 30, 2025, were $22,192.8 million, down from $25,764.0 million in the same period of 2024, a decrease of 13.5%[50] Operational Highlights - The Martinez refinery is expected to restore full operations by year-end 2025, with current limited throughput estimated between 85,000 to 105,000 barrels per day[6] - Expected total throughput for Q4 2025 is between 860,000 to 910,000 barrels per day across various regions[14] - St. Bernard Renewables averaged approximately 15,400 barrels per day of renewable diesel production in Q3 2025, with expectations of 16,000 to 18,000 barrels per day in Q4 2025[15] - Total crude oil and feedstocks throughput for the nine months ended September 30, 2025, was 222.2 million barrels, down from 251.6 million barrels in the same period of 2024, a decrease of 11.7%[43] - The company's production for the three months ended September 30, 2025, was 876.2 thousand barrels per day, compared to 945.4 thousand barrels per day in 2024, a decline of 7.3%[43] Cost and Expenses - Total cost and expenses for Q3 2025 were $7,365.2 million, down from $8,768.6 million in Q3 2024, reflecting a 16.0% decrease[24] - Operating activities generated a cash outflow of $444.6 million for the nine months ended September 30, 2025, compared to a cash inflow of $373.1 million for the same period in 2024[33] - Capital expenditures for Q3 2025 were $131.7 million, down from $152.8 million in Q3 2024, indicating a potential shift in investment strategy[36] - The refining operating expense per barrel of throughput was $7.35 in Q3 2025, slightly up from $7.22 in Q3 2024[43] Debt and Equity - Total debt increased to $2,394.3 million as of September 30, 2025, up from $1,457.3 million at the end of 2024, resulting in a total debt to capitalization ratio of 31%[31] - Total equity excluding special items decreased to $4,079.4 million as of September 30, 2025, from $4,686.8 million as of December 31, 2024[76] - Net debt increased to $1,912.3 million as of September 30, 2025, from $921.2 million as of December 31, 2024[76] - The net debt to capitalization ratio increased to 26% as of September 30, 2025, compared to 14% as of December 31, 2024[76] Insurance and Asset Sales - The company closed the sale of terminal assets for $175.4 million, enhancing liquidity[5] - PBF expects to receive a second unallocated insurance installment of $250 million related to the Martinez Refinery Fire, totaling $500 million in net insurance reimbursements[8] - The company reported a gain on insurance recoveries of $250.0 million in Q3 2025, compared to no such gain in Q3 2024[26] - Gains on insurance recoveries associated with the Martinez Refinery Fire increased income from operations by $250.0 million for the three months and $439.0 million for the nine months ended September 30, 2025[61] Dividends - The company declared a quarterly dividend of $0.275 per share, payable on November 26, 2025[4] - Dividends per common share increased to $0.275 in Q3 2025 from $0.25 in Q3 2024[24]

Core Insights - PBF Energy Inc. reported a significant turnaround in its financial performance for the third quarter of 2025, achieving an income from operations of $285.9 million compared to a loss of $386.3 million in the same quarter of 2024 [1][2] - The company declared a quarterly dividend of $0.275 per share, reflecting its improved financial position [3] Financial Performance - The net income for the third quarter of 2025 was $171.7 million, or $1.45 per share, a stark contrast to a net loss of $289.1 million, or $(2.49) per share, in the third quarter of 2024 [2][20] - Excluding special items, the adjusted fully-converted net loss for Q3 2025 was $60.3 million, or $(0.52) per share, compared to a loss of $173.8 million, or $(1.50) per share, in Q3 2024 [2][22] Operational Updates - PBF's refineries operated largely as planned, benefiting from seasonally higher product cracks, and a major turnaround was completed at the Torrance refinery during the third quarter [3] - The Martinez refinery, which experienced a fire on February 1, 2025, is expected to restore full operations by year-end 2025, with current limited throughput estimated between 85,000 to 105,000 barrels per day [4][5] Insurance and Asset Sales - The company received a total of $500 million in unallocated net insurance reimbursements related to the Martinez Refinery Fire, which will help cover the costs of rebuilding [6][7] - PBF closed the sale of two non-core refined product terminal facilities for $175.4 million, enhancing its liquidity [7] Strategic Initiatives - PBF's Refining Business Improvement (RBI) initiative aims to generate over $230 million in annualized savings by year-end 2025 and over $350 million by year-end 2026 [9] - The company maintains a focus on conservative management of its balance sheet, with approximately $482 million in cash and $2.4 billion in total debt at quarter-end [8] Future Outlook - The company expects full-year capital expenditures in the range of $750 to $775 million, excluding costs related to the Martinez Refinery restoration [10] - Projected throughput for Q4 2025 is estimated to be between 860,000 to 910,000 barrels per day across various regions [11]

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Group 1 - PBF Energy stock saw an improvement in its Relative Strength (RS) Rating, increasing from 84 to 91, indicating enhanced technical performance [1] - Oil prices experienced a significant rally, jumping more than 5% due to news of increased sanctions on Russia by Trump [2] - Marathon Petroleum stock received an RS Rating of 82, reflecting its strong price performance [4] Group 2 - PBF Energy's stock is highlighted for its improved price strength and has been recognized as a stock of interest by IBD [4] - Valero Energy also cleared a technical benchmark, achieving an RS Rating of over 80, showcasing its renewed technical strength [4] - The overall market sentiment appears positive, with stocks like PBF Energy and Valero Energy demonstrating improved relative strength amidst favorable market conditions [4]

Group 1 - PBF Energy Inc. experienced a significant stock price increase of 15.67%, closing at $34.10, nearing its 52-week high as investors adjusted their portfolios ahead of the upcoming earnings report [1][3] - The company is set to release its financial and operating highlights on October 30, along with a conference call to discuss the results [2] - As one of the largest independent oil refiners in North America, PBF Energy is expected to benefit from the rising energy demand in the US, driven by substantial investments in artificial intelligence data centers [3] Group 2 - For the third quarter, PBF Energy targets a total throughput of between 865,000 and 915,000 barrels per day [4] - The company aims to achieve over $200 million in annualized, run-rate sustainable cost savings by year-end, with a goal of increasing this to $350 million by the end of 2026 [4]

Shares of PBF Energy Inc. (NYSE: PBF ) have been a poor performer this year, losing nearly 10%. Its financial results have been strained by a weak refining environment over the winter, though that has improved. Additionally, it suffered a devastating fire at a refinery earlierOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a qu ...