Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $1.03 per share and adjusted EBITDA of $61.8 million for Q2 2025, excluding special items [15][16] - Cash flow from operations for the quarter was $191.1 million, benefiting from a working capital reduction of approximately $79 million due to a 2 million barrel decrease in inventory [18] - The company ended the quarter with approximately $590.7 million in cash and $1.8 billion in net debt, maintaining a net debt to capitalization ratio of 30% [20] Business Line Data and Key Metrics Changes - The Martinez refinery was partially restarted in late April, with a full restart expected by year-end [5][6] - The company anticipates recognizing $230 million in annualized run rate savings by 2025 and $350 million by 2026, with over $125 million of savings already implemented [13][14] - Renewable diesel production at St. Bernard Renewables averaged 14,200 barrels per day in Q2, with expectations of 16,000 to 18,000 barrels per day in Q3 [17] Market Data and Key Metrics Changes - The company noted a significant reduction in medium and heavy crude availability, with 4 million barrels taken off the market between 2022 and 2023 [6] - The global distillate supply and demand balance remains in deficit, supporting strong diesel margins [7][8] - The company expects light-heavy spreads to widen as seasonal refinery maintenance occurs in the autumn [7][9] Company Strategy and Development Direction - PBF Energy is focused on improving efficiency and reliability across its refining system through business improvement initiatives [10][14] - The company is exploring opportunities to maximize the value of its Delaware City refinery land, potentially for data centers [44] - The management emphasizes the importance of safe, reliable, and responsible operations while driving cost reductions [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining environment, citing constructive tailwinds from crude supply and strong product demand [5][9] - The company is actively engaging with California state officials to address the importance of refined products amid upcoming refinery closures [70][71] - Management highlighted the need for tangible improvements from discussions with regulatory agencies to ensure operational stability [72] Other Important Information - The company received $250 million in insurance proceeds related to the Martinez fire, with expectations for additional interim payments [15][96] - The anticipated receipt of a $70 million tax refund and proceeds from terminal sales are expected to bolster liquidity [20] Q&A Session Summary Question: How to track cost-cutting targets? - Management indicated that approximately 70% of savings will come from operating expenses and 30% from capital expenditures, with a focus on sustainability and reliability [26][30] Question: Update on light-heavy differential? - Management noted that they are beginning to see light-heavy spreads widen, benefiting from increased crude supply [31][32] Question: Path to restart Martinez refinery? - Management outlined that demolition is complete, and they are working on procurement and construction activities, with a focus on regulatory permits [36][41] Question: Cash position and future financing? - Management confirmed ample liquidity and a stable cash position, with no immediate plans to raise additional debt [48][51] Question: Renewable diesel production outlook? - Management stated that production is expected to be optimized based on market conditions, with a focus on maximizing profit [81] Question: Impact of UK refinery closures on PADD one? - Management acknowledged a shift in import dynamics, with less product coming from Europe, affecting the East Coast market [75]

Group 1: Earnings Performance - PBF Energy reported a quarterly loss of $1.03 per share, better than the Zacks Consensus Estimate of a loss of $1.19, and compared to a loss of $0.56 per share a year ago, indicating an earnings surprise of +13.45% [1] - The company posted revenues of $7.48 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 10.04%, although this is a decrease from year-ago revenues of $8.74 billion [2] - Over the last four quarters, PBF Energy has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - PBF Energy shares have lost about 7.2% since the beginning of the year, while the S&P 500 has gained 8.2%, indicating underperformance in the market [3] - The current consensus EPS estimate for the coming quarter is -$0.53 on revenues of $7.69 billion, and for the current fiscal year, it is -$5.88 on revenues of $28.43 billion [7] - The estimate revisions trend for PBF Energy was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] Group 3: Industry Context - The Oil and Gas - Refining and Marketing industry is currently in the bottom 26% of the Zacks Industry Rank, which may materially impact the performance of PBF Energy's stock [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[PART I – FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents PBF Energy Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, along with notes on significant accounting policies and events [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$12.98 billion** by June 30, 2025, driven by higher inventories and long-term debt, while total equity decreased to **$5.22 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $4,765.8 | $4,543.9 | | **Total Assets** | **$12,980.4** | **$12,703.2** | | **Total Current Liabilities** | $3,631.6 | $3,626.1 | | **Long-term Debt** | $2,390.2 | $1,457.3 | | **Total Liabilities** | $7,764.1 | $7,024.6 | | **Total Equity** | **$5,216.3** | **$5,678.6** | | **Total Liabilities and Equity** | **$12,980.4** | **$12,703.2** | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a **Q2 2025 net loss of $5.4 million**, an improvement from Q2 2024, largely due to insurance recoveries, while the **six-month period saw a $411.3 million net loss** compared to prior year net income Statement of Operations Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $7,475.3 | $8,736.1 | $14,541.7 | $17,381.7 | | **Income (loss) from operations** | $43.0 | $(74.6) | $(468.2) | $70.5 | | **Net income (loss)** | $(5.4) | $(66.0) | $(411.3) | $41.5 | | **Net income (loss) attributable to PBF Energy Inc. stockholders** | $(5.2) | $(65.2) | $(407.0) | $41.4 | | **Diluted Net income (loss) per share** | $(0.05) | $(0.56) | $(3.58) | $0.33 | - A significant event impacting the Q2 and H1 2025 results was a gain on insurance recoveries of **$189.0 million** related to the Martinez refinery fire[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$470.3 million** for H1 2025, a reversal from prior year, with financing activities providing **$896.2 million** primarily from new debt, leading to a **$54.6 million** net increase in cash Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(470.3) | $441.1 | | **Net cash used in investing activities** | $(371.3) | $(617.6) | | **Net cash provided by (used in) financing activities** | $896.2 | $(239.8) | | **Net change in cash and cash equivalents** | $54.6 | $(416.3) | | **Cash and cash equivalents, end of period** | $590.7 | $1,367.2 | - Financing activities in H1 2025 were driven by **$788.5 million** in proceeds from new **9.875% Senior Notes** and net revolver borrowings of **$150.0 million**, contrasting with H1 2024's **$225.1 million** in share repurchases[38](index=38&type=chunk) - Investing activities in H1 2025 included **$132.0 million** in insurance proceeds, partially offsetting capital expenditures[36](index=36&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant events and accounting policies, including the financial impact of the **February 2025 Martinez refinery fire** and its **$189.0 million insurance recovery gain**, alongside disclosures on debt, inventory, and legal contingencies - On **February 1, 2025**, a fire occurred at the **Martinez refinery**, leading to a full shutdown, with certain units restarting in April 2025 and the remaining units expected to restart by **year-end 2025**, though the full financial impact is not yet reasonably estimable[49](index=49&type=chunk)[50](index=50&type=chunk) - In Q2 2025, the company received a **$250.0 million** insurance payment for the Martinez fire, resulting in a recognized gain of **$189.0 million** on the income statement[53](index=53&type=chunk) - In March 2025, the company issued **$800.0 million** of **9.875% Senior Notes** due 2030, with net proceeds of approximately **$776.0 million** used to repay the revolving credit facility and for general corporate purposes[63](index=63&type=chunk) - The company has a **Tax Receivable Agreement (TRA)** with a recognized liability of **$168.2 million** as of June 30, 2025, down from **$293.6 million** at year-end 2024 after a **$125.4 million** payment in January 2025[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section details the company's operational and financial performance, attributing the **H1 2025 net loss of $411.3 million** to unfavorable refining margins and the Martinez fire, while highlighting a **$189.0 million insurance recovery gain** and **strong liquidity of over $2.3 billion** [Recent Developments](index=44&type=section&id=Recent%20Developments) Key recent developments include the **February 1, 2025 Martinez refinery fire** and its phased restart, along with a **$250.0 million initial insurance payment** and the **agreement to sell two terminal assets for $175.0 million** - A fire at the **Martinez refinery** on **February 1, 2025**, led to a full shutdown, with a phased restart beginning in April 2025 and a full restart of damaged units planned by **year-end 2025**[169](index=169&type=chunk)[170](index=170&type=chunk) - The company expects repair costs to be largely covered by property insurance, subject to a **$30.0 million** deductible, with business interruption coverage beginning on **April 3, 2025**, and an initial insurance payment of **$250.0 million** received in Q2 2025[171](index=171&type=chunk)[172](index=172&type=chunk) - On **April 30, 2025**, PBFX entered an agreement to sell two refined product terminal facilities in Philadelphia, PA and Knoxville, TN for **$175.0 million**[173](index=173&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Q2 2025 saw a **net loss of $5.4 million**, an improvement due to a **$189.0 million insurance gain**, while H1 2025 resulted in a **significant net loss of $411.3 million** driven by lower revenues, unfavorable margins, and the Martinez shutdown Financial Highlights Comparison (in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $7,475.3 | $8,736.1 | $14,541.7 | $17,381.7 | | **Net Income (Loss)** | $(5.4) | $(66.0) | $(411.3) | $41.5 | | **Gross Refining Margin** | $640.1 | $681.1 | $1,031.8 | $1,639.4 | Operating Highlights Comparison | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Throughput (bpd in thousands)** | 839.1 | 921.3 | 785.1 | 909.5 | | **Refining OpEx per barrel** | $7.96 | $6.94 | $9.25 | $7.47 | - Q2 2025 results were positively impacted by a **$189.0 million** gain on insurance recoveries, partially offset by **$30.4 million** in Martinez fire-related expenses and **$13.6 million** in severance charges[193](index=193&type=chunk) - Interest expense increased to **$53.8 million** in Q2 2025 from **$17.3 million** in Q2 2024, mainly due to the new **9.875% Senior Notes** issued in March 2025 and higher revolver borrowings[209](index=209&type=chunk) [Non-GAAP Financial Measures](index=58&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP measures, showing a **Q2 2025 adjusted fully-converted net loss of $118.5 million** and **EBITDA excluding special items of $51.8 million**, after accounting for the insurance gain and fire expenses Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss)** | $(5.4) | $(66.0) | $(411.3) | $41.5 | | **EBITDA** | $204.8 | $84.1 | $(134.8) | $374.4 | | **EBITDA excluding special items** | $51.8 | $86.2 | $(218.4) | $375.3 | | **Adjusted EBITDA** | $61.8 | $94.8 | $(197.0) | $396.3 | Reconciliation to Adjusted Fully-Converted Net Income (Loss) (in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Adjusted fully-converted net income (loss)** | $(5.3) | $(65.8) | $(410.2) | $41.5 | | **Adjusted fully-converted net income (loss) excluding special items** | $(118.5) | $(64.2) | $(472.1) | $42.2 | - Special items for Q2 2025 included a **$189.0M** gain on insurance recoveries, **$30.4M** in Martinez fire expenses, a **$(8.0)M** favorable SBR LCM inventory adjustment, and **$13.6M** in severance charges[241](index=241&type=chunk)[250](index=250&type=chunk) [Liquidity and Capital Resources](index=67&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company maintained **strong liquidity of over $2.3 billion**, with **$470.3 million net cash used in operations** for H1 2025, and projected **2025 capital spending of $750.0 to $775.0 million** - Total liquidity was over **$2.3 billion** as of June 30, 2025, consisting of over **$500.0 million** in cash and approximately **$1.8 billion** of availability under the Revolving Credit Facility[271](index=271&type=chunk) - Capital spending for full-year 2025 is expected to be between **$750.0 million** and **$775.0 million**, excluding costs to rebuild units damaged by the Martinez fire[276](index=276&type=chunk) - A dividend of **$0.275 per share** was declared on July 31, 2025, payable on August 28, 2025[284](index=284&type=chunk) - The Tax Receivable Agreement liability was **$168.2 million** as of June 30, 2025, following a payment of **$125.4 million** in January 2025 for the 2023 tax year[281](index=281&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces significant market risks from **commodity price volatility**, particularly refined product and crude oil spreads, alongside **compliance costs for RFS (RINs)** and **interest rate risk on variable-rate debt**, partially mitigated by derivatives - The primary market risk is **commodity price volatility**, specifically the difference between refined product prices and crude oil/feedstock costs[286](index=286&type=chunk) - As of June 30, 2025, the company had open commodity derivative contracts representing **31.4 million barrels** with an unrealized net gain of **$2.2 million**[289](index=289&type=chunk) - The company is exposed to **compliance program price risk**, particularly the cost of **Renewable Identification Numbers (RINs)** to comply with the **RFS**[292](index=292&type=chunk) - The company has **interest rate risk** on its **$3.5 billion Revolving Credit Facility**, with **$350.0 million** outstanding as of June 30, 2025, where a 1.0% change in interest rates would impact annual interest expense by approximately **$24.0 million** if fully drawn[295](index=295&type=chunk) [Item 4. Controls and Procedures](index=72&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's **disclosure controls and procedures were effective** as of June 30, 2025, with **no material changes to internal control over financial reporting** during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[297](index=297&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended June 30, 2025, that **materially affected**, or are reasonably likely to materially affect, internal controls[298](index=298&type=chunk) [PART II – OTHER INFORMATION](index=73&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=73&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in multiple **environmental and incident-related legal proceedings**, including investigations and class action lawsuits concerning the **Martinez refinery fire** and prior incidents, though management anticipates **no material financial impact** - The **Martinez refinery** is under investigation by multiple agencies (BAAD, CCC, DOJ, EPA, etc.) for a **November 2022 catalyst release**, **2023 coke dust releases**, and other incidents, resulting in **numerous NOVs** and a joint civil enforcement action[302](index=302&type=chunk) - The **February 1, 2025 fire** at the **Martinez refinery** is also under investigation by regulatory agencies, with the BAAD issuing **22 NOVs** related to the event as of the filing date, and potential liabilities currently unknown[303](index=303&type=chunk) - The company is a defendant in **multiple class action and individual lawsuits** (Piscitelli, Cruz, Frye, etc.) related to **Martinez refinery operations**, alleging public/private nuisance, trespass, and negligence, with these cases being coordinated for common issues[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk) - The company believes that the ultimate outcomes of these pending legal matters will **not have a material impact** on its financial position, results of operations, or cash flows[314](index=314&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, there were **no exchanges of PBF LLC Series A Units** or **share repurchases** under the **$1.75 billion Repurchase Program**, leaving **$732.0 million available** for future repurchases - In the three months ended June 30, 2025, there were **no exchanges** of PBF LLC Series A Units for shares of PBF Energy Class A common stock[315](index=315&type=chunk) - The company **did not purchase any shares** of its Class A common stock under its Repurchase Program during the three and six months ended June 30, 2025, with approximately **$732.0 million remains available** for purchase under the program[317](index=317&type=chunk) [Other Information](index=79&type=section&id=Item%205.%20Other%20Information) During Q2 2025, **no directors or executive officers adopted or terminated any Rule 10b5-1 trading plans** or non-Rule 10b5-1 trading arrangements - During the three months ended June 30, 2025, **no directors or executive officers adopted or terminated** a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading arrangement[319](index=319&type=chunk) [Exhibits](index=80&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including **CEO and CFO certifications** under Sarbanes-Oxley Sections 302 and 906, and **Inline XBRL data files** - The report includes **CEO and CFO certifications** under **Sarbanes-Oxley Sections 302 and 906**, as well as **Inline XBRL filings**[322](index=322&type=chunk)

[Q2 2025 Financial and Operational Highlights](index=1&type=section&id=PBF%20Energy%20Announces%20Second%20Quarter%202025%20Results%20and%20Declares%20Dividend%20of%20%240.275%20per%20Share) PBF Energy reported a Q2 2025 income from operations of **$43.0 million**, a significant turnaround from a **$74.6 million** loss in Q2 2024, while declaring a **$0.275** per share dividend [Overall Performance and CEO Remarks](index=1&type=section&id=PBF%20Energy%20Announces%20Second%20Quarter%202025%20Results%20and%20Declares%20Dividend%20of%20%240.275%20per%20Share) PBF Energy reported a **$43.0 million** income from operations in Q2 2025, a turnaround from prior year's loss, with the CEO highlighting operational improvements and strategic cost savings Q2 2025 vs. Q2 2024 Key Financial Results | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Income (Loss) from Operations | $43.0 million | $(74.6) million | | Loss from Operations (Excl. Special Items) | $(110.0) million | $(72.5) million | | Net Loss Attributable to PBF | $(5.2) million | $(65.2) million | | Net Loss per Share | $(0.05) | $(0.56) | | Adjusted Fully-Converted Net Loss | $(118.5) million | $(64.2) million | | Adjusted Fully-Converted Net Loss per Share | $(1.03) | $(0.54) | - The company declared a quarterly dividend of **$0.275** per share, payable on August 28, 2025[4](index=4&type=chunk) - CEO Matt Lucey noted that while performance improved and Martinez operations were partially restored, the company faces challenges from narrow light-heavy feedstock differentials, with strategic focus remaining on debt reduction and cash savings through the company-wide RBI initiative[3](index=3&type=chunk) [Key Business Updates](index=2&type=section&id=Key%20Business%20Updates) This section provides updates on the Martinez refinery, terminal asset sales, and company guidance [Martinez Refinery Update](index=2&type=section&id=Martinez%20Refinery%20Update) The Martinez refinery partially resumed operations in Q2 2025 with **85,000-105,000 bpd** throughput, targeting full restart by year-end, with costs largely covered by insurance - Limited operations were restored in Q2, with expected throughput of **85,000 to 105,000 bpd**[6](index=6&type=chunk) - A full restart of the remaining units is planned to occur by year-end 2025, contingent on regulatory approvals and equipment availability[6](index=6&type=chunk) - Rebuilding costs are expected to be largely covered by insurance, subject to a **$30.0 million** deductible, with an initial unallocated insurance payment of **$280 million** (**$250 million** net to PBF) received in Q2[7](index=7&type=chunk)[8](index=8&type=chunk) [Sale of Terminal Assets](index=2&type=section&id=Sale%20of%20Terminal%20Assets) PBF Energy agreed to sell two refined product terminal facilities for **$175 million**, with the transaction expected to close in Q3 2025 - On April 30, 2025, the company agreed to sell two terminal facilities for **$175 million**[9](index=9&type=chunk) - The assets include **38** storage tanks with approximately **1.9 million barrels** of storage capacity[9](index=9&type=chunk) [Guidance and Outlook](index=2&type=section&id=PBF%20Guidance%20Update%20and%20Outlook) PBF Energy targets over **$200 million** in annualized cost savings by year-end 2025 through its RBI initiative, updating full-year capital expenditure and interest expense guidance - The Refining Business Improvement (RBI) initiative is expected to generate over **$200 million** of annualized, run-rate sustainable cost savings by year-end 2025, and over **$350 million** by year-end 2026[11](index=11&type=chunk) Full-Year 2025 Guidance Update | Metric | Guidance Range | | :--- | :--- | | Capital Expenditures | $750 million - $775 million | | Interest Expense | $165 million - $185 million | Third Quarter 2025 Throughput Guidance (bpd) | Region | Low | High | | :--- | :--- | :--- | | East Coast | 320,000 | 340,000 | | Mid-continent | 150,000 | 160,000 | | Gulf Coast | 175,000 | 185,000 | | West Coast | 220,000 | 230,000 | | **Total** | **865,000** | **915,000** | [St. Bernard Renewables (SBR) Update](index=3&type=section&id=St.%20Bernard%20Renewables) St. Bernard Renewables averaged **14,200 bpd** of renewable diesel production in Q2 2025, with Q3 production expected to increase to **16,000-18,000 bpd** - SBR averaged **14,200 bpd** of renewable diesel production in Q2 2025[15](index=15&type=chunk) - Q3 2025 renewable diesel production is expected to average between **16,000 and 18,000 bpd**[15](index=15&type=chunk) [Financial Statements](index=5&type=section&id=EARNINGS%20RELEASE%20TABLES) This section presents the company's condensed consolidated statements of operations, balance sheet data, and cash flow information [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) PBF reported Q2 2025 revenues of **$7.475 billion** and a net loss of **$5.4 million**, a substantial improvement from the prior year, driven by insurance recoveries Q2 2025 vs. Q2 2024 Statement of Operations (in millions, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $7,475.3 | $8,736.1 | | Income (Loss) from Operations | $43.0 | $(74.6) | | Gain on insurance recoveries | $189.0 | $— | | Net Loss | $(5.4) | $(66.0) | | Net Loss Attributable to PBF | $(5.2) | $(65.2) | | Diluted Loss Per Share | $(0.05) | $(0.56) | | Dividends per common share | $0.275 | $0.25 | [Condensed Consolidated Balance Sheet Data](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET%20DATA) As of June 30, 2025, PBF Energy's total assets were **$12.980 billion**, with total debt increasing to **$2.390 billion**, raising the debt to capitalization ratio to **31%** Balance Sheet Data (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $590.7 | $536.1 | | Total assets | $12,980.4 | $12,703.2 | | Total debt | $2,390.2 | $1,457.3 | | Total equity | $5,216.3 | $5,678.6 | | Total debt to capitalization ratio | 31% | 20% | [Summarized Statement of Cash Flow Data](index=8&type=section&id=SUMMARIZED%20STATEMENT%20OF%20CASH%20FLOW%20DATA) In H1 2025, cash used in operating activities was **$470.3 million**, a reversal from the prior year, with **$896.2 million** provided by financing activities Six Months Ended June 30, Cash Flow (in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash flows (used in) provided by operating activities | $(470.3) | $441.1 | | Cash flows used in investing activities | $(371.3) | $(617.6) | | Cash flows provided by (used in) financing activities | $896.2 | $(239.8) | | Net change in cash and cash equivalents | $54.6 | $(416.3) | [Segment Information](index=9&type=section&id=CONSOLIDATING%20FINANCIAL%20INFORMATION%20%28Note%208%29) This section details the financial performance of PBF Energy's Refining, Logistics, and Corporate segments [Segment Performance](index=9&type=section&id=CONSOLIDATING%20FINANCIAL%20INFORMATION%20%28Note%208%29) In Q2 2025, the Refining segment generated **$7.466 billion** in revenue and **$72.8 million** in income from operations, contributing to a consolidated income of **$43.0 million** Segment Financials - Three Months Ended June 30, 2025 (in millions) | Segment | Revenues | Income (Loss) from Operations | | :--- | :--- | :--- | | Refining | $7,465.6 | $72.8 | | Logistics | $98.0 | $56.3 | | Corporate | $— | $(86.1) | | **Consolidated Total** | **$7,475.3** | **$43.0** | Segment Financials - Three Months Ended June 30, 2024 (in millions) | Segment | Revenues | Income (Loss) from Operations | | :--- | :--- | :--- | | Refining | $8,726.6 | $(46.9) | | Logistics | $98.5 | $51.0 | | Corporate | $— | $(78.7) | | **Consolidated Total** | **$8,736.1** | **$(74.6)** | [Operating Metrics and Regional Performance](index=11&type=section&id=MARKET%20INDICATORS%20AND%20KEY%20OPERATING%20INFORMATION) This section provides key market indicators, consolidated operating information, and supplemental regional performance data [Consolidated Operating Information](index=11&type=section&id=MARKET%20INDICATORS%20AND%20KEY%20OPERATING%20INFORMATION) Q2 2025 saw lower crude oil benchmarks and decreased throughput to **839.1 kbpd**, yet gross refining margin improved slightly to **$8.38 per barrel** Key Market Indicators (dollars per barrel) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Dated Brent crude oil | $67.70 | $85.02 | | West Texas Intermediate (WTI) | $63.81 | $80.82 | | Dated Brent (NYH) 2-1-1 Crack Spread | $22.24 | $21.46 | Key Consolidated Operating Information | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Throughput (bpd in thousands) | 839.1 | 921.3 | | Gross refining margin, excl. special items ($/bbl) | $8.38 | $8.12 | | Refining operating expense ($/bbl) | $7.96 | $6.94 | [Supplemental Operating Information by Region](index=12&type=section&id=SUPPLEMENTAL%20OPERATING%20INFORMATION) Q2 2025 regional performance varied, with East Coast, Mid-Continent, and Gulf Coast improving margins, while West Coast throughput dropped to **203.5 kbpd** due to the Martinez fire Q2 2025 vs Q2 2024 Regional Operating Highlights | Region | Throughput (kbpd) Q2'25 | Throughput (kbpd) Q2'24 | Gross Refining Margin/bbl (excl. items) Q2'25 | Gross Refining Margin/bbl (excl. items) Q2'24 | | :--- | :--- | :--- | :--- | :--- | | East Coast | 299.8 | 319.7 | $7.37 | $2.52 | | Mid-Continent | 162.2 | 139.8 | $10.14 | $9.50 | | Gulf Coast | 173.6 | 165.1 | $7.35 | $8.66 | | West Coast | 203.5 | 296.7 | $9.35 | $13.21 | [Reconciliations of Non-GAAP Measures](index=6&type=section&id=RECONCILIATION%20OF%20AMOUNTS%20REPORTED%20UNDER%20U.S.%20GAAP) This section provides reconciliations of GAAP measures to non-GAAP financial metrics, including adjusted net income, EBITDA, and gross refining margin [Reconciliation of Net Income to Adjusted Fully-Converted Net Income](index=6&type=section&id=RECONCILIATION%20OF%20NET%20INCOME%20%28LOSS%29%20TO%20ADJUSTED%20FULLY-CONVERTED%20NET%20INCOME%20%28LOSS%29%20AND%20ADJUSTED%20FULLY-CONVERTED%20NET%20INCOME%20%28LOSS%29%20EXCLUDING%20SPECIAL%20ITEMS%20%28Note%201%29) Q2 2025 GAAP net loss of **$5.2 million** was adjusted to an **$118.5 million** fully-converted net loss, primarily due to a **$189.0 million** insurance recovery gain Reconciliation to Adjusted Fully-Converted Net Loss (in millions) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss attributable to PBF | $(5.2) | $(65.2) | | **Adjusted fully-converted net loss** | **$(5.3)** | **$(65.8)** | | **Special Items (Pre-tax):** | | | | Gain on insurance recoveries | $(189.0) | — | | Martinez refinery fire expenses | $30.4 | — | | Severance and related charges | $13.6 | — | | LCM inventory adjustment - SBR | $(8.0) | $2.1 | | **Adjusted fully-converted net loss excluding special items** | **$(118.5)** | **$(64.2)** | [Reconciliation to EBITDA and Adjusted EBITDA](index=7&type=section&id=EBITDA%20RECONCILIATIONS%20%28Note%207%29) PBF's Q2 2025 net loss of **$5.4 million** reconciled to an EBITDA of **$204.8 million**, with adjusted EBITDA reaching **$61.8 million** after special items EBITDA Reconciliation - Q2 2025 vs Q2 2024 (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income (loss) | $(5.4) | $(66.0) | | **EBITDA** | **$204.8** | **$84.1** | | EBITDA excluding special items | $51.8 | $86.2 | | **Adjusted EBITDA** | **$61.8** | **$94.8** | [Reconciliation of Gross Refining Margin](index=14&type=section&id=GROSS%20REFINING%20MARGIN%20%2F%20GROSS%20REFINING%20MARGIN%20PER%20BARREL%20OF%20THROUGHPUT%20%28Note%2010%29) Q2 2025 consolidated gross margin was a **$58.0 million** loss, but the non-GAAP gross refining margin was **$640.1 million**, or **$8.38 per barrel** Gross Refining Margin Reconciliation - Q2 2025 vs Q2 2024 | Metric | Q2 2025 ($M) | Q2 2025 ($/bbl) | Q2 2024 ($M) | Q2 2024 ($/bbl) | | :--- | :--- | :--- | :--- | :--- | | Consolidated gross margin | $(58.0) | $(0.76) | $6.3 | $0.08 | | **Gross refining margin** | **$640.1** | **$8.38** | **$681.1** | **$8.12** |

Core Insights - PBF Energy Inc. reported a significant improvement in operational performance for Q2 2025, with income from operations of $43.0 million compared to a loss of $74.6 million in Q2 2024 [1][2] - The company experienced a net loss of $5.4 million in Q2 2025, a substantial reduction from a net loss of $66.0 million in the same quarter of the previous year [2] - The company declared a quarterly dividend of $0.275 per share, payable on August 28, 2025 [4] Financial Performance - The adjusted fully-converted net loss for Q2 2025 was $118.5 million, or $(1.03) per share, compared to an adjusted loss of $64.2 million, or $(0.54) per share, in Q2 2024 [2][23] - Revenues for Q2 2025 were reported at $7,475.3 million, down from $8,736.1 million in Q2 2024 [23] - Total debt increased to approximately $2.4 billion as of the end of Q2 2025, compared to $1.5 billion at the end of 2024 [10][26] Refinery Operations - The Martinez refinery partially restored operations after a fire on February 1, 2025, with throughput expected between 85,000 to 105,000 barrels per day [5][6] - Full operational status for the Martinez refinery is anticipated by year-end 2025, contingent on repairs and regulatory approvals [5][6] - The company expects insurance to cover most of the rebuilding costs, subject to a deductible of $30 million [6][7] Strategic Initiatives - PBF Energy is focused on a Refining Business Improvement initiative aimed at generating over $200 million in annualized cost savings by year-end 2025 [11] - The company is committed to conservative management of its balance sheet and debt reduction as its financial position improves [3][10] - PBF Energy is exploring opportunities within its portfolio to enhance shareholder value [10] Market Conditions - The company noted challenges in feedstock markets, particularly regarding light-heavy differentials, but maintains a favorable outlook on global supply and demand [3] - The refining sector is experiencing seasonally higher margins, contributing positively to operational performance [3] Renewable Energy Production - St. Bernard Renewables, a joint venture, averaged approximately 14,200 barrels per day of renewable diesel production in Q2 2025, with expectations to increase to 16,000 to 18,000 barrels per day in Q3 2025 [14]

Group 1 - Planet Based Foods Global Inc. has announced a change to its board of directors, effective immediately [1] - The company has appointed Olha Yushchenko, David Eaton, William Blake Aaron, and Dawn Wattie to its leadership team, enhancing governance and bringing fresh perspectives [2][4] - William Blake Aaron will transition from Corporate Secretary to Director and Audit Committee Chair, with gratitude expressed for his previous contributions [3] Group 2 - The CEO, Sigal Shapira, emphasized the importance of the new directors' expertise in public and private sector leadership, capital markets, finance, and corporate law for the company's growth in the plant-based food sector [4] - Planet Based Foods is committed to advancing the plant-based food industry through sustainable food ingredients and innovative solutions, focusing on quality and environmental responsibility [5]

Core Insights - PBF Energy Inc. has seen a 12.9% increase in share price over the past three months, outperforming the Zacks Oil & Gas - Refining and Marketing industry, which declined by 0.3% [1][6] - The company operates a diversified refining network with a throughput capacity exceeding 1 million barrels per day and a Nelson Complexity Index of 12.8, allowing it to process various crude oil types [3][6] - PBF Energy's earnings are projected to grow by 26.6% over the next five years, surpassing the industry average growth of 12.7% [10] Company Operations - PBF Energy has launched a Refining Business Improvement Program aimed at achieving over $200 million in run-rate savings by the end of 2025, enhancing operational efficiency and profitability [4][7] - The company maintains a balanced product output, with 45% gasoline, 36% distillate, and other products, which helps mitigate localized demand fluctuations [8] - PBF Energy has a lower debt-to-capitalization ratio than the industry average and a cash balance of $0.47 billion, sufficient to cover long-term debt obligations of $2.24 billion, indicating strong liquidity [9] Market Position - PBF Energy shares are trading at a price-to-book value of 0.48X, significantly lower than the industry average of 1.78X, suggesting a discount compared to peers [11] - The average price target for PBF Energy shares is $21.23, indicating a potential downside of 2.53% from the last closing price [12] - The company's slow transition to renewable energy compared to peers poses a risk of losing market share, particularly in sectors like renewable diesel and hydrogen fuel [15]

Core Points - PBF Energy Inc. will release its earnings results for the second quarter of 2025 on July 31, 2025 [1] - A conference call and webcast will be held on the same day at 8:30 a.m. ET to discuss the results and other business matters [1][2] Company Overview - PBF Energy Inc. is one of the largest independent refiners in North America, operating oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio [3] - The company's mission includes operating facilities safely and responsibly, providing a rewarding workplace for employees, positively influencing local communities, and delivering superior returns to investors [3] - PBF Energy is a 50% partner in the St. Bernard Renewables joint venture, which focuses on producing next-generation sustainable fuels [4]

Group 1 - The oil market continues its strong performance, with WTI crude oil futures rising 2.8% to $63.67 per barrel and Brent crude oil futures increasing 2.6% to $66.63 per barrel, marking the largest four-day gain since October of the previous year [1] - The positive market sentiment is driven by a breakthrough in US-China trade negotiations, where both parties agreed to suspend new tariffs for 90 days, alleviating concerns over weak energy demand [1] - The US Labor Department reported a narrowing year-on-year increase in the Consumer Price Index (CPI) to 2.3%, the lowest in four years, which has led institutions like JPMorgan and Barclays to lower recession forecasts for the US economy [1] Group 2 - Geopolitical factors are also providing support, with the Trump administration adopting a hardline stance towards Iran, raising concerns about the stability of Middle Eastern supply [2] - Demand signals are turning positive, as a JPMorgan report indicates that despite uncertainties in crude oil demand, the refined oil market remains strong, with gasoline and diesel prices stable [2] - The refining sector is experiencing a bullish response in the secondary market, with companies like PBF Energy rising 10.1% and Delek US increasing by 6.1% [2]

Group 1 - PBF Energy's shares have declined significantly, losing 68% of their value over the past year [1] - Following the recent earnings release, PBF Energy's stock dropped by 3% [1] - The company has been identified as a poor performer in the market, indicating potential challenges in its operational or financial performance [1]