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]

Leadership Changes - Planet Based Foods Global Inc. has announced significant changes to its executive leadership team and board of directors, effective immediately [1] - Sigal Shapira has been appointed as the Chief Executive Officer, President, and Director, bringing nearly 20 years of international business experience [2] - Emrah Petorak joins as Chief Financial Officer, contributing his financial expertise to support the company's strategic goals [2] Board Appointments - Evelyne Batamuliza has been appointed as Chairwoman of the Board, alongside Lauren Camp as independent directors, enhancing governance with diverse perspectives [3] - Their expertise will also contribute to the audit committee, reflecting the company's commitment to robust oversight [3] Executive Departures - Theodore Cash Llewellyn is stepping down from his roles as Chief Executive Officer and Interim Chief Financial Officer, with Kevin Vines also resigning from the Board [4] - The company expresses gratitude for their service and contributions [4] Company Vision and Commitment - The new CEO, Sigal Shapira, emphasizes the company's focus on providing high-quality food ingredients and empowering women-led farming communities globally [5] - The company aims to promote sustainable agriculture through plant-based products that benefit ecosystems and support regenerative agriculture [5] - Planet Based Foods Global Inc. is dedicated to advancing the plant-based food industry with a focus on sustainability and equitable partnerships [6]

Core Insights - PBF Energy Inc. reported a first-quarter 2025 adjusted loss of $3.09 per share, which was narrower than the Zacks Consensus Estimate of a loss of $3.50, but worse than the prior year's loss of $0.86 per share [1] - Total revenues for the quarter decreased to $7.07 billion from $8.65 billion year-over-year, yet exceeded the Zacks Consensus Estimate of $6.47 billion [1] - The better-than-expected earnings were attributed to reduced costs and expenses despite lower throughput volumes and declining refining margins [2][3] Financial Performance - The Refining segment reported an operating loss of $473.2 million, a significant decline from an operating income of $170.6 million in the previous year, falling short of the estimated operating income of $99.2 million [3] - The Logistics segment generated a profit of $51.4 million, up from $45.1 million in the prior-year quarter, surpassing the estimate of $45.5 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes averaged 730.4 thousand barrels per day (bpd), down from 897.4 thousand bpd year-over-year and below the estimate of 770 thousand bpd [4] - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions contributed 35.9%, 18.8%, 21.6%, and 23.7% respectively to total throughput volumes [4] Margins - The company-wide gross refining margin per barrel was $5.96, significantly lower than $11.73 in the previous year and below the estimate of $9.94 [5] - Regional margins included $5.86 for the East Coast (down from $7.72), $5.32 for the Gulf Coast (down from $12.36), and $6.76 and $6.05 for the Mid-Continent and West Coast respectively, compared to $18.15 and $13.15 a year ago [6] Costs & Expenses - Total costs and expenses for the quarter were $7.56 billion, down from $8.5 billion in the prior year, but higher than the estimate of $6.97 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.49 billion, lower than $8.43 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy invested $215.6 million in capital for refining operations and $2.4 million for logistics [8] - As of the end of the first quarter, the company had cash and cash equivalents of $0.47 billion and total debt of $2.24 billion, resulting in a total debt-to-capitalization ratio of 30% [8] Outlook - For the second quarter of 2025, PBF Energy expects throughput volumes of 265,000 to 285,000 bpd on the East Coast, 150,000 to 160,000 bpd in the Mid-Continent, 165,000 to 175,000 bpd in the Gulf Coast, and 215,000 to 235,000 bpd on the West Coast [9]

Core Insights - PBF Energy reported a revenue of $7.07 billion for Q1 2025, marking an 18.3% decline year-over-year, with an EPS of -$3.09 compared to $0.86 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $6.47 billion by 9.25%, while the EPS also surprised positively by 11.71% against the consensus estimate of -$3.50 [1] Financial Performance Metrics - PBF Energy's shares have returned -12.1% over the past month, contrasting with the Zacks S&P 500 composite's -0.7% change, and the stock holds a Zacks Rank 3 (Hold) [3] - Gross refining margins varied by region: - Mid-Continent: $6.76 per barrel (vs. $7.32 estimated) - West Coast: $6.05 per barrel (vs. $7.31 estimated) - Gulf Coast: $5.32 per barrel (vs. $5.53 estimated) - East Coast: $5.86 per barrel (vs. $5.14 estimated) - Overall gross refining margin: $5.96 per barrel (vs. $6.22 estimated) [4] - Total crude oil and feedstocks throughput was 65.7 MBBL, below the five-analyst average estimate of 70.14 MBBL [4] - Production figures were as follows: - Gulf Coast: 158.9 thousand barrels per day (vs. 163.02 estimated) - Mid-Continent: 139.1 thousand barrels per day (vs. 135.42 estimated) - East Coast: 258.4 thousand barrels per day (vs. 254.32 estimated) [4] - Revenues from logistics were $94.50 million, slightly above the $94.34 million estimate, reflecting a -1.7% year-over-year change [4] - Revenues from refining were $7.06 billion, significantly lower than the $6.16 billion estimate, representing an 18.3% decline year-over-year [4] - Revenues from eliminations were -$85.20 million, slightly worse than the -$84.07 million estimate, showing a -2% change year-over-year [4]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $3.09 per share and an adjusted EBITDA loss of $258.8 million for the first quarter [20][21] - Cash flow used in operations for the quarter was $661.4 million, which included a working capital headwind of approximately $330 million [23] - The company ended the quarter with approximately $469 million in cash and $1.77 billion of net debt, with a net debt to capitalization ratio of 29% [24][25] Business Line Data and Key Metrics Changes - The Martinez refinery has restarted a number of unaffected units, operating in a limited configuration of 85,000 to 105,000 barrels per day [7][9] - The company is producing limited quantities of finished gasoline and jet fuel for California markets and intermediates for further processing at Torrance [8][10] - The company expects to generate over $200 million of annualized run rate sustainable cost savings by year-end 2025 through its refining business improvement program [17] Market Data and Key Metrics Changes - Gasoline stocks are below the five-year average, and distillate stocks are at the bottom of the range, indicating improving fundamentals as the driving season approaches [10] - The company anticipates that the reintroduction of incremental OPEC plus barrels will benefit its operations as tight differentials begin to loosen [11] Company Strategy and Development Direction - The company announced the sale of its Knoxville and Philadelphia terminal assets for $175 million, expected to close in the second half of the year [12] - The company is focused on controlling aspects of its business to position itself for future market cycles, emphasizing safe, reliable, and efficient operations [12][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic environment is tumultuous, but demand is resilient and showing signs of strength [6][10] - The company is optimistic about the long-term demand growth exceeding net refining capacity additions, creating a constructive setup for the global refining environment [11] - Management expressed confidence in the liquidity position and plans to reduce inventory and leverage insurance proceeds to bolster financial stability [25][90] Other Important Information - The company received a first installment of $250 million from its insurance program, expected to be received in the second quarter [9][20] - The company has a revised total capital budget for 2025 in the range of $750 million to $775 million, excluding costs related to the Martinez rebuild [18] Q&A Session Summary Question: Update on Martinez repair process and timeline - Management indicated no change in the timeline for repairs, with long lead items ordered and execution dependent on equipment arrival [32] Question: Integration of product movement from Martinez to Torrance - Management confirmed that the integration is currently happening, with Torrance fully operational [33] Question: Concerns regarding RINs and renewable diesel market - Management highlighted the instability in the RIN market and its potential impact on gasoline prices and refining capacity [36][40] Question: Outlook on crude quality discounts and OPEC's impact - Management expects OPEC's actions to widen differentials, positively impacting the company's operations [47][48] Question: California's regulatory environment for refiners - Management noted a recognition of the importance of in-state refining and the need for a level playing field in regulations [52][55] Question: Net debt trajectory and financing needs - Management stated that they do not anticipate needing additional financing at this time, focusing on maintaining a resilient balance sheet [59] Question: Operating costs in California for Q2 - Management did not provide specific numbers for California operating costs but indicated that it would be difficult to dissect due to various factors [70][71] Question: Examples of unexpected opportunities in the RBI program - Management reported that energy and turnaround performance have shown significant opportunities, aligning with initial expectations [74] Question: Working capital headwinds and liquidity confidence - Management acknowledged working capital headwinds but expressed confidence in liquidity levels and ongoing initiatives to stabilize operations [89][90]

Core Viewpoint - PBF Energy reported a quarterly loss of $3.09 per share, which was better than the Zacks Consensus Estimate of a loss of $3.50, indicating an earnings surprise of 11.71% [1] - The company generated revenues of $7.07 billion for the quarter, surpassing the Zacks Consensus Estimate by 9.25%, although this represents a decline from $8.65 billion in the same quarter last year [2] Financial Performance - PBF Energy's earnings have shown inconsistency, surpassing consensus EPS estimates only once in the last four quarters [2] - The company has exceeded consensus revenue estimates four times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.70 on projected revenues of $7.38 billion, and for the current fiscal year, it is -$5.85 on revenues of $28.89 billion [7] Stock Performance - PBF Energy shares have declined approximately 35.3% since the beginning of the year, contrasting with the S&P 500's decline of 5.3% [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the market in the near future [6] Industry Outlook - The Oil and Gas - Refining and Marketing industry is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

PBF Energy (PBF) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good day, everyone, and welcome to the PBF Energy First Quarter twenty twenty five Earnings Conference Call and Webcast. At this time, all participants have been placed in a listen only mode and the floor will be opened for questions following management prepared remarks. Please note that this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin. Speaker1 T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35764 PBF ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 45-3763855 (State or other jurisdiction ...

PBF Energy Announces First Quarter 2025 Results, Sale of Terminal Assets and Declares Dividend of $0.275 per Share PARSIPPANY, NJ - May 1, 2025 - PBF Energy Inc. (NYSE:PBF) today reported first quarter 2025 loss from operations of $511.2 million as compared to income from operations of $145.1 million for the first quarter of 2024. Excluding special items, first quarter 2025 loss from operations was $441.8 million as compared to income from operations of $143.9 million for the first quarter of 2024. The comp ...

First quarter loss from operations of $511.2 million (excluding special items, first quarter loss from operations of $441.8 million) Partial operations restored at Martinez refinery Declared quarterly dividend of $0.275 per share Announces sale of terminal assets for $175 million PBF received notice that its insurers agreed to pay a net $250 million unallocated first installment of insurance proceeds related to the Martinez incidentPARSIPPANY, N.J., May 1, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) to ...