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Core Viewpoint - PBF Energy is preparing to restart its Martinez refinery after a significant fire in February, with a targeted restart date in December [1]. Group 1: Company Overview - PBF Energy's Martinez refinery has been limited in production due to the fire, impacting overall output [1]. Group 2: Industry Context - The potential restart of the refinery is significant for the energy sector, as it may influence supply dynamics in the market [1].

Group 1 - Planet Based Foods Global Inc. has decided not to proceed with the establishment of its wholly owned subsidiary, PBFG Trade Pte. Ltd. in Singapore, as announced in a previous news release on October 22, 2025 [1] Group 2 - Planet Based Foods Global Inc. focuses on sustainable ingredients, plant-based solutions, and advancements in agricultural technology, aiming to create a cleaner, healthier, and more resilient global food system [2]

Core Insights - PBF Energy Inc. reported a third-quarter 2025 adjusted loss of 52 cents per share, which was better than the Zacks Consensus Estimate of a loss of 69 cents and improved from a loss of $1.50 per share in the same quarter last year [1][9] - Total revenues for the quarter decreased to $7.7 billion from $8.4 billion year-over-year, but exceeded the Zacks Consensus Estimate of $7.5 billion [1][9] - The better-than-expected results were attributed to reduced costs and expenses, although lower throughput volumes partially offset these positives [2] Segment Performance - The Refining segment reported an operating income of $232.3 million, a significant improvement from an operating loss of $341.2 million a year ago, but fell short of the estimate of $257.6 million [3] - The Logistics segment generated a profit of $149.2 million, up from $51.3 million in the prior-year quarter, and exceeded the estimate of $53.2 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes averaged 871 thousand barrels per day (bpd), down from 935.6 thousand bpd in the previous year and below the estimate of 887.5 thousand bpd [4] - The throughput distribution by region was as follows: East Coast 35.4%, Mid-Continent 16.2%, Gulf Coast 21.5%, and West Coast 26.9% [4] Margins - The company-wide gross refining margin per barrel of throughput was $9.00, an increase from $6.79 in the previous year and above the estimate of $6.57 [5] - Regional gross refining margins were as follows: East Coast $8.14 (up from $4.31), Gulf Coast $10.18 (up from $6.84), Mid-Continent $11.03 (up from $9.83), and West Coast $7.96 (up from $7.65) [6] Costs & Expenses - Total costs and expenses for the quarter were $7.4 billion, down from $8.8 billion in the prior-year period, while the estimate was $7.1 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.6 billion, lower than $8.7 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy invested $124.4 million in capital for refining operations and $3.3 million for logistics businesses [10] - As of the end of the third quarter, the company had cash and cash equivalents of $482 million and total debt of $2.4 billion, resulting in a total debt-to-capitalization ratio of 31% [10] Q4 Outlook - For the fourth quarter of 2025, PBF Energy expects throughput volumes on the East Coast to be between 320,000 bpd and 340,000 bpd, Mid-Continent between 140,000 bpd and 150,000 bpd, Gulf Coast between 170,000 bpd and 180,000 bpd, and West Coast between 230,000 bpd and 240,000 bpd [11]

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]

Core Insights - PBF Energy reported a quarterly loss of $0.52 per share, better than the Zacks Consensus Estimate of a loss of $0.69, and improved from a loss of $1.5 per share a year ago, resulting in an earnings surprise of +24.64% [1] - The company achieved revenues of $7.65 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.80%, although this was a decline from $8.38 billion in the same quarter last year [2] - PBF Energy's stock has increased by approximately 28.5% year-to-date, outperforming the S&P 500's gain of 17.2% [3] Earnings Outlook - The future performance of PBF Energy's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is -$0.88 on revenues of $7.23 billion, and for the current fiscal year, it is -$5.80 on revenues of $29.29 billion [7] Industry Context - The Oil and Gas - Refining and Marketing industry, to which PBF Energy belongs, is currently ranked in the top 10% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

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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