PBF Energy(US:PBF)2025-05-01 10:48Financial Performance - First quarter 2025 loss from operations was $511.2 million, compared to income from operations of $145.1 million in Q1 2024[2] - Net loss for Q1 2025 was $405.9 million, or $(3.53) per share, compared to net income of $107.5 million, or $0.86 per share in Q1 2024[3] - Revenues for Q1 2025 were $7,066.4 million, a decrease of 18.2% compared to $8,645.6 million in Q1 2024[25] - Net loss attributable to PBF Energy Inc. stockholders was $401.8 million, compared to a net income of $106.6 million in the same period last year[28] - Adjusted fully-converted net income (loss) was $(404.9) million for Q1 2025, down from $107.3 million in Q1 2024[28] - EBITDA for Q1 2025 was $(339.6) million, significantly lower than $290.3 million in Q1 2024[30] - Consolidated gross margin for Q1 2025 was $(420.2) million, compared to $218.2 million in Q1 2024, indicating a significant decline in profitability[51] Operational Impact - The Martinez refinery fire on February 1, 2025, caused significant damage, leading to a loss of operations and expected repair costs largely covered by insurance, subject to a deductible of $30 million[4][8] - Partial operations at the Martinez refinery were restored in April 2025, with expected throughput of 85,000 to 105,000 barrels per day until full operations are restored in Q4 2025[7] - The Martinez refinery incurred operating expenses of $78.1 million related to fire incidents in Q1 2025, which negatively impacted net income by $57.8 million[59] Cost and Expenditure - Full-year capital expenditures are projected to be in the range of $750 to $775 million, excluding costs related to the Martinez refinery repairs[13] - Capital expenditures for Q1 2025 totaled $218.3 million, a decrease from $284.7 million in Q1 2024[38] - The cost of products and other for Q1 2025 was $6,587.1 million, down from $7,597.9 million in Q1 2024, reflecting a 13.3% reduction[38] Debt and Equity - As of quarter-end, PBF had approximately $469 million in cash and total debt of approximately $2.2 billion[11] - Total debt increased to $2,237.0 million as of March 31, 2025, up from $1,457.3 million at the end of 2024[33] - Total equity excluding special items decreased to $4,304.5 million in March 2025 from $4,686.8 million in December 2024, a decline of 8.1%[72] - Net debt increased significantly to $1,768.4 million in March 2025 from $921.2 million in December 2024, reflecting a 92.2% rise[72] - Total debt to capitalization ratio increased to 30% in March 2025 from 20% in December 2024, indicating higher leverage[72] Production and Refining Metrics - Production for Q1 2025 was 732.7 thousand barrels per day, down 19.4% from 909.5 thousand barrels per day in Q1 2024[43] - The gross refining margin, excluding special items, per barrel of throughput for Q1 2025 was $5.96, a decline of 49.3% from $11.73 in Q1 2024[43] - The company’s refining operating expense per barrel of throughput increased to $10.74 in Q1 2025 from $8.02 in Q1 2024[43] - Total crude oil and feedstocks throughput in the Gulf Coast segment was 14.2 million barrels in Q1 2025, down from 15.6 million barrels in Q1 2024, a reduction of about 8.97%[48] - In the West Coast segment, total crude oil and feedstocks throughput decreased to 15.6 million barrels in Q1 2025 from 27.4 million barrels in Q1 2024, a decline of approximately 43.5%[48] Cash Flow and Liquidity - Cash flows used in operating activities were $(661.4) million for Q1 2025, compared to $15.8 million in Q1 2024[35] - Cash and cash equivalents decreased to $468.6 million at the end of Q1 2025, down from $536.1 million at the end of 2024[33] - The effective RIN basket price increased to $4.75 in Q1 2025, compared to $3.69 in Q1 2024[43] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.275 per share, payable on May 29, 2025[5] - Dividends per common share increased to $0.275 in Q1 2025, compared to $0.25 in Q1 2024[25]