PBF Energy(US:PBF)2025-10-30 10:43Financial 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]