PBF Energy Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.275 per Share

Core Insights - PBF Energy Inc. reported a significant increase in losses for the fourth quarter of 2024, with a loss from operations of $383.2 million compared to a loss of $47.2 million in the same quarter of 2023 [1][2] - The company experienced a net loss of $292.6 million in Q4 2024, translating to $(2.54) per share, compared to a net loss of $48.4 million or $(0.40) per share in Q4 2023 [2] - The company declared a quarterly dividend of $0.275 per share, payable on March 14, 2025 [4] Financial Performance - For the full year 2024, PBF Energy reported a loss from operations of $699.0 million, a stark contrast to an income from operations of $2,951.5 million in 2023 [3][8] - The adjusted fully-converted net loss for 2024 was $456.1 million or $(3.89) per share, compared to an adjusted fully-converted net income of $1,477.3 million or $11.32 per share in 2023 [3][8] - The company had approximately $536 million in cash and $921 million in net debt at year-end 2024 [7] Operational Updates - A fire occurred at the Martinez refinery on February 1, 2025, during planned maintenance, leading to a temporary shutdown of operations [3][6] - The company is committed to extensive maintenance and multiple turnarounds across its refining system in 2025, with the planned turnaround at Martinez now delayed due to the fire [9][6] - Renewable diesel production averaged approximately 17,000 barrels per day in Q4 2024, with expectations of 10,000 to 12,000 barrels per day in Q1 2025 during catalyst changes [5] Market Position and Outlook - PBF Energy's President emphasized the company's strong financial condition entering 2024 and its ability to navigate challenging market conditions [3] - The global refining market remains tight, with demand growth expected to exceed new refinery additions, positioning PBF's coastal refining system favorably for future cycles [3] - The company returned over $60 million to stockholders through dividends and share buybacks in Q4 2024, totaling approximately $450 million for the year [8][7]