PBF Energy's Q4 Earnings Lag Estimates, Revenues Fall Y/Y

Core Viewpoint - PBF Energy Inc. reported a wider adjusted loss in Q4 2024 compared to both the Zacks Consensus Estimate and the previous year's loss, indicating ongoing challenges in the refining sector despite a revenue beat [1][2]. Financial Performance - The adjusted loss for Q4 2024 was $2.82 per share, compared to the Zacks Consensus Estimate of a loss of $2.68 and a loss of $0.41 per share in the same quarter last year [1]. - Total revenues decreased to $7.35 billion from $9.14 billion year-over-year, but exceeded the Zacks Consensus Estimate of $7.25 billion [1]. Segmental Performance - The Refining segment reported an operating loss of $362 million, significantly worse than the operating income of $26.6 million a year ago and also below the estimated loss of $52.8 million [3]. - The Logistics segment generated a profit of $51.7 million, down from $54.9 million in the prior-year quarter, and below the estimate of $55.6 million [3]. Throughput Analysis - Crude oil and feedstock throughput volumes were 862 thousand barrels per day (bpd), lower than the year-ago figure of 878.2 thousand bpd and below the estimate of 869.4 thousand bpd [4]. - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions accounted for 32.6%, 17.5%, 17.2%, and 32.7% of total throughput, respectively [4]. Margins - The company-wide gross refining margin per barrel was $4.89, down from $9.88 a year earlier [5]. - Specific margins included $4.342 for the East Coast (down from $11.29), $2.87 for the Gulf Coast (down from $10.89), and $5.85 and $5.94 for the Mid-Continent and West Coast, respectively, compared to $6.94 and $8.93 a year ago [5]. Costs & Expenses - Total costs and expenses for the quarter were $7.7 billion, down from $9.2 billion in the prior-year period [6]. - Cost of sales, including operating expenses and depreciation, amounted to $7.66 billion, lower than $9.05 billion reported a year ago [6]. Capital Expenditure & Balance Sheet - PBF Energy invested $230.5 million in refining operations and $3.9 million in logistics [7]. - As of the end of Q4, the company had cash and cash equivalents of $0.54 billion and total debt of $1.46 billion, resulting in a total debt-to-capitalization ratio of 17.67% [7]. Outlook - For Q1 2025, PBF anticipates throughput volumes of 250,000 to 270,000 bpd on the East Coast, 135,000 to 145,000 bpd in the Mid-Continent, 155,000 to 165,000 bpd in the Gulf Coast, and 200,000 to 210,000 bpd on the West Coast [8].