PBF Energy Announces Third Quarter 2025 Results and Declares Dividend of $0.275 per Share

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]